VHDA Loan = Legit???

Please excuse my ignorance as I know almost nothing about loan products.

Speaking with a builder’s mortgage lender, they offered a loan product under VHDA. Ever heard or it?

They have a product called Flex Alt 100. Here are the basics:
-No Downpayment Required
-No Mortgage Insurance
-Lower Monthly Payments
-Expanded Qualifying Ratios
-Tax Advantages
-Flexible Pricing Options
-Available to Current Homeowners

Details: http://www.vhda.com/vhda_com/Template_a.asp?VHDA_COM_PAGE_NAME=Flex_Alt

And then have Flex Alt Advantage. Not sure what the differences are:


It seems almost too good to be true. It offers pretty low rates (if you qualify), No mortgage insurance and No down payment!

Any advice? Even though we are first time home buyers, we didn’t qualify for the First Time Homebuyer program because our income was barely over the maximum limit.


I am getting ready to buy a home and my mortgage lender went over some fees but I thought they were all rolled into my end cost with a FHA loan. Well now I have paid almost $ 600 in fees that will be credited to me at closing. I have now picked my closing agent what other fees will I incur before closing? I am just trying to stay afloat with bills and also save enough to have proof of 1st month mortgage. I have searched the internet like crazy but there is not much about fees prior to closing with the VHDA/FHA plus loan. Thanks in advance for anyone’s help! Have a great day.

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