Some good news for first-time homebuyers to qualify for a VHDA loan now due to the maximum income limits that have increased in all areas of Virginia-with the most significant occurring in the larger Metropolitan Statistical Areas.  Virginia Housing Development Authority (VHDA) mortgages can also provide help with the down payment in addition to an affordable fixed rate.

Limits listed apply to 30-year Fixed Rate, Conventional, FHA, VA, Rural Development, and FHA Plus. First-time Homebuyer VHDA loans are limited to borrowers who have never owned a home or have not owned a home in the last 3 years, with the exception of Federal Targeted Areas. The new limits became effective with new loan reservations August 3, 2011.  See the new income limits for each of Virginia's geographic areas at vhda.com/LoanLimits 

Review the Federal Targeted Area limits information for more details