First Time Home Buyer
First time homebuyers are generally defined as a buyer that has not owned a property for 3 years. So, even individuals that have owned a property, as long as it was at least three years since they held title to a property, will be eligible for many of the first time homebuyer programs.
First time buyers enjoy more loan benefits than any other type of buyer. There are low interest rate loans, subsidized low interest rate loans, down payment grants, down payment gifts, as well as government loans that are designed for the owner occupant first-time buyer.
Eligibility Requirements
First
Time Buyer eligibility Requirements
Virginia Housing development Authority
You can maximize your efforts by working with a team of professionals that specialize in 1st time buyers. These specialists are authorities in knowing what the best loans packages are for you as well as the pitfalls of some of the programs; such as, recapture equity penalties that are better to avoid when other choices are available.
Using Virginia as an example, there are delicious mortgage opportunities for first-time homebuyers. We'll talk about two of the most financial advantageous loan types here for you now.
VHDA has helped thousands of Virginians buy homes by offering loan programs tailored for first-time homebuyers. VHDA is a self-supporting, not-for-profit organization created by the Commonwealth of Virginia in 1972, to help Virginians attain quality, affordable housing. Almost every State has some kind of specific program to assist buyers, especially first time buyers.
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Rural Housing (RD) Direct Loans are loans that are directly funded by the Government. There are two types of RD loans. One is available to mostly first time buyers that meet the geographic and financial requirements. The second RD program is for low to very low income households to obtain homeownership. This programs are subject to a wait list and applicants will apply and then wait until their turn to purchase is available. Both programs Applicants may obtain 100% financing to purchase an existing dwelling, purchase a new home to be built, or purchase newly constructed dwellings located in rural areas. Mortgage payments are based on the household's adjusted income. These loans are commonly referred to as Section 502 Direct Loans.
In addition, there are FHA, VA, and Conventional loans. Various programs within the foreclosure arena are available; such as Zero down VA Vendee financing for Non Veterans. An experienced Realtor specifically trained in these areas can greatly increase your chances of savvy home buying successes.
First Time Home Buyer Financing
Virginia Housing Department Authority (VHDA) provides a variety
of home
mortgage loans to meet the needs of today's home buyers
U.S. Department of Agriculture - Rural Development , Committed
to the
future of Rural Communities
Sometimes, you find the perfect house for the greatest deal but work needs to be done and you don't have the extra money to accomplish that. Well, as an owner occupant buyer, you will enjoy the benefits of rehab loans that are designed for needed buyers home improvements while keeping the loan affordable and within the buyers qualification amount.
If credit or job stability is an issue that is preventing you from becoming a homeowner in this "buy now before its too late" market, then rest assured, help is right around the corner. Don't attempt credit cleanup, establish credit, or even guess in knowing what you have to do to have the most successful outcome. There are many lenders, but just as in any industry, only a few are spectacular. We can help get you to the right one!
There are more tidbits and details that will be shared with you once we get the ball rolling. It's important to begin your journey, now, before your market starts to slip away. Many buyers don't know that the real estate market is cyclical and there are always ups and downs. The current market is a little more dramatized downward than usual, but it will come back up. Most buyers fail to see the signs and buy later than they should have when everyone else does causing prices and interest rates to be higher for them. We are in a HOT market now that is poised for First time buyers JUST LIKE YOU!