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The Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and Department of Agriculture (USDA) back mortgage programs that are often an option for first-time homebuyers.
Minimum credit score of 640, first-time home buyer (repeat home buyers in some areas can still qualify), sales price limit of $224,500 statewide. Minnesota Housing
FHA loans have a low minimum credit score and down payment requirement, which makes them especially popular with first-time homebuyers. You can get an FHA loan with a credit score as low as 580 if ...
First-Time Homebuyers, U.S. Department of Housing and Urban Development. Accessed December 24, 2024. Accessed December 24, 2024. Approved Below Market Rate Housing Programs .
As an example, if a homebuyer were to receive an MCC that offers a 30% credit on a $200,000 loan for 30 years with a rate of 6%, the allowable tax credit would be figured as follows (all numbers rounded): Mortgage Interest Paid (1st Year): $11,933; x MCC Credit: 30% = Total Credit: $3579
Virginia Housing is a quasi-government agency. The governor appoints an 11-member Board of Commissioners. [ 2 ] However, the authority is self-supporting and does not use tax dollars to fund its lending programs.
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