First Time Home Buyer Financing & Grant Programs

Photo Courtesy of Pixabay

Are you thinking about owning a home in Virginia Beach or surrounding areas of Hampton Roads? If so, there are down payment assistance grant programs and low-cost financing options for first-time home buyers.

The first step is talking to a lender to find out if you qualify for a loan as well as finance options. A lot of people are intimidated by this because they feel they may not have good credit or have saved enough money. Just knowing where you are starts you on the road to homeownership. Together, you and your lender will map out a path to home ownership.

Are you a first-time home buyer?

You are considered one if you:

  1. haven’t bought a home before
  2. don’t currently own a home
  3. and haven’t bought a home in the past 3 years

If you’re serious about owning a home, now is the time to talk to a lender.

Loan products and programs are subject to change, and your lender may know of more programs. It’s important to talk to your lender about what options are currently available as well as what product is right for you.

Financing Options

FHA Loan: The Federal Housing Administration (FHA) loan is one of the most popular home programs where you can qualify for a loan with 3.5% down.

VA Loan: This loan is backed by the U.S. Department of Veterans Affairs. It helps current or past service members and their families obtain a mortgage with little to no money down and no mortgage insurance.

VHDA Programs: The VHDA’s goal is to help meet Virginia’s housing needs by providing mortgages for first-time homebuyers, as well as financing for apartment communities and revitalizing neighborhoods. They offer free homebuyer classes, housing and credit counseling.

Fannie Mae & Freddie Mac: Fannie Mae and Freddie Mac are government-backed loans that offer mortgage options and have programs that allow you to put down 3% for a home.

HomePath Ready Buyer Program: This program is for first-time home buyers who, taking a required home buyer class can receive up to 3% towards closing cost assistance toward the purchase of a HomePath property.

Renovation Loans (203k Loans): The FHA 203k loan is great for a buyer who wants to own a home that needs repairs or upgrades. Make your home the pride of the neighborhood and, depending on the price, possibly gain equity with this type of loan. Your lender has more information about this program.

Conventional Loans: Some lenders offer conventional loans with as little as 3.5 to 5% down. Ask your lender if this program is available.

Banks and Mortgage Companies: There are a few banks and mortgage companies in Hampton Roads that offer grants of up to 3% that you don’t have to pay back if you qualify.

You May Also Like: Keys to Purchasing a Home

Down Payment Assistance

Local and statewide programs offer down payment assistance or grants for qualified applicants. These funds are limited and are available on a first come first serve basis. If you’re interested in these types of programs find out about them as soon as possible before they run out. You’ll have to live in the property you buy and be eligible based on their income and credit guidelines, so speak to your lender about the pros and cons of these types of loan programs.

Center for Community Development

Chesapeake Redevelopment & Housing Authority

Federal Home Loan Bank of Atlanta

Habitat for Humanity

Hampton Roads Planning District Commission

Housing Partners, Inc.

Housing & Urban Development

Newport News Redevelopment & Housing Authority

Norfolk Redevelopment & Housing Authority

Virginia Beach Community Development Corporation

Virginia Housing Development Authority

Virginia Department of Housing and Community Development

Virginia Beach Department of Housing & Neighborhood Preservation

Portsmouth Redevelopment & Housing Authority

U.S. Department of Agriculture Rural Housing

 

Photo Courtesy of Flickr

The next step to buying a home is getting pre-approved. Your lender at first will ask you some questions about your job and other information, and will check your credit score. There’s no cost or obligation. Your lender is there to help you buy your house and will guide you in what you need to do to make that happen.

I work with a few great lenders in the area who can speak with you to see which loan program works best for you. Your lender can also educate you on what to do in order to qualify in the future, if you’re not ready at this time.

There are lots of options available for those who qualify to buy a home in Hampton Roads. Many buyers are taking advantage of this opportunity so they can become homeowners. Why not you?

Find Your New Home

About Jackie

I’m a full-time Realtor® with BHHS Towne Realty. I’ve been in real estate since 2011, serving South Hampton Roads and the Peninsula. Put my experience to work for you if you’re a first-time home buyer, seller or investor. My goal is to exceed your expectations so you’ll be glad to recommend me to your friends, colleagues, and family. Being able to obtain a home at the best price, with the least hassles, and in the shortest time possible has the markings of a successful sale, which is what I want for you. Whether you are searching for your “forever” home or need to sell a home, I’m at your service.

Can you afford to miss this opportunity? Give me a call. Let’s talk about your goals. I look forward to being your guide to homeownership!

Summary
First Time Home Buyer Financing & Grant Programs
Article Name
First Time Home Buyer Financing & Grant Programs
Description
Are you thinking about buying a home in Virginia Beach or surrounding areas of Hampton Roads? If so, there are down payment assistance grant programs and low-cost financing options for first-time home buyers.  Jackie Gonzalez, BHHS Towne Realty 757-943-9184
Author
Publisher Name
Hampton Roads Real Estate
Publisher Logo