How To Apply For a VHDA Loan

W-2, Apply for Loan W-2 form

We want to help RVA buyers apply for a VHDA loan. The process doesn’t have to be difficult. Whether you’re applying for a VHDA loan as a first-time homebuyer or a repeat borrower, there are essential steps that you must follow to ensure a smooth home buying experience. 

The first step in applying for a VHDA loan is to contact a VHDA-approved lender near you. VHDA has approved mortgage lenders throughout Virginia, known as Originating Agents, and offer a wide variety of personalized services. You can make your application through any of the Originating agents.

What are some of the services provided by Originating Agents for VHDA?

  • Taking you through the various loan programs offered by VHDA.
  • Verifying your eligibility to receive a mortgage.
  • Processing the necessary documentation of loan approval
  • Taking you through VHDA’s loan terms, interest rates, and closing costs.
  • Pre-approving you for a mortgage so you can start shopping for a home.
  • Counseling you through the loan process to make the process easier and less stressful.
  • Facilitating the mortgage closing with your real estate agent and attorney

It’s now easier to apply for a VHDA loan than ever as they have a tool available that will help you find a VHDA-approved lender in your location. The Find a Lender tool makes it easy for you to find approved mortgage lenders in your area who can guide you through the loan application process. We also have a Mobile Mortgage Office that caters to clients in remote parts of Virginia.

How do I get ready for the loan application?

In addition to gathering the necessary documentation for loan application, you’ll be required to take VHDA’s free homebuyer class before your loan application is scheduled.  This class is essential as it will help you learn about the entire homebuying process. Besides, the class will help you learn better money management skills. VHDA’s free homebuyer class prepares you for the loan application, thereby reducing the time it takes to apply and getting approved.

What is the necessary documentation for VHDA  loan application?

  • Photo ID
  • A copy of your most recent pay stubs as proof of income – VHDA mortgage lenders need pay stubs to verify your employment details as well as your ability to commit to mortgage payments. 
  • A copy of W-2 forms for the last two years -These forms list your gross income and taxes, and help mortgage lenders to determine your ability to repay the mortgage.
  • Recent copies of bank statements -Mortgage lenders require bank statements to determine if you have enough money to cover your down payment and closing costs.
  • Copies of divorce agreement, if applicable – This document helps the mortgage lender to establish if there are support payments in the background.
  • A list of your monthly debt obligations, including car loans, student loans, and credit cards. These documents will help the mortgage lender  establish your debt-to-income ratio
  • You may also need to check your credit report to ensure it’s up to date.

Applying for a VHDA loan is that easy. Reach out to us if you need assistance finding a lender!