Tips On Buying Your First Home

Buying your first home can seem pretty overwhelming at first. You search everywhere for the perfect location, saved your money and took the time to research. All that's left is to secure that mortgage! But how does the process start?

First, you will need a mortgage lender to issue you a mortgage pre-qualification form. From there the lender will ask you your gross (before tax) income is, what your monthly debts are (car payments, credit card minimums) and how much you have saved for your mortgage down payment and closing costs.

Remember, you are not looking to be approved quite yet just qualified.

The mortgage prequalification tells you that you should be able to afford a loan of X dollars and buy a home at X price. Although it is not an approval, it can save you a lot of time. One of the most important things mortgage pre-qualification tells you is what you can afford now. Pre-qualifications covers your income, assets, and debts. 

However, pre-qualification does not even involve a lender checking your credit or verifying your income.

Once you are prequalified for your home loan, the next step is easy. Complete a mortgage application with a local or online lender.

So do not be afraid to start the process of getting approved you can never be too prepared! Contact me today to begin the process!

Grants Available for 1st Time Home Buyers in Virginia

VHDA is pleased to announce a special allocation of funding available to eligible first time homebuyers financing with either of VHDA’s Fannie Mae Programs.

Details

Assistance in the amount of $1500 provided towards the borrowers closing costs (including prepaids and upfront MI) – not toward downpayment

This is a grant – no deed of trust – no repayment required

Funding is limited – funding available for 150 purchases transactions – first come first serve

We anticipate funds will be utilized very quickly

Lower income limits – lower income limits apply (limits are lower than the VHDA grant program see attached limits)

Limited time – loans must close by October 17, 2017

Closing Costs assistance may be used in conjunction with VHDA’s DPA Grant and MCCs

Borrowers may not receive cash back at closing

Lenders may offer the closing costs assistance to borrowers currently locked with a VHDA Fannie Mae loan

- Chesterfield, Hanover, and Henrico income limit is $62,960, Richmond City is $62,960.