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VHDA 100 Percent Financing Has Announced Changes Effective September 7 2016
Take advantage of this loan while still available for 100% loan financing.
VHDA announced that they are making revisions to the VHDADownpayment Assistance Program(DAP) Grant effective on September 7, 2016.
The response to our most recent release of the DPA Grant program has beenoutstanding. Over 2500 first time homebuyers have reserved funds and willrealize more affordable homeownership through the benefits of the program. Weappreciate the support our lenders have provided in promoting the program andhelping increase awareness.
Our goal is to create a sustainable program that will be available for anextended period of time so that borrowers may rely on this resource whenpreparing for their first home purchase. However, the demand for theprogram has far exceeded our projections. We have performed an assessment ofthe use and our intended goals for the program. To extend theavailability of the program we will be implementing the following requirements.
All borrowers must contribute a minimum of 1% of the sales price for each transaction. These funds may come from borrower contributions or other acceptable funds in accordance with the program guidelines. Gifts are acceptable.
The maximum grant amount will be 2.50% for FHA loans and 2.00% for Fannie Mae loans.
The minimum credit score will be 640 (for all borrowers).All borrowers must have a credit score to be eligible.
The maximum debt to income ratio will be 41.00%.
All loans must receive an AUS approval. Manual approvals will not be accepted.
Click here to find the new DPA grant programguidelines and procedures.
Feel free to contact us with any questions!
Remember this does not take effect on loans locked until September 7th.Any current VHDA grant loans your clients may already be locked in under willremain in force and are grandfathered into the current 3% for conventional loans and 3.5% for FHA loans through VHDA.
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