Finance
Virginia Housing (VHDA) uses 'targeted' and 'non-targeted' areas. In targeted areas, which of the following is relaxed for first-time homebuyer programs?
ACredit score requirements
BThe first-time homebuyer requirement — buyers who have owned before may qualify✓ Correct
CIncome limits are eliminated
DPurchase price limits are removed
Explanation
In HUD-designated targeted areas (usually economically distressed neighborhoods), some Virginia Housing first-time homebuyer restrictions are relaxed, allowing non-first-time buyers to access the program.
Related Virginia Finance Questions
- Which government-sponsored enterprise (GSE) purchases conforming conventional mortgages in Virginia's secondary market?
- A Virginia borrower who requests a reconsideration of value (ROV) after receiving a low appraisal should provide their lender with:
- A Virginia lender who is 'portfolio lending' means they:
- A Virginia borrower with a $300,000 mortgage at 5% annual interest makes a monthly payment of $1,610.46. How much interest is paid in the first month?
- A Virginia conventional conforming mortgage loan must meet maximum loan limits established by:
- A Virginia investor uses 'leverage' in real estate. This means they:
- The 'front-end' debt-to-income ratio (housing expense ratio) limits which monthly expenses?
- Under the Homeowners Protection Act, a Virginia lender MUST automatically cancel PMI when the loan balance reaches what percentage of original value?
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →