
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, September 21, 1994                   TAG: 9409230085
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

VHDA INCOME, PRICE LIMITS TO RISE

Beginning Oct. 1, income and sales price limits will increase for first-time home buyers in the Roanoke area who apply for Virginia Housing Development Authority mortgage loans.

The new limits, which are determined by the federal government, are intended to permit more Virginians to buy homes using VHDA's low-interest loans.

In the Roanoke area, the new maximum income for a household with one or two persons will be $37,100 a year for regular VHDA loans and $41,400 for loans designated under the "Operation Bootstrap" program, created in 1991 to allow first-time home buyers in higher-cost regions of the state to qualify. The current caps are $36,500 for regular VHDA loans and $40,800 for Operation Bootstrap loans.

The maximum income for a household of three or more will be $43,600 for regular VHDA loans and $48,000 for Operation Bootstrap loans. The current caps are $42,900 for regular VHDA loans and $47,200 for Operation Bootstrap loans.

The maximum sales price for a new house in the Roanoke area jumped 6 percent, from $106,400 to $113,200.

The maximum sales price for existing or substantially rehabilitated housing decreased five percent, from $96,100 to $91,300.

- Staff report

by CNB