2014 Federal Housing Administration Grants
The grants listed here are available in Virginia for FHA loans during 2014 through the Federal Home Loan Bank (FHLB) and Virginia Housing Development Authority (VHDA). These grant programs require owners to occupy the homes as a primary residence for 5 years, and have a maximum allowable income for applicants. The following income guidelines for all 2014 grant programs consider the number of immediate family members (1-8) belonging to the applicant.
Income Guidelines for 2014 FHLB and VHDA Grants
2014 HOUSING GRANT PROGRAMS
Returning Veterans Grant Program
This program is for qualified veterans and active duty members of any branch of the United States military currently serving or have previously served in an overseas intervention. Surviving spouses of military members are also considered qualified applicants. The maximum grant amount is $10,000 without a matching funds requirement.
First-time Home Buyers Grant Program
First-time home buyers (FHLB standards) receive down payment and closing cost assistance for the purchase of a new or existing home. The maximum grant is $5,000 with a minimum down payment of $1,000, and matching funds ratio of 4 to 1.
Community Partners Grant Program
The borrow must be a law-enforcement officer, teacher, firefighter, or healthcare worker to qualify for $7,500 maximum down-payment and closing cost assistance. The minimum borrower contribution is $1,000, and matching funds ratio of 4 to 1.
Veterans Purchase Grant Program
This program is for borrowers currently serving or have served in any branch of the United States military. Surviving spouses of military members are also considered qualified applicants. The maximum grant amount is $7,500 without a matching funds requirement.
Foreclosure Recovery Grant Program
The home must be owned by a participating bank for a $15,000 grant towards down payment and closing costs. The minimum down payment requirement is $1,000, and the matching funds ratio is 4 to 1.
Loan Approval with a 620 Credit Score
- FHA loans.
Purchase transactions (refinancing is not eligible).
45% maximum debt-to-income ratio.
Loans with down payment assistance are not available.
3% maximum seller contributions
Borrowers payment may not be more than 50% of current verified housing expense.
Gifts allowable as long as the borrower’s 3.5% cash down payment is from the borrower’s own funds.
Gift funds cannot be used to meet the financial reserve requirement for loan qualification.
Property flips are not eligible.
Contact us at 540-446-6284 with additional questions related to these programs, and anything related to Northern Virginia residential real estate. We can also refer you to leaders in the mortgage industry.