100% Financing is still available for first time homebuyers through VHDA ( Virginia Housing Development Authority) and New American Mortgage. It is actually 101.5% financing.
96.5% - on the 1st Mortgage
5% - 2nd mortgage
Both are same interest rate with different 4 different options to choose from.
Qualifications for VHDA FHA Plus :
- First Time homebuyer (can not have owned a property in the past 3 years)
- Take Homebuyers class - you may take online
- Must be a US Citizen
- Income qualifications
New American Mortgage in Virginia Beach, VA offers VHDA mortgage programs and Naoma Doriguzzi is a certified Homebuyers Certification Trainer.
Now is a great time to buy if you are a first time homebuyer because you may also qualify for the $8,000 tax credit that is only available until November 30, 2009.
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