A Lesson in Lending
As everyone gets ready for the Back to School dance, we wanted to also include our hardworking educators. We know how difficult buying a home is these days, but as an educator, did you know that there are grant and loan programs to aid you on your home buying journey?
We found a few that could help!
Heroes Home Advantage
Gives discounts of up to $750 for every $100K of the home’s purchase or sale price
No requirements for eligible properties for the teacher home-buying programs
Requirements based on State and Local guidelines
HUD’s Good Neighbor Next Door
Offers a substantial incentive in the form of a discount of 50% from the list price of the home
Must live on the property for 36 months
Homes in revitalized areas only
Community Heroes Grant for Ownership – VHDA
Provides $8,000 grant for teachers or employees of public schools, or post secondary institution; law enforcement, firefighters, and first responders
For first-time purchase transactions only (no refinances)
Must be used with a VHDA first mortgage product
Must work with a VHDA lender approved to offer this limited-time product.
Income Limits—Household size of 4 in Richmond, VA
Virginia Housing Development Authority’s (VHDA) Down Payment Assistance (DPA) grant
Provides up to 2%-2.5% of purchase price as grant for down payment
Available to qualified first-time homebuyers
Income limit of $114,900 in Richmond area (for a family of 3 or more)
Min credit score: FHA 620 , Fannie Mae Reduced MI 640
Home sales price/loan limit of $425,000
Contact your local lender to learn more about what’s available to you. We also have a great network of lenders we work with that can provide you with some loan options right for you. Contact us today and we can get you on your way!
