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Virginia Heritage Bank Assists 124 First-Time Homebuyers with Their Home Purchases

^{Published on 2011-04-26 13:36:03 - Market Wire}
 

CHANTILLY, Va.--([ BUSINESS WIRE ])--During 2010, Virginia Heritage Bank (OTCBB: VGBK), through its Mortgage Division (VHB Mortgage), provided down payment assistance to 124 first-time homeowners totaling $930,000. These funds are provided through a partnership with the Federal Home Loan Bank of Atlanta and are awarded to qualified participants in amounts up to $7,500 for down payment or closing cost assistance. Homeowners must remain in the home for a period of five years and must qualify based on income thresholds, household size and location of the property.

Since 2007, VHB Mortgage has provided approximately $2.5 million in assistance to 277 first-time homebuyers located in Maryland and Virginia.

For 2011, the First-time Homebuyer Program (FHP) has resumed sooner than expected. Since the announcement of available funds in early February, VHB Mortgage has already offered $45,000 to eligible homebuyers and participation is expected to remain robust. The 2011 program continues through December 31 or until the funds are exhausted.

Individuals interested in learning more about the program should contact VHB Mortgage at 703-766-6400 or visit us on the web at [ www.vhbmortgage.com ]