Empowering Homebuyers: Virginia Housing’s Programs and Recent Announcement
Purchasing a home is a significant milestone in one’s life, but the financial aspects can often be daunting. Luckily, Virginia Housing, a government agency focused on affordable housing initiatives and providing assistance to homebuyers, particularly those with low to moderate incomes, is stepping up to empower homebuyers with its range of programs designed to make homeownership more accessible and affordable. In an exciting recent announcement, Virginia Housing unveiled a new bond program that brings substantial benefits to potential homeowners through mortgage lenders like Atlantic Coast Mortgage.
Let’s explore this program and other initiatives that make Virginia Housing a valuable resource for aspiring homeowners.
Lower Interest Rates
Effective July 1st, 2023 — Virginia Housing’s new bond program introduces a reduction of 0.25% in interest rates across all their programs. This reduction may result in substantial savings over the life of a loan, allowing homebuyers to keep more money in their pockets. Lower interest rates can potentially mean a lower monthly mortgage payment, making homeownership more affordable and achievable for a broader range of individuals and families.
Increasing Buying Power
Virginia Housing’s commitment to affordable housing extends beyond its bond program. They continually explore new initiatives to help qualified potential homebuyers increase their buying power. By staying up to date on these programs, qualified homebuyers can unlock additional financial assistance and potentially boost their buying power by up to $25,000. This substantial increase in purchasing power can make a significant difference in finding the ideal home that meets their needs and desires.
Down Payment Assistance
Virginia Housing offers down payment assistance programs to help individuals and families overcome one of the most significant barriers to homeownership—the upfront cost. These programs provide financial support to eligible homebuyers by offering grants or loans for down payment and closing costs. By reducing the amount required upfront, Virginia Housing makes homeownership more attainable for those who may be struggling to save up for a large down payment. This assistance plays a crucial role in expanding access to affordable homeownership opportunities for a broader range of individuals and families in Virginia.
First-Time Homebuyer Programs
These programs aim to reduce the financial barriers that can often prevent individuals from becoming homeowners. Additionally, they help provide the necessary resources and information to make informed decisions by providing a range of financial assistance options and support to make the homebuying process more affordable and accessible. First-time homebuyer programs from Virginia Housing often include down payment assistance options and lower-interest mortgage loans paired with education and counseling services to guide buyers through the complexities of homeownership.
Virginia Housing’s commitment to empowering homebuyers creates a winning formula for aspiring homeowners. With Virginia Housing’s range of financial products and resources, such as the new bond program, lower interest rates, and increased buying power, qualified homebuyers have the potential tools to make their homeownership dreams a reality. Take advantage of Atlantic Coast Mortgage’s experience and knowledge, along with Virginia Housing’s resources, to navigate the homebuying process smoothly and confidently. To get started, take the first step to achieving your homeownership goals, and reach out today!
Atlantic Coast Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA, the Federal or State Government.
Not all applicants will qualify. Advertised rates, fees, and program guidelines are subject to change without notice.
By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
Atlantic Coast Mortgage does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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