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Virginia
First Time Home Buyer
The housing
crisis has hurt Virginia as foreclosures increase
 and
home prices have fallen between 12%-16% for 2009. Home sales have picked up
thanks to the first time home buyer tax credit. Also, there are plenty of
government jobs with the nation’s capital and military bases in the area. A
Virginia first time home buyer can lock in a good deal on a home and Uncle Sam
will give you an $8,000 check for just buying a home. There has never been a
better time to buy your first home.
Special
Programs
The My Community Virginia First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.
Virginia First Time HomeBuyer FHA Program
Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Lynchburg |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Richmond |
$535,900 |
$686,050 |
$829,250 |
$1,030,600 |
| Charlottesville |
$437,000 |
$559,450 |
$676,200 |
$840,400 |
| Arlington |
$729,750 |
$934,200 |
$1,129,250 |
$1,403,400 |
VA Program
Zero down payment up to $417,000 loan amount
 If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Virginia USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
most counties is $73,600. Richmond has $84,150 limit.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
Virginia First Time Home Buyer Stats
| Best Places to Live |
Cave Spring, Glen Allen, Mechanicsville |
| Average Home Listing Price |
$378,143 |
| Unemployment Rate |
6.6% |
|
Property Tax Rate-Low |
.67% |
|
Foreclosure rate |
1 in 225 homes |
| Strong Job Markets |
Public Accounting, Manufacturing and Service |
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