Well, it seems that all of the funds for Down Payment Assistance (DPA) programs have dried up. Even though the deadline is near for the government aid to officially come to an end, it appears that local banks are applying the 30-day rule. Meaning that buyers who are approved for a mortgage utilitizing a DPA, like Nehemiah or AmeriDream, are encouraged to find a home quickly and reach a written agreement (contract ratification or acceptance) with the seller and close within the next 30 days.
Alexandria VA homebuyers can still purchase a home with the help of the Virginia Housing Development Authority (VHDA). One program that stills offers home buyers to purchase with a minimal down payment is the VHDA FHA Plus loan. Borrowers need only a 1% down payment, and the seller can still pay up to 6% of the sales price toward the closing costs. There is no adjustable mortage, the FHA Plus loan is a 30-year fixed loan.