Piedmont Housing Alliance Receives $850,000 Mortgage Financing Allocation from Virginia Housing Development Authority
Great news for first-time home buyers: the Virginia Housing Development Authority has just awarded its largest allocation ever to Piedmont Housing Alliance. VHDA has provided $850,000 in Community Homeownership Revitalization Program funds to Piedmont Housing, giving first-time home buyers with low and moderate income who qualify access to low-cost mortgage funds between now and June 30, 2017.
We are tremendously excited for our first time home buyer clients. This represents a huge opportunity for them to get into an affordable home at a great long-term interest rate.
First-time home buyers who complete the VHDA First Time Home Buyer’s Class (available through Piedmont Housing) can apply through any local VHDA lender for these 30-year mortgages at 0.5% rate reduction from the standard VHDA rates (calculated daily). The income profile includes buyers with gross family incomes up to $92,600 (1-2 family members) and $108,100 (3+ family members); lower income limits apply in Louisa County. Additionally, buyers may be eligible for down payment assistance financing through Piedmont Housing Alliance.
We are grateful for our partnership with VHDA and local VHDA lenders who play a key role in home affordability throughout the state. Long-term home ownership remains a critical element in anchoring community stability and promoting family financial security.
Interested first-time home buyers should contact Piedmont Housing Alliance at 434-817-2436.