Down Payment Programs For First Time Buyers

Down Payment Programs For First Time Buyers – Maybe you’re in a situation where you’re making good money, your expenses aren’t crazy, but you’re still wondering why your account isn’t growing at the rate you’d like.

This is common here in Northern Virginia. Independently, there are many economic opportunities and many well-paying jobs, but at the end of the day, it is also a great place to live. In other words, the house is not cheap. Let’s take a look at what has been happening to home prices in Alexandria VA over the past five years, especially townhouses.

Down Payment Programs For First Time Buyers

I decided to look up information for Alexandria VA townhouses (and duplexes) because there are a lot of high rise buildings and high rent homes, and I didn’t want to include those numbers even though there are a lot of condos the Alexandria VA. can be bought such as starter houses. But when we focus on townhouses, we can see that back in December 2015 the sale price was $588,700 and today it has reached $715,750. As you can see, housing is affordable in Alexandria VA.

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The biggest myth is that you need 20% down to buy a home. If we take the November 2020 sale price of $715,750, 20% of that is $143,150. When I work with first time home buyers, I can tell you that they have very little money, but we can still get them a great home. Let’s look at some additional information for 2020:

See the red arrow in the graph above. You’ll find that 68 buyers bought homes with FHA loans (3.5% minimum required), 329 buyers bought homes with VA loans (a down payment that costs nothing unless you’re buying an expensive home), and 20 buyers used another currency. , which VHDA sometimes provides financing specifically for first-time home buyers. In Alexandria VA home sales for 2020 so far this year, over 400 buyers have purchased a home with less than 20% down.

According to NAR, first-time buyers made an average down payment of 6% in 2019. If you’re looking for a home for sale in Alexandria with a first-time buyer price of $300,000, that means a $9,000 down payment, which is more attractive when it comes to the highest selling price.

Assistance can be provided under a grant, a market or below-market rate loan, or a mortgage certificate (also known as an MCC). This money is earmarked to help buyers pay their down payments and sometimes closing costs. For example, if you currently pay $2000 per month in rent and have a good credit history, you can make a mortgage payment of $2000 per month, but you may have ten in the bank for pay off your loan. Additional fees on top of your closing costs. You don’t have to pay the money back, and the specific loan or mortgage is paid off each month when you pay off your mortgage.

First Time Homebuyers: How To Get Help With A Down Payment

We are currently in the buying market in Alexandria VA. This means there are more buyers on the market than houses for sale, and buyers hold all the cards when it comes to transactions. Sellers are competing with each other so there is very little negotiation on sales and closing prices. See how nearby homes in Alexandria VA have sold compared to their original list price.

Throughout 2020, Alexandria VA buyers are getting closer to their true value. Buyer optimism was at 99.3% in October and again at 98.5% in November, but overall, homes haven’t sold at prices this low since the 2008 recession and housing crisis. It’s a long way from shaving off the purchase price and paying your closing costs to the seller, so if you qualify for a home, but don’t have enough savings and need the expenses close, just This is where survival comes in handy. Your offer remains competitive because you don’t have to include the seller’s closing costs. You are a bona fide customer because you have already gone through the mortgage approval process and your lender has determined that you are eligible for the applicable program.

There are many first-time home buyer programs for Virginia residents, and since Alexandria VA falls under Northern Virginia, it has more flexibility and affordability as well as income. You will find that each program has its own information, the best way to find out what you are eligible for is to use my tool linked below.

As an Alexandria VA buyer’s agent I know how tiring it can be to constantly search the web for great resources, only to find a program, even if you are looking at an old page or website . This tool was developed specifically for low-income assistance, and is a key point for statewide and nationwide programs. So you don’t have to click on every link on Google, search many websites and write information on a post-it note. Part of the value I bring to the table is to take the time and stress out of the process, and help you find money you might not find on your own.

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Please continue to use my site as your only home buying experience. When you’re ready, let’s connect and create a game plan that fits your schedule and budget. Whenever you need down payment assistance in Maryland, First Home Mortgage is here to give you all the tools and resources you need to secure it. Have a smooth ride through the loan process. There are many types of plans that you can use based on many things and our expert team can help you choose the best one for you!

Buying a home for the first time can be overwhelming and confusing. That’s why the My Home Mortgage team is here to help! There are many down payment assistance programs that can go toward closing costs, which are available to Maryland residents and will bring you closer to home ownership. Contact us today to pre-qualify and start your journey to your dream home!

When it comes to buying a home for the first time, there are many steps and processes involved. Fortunately, there are many low income assistance and financial assistance programs for Marylanders to take advantage of. From statewide assistance to help homebuyers to specific local programs, the My Home Mortgage team can help you navigate and find the best program for your needs. Call us today for more information.

While some first-time buyer programs are specific to the county or city you want to buy in, there are many statewide programs that homebuyers can take advantage of in Maryland. Read on for more information, or contact us today!

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When you think of a great place to live, Maryland is probably the place that comes to mind. This is where coastal life and city life go hand in hand, making it the perfect choice for anyone looking for their forever home. Check out the many great things Maryland has to offer and contact First Home Mortgage to get the help you need to buy your dream home!

The state of Maryland has many options for first-time and repurchase homebuyers. These programs can hook you up with below-market rates, lower your mortgage insurance, and provide you with a down payment and closing assistance. Down payments are based on the type of program, such as FHA, traditional homes, rural homes and VA assisted living programs. Our team will go through all your options to help you find the perfect item. Remember, for these programs, first-time buyers are defined as someone who has not been homeless in the past three years. Check out some of the programs available below and contact us to see what you qualify for!

This program is for first-time buyers and offers below-market interest rates. You need a minimum credit score of 640. Discounted mortgage insurance may also be available.

This program provides financial assistance in Maryland. You will receive up to 3% of your loan principal as a down payment and closing costs. This amount is free and repayable when you sell the house.

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If your purchase price is less than $170,000 this program is for you. You will receive $5000 to help with down payment and closing costs.

Are you tired of your college loans and wish there was a way to get rid of them? You can have up to $40,000 in college loans paid off and forgiven when you buy a home through this program. Call us to find the certificate.

Another state subsidy program that is not limited to first-time homebuyers is the 3% MMP Flex Grant. In terms of duration

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