Virginia Housing increases income limits for homebuyers assistance

A “sold” is posted outside a single family home in a residential neighborhood, in Glenside, Pa., Wednesday, Aug. 4, 2021. Average long-term U.S. mortgage rates jumped again this week, Thursday, Sept. 8, 2022, to their highest level in almost 14 years, certain to keep even more potential buyers out of a housing market that’s cooled considerably since the Federal Reserve began jacking up its benchmark borrowing rate. .(AP Photo/Matt Rourke, File)

RICHMOND, Va. (WAVY) — Virginia Housing has announced changes that are expected to increase the number of homeowners in the state.

On Dec. 15, the organization increased its maximum gross household income and sales price limits for down payments assistance and closing cost assistance programs.

The expanded income limits apply to first-time and repeat homebuyers with down payment and closing cost assistance from Virginia Housing’s Plus Second Mortgage.

“Increasing the income and sales price limits for homebuyers in Virginia will ensure that more
Virginians have the opportunity to purchase their own homes,” said Thomas A. Gibson, Chairman of the Board of Commissioners at Virginia Housing. “Virginia Housing is committed to offering
affordable housing programs that give the people of the Commonwealth access to quality housing options.”

The updated sales price limits can be found here.

This article was originally published by a . Read the Original article here. .