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Simple Questions for First Time Homebuyers. Now may be one of the best times for you to purchase.
By robertearl | August 28, 2007
Why? The mortgage companies still need to make loans and they are targeting you as a first-time home buyer because they can give you the loan and then have the loan backed by Fannie Mae or Freddie Mac as a conforming loan and not have to deal with the whole tight credit market on Wall Street.
Answer these questions and see if you qualify.
- Are you a first time home buyer? (have you not owned a home in the last three years)
- Do you have a credit score above 620?
- Is your annual household income below $86,900 ?($100,000 if there are three or more in the household)
- Are you interested in buying a home for $408,000 or less? (Here are some choices:)
- Northern Virginia Affordable Homes for Sale,
- Northern Virginia Affordable Condos for Sale,
- The 77 Most Affordable Garage Townhomes for Sale in Northern Virginia,
- Bank Owned / Foreclosure Northern Virginia Condos for Sale
If the answer to ALL FOUR questions is YES, you meet the basic qualifying criteria for VHDA, the most affordable financing program(s) available today.
Virginia Housing Development Authority (VHDA) – Created by the Virginia General Assembly to make housing more affordable for Virginia home buyers. VHDA raises money through the sale of municipal bonds and uses the funds to subsidize interest rates. VHDA will finance 100% of the purchase price plus 3% for closing costs at interest rates well below market. (Available in all Virginia locations)
It gets better!!!!
5. Do you currently live or work in the county or city you are planning to buy a home in? (Fairfax County, Arlington County, and Alexandria City currently have funds for these programs)
If the answer to ALL FIVE questions is YES, you are eligible for the additional special assistance programs in addition to VHDA.
6. Is your annual income less than $74,000?
If the answer to that question is YES you will qualify for a Grant.
Call us today - 703-858-1118 - to discuss your specific situation and how The Earl of Real Estate Team and our Mortgage Partner can assist you in taking advantage of these great 1st time buyer programs.
Special Thanks to Mike Roche at Countrywide Home Loans for the information. Mike is an expert on the VHDA programs mentioned in this posting and has helped hundreds of buyers achieve the American Dream of Home Ownership in Northern Virginia.
Topics: Northern Virginia Real Estate, Robert Earl, VHDA |