Have you heard of the VHDA loan- it stands for Virginia Housing Development Authority it is a loan design to assist first time home buyers as well as those who have not bought a home in three years. Recent changes to this program began March 1st, 2010 and should not be overlooked.
Effective March 1st, 2010 there are now increased income limits to qualify for a VHDA loan. Hampton Roads VHDA income limits in our area are now up to 70k up from 63k for a family of 2 or less and are now 81k up from 74k for family of 3 or more. This means the 101.5% FHA/Plus loan is open to more 1st time home buyers and re-purchasers. This is the max amount you can make for this program.
Also Remember This program can be combined with up to $8,000 Home buying Tax credit but you must be under contract by April 30,2010 and closed by June 30, 2010