Virginia Home Buyer Grants and Down Payment Assistance Programs
Virginia first time home buyer grants and loan programs – The Virginia Housing Development Authority (VHDA) offers programs for first time home buyers. The VHDA offers several loan programs for first time home buyers. Programs include low, fixed rate home loan/mortgages for eligible applicants with good credit and employment history. One loan program offered includes a conventional private mortgage insurance that allows home loans/mortgages up to 103% of sales price. Additional incentives and programs are offered to Veterans and home buyers in rural areas. To see if you qualify for any of the VHDA programs, check out their website for more information. The Virginia Department of Housing and Community Development (DHCD) also offers programs for first time home buyers. The Homeownership Downpayment Assistance Program program offers downpayment and closing cost assistance to individuals and families whose income is at or below 80 percent of the Area Median Income (AMI). A home buyer meeting the income eligibility may receive up to 10% of the purchase price of a home to go toward the downpayment, plus up to $2,500 to pay for the cost of closing (i.e., attorney’s fee, title insurance, taxes, etc.). To see if you qualify for this program, check out the DHCD website.
The Marcus Rice Team, in conjunction with the Federal Home Loan Bank (FHLB) of Atlanta, is pleased to announce the 2013 offering of its popular First Time Home Buyer Program (FHP) in the Commonwealth of Virginia and the State of Maryland. FHLB grants are offered through exclusive partnership arrangements with financial member institutions. This program is only available through member banks of the Federal Home Loan Bank (FHLB) system.
Contact The Marcus Rice Team for a list of participating Virginia banks.
Unlike the tax credits that home buyers enjoyed in 2010, FHLB provides matching funds for down payment and closing cost for eligible and qualified first-time home buyers purchasing a home in Virginia and Maryland. It is not a rebate or credit to first-time home buyers after purchase.
FHLB sets aside up to 35 percent of its annual Affordable Housing Program funds for the FHP. Funds are available from January 25, 2014 through December 31, 2014 or until the set-aside has been exhausted. FHLB funds are disbursed on a first-come, first-serve home buyer basis.
The maximum FHLB grant for 2013 is $5,000 per household – which requires only a $1,000 contribution from the purchaser! That is far less than the minimum FHA cash requirement of 3.5% as instituted in 2008.
Individual participants receiving FHLB funds must complete a home buyer counseling class which includes such information as:
Educational training on the home buying process
But hurry… classes fill up fast!
Take advantage of this fantastic opportunity to purchase your first home for less than the FHA minimum cash requirement of 3.5% down!
Cash Back Rebates For Buyers
Earn a 1% rebate on the sales price of the home you purchase with Equity First Realty Cash Back Rebate Program. 1.5% is what we offer for new construction
By actively participating in the search for your home, you save us time and money, and we pass the savings on to you.
When a property is listed for sale, the seller typically pays a 3% commission to the buyer’s real estate agent. Most real estate agents then keep all of the commission for themselves. When you use Equity First Realty as your exclusive buyer’s agent and purchase a home, we don’t keep all of the commission – we give you up to a 1% cash rebate on your home purchase and 1.5% for new construction.
By having Equity First Realty Realtor as your agent you are assured of great negotiating skills to get you the best price on your home, attention to detail to ensure your transaction is completed and handled correctly, plus up to a 1% cash rebate and 1.5% for new construction.
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The Marcus Rice Team specializes in Richmond, Va, Henrico County, Chesterfield County, Powhatan County, Hanover County, Petersburg, Colonial Heights, and Fort Lee Homes and Real Estate for sale. We are tech savvy realtors with over 17 years experience. Please join us on our Social Networking Network to stay up to date on Richmond Virginia real estate news and more…
The Marcus Rice Team can be reached at 804-247-8187 or [email protected]
The Marcus Rice Team
Equity First Realty
4860 Cox Road, Suite 200
Glen Allen, VA 23060
Call The Marcus Rice Team at 804-935-8519 Office or 804-247-8187 Cell
Equity First Realty Broker Site: www.Equity1stRealty.com
Marcus Rice Team Site: www.RichmondVaHome.com
Equity First Realty Information Site: www.EquityFirstRealty.info
Email: [email protected]