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.

Why Summer might be the best season to buy

We've all heard of a busy #Spring Real Estate Market. The Fall is another time in which Real Estate picks up. Winter tends to be too cold and people seem to be preoccupied with the Holidays. Summer might be a fantastic time for you to move into a new home because of the simple fact that the Spring frenzy has ended.

During the Spring season we see a lot of activity in the market, it can be harder to nail down moving plans because everyone has the same mentality at this point. Moving companies are getting lots of requests from people taking advantage of great weather. The market tends to be more competitive, more desirable homes might get several offers. That's added stress that you might not need. Real Estate Agents will have a bit more time in their hands now that the worst season is behind them, giving you the attention you deserve.

The Fall might be another season to consider if you're thinking of buying but historically we see some of the same issues we have during the Spring and if you experience any delays in the transaction you may end up having to move in the middle of Winter. This is why the Summer could be the perfect season to buy!

As always, if you have any questions on how the home buying process works, don't hesitate to give me a call!

Concerned about Student Loan when applying for a Mortgage Loan? Read below why you shouldn't be!

If you've graduated in the past ten years or so, you might still be paying student debt. Depending on your career path this could equal thousands of dollars. Even with low interest rates, student loans can feel like a big burden especially if you're thinking of buying a home. Most people think that if they have a big student debt that they may not qualify for a mortgage loan because their debt to income ratio might be too high.

In the past, mortgage lenders would calculate 1% of your student loan as your monthly payment. So if you had $100k in debt, which is possible if you chose to be a doctor or a lawyer, your monthly payment would be considered to be $1,000 per month.

Fortunately the rules have change. Your actual student loan payment could be much lower and as long as this is reflected on your credit report we are able to use that as your monthly payment. In many cases this will result in buyers being able to borrow a more realistic amount that fits their budget.

This change on how we calculate student debt took effect this year and it does not apply to all loans, just certain types of loans. If student debt is something that has been keeping you from buying I strongly suggest that you revisit applying for a loan now that things have changed benefitting buyers.

As always I am here to provide information on how to apply for a loan and making the process of buying much easier for our buyers! Don't hesitate to call me if you're thinking of buying, you'd be surprised on some of the things we can do to help our clients.

Meet Your Builder!

Being in my industry right now is great. The housing market is better than it has been in many years. The economy and jobs have been making a steady comeback for the past few years and we're finally seeing some of those benefits. The only problem is that even though people are looking to buy homes, there isn't a ton of inventory out in the market. Why? Interest rates were high when people bought a number of years ago and people want to make sure they aren't losing money when they sell. It's a reasonable way of thinking but it puts potential buyers in a bit of a bind!

So as you can probably imagine builders are trying their best to provide more housing opportunities for buyers. There's lots of builders out there right now and getting to know them all can be overwhelming. Realtors should get familiar with all the different builders because it opens up a whole other market for their buyers.

Different builders have different: styles, quality, locations and square footage. Each builder brings something to the table that the next doesn't and it's important for lenders and realtors to get familiar with those differences. At the end of the day if we find the right home for our clients, we are successful at our job.

This is why I love being part of the Home Building Association of Richmond, there's so many great events that help connect Realtors, Builders and all sorts of Contractors. One of their biggest events is coming up soon, Builder Bash. The tickets for this event are sold out and it will take place at Bon Secours Washington Redskins Training Center on June 8th at 5pm. I suggest that you visit http://hbar.org/ to keep up with coming events if you'd like to get involved and get to know some really great people in the industry. I'm glad I joined!

Working with a Local Lender vs. Non-Local

Have you seen tons of ads online and on TV about mortgage rates and how low they are? Telling you that you can't get lower rates like that anywhere else? Yes, if you've been recently looking at houses it seems that these advertisements are everywhere and for good reason. Rates are not the lowest but they are pretty low compared to just a few years ago. The crazy thing is that the rates are mantaining even though the housing market seems to be booming.

The way to go might seem to use the "online tools" advertised or just do it with whichever bank you already have, it's so easy right?! Wrong. Getting a mortgage is not an easy process, at least not when you do it alone which is what it will feel like when don't work with a local agent. Having a real life person can make all the difference, especially when it is a local lender!

Options
Buying online should give you more options right? This is a big misconception mainly because there are some loans available to your state in particular that an online bank may not have access to or may not be very well versed in. It's impossible for an online representative to know every product available in every state and even if they are well educated in the subject, it's still impossible for them to know the ins and outs of every product. Being local gives us an advantage because of the products exclusive to your area and our experience dealing with them.

Flexibility
Don't qualify right away or need a little leeway with your mortgage? A local agent typically can be more forgiving and flexible on what we can offer based on your situation, in some cases even make exceptions. Big banks aren't really allowed to do this because they have strict guidelines to follow and even though we have guidelines too, it's easy for us to talk to our managers and get creative on how to help our clients. Our goals is to get you in your dream home!

We know the area
When you buy a mortgage online or even with the bank you usually do business with, it's not local therefore they don't have a full understanding of your needs. Knowing the area also helps because we can make sure you are getting a good deal and evaluation of the property. We'll know how much you'll need for the type of property you're looking to buy based on our extended knowledge of the area and prior loans.

Accessibility
When you use a big bank or an online option, you don't always get the same person on the phone or via email. Even if you do, they may not remember you because they work in such high volumes. Local lenders make it their priority to be a part of the process and keep you in the loop, we can even meet with you if you have questions! You can't this level of services when you don't shop local.

So when you're looking to buy, the first thing to do is shop for a mortgage with a local agent! Ask for references and check their presence online, make sure that they are good because this can make an experience that may seem complicated and intimidating into a pleasant one!

Golfing for a good cause: Special Olympics VA

I believe in giving back to the community and as my personal business grows, I want to make sure I am doing so. The Special Olympics is a great cause that I encourage people to get familiar with. We live in a very sport centered culture and I believe that everyone should be able to participate, the Special Olympics allows just that. We're not all the same and it is incredible to see an organization dedicated to embracing physical diversity.

This year, I decided to do a small part in making their Golfing Tournament a possibility. First Home Mortgage and myself are sponsoring one of the golf holes at this year's Golfing Tournament. I encourage friends and colleagues to register to play or support this cause by also becoming a hole sponsor. We all know someone with a disability and it is important to show them our support, no matter how big or small.

I hope to see some of you out there and if you're curious on how to get involved, click here to visit and get more tournament information or click here to learn more about the Special Olympics in VA.

Learn about VHDA

So if you're new to the home buying process, looking into a VHDA loan may not be a bad idea! We have many different products that we offer here at First Home Mortgage and this is just one of them. If you have any questions at all about how to apply, please give me a call and i'll make sure to take great care of you! 

Find out more infomation about VHDA by visiting their site by clicking here