Are you a first-time home buyer in Charlottesville, VA? If so, you may be eligible for special programs that can help you purchase your dream home. Through Virginia Housing, first-time buyers can get a mortgage loan, a down payment grant, a mortgage credit certificate, and a free education course for homebuyers, all in one package. To qualify for these programs, you'll need a credit score between 620 and 680, depending on the type of loan. If you're looking for assistance with buying a home, you may be eligible for one of these programs. The Virginia Housing Development Authority (VHDA) offers several programs to help first-time home buyers in Charlottesville.
The VHDA's FHA Plus program provides a competitive fixed-interest rate and down payment assistance up to 2.5% of the purchase price. This program is available to buyers with credit scores as low as 620. The VHDA also offers the FHA Plus loan with an Energy Efficient Mortgage (EEM). This loan allows buyers to finance energy-efficient improvements into their mortgage. The VHDA also offers the FHA Plus loan with an Affordable Dwelling Unit (ADU) feature.
This loan allows buyers to purchase an ADU-eligible property and receive a reduced interest rate. The VHDA also offers the Homebuyer Tax Credit (HTC) program. This program provides up to $2,000 in tax credits for qualified first-time home buyers. The tax credit is available for up to 10 years after the purchase of the home. The VHDA also offers the Mortgage Credit Certificate (MCC) program. This program provides qualified first-time home buyers with a federal income tax credit of up to 20% of the interest paid on their mortgage loan each year.
The MCC is available for up to 30 years after the purchase of the home. In addition to these programs, Virginia Housing also offers free education courses for first-time home buyers. These courses provide information on budgeting, credit management, and other topics related to buying a home. The courses are available online or in person. If you're a first-time home buyer in Charlottesville, VA, there are several special programs available to help you purchase your dream home. With the help of these programs, you can get a mortgage loan, down payment assistance, a mortgage credit certificate, and free education courses.