The Real Estate Browser Volume 12, Issue 10 - Page 14

14 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 12 Number 9 www . LynchburgRealEstateBrowser . com

Buy Your New Home with No Money Down !

By Sherry Brady , Branch Manager , Apex Home Loans , Inc .
If you haven ’ t had the time or ability to save up a chunk of money for a down payment , but you ’ re tired of paying a landlord instead of yourself every month - we have some options for you ! There are several options to help you buy a home with NO money down , two options that only need 1 % down payment !
NMLS # 217258 Cell ( 434 ) 238-8984 sbrady @ apexhomeloans . com
If you are a Veteran , you may qualify for a VA loan which provides up to 100 % financing for both purchases , as well as refinances . Additionally , Apex Home Loans will provide a $ 500 lender credit to offset some of your closing costs through our “ Heroes First ” program ! If you have served your country , on active duty or in the reserves , please call me to see if your service qualifies you for a VA Home Loan .
If you are buying in a county , then you may be able to qualify for a USDA loan . With this loan , you do not have to be a first-time buyer , but in most cases , you can not own any other property . There are a couple of exceptions to this ; one , for example , is that you may be allowed to buy a new home without selling the current home if you have been , but you must also be able to afford both payments . A USDA loan provides 100 % financing of the purchase price of the home you ’ re buying . In some cases ( subject to appraised value and credit score ), you may even be able to finance some of your closing costs into the loan . USDA loans are subject to income and asset restrictions and most be of modest acreage that cannot be subdivided .
If you are buying a home in the city , then a Virginia Housing ( formerly VHDA ) loan program is the option you will need to achieve 100 % financing of the purchase price . With Virginia Housing ’ s “ Plus ” loan , you ’ ll have a small second mortgage that can be paired with an FHA loan or a Conventional loan to provide the 3 % or 3.5 % down payment that would normally be required for those loans . Virginia Housing loans can be used to buy a home anywhere in Virginia , including in the cities , and are subject to income , asset , purchase price and acreage limits .
If you can put a small amount down , Virginia Housing has another program that will make up most of your required minimum down payment , requiring you to put just 1 % down . With this program , you may qualify for a 2 % or 2.5 % Down Payment Assistance grant to help you buy your new home . If you have just 1 % to put down , and meet all of Virginia Housing ’ s income and credit guidelines , then you may be able to use this grant make up the remainder of the required three or three and a half percent down payment required for either Fannie Mae ’ s conventional 97 % loan or FHA ’ s 96.5 % loan . In this case you will not have a second loan to repay , as you would have had with their “ Plus ” loan .
The experienced team at Apex Home Loans are experts in these programs and are ready to guide you professionally , ethically , and flawlessly on the path to home ownership ! We ’ re available evenings and weekends - we ’ re here when you need us . Call us at 434- 237-1027 , or go online to www . LynchburgLender . com today , and let us help you GET MOVING !
By : Sherry Brady , NMLS # 217258 . www . LynchburgLender . com , 434-237-1027 . Apex Home Loans , NMLS # 2884 , nmlsconsumeraccess . org , Equal Housing Opportunity