Military Members and Veterans may want to take advantage of VA guaranteed
loans. The Veterans Administration stands straight for the loan with the lender along with the borrower. There are fees involved
but the program is very liberal to qualified Veterans and generous Seller contributions toward the Veteran's closing costs
are allowed. Under certain circumstances a Veteran may be entitled to use his or her eligibility for a second time.
First time home buyers may wish to investigate financing such as Virginia Housing
Development Authority (VHDA) or Community Home Buyers Program, or the Rural Housing and Community Development services (RHCDS.)
which is administered by the Rural Economic and Community Development (RECD) mission area of the U. S. department of agriculture.
These programs all have strict underwriting guidelines and prospective
borrowers may find themselves subject to special provisions, such as family income limits and debt ratios. These programs
usually require little or no down payment for qualified buyers. Above all excellent credit history is required. On the down
side, some of these subsidized loan programs have a re-capture feature.
The
federal housing administration (FHA.) insures lenders against some loss exposure of making mortgage loans. FHA enables real-estate
buyers to purchase with lower than conventional down payment requirements. In fact, a home buyer can buy a home with a 3%
investment; and the money can be a gift from a parent or close relative. FHA even as a program for buying and fixing
up "handy person specials". This loan is called a 203 K rehabilitation loan.
Even though home prices have adjusted sharply lower in parts of Virginia and many Banks are selling off their
reacquired properties as basement bargains you will need to show Lenders that you are a good credit risk. There
is Money to be lent and there are still a number of options when it comes to financing
your next home and your A Home 4Sale, Inc. Representative can help you meet the mortgage people best suited
for your particular needs.
Interview more than one lender whenever possible and
seek one that will pre-process your loan so you can shop for a home with the buying power of a cash buyer.
Pre-Processing a Mortgage Loan makes sense; You know just how much a lender will loan you and this
knowledge gives you the ability to shop and buy with confidence. A pre-processed mortgage loan reduces the time needed to
finish the process after you have selected your new home.
Another benefit of
a pre-processed mortgage loan is that Sellers are more apt to accept a purchase offer from a pre-processed buyer over an offer
from a buyer who has only spoken with a lender about pre-qualification because it can also save them time; And time often
translates to money. A Pre-Processed Mortgage Loan creates a POWERFUL bargaining tool. Your A Home 4Sale, Inc.
Representative can explain in more detail how this and other financial strategies can save you time, money, and needless aggravation.
