How Too Finance A Single Family Home in Manassas Virginia
Effective June 15, 2012 VHDA started a pilot program that will help get financing on a single family home in Manassas a little more affordable. The pilot program is called VHDA Fannie Mae No MI. It is a 30 year fixed rate loan with no MI (mortgage insurance).
VHDA stands for Virginia Housing Development Authority. VHDA is a self-supporting, not-for-profit organization created by the Commonwealth of Virginia in 1972, to help Virginians attain quality, affordable housing.
This affordable financing program is not just for first time buyers. It’s available to move up buyers and for limited cash out refinancing for those who live in Manassas Virginia. VHDA is a state run program that is available through out the state. The VHDA NO MI program can be use to finance a single family home, townhouse or approved condo.
To be eligible for VHDA Fannie Mae No MI financing you need the following:
- A loan amount of less than $417,000
- Credit score of 660 or higher
- Max income of $120,900 (2 or fewer people in household) or $140,000 (3 or more in household)
- 3% Down payment or gift money
On a $174,600 loan amount you could save $90. per month and $900 in closing using the Fannie Mae No MI Pilot program verses the standard FHA loan. This based on the example in the graph. APR may vary based on lender fees
Looking for information on real estate in Prince William County, Manassas or Manassas Park check out www.PrinceWilliamCountyHomeInfo.com
Whether you are a first time buyer or an experienced investor, you will find useful information about how to choose the "right" property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed real estate decision in today´s market.