Using the VHDA down payment grant along with a SELLER CREDIT for the closing costs, it is possible to buy a home with very little money out of your pocket. Here is an example using the grant along with a seller subsidy:
Town Home List Price $300,000
Down Payment at 1%, $3,000
2.5 % remaining down payment PAID BY VHDA $7,500
Closing Costs Estimated at $9,000 PAID BY SELLER CREDIT
Loan Amount $294,566 (includes 1.75% FHA funding Fee)
$1,406 Principle & Interest (Interest Rate 4%)
$200 FHA Mortgage Insurance
$75 Home Owners Association Fees
$40 Home Owners Insurance
Not to mention the additional money you will see in your pay check when you buy a home!
**The above illustration is an example - I am not, nor is Berkshire Hathaway HomeServices PenFed Realty is a Mortgage Lender.
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