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FHA Plus Loan

This VHDA-financed FHA-insured home loan includes a second mortgage designed to help qualified borrowers who need down payment and closing costs assistance.

Program Details

• Borrower(s) must have cash available equal to a minimum of 1% of the sales price.
• Second mortgage – 3.5% to 5% of sales price.
• Maximum second mortgage 3.5% for qualified borrowers with a 620 – 679 credit score or 5.0% for qualified borrowers with a 680 or greater credit score. The maximum second mortgage is based on the lower of sales price or appraised value.
• The 30-year fixed interest rate for the first and second (both VHDA-financed) mortgage is slightly higher than our standard fixed rate programs.
• The combined total of the two loans cannot exceed VHDA sales price limits.

VHDA’s standard sales price and income limits apply.

General Eligibility Requirements

• The standard FHA application/disclosure, along with FHA Plus program applications and disclosure, is required.
• Buydowns are not available.
• Both payments are to be included in the FHA shelter ratio.
• FHA’s standard qualifying guidelines apply (Minimum 620 credit score).
• Closing for first and second mortgages occurs simultaneously.
• Payments for both the first and the second mortgage will be due on the same date and paid to the same servicer.
• Borrowers must complete a VHDA-approved Homeownership Education class.

For more information about FHA Plus, contact your local VHDA-originating lender or VHDA’s originations department.