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Which VHFA home loan program's right for you?

Posted by: VHFA on 4/9/2010

web site toolWe've updated the VHFA Web site to include a tool to help homebuyers determine which VHFA home loan program might be best for them.

Give the new tool a try now.

By answering eight quick questions and clicking a button, the site will help broadly determine whether a homebuyer falls within VHFA's guidelines, and which loan program they might be eligible to participate in.

"Buying a home and securing financing can be intimidating, especially for first-time buyers," according to Executive Director Sarah Carpenter. "We've re-designed our Web site to really streamline that first, basic question all buyers have: 'What can VHFA do for me?'"

The debut of the new tool coincides with three home loan programs:

  • Government Guaranteed
  • Conventional
  • Direct

The Government Guaranteed program offers VHFA's low fixed rates combined with the low-down payment and less stringent credit requirements of loan programs from USDA/Rural Development, the Veterans Administration, and the Federal Housing Administration.

The Conventional program offers borrowers a fixed, low-rate, 30-year term with a minimum cash contribution.

The Direct program is only available for single- and double-wide mobile homes currently financed with VHFA. Financing for specific condominium projects is also occasionally offered through this program at different rates and terms.

The Web site update was developed by Assistant Director of Homeownership Programs Jacklyn Santerre and Communications Coordinator Craig Bailey.

Finally, we would be remiss if we didn't mention this new Web tool doesn't imply pre-qualification or pre-approval for a VHFA home loan, nor a commitment to lend. Still, it's pretty darn nifty.