Loan Programs
The following is a partial list of programs offered by Village Bank Mortgage Corporation with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 804-330-9800.
- Grant Funds
- VHDA Loans
- Conventional
- Rural Housing
- VA Mortgages
- FHA Mortgage
- Jumbo Loans
- Reverse Mortgages
- Flex 97%
- Investor Loans
- Construction Loans
- Second Mortgage Loans
- High Debt Ratio Loans
- Challenged Credit Loans
- No Down Payment
Grant Funds
If applicable, you may qualify for up to $10,000 for first-time homebuyers.
VHDA Loans
Preferred lender with one of the best bond funded financing programs in the Country.
Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
Rural Housing
Rural Housing up to 102%.
VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo’s, PUD’s and single-family second homes can be financed with no prepayment penalty.
Flex 97%
Similar to FHA, but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 20% down payment.
Construction Loans
Building a new home can be an exciting prospect – unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.
Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
Challenged Credit Loans
These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track. Or, we will work with you to repair your credit.
No Down Payment
0% down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
Reverse Mortgages
Reverse Mortgages are for people aged 62 and over who have substantial equity in their homes (the home does not have to be paid for). They are often used to eliminate mortgage payments, supplement monthly income, eliminate consumer debt or pay for home improvements.
