First Time Homebuyer Programs in Virginia
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a) Conventional Fixed Rate Loan - This loan program is a 30-year fixed, low-interest rate loan program that offers up to 97% of the sales price or appraised value of the desired property. The guidelines of this program requires that the borrower manifest two years of stable employment and an acceptable credit history.

b) FHA (Federal Housing Administration) Program - This loan program is also a 30-year fixed, below market interest rate program that is offered and regulated by the Federal Housing Administration. In applying for this loan program, the borrower must always take into consideration that the qualifying ratios, financing closing costs, mortgage insurance premium, credit and property guidelines will be pattered after the guidelines set by the FHA.

c) VA (Veterans Affairs) Program - This loan program is especially designed to assist qualified active duty military and navy servicemen, reservists, national guard and veterans in the process of obtaining safe and affordable homes.

d) RHS (USDA Rural Housing Services) Program - This program is a 30-year fixed rate program that offers low interest rates compared to the interest rates that are offered through standard conventional loan programs. The program can offer up to 100% of sales price or appraised value of the desired property. In applying for this loan, the borrowers must observe the guidelines that are set by the USDA Rural Housing Services.

e) Federal Housing Administration's Plus Loan Program - This loan program is quite similar to the FHA Program, but it differs in the manner that it offers qualified borrowers to procure a second mortgage that could cover the downpayment and closing costs of a desired property.

First Time Homebuyer Programs in Virginia
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About The Author Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. She also maintains Websites providing resources on environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

Keystone Government Loan Program for Homebuyers in Pennsylvania
The Pennsylvania Housing Finance Agency has been running the Keystone Government Loan Program in which it intends to provide first mortgage financing on loans that are insured by the Federal Housing Administration, the Rural Development, and the Department of the Veterans' Affairs.

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First Time Homebuyer Programs in New Hampshire
The State of New Hampshire gives great importance to the welfare and safety of its people. One of the ways of showing this is through the establishment of the New Hampshire Housing Finance Authority, which is specially designed to assist low to moderate income residents of New Hampshire in the process of procuring safe and affordable housing opportunities.

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Rehabilitation Mortgage Insurance Program
The Rehabilitation Mortgage Insurance Program intends to financially assist families as they repair or improve, purchase and improve, or refinance and improve their current residential properties that have been existent for more than a year.

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FirstHome Mortgage Program in North Carolina
One of the programs of the agency is the FirstHome Mortgage Program wherein they seek to offer 30-year fixed interest rate mortgages to first time home buyers in the State of North Carolina.

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