No Money Down Home Loans are Back!
The VHDA just announced that they plan to roll out a program that offers down payment grants for qualified first time buyers on Monday, March 14. That’s basically free money!
These non-repayable grants are for 3% (Conventional) or 3.5% (FHA) of the purchase price. When combined with a mortgage credit certificate (tax credit) this is a great way to purchase a home with no money down.
This program is designed to help first time home buyers (or buyers that have not owned a home in the past 3 years) realize the American dream of home ownership. Now, there are income and sales price limits, so this is not for everyone. However, this will enable home buyers who need help with the down payment to purchase a home.
Here are some of the parameters of this grant that buyers must follow:
-Intend to live in the home
-May not use home for trade or business
-Lot size limited to 2 acres (unless a waiver is obtained, which will allow up to 5 acres)
-Demonstrate creditworthiness
-Demonstrate stable income
-Take and complete VHDA’s Homeownership Education class
You can view the specific income and sales price limits to qualify for this grant here. The income and sales price limits also vary depending on where in Virginia you live. This creates an opportunity for home ownership where it may not have been possible otherwise.
We want to help you make your dream of home ownership come true!
Take advantage of this amazing program! Contact Scott Koval and Sarah Taylor at the JS Realty Team for a personalized consultation.
mortgage loan. The fees can be separated into several categories: lender fees, escrow deposits, prepaid items, title fees, government recording and transfer fees, and additional settlement fees.
Most loans require the borrower to pay for property taxes and homeowner’s insurance on a monthly basis as part of the mortgage loan payment. When property taxes are due (typically twice a year), and homeowner’s insurance (annually) the lender will pay the bills out of the escrow funds.
–Government Recording Fee – fee charged by government to record the deed of trust
Home Inspection – this is the time we ensure all home inspection items have been resolved satisfactorily.
While we are performing the walk-through, your JS Realty Agent will be checking off all items on the home inspection list that the Seller agreed to remedy. One by one we make sure those issues are taken care of, and when applicable, have a written and paid receipt from the contractor that performed the work.
If there are unresolved issues stemming from the walk-through, your JS Realty Agent will contact the listing Agent and work to resolve the issues. Once we are satisfied that the home is in the proper condition, we will have you sign off on the walk-through.
remember sitting in my Real Estate class, thinking “I am learning a whole new language!” It was a bit overwhelming, even though I had the desire to understand each and every word, along with its definition. Not everyone understands Real Estate terms, especially if this is your first time working with a Realtor. Over the next couple of months, the JS Realty Team will work towards enlightening you and helping you learn our “Real Estate Language.”
An Earnest Money Deposit is an important part of the home buying process. It is an amount of money that you will deposit (in escrow) that tells the Seller you are committed to the purchase of the home. It’s important to know that this earnest money deposit is not an extra cost of buying a home. It will be credited towards the down payment at closing, and in case it exceeds your mortgage down payment, and settlement cost, you will receive the balance at closing.
In most cases you will write the check to your Realtors, Real Estate Brokerage Company or the company that will be assisting you in the settlement (Title Company). Never write the check to the Seller or the Realtor directly. The money is usually due very shortly after the contract is fully accepted by all parties (ratified) and will be placed in an escrow account. Shortly before you go to settlement, it will be released so it can be applied towards your settlement cost and down payment on the day you purchase the home. In the event the amount you put down exceeds the amount needed for these cost, you will get a check refunding you the balance. As you can see, this is your money, and it is treated as such. It is only applied to your cost.
home and really want to buy it.” In most cases the money remains yours and is applied to your cost in regards to the purchase. It can also be a great way to leverage your offer in the event you find yourself in competition with another Buyer. A great Realtor can guide you in the offer process and help you structure a deal that is more than just about a sales price.
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selling or buying is a hefty task for you to take on. On average, most people only buy or sell real estate a couple of times in their entire lives. Now that you are ready, hiring the right Realtor should be at the top of the list. Yes, most of us have a family member or a friend that “might” be able to help, but let’s be real – unless you know they are fully committed to the job as a full time agent and are the best at what they do, you may want to rethink who you are choosing and why.
great Realtor can not only bring professional insight on the home selling or buying process, but they will also coordinate and manage all the professionals during the process. You deserve a high level of service and below are some key questions you should consider asking a Realtor prior to engaging their services.
media have really changed how Real Estate is done. While they all provide a level of efficiency to the process, the pace at which things get done has increased tremendously. Your Realtor should be able to accommodate your style of communication. If you are someone who likes to email, then a phone call or text may not be the best way to communicate with you. If you can’t answer the phone during the day due to work, then you really need someone that is willing to email or text you instead of calling. If you are out of the area and can’t see a house, a video tour of the home can help a lot too! Realtors have all sorts of services available to them, including electronic signature services. This not only saves you paper and ink, but time – there’s no need to print, sign, scan and email anymore. Understanding what tools and resources your Realtor has available to them can save you a lot time. Be sure to ask and make sure you are working with someone who can accommodate your preferred level of communication.
front counts. Buyers usually don’t pay commission directly, but sellers often do and the costs can vary from agent to agent. If you are selling a home, it will be important to understand and know what you are getting for the fee. An agent may charge less than another, but that does not mean they all provide the same services and resources. Make sure you are comparing apples to apples. Also ask for a breakdown of estimated closing costs, as they are different from state to state, and can also differ depending on if you are buying or selling. Understanding this upfront, can save you from “unforeseen surprises” later in the transaction.
the seller in the transaction? While it’s usually legal to represent both parties in a transaction (with proper disclosures), it’s important to understand where your Realtors obligations lie. Have your Realtor explain their agency relationship to you and describe the rights of each party. At the end of the day, we all want the highest level of service and someone to represent our best interest. Make sure your expectations can be met.
surrounding yourself with professionals that will meet your needs will be key. A Realtor providing a high level of service will have surrounded themselves with other professionals in the field alike, whom they will be referring along the way. You may only buy or sell a home 2-3 times in your life – why not ask for the best?
become attached to our homes and have experienced many milestones, events and memories. By detaching yourself emotionally from the home, you will be better equipped to make smart financial decisions.
