Virginia Housing’s FirstHome Dream Program
If you’re a first-time homebuyer in Virginia, the Virginia Housing’s FirstHome Dream Program might be the opportunity you’ve been looking for. This innovative initiative is designed to make homeownership more accessible by offering substantial financial advantages.
Key Features of the Program
2% Reduction in Interest Rates
One of the most attractive features of the FirstHome Dream Program is the 2% reduction in interest rates on qualifying Virginia Housing loans. This reduction can significantly lower your monthly mortgage payments and save you thousands of dollars over the life of your loan.
Collaboration with Housing Partners
The program works in collaboration with various participating housing partners across Virginia. These partners are integral to the program’s success, as they help facilitate the funding process and provide essential support to eligible homebuyers.
Eligibility Criteria
To qualify for the Virginia Housing’s FirstHome Dream Program, you must meet certain eligibility requirements:
- First-Time Homebuyer Status: You must not have owned a home in the last three years.
- Income Limits: There may be income limits based on household size and location.
- Credit Requirements: A minimum credit score may be required to qualify for the program.
- Property Type: The home must be a primary residence and located in Virginia.
Advantages of the Program
Participating in the FirstHome Dream Program offers numerous benefits:
- Lower Monthly Payments: The reduced interest rate results in more affordable monthly mortgage payments.
- Cost Savings: Over time, the 2% interest rate reduction can lead to substantial savings.
- Access to Support: Partnering with experienced housing partners can provide you with valuable advice and assistance throughout the home-buying process.
How to Apply
To apply for the FirstHome Dream Program, follow these steps:Contact Integrity Home Mortgage Corp: Begin by reaching out to a mortgage loan originator in your area to discuss your eligibility and the application process
Gather Required Documentation: Be prepared to submit documentation such as proof of income, credit history, and identification.
Complete the Application: Work with your housing partner to complete the application and ensure all required information is provided.
Await Approval: Once your application is submitted, you will await approval to determine if you qualify for the program benefits.
The Virginia Housing’s FirstHome Dream Program is an excellent opportunity for first-time homebuyers to achieve the dream of homeownership with reduced financial burden. By taking advantage of the lower interest rates, you can make your homeownership dreams a reality.
Integrity Home Mortgage Corporation (IHMC) is not affiliated with or acting on behalf of or at the direction Of VHDA or the federal government.