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  • (dpa) Grant Program Program Guidelines And Procedures - Virginia...

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Econd Mortgage). First Mortgage: Maximum 96.5% LTV (+ Financed UFMIP - Follow FHA LTV requirements). Minimum 96.5% LTV (Maximum financing is required for FHA Plus). Loan-to-Value (LTV) Second Mortgage: Maximum 5% LTV credit scores 680 and higher. Maximum 3.5% LTV credit scores 620 679. No minimum LTV for second. If the second loan calculation yields cents then must round down to the nearest dollar. *LTV/CLTV based on the lower of the sales price / appraised value.

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How to use or fill out the (DPA) Grant Program Program Guidelines And Procedures - Virginia... online

This guide provides step-by-step instructions for completing the (DPA) Grant Program Program Guidelines and Procedures form online. By following these clear and user-friendly instructions, you can successfully navigate the process and ensure accurate submissions.

Follow the steps to fill out the form correctly.

  1. Click ‘Get Form’ button to obtain the form and open it in the online editor.
  2. Carefully read through the program guidelines and procedures to understand the requirements associated with the (DPA) Grant Program.
  3. Begin filling out the form by entering your personal information accurately in the designated fields, ensuring that all details match your legal documents.
  4. Provide the required documentation as listed, including income verification and previous tax returns, ensuring that all necessary supplemental documents are attached.
  5. Check any applicable eligibility criteria, such as first-time homebuyer status and loan-to-value limits, and ensure your application aligns with these guidelines.
  6. Review and confirm the accuracy of all entries. Make any necessary changes or updates before proceeding.
  7. Complete all signature fields as required, ensuring all parties involved in the application have signed where indicated.
  8. After completing the form, save your changes. You may choose to download, print, or share the form based on your needs.

Begin completing the (DPA) Grant Program Program Guidelines and Procedures form online today.

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An applicant's debt-to-income ratio must not exceed 45 percent. Applicants' household income must fall under the program limits.

Eligibility Requirements Must be a first-time homebuyer (can't have owned a home in the past three years) You are purchasing a home in Virginia. Have a minimum credit score of 620. Cannot exceed certain income and purchase price limits, which vary based on the location of your property.

620 (no exceptions) for all borrowers. If a borrower does not have sufficient credit to obtain a credit score then the loan must be manually underwritten as indicated above.

In order to help the most people with the most need, VHDA eligibility includes an upper limit on both the borrower's income and the home price. VHDA loans are designed for borrowers with low to moderate incomes. Virginia Housing loans are 30-year fixed-rate loans with a low 3 percent down payment requirement.

3 percent down payment (down payment assistance available) 640 minimum credit score for Conventional Loan; 660 minimum credit score for Conventional No Mortgage Insurance Loan. Maximum 45 percent debt-to-income (DTI) ratio. Amount borrowed can't exceed conforming loan limit.

The VHDA loan program offers a variety of loan options including FHA, VA, USDA and Conventional loans.

First-time home buyers receive a 30-year fixed-rate loan with options for down payment and closing cost assistance. However, this program doesn't require private mortgage insurance with less than 20% down. That can lead to huge savings on your monthly payment.

The Down Payment Assistance Grant is a true grant, meaning you never need to repay it. It can be paired with other non-Virginia Housing assistance. To receive a Down Payment Assistance Grant, a homebuyer must: Be a qualified first-time homebuyer or repeat buyer purchasing in Areas of Economic Opportunity.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Help Portal
Legal Resources
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232