inancing options should be discussed with your A Home 4 Sale, Inc. Representative after you have gone over your purchasing objectives; such as how long you expect to live in the home, your initial investment, desired monthly payments, and how you plan to dispose of a home when you’re ready to move on. There are so many loan programs with variations and hybrids available that this important aspect deserves your special attention.

Shop, not only for the best rates and costs; but how the financing program benefits your life plans and your financial goals. Your A Home 4Sale, Inc. Representative can help you focus on the money matters most important to you

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 USDA Programs which are administered by 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 3.5% 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 many parts of Virginia and some 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.

See What's Needed 

before you first meet with a lender.

Mortgage Insurance

When you borrow more than 80 percent of a home’s appraised value you may encounter mortgage insurance and mortgage insurance payments.

Don’t confuse mortgage insurance with mortgage life insurance, which provides coverage in the event of a borrower’s death and it’s not homeowners insurance which protects a homeowner from loss due to fire, or other natural disasters.

Mortgage insurance is a financial guaranty that reduces or limits the mortgage lender's loss in the event a borrower defaults on the mortgage. The mortgage insurance company shares the risk with a lender that lends the borrower money.

Mortgage insurance allows many potential buyers to become homeowners sooner because lenders will offer homes with 5 percent to 10 percent down instead of 20 percent down; Of course, the purchaser’s income and credit plays a large part in just how much home they can buy.

Now CALL us for a Free, No Obligation, Real Estate Consultation.

(540) 548-0500

A Home 4Sale, Inc.
Represents Real Estate Buyers and Tenants