This week, The Atlantic published a story called "What It Would Take for Millennials to Become Homeowners." Part of the solution is down-payment assistance as young people often don't have enough money in savings.
Click here to see the down payment requirements for different loan programs.
We are lucky to have the Virginia Housing Development Authority (VHDA), a not-for-profit organization committed to helping first-time home buyers find affordable financing.
VHDA has many different types of loan programs (click here to read about them) but they all require the following:
- Must be a first-time homebuyer or have NOT owned a property in the last 3 years
- Lot size may not exceed 2 acres
- Must complete VHDA's free homebuyer class
- Provide tax returns and W2s from previous 3 years (check out 8 documents you need for pre-approval)
- Annual household income cannot exceed the maximum income limits for the subject property area (published here -- also includes loan limits)
- Additional VHDA requirements
Do you have millennial buyers with mortgage questions?
You can always call me at 757-490-4726 or email srubin@tidewaterhomefunding.com.