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Aided by an allocation by Gov. L. Douglas Wilder of $30 million in additional bonding authority, the Virginia Housing Development Authority (VHDA) today unveiled an $80 million program to boost Virginia’s home construction and sales industries by offering new and increased mortgage loan assistance to low to moderate income first-time homebuyers.
The new Operation Bootstrap, approved today by the VHDA’s Board of Comissioners, will enable VHDA to provide home mortgage loans to families who previously could not qualify for VHDA assistance.
Money for VHDA’s new program is coming from the sale of $30 million worth of mortgage revenue bonds allocated last month by Gov. Wilder and an additional $50 million from VHDA’s existing bond allocation.
VHDA’s Operation Bootstrap will provide mortgage loans for lowincome families with preference being given to those whose incomes are half of the median income and who are living in public housing.or receiving rental assistance. These families can qualify for a fixed interest rate of 4.5 percent, VHDA’s lowest rate ever. This low rate will permit VHDA to help families who might not qualify for mortgage loans at higher interest rates. These targeted 4.5 percent loans will be available shortly after the first of the year. $
While seeking to serve poorer families than those served previously, VHDA also will increase its buyer income and home sales price limits to help moderate income families who previously were ineligible for VHDA loans, because their incomes were just above the former limits. Even with this increase, VHDA’s income and price limits are
94.3%