DPA programs in VA?

[Anonymous]

Check out a broker who is experienced in Rural Development's Guaranteed Rural Housing program. Most of Virginia is eligible and the last true no down payment program without having to go through all the DPA hulla-baloo.

[DallasLoanGuy]

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farmgirlinwv wrote:

Dallas,

From the link I followed, it appeared that my income was too high for that program. 3 person family-52k/year. No federal debts.

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i'm getting dizzy

what county,stata do you live in?

what is the purchase price you need?

[Anonymous]

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farmgirlinwv wrote:

Dallas,

From the link I followed, it appeared that my income was too high for that program. 3 person family-52k/year. No federal debts.

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Farm,

My suggestion would be for you to go talk to a local hud housing coordinator.  They will be able to tell you if you qualify for anything.  There are alot of grant programs out there with some of them not contingent on hud median income levels.  For example I live in NY and I signed up for a fed program through the local hud office called a Match Savings Program.  For every dollar I save the bank will match with four dollars for a max of $7,500 fed grant plus what I saved.  While there are income limits to participate, those limits are  a lot higher then huds income limits for my county/state. The only stipulation would be I have to get the mortgage from this bank.

[Anonymous]

Thanks so much everyone! I'm going to look into these options.

Dallas,

I'm looking for a home in SW Virginia around Roanoke. I do not want a payment over 850, so I guess around 125,000 max.

[Anonymous]

I will stress again- go for the Rural Development- it's ONLY a manual underwrite and no credit scores is no problem. FHA requires a 3% investment AND has a monthly mortgage insurance charge. RD is 102% of the appraised value and NO monthly mortgage insurance, and half the ones I right are anywhere between 0.125-0.25% lower in interest rate than I write FHA. You can wrap in all your closing costs as long as the appraised value is there. FHA is 3% of the purchase price cash out of pocket- period. Granted, the 3% can be gifted, but with RD, you can even get all cash invested back, such as earnest money, appraisal fees, credit report fees, etc. It is the same 25% of the loan balance guaranteed as FHA and VA, it just comes out the Dept. of Agriculture and not HUD or the VA. And since you do NOT have a monthly mortgage insurance charge, you can almost always buy more house then with FHA, and the up front mortgage insurance premium (UFMIP) is only 2% and not 3%+ like VA. While FHA's UFMIP may only be 1.5% of the loan amount, you will be charged a yearly 0.5% of the outstanding loan balance as your continuous mortgage insurance premium paid to HUD in 1/12 increments every month for at LEAST 12 years (or until your loan-to-ORIGINAL- value gets to 75%), so essentially, you're paying upward of 6-9% of the original mortgage amount in mortgage insurance to HUD. Income limits in your area are in the $63K+/year for the Roanoke area, so you're fine there (http://www.rurdev.usda.gov/va/).

[Anonymous]

Mortgagechick, you are a doll! Bless you for typing that out for me. I would've never known that.  God bless you for your generosity of time and experience!

[Anonymous]

Mortgagechick,

One more question if you don't mind. I was looking around on their website and what I saw said income limits of 51,000 in Roanoke area for family of 3. My last 3 tax returns are 2007-47716, 2006-49278, and 2005-49278. I couldn't get the list of people who do these loans to come up either. So i sent an e-mail to the main office. Maybe they can help me. Also, do both spouses have to be on it. It was just going to be in my dh's name. I dont' work.

Thanks