Mortgage

Programs for First-Time Home Buyers in Virginia


We Provide Access to VHDA's Mortgage Programs

Special Mortgage programs for first-time home buyers Virginia Housing Development Authority
The Virginia Housing Development Authority (VHDA) offers an outstanding collection of programs for first-time home buyers who who wish to buy and occupy a home in Virginia. If you are looking to purchase a home in Virginia for $525,000 or less, a VHDA program might fit your needs.

In addition to mortgage loans, the VHDA offers a variety of attractive plans to help buyers cover down payments and closing costs. Through its popular Mortgage Credit Certificate program, qualifying mortgage borrowers also can realize significant savings on their federal income taxes.*

To take advantage of these programs, borrowers must apply through a VHDA-approved lender, such as Burke & Herbert Bank. While there are income and loan size restrictions on VHDA programs, your mortgage loan officer will guide you through the many options available and help you choose the right ones for your needs.

  • Affordable Mortgages
    • Conventional Mortgages up to 97% of purchase price
    • Options to reduce or eliminate Private Mortgage Insurance
    • Flexible down payment sources allowed
  • Down Payment Assistance Grants
    • Maximum is 2.5% of purchase price
    • May be combined with other down payment assistance programs available through other organizations (some restrictions apply)
  • VHDA Plus Second Mortgage
    • Eliminates the down payment requirement for qualified first-time buyers, by pairing an eligible VHDA first mortgage with a VHDA second mortgage to cover the down payment
    • Maximum second mortgage is 5% of purchase price
  • Mortgage Credit Certificate
    • Dollar-for-dollar credit toward borrower's federal income tax liability. Annual credit equals 20% of the annual mortgage interest paid by borrower
    • Effective for the life of the mortgage, as long as borrower lives in the home

To learn more, visit your nearest branch or call us at 703-684-1655 and ask to speak with a Mortgage Loan Officer.

* Consult your tax advisor.

The above information is provided for informational purposes only and is not a commitment to lend.

All borrowers must meet Burke & Herbert Bank's minimum qualifying underwriting standards. These are products of the Virginia Housing Development Authority. Household income restrictions and other requirements apply. Additional details may be obtained at the VHDA website.

 

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