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VHDA Programs

The Virginia Housing Development Authority (VHDA) is a self-supporting and not-for-profit organization created by the Commonwealth of Virginia in 1972, to help Virginians attain quality, affordable housing. VHDA provides mortgages, primarily for first-time homebuyers.

Atlantic Bay offers a variety of mortgage products through VHDA to meet the many needs of today’s homebuyers. These loans provide additional benefits to buyers on top of traditional financing. Some of the features include less down payment, lower credit score requirements, flexible underwriting, and closing cost assistance.

Below are four of the programs that VHDA & Member Select offers and the benefits of each.


  • 100%-101.5% financing
  • Low 30-year fixed interest rate

VHDA VA (Veterans Administration):

  • VA-guaranteed
  • Low 30 year fixed interest rate
  • No down payment for eligible veterans
  • No mortgage insurance

VHDA Conventional Fixed:

  • 3% down payment
  • Low 30-year interest rates
  • Mortgage Insurance required over 80% of sales price
  • No MI

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