VHDA Mortgage Loans

F&M Mortgage is proud to be an approved VHDA lender. Administered by the Virginia Housing Development Authority, VHDA loans are 30-year fixed rate loans designed to make home ownership more affordable for first-time buyers in Virginia. You’ll benefit from a low interest rate and flexible underwriting guidelines. VHDA offers the same variety of home loans as you’d find with any lender: choose between conventional home loans with low or no mortgage insurance and government-insured home loans (FHA, VA, USDA). VHDA also offers a down payment assistance grant, closing cost assistance, and mortgage credit certificates.

Pros and Cons of VHDA Home Loans

  • As with other types of mortgages, you can get pre-approved for a VHDA loan from your local VHDA lender.
  • You can also refinance a current mortgage through one of VHDA’s conventional loan programs.
  • VHDA’s minimum credit score is 620, which may be higher than you’d need to have for certain government-insured programs from another lender.
  • VHDA Income and Loan Limits vary by metro area. In the Shenandoah Valley, the maximum gross household income for 2 or fewer people is $76,700 (or $61,300 with the VHDA Down Payment Grant). For 3 or more people, the income limit is $88,200 ($70,500 with down payment assistance). The overall sales price/loan limit is $251,900.
  • You must complete VHDA’s Homebuyer Education Class before loan approval.

What types of properties can you purchase with VHDA Home Loan Programs?

VHDA loans can only be used for owner-occupied properties.

F&M Mortgage: A Virginia Tradition Since 1908

F&M Mortgage, a division of F&M Bank, has been investing in Shenandoah Valley communities, and helping Virginians become homeowners, for more than a century. Our Mortgage Advisors pride themselves on offering friendly, personalized service, with the kind of local expertise you only find in people who live and work in your community. Ready to get pre-approved for a VHDA loan? Want to learn more about Virginia first-time homebuyer programs and incentives or no down payment home loans? Call us today for help choosing the right home loan, or read more in our guide for first-time homebuyers. You can also start our online mortgage application or apply in person at your nearest branch.

Have Questions? Get In Touch

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