VHDA Loan Updates for Virginia…

Written by John on February 24th, 2010. Filed under Uncategorized and tagged with FHA Loan, First Time Buyer, Hampton, Henrico, homebuyer, Limits, Loan, New Kent, Newport News., realtor, Richmond, Tax Credit, Va, VHDA, Virginia.

Keep up with the new FHA guidelines, especially if your credit score is lower than 580..   Deadlines are upon us once again for first time buyers. Check out this link for Tax Credit Basics.

VHDA Updates for Virginia

VHDA is pleased to announce new income and sales price limits effective with new reservations beginning March 1, 2010.

Income limits increased in all areas of the state and sales price/loan limits increased in most areas.

Now, more homebuyers can benefit from the special features that VHDA loans provide including our FHA Plus and Homebuyer Tax Credit Plus programs.

A summary of the new limits is noted below. Complete details of the new limits will be available on vhda.com March 1st.

Area                                      Maximum Gross Household Income      Sales Price Limits

                1 – 2 person     3 or More Persons

Washington DC./No.VA          $97,500            $112,950                      $450,000
MSA
Warren County                         $70,000              $81,000                      $450,000
Va.Beach-Norfolk
Richmond                                 $70,000              $81,000                      $325,000
Charlottesville
Winchester-Frederick
MSA’s
Culpeper/Essex/Rappahanock  $70,000              $81,000                      $310,000
King George County                $73,000              $84,500                      $310,000
Remainder of State                   $70,000              $81,000                     $245,700