How to Finance a Single Family Home in Manassas Park

On June 15 VHDA started a pilot program that will make fiancing a single family home in Manassas Park a little more affordable.

The pilot program is called VHDA Fannie Mae No MI. It is a 30 year fixed rate loan with no MI (mortgage insurance).

VHDA stands for Virginia Housing Development Authority. VHDA is a self-supporting, not-for-profit organization created by the Commonwealth of Virginia in 1972, to help Virginians attain quality, affordable housing.

This affordable financing program is not just for first time buyers. It’s available to move up buyers and for limited cash out refinancing for those who live in Manassas Park, Virginia. VHDA is a state run program. The VHDA NO MI program can be use to finance a single family home, townhouse or approved condo.

To be eligible for VHDA Fannie Mae No MI financing you need the following:

• A loan amount of less than $417,000

• Credit score of 660 or higher

• Max income of $120,900 (2 or fewer people in household) or $140,000 (3 or more in household)

• 3% Down payment or gift money

On a $174,600 loan amount you could save $90 per month and $900 in closing using the Fannie Mae No MI Pilot program verses the standard FHA loan. This based on the example in the graph. APR may vary based on lender fees

During the pilot program this loan is only available from participation lenders. VHDA does requires you take free home ownership classes with a qualified VHDA trainer.

Thanks for taking the time to read my blog have a great day!

Have a real estate question or suggestion for a blog in Manassas Park? Send me an email at Home4Sale@mris.com

Susan Jacobs-The Jacobs Team

PrinceWilliamExpert.com

Prudential Pen Fed Realty

Office:703-396-6000

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