
This valuable program has helped first time homebuyers since its inception in 1972. Here's how it can benefit you.

This government program offers a low interest rate with 30-year fixed terms, allowing new homeowners predictable monthly mortgage payments.
Here are some of the most commonly asked questions about VHDA.
What are the Eligibility Requirements for a VHDA Loan?
Like all mortgage loan applicants, you must show that you have sufficient income to afford a home. You must also show that you have adequate funds for a down payment and closing costs.
What is different with the VHDA program is this. Borrowers must complete the Homebuyer Education Class. There are also income, sales price and loan amount limits. To learn more about eligibility requirements, go to the VHDA website.
How Do I Apply for a VHDA Loan?
You'll find many lenders in our area offer the VHDA lending program. They can also pre-qualify you so that you know how much house you can afford to buy. To find a lender nearest you, click here.
Once you've been approved for a mortgage loan, your lender will complete all the necessary paperwork and work with your real estate agent. Remember, there is a difference between pre-qualification and mortgage loan approval.
What are the Income and Loan Amount Limits?

It all depends on the geographic area in which you live and where the home is located. VHDA has an Areas of Economic Opportunity that gives more detailed information.
The program is also limited to borrowers who have not owned nor occupied a home as a primary residence for the past three years. Again, the Areas of Economic Opportunity provides exceptions to this guideline.
What Information Will I Need When I Apply?
When you make a mortgage application, bring these items with you:
- Copies of recent bank statements
- A copy of your current pay stub for the last 30-day period
- Copies of your W-2 forms from the last two years
- If applicable, a copy of your divorce/separation agreement
- If applicable, a copy of bankruptcy filing and discharge
- A copy of your real estate contract
Is a Home Inspection Required with VHDA?
Is a Home Inspection Required with VHDA?

While a home inspection isn't required, it is highly recommended! Full disclosure of the home's current condition--and possible problems--can be resolved before you buy.
Is the Seller Required to Pay for the Buyer's Closing Costs?
Is the Seller Required to Pay for the Buyer's Closing Costs?
No. That is strictly between you and the seller. However, some sellers have been known to pick up some of the buyer's closing costs.
When you're ready to close on your new home, turn to the pros at Lilly Title & Settlement. We offer real estate settlement and title insurance services.