The Real Estate Browser Volume 9, Issue 13

18 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 9 Number 13 www.LynchburgRealEstateBrowser.com Did You Ask Santa for a New Home for Christmas? By Sherry Brady, Branch Manager, Summit Mortgage Corporation Are you tired of paying rent when you could be building equity? Or maybe you need a yard for your dog or more bedrooms for your growing family. Whatever your reason is, you’ve been bitten by the bug to own your own home. When you first start this process, you may have little or no money saved toward that goal of own- ing your own home, so we are going to explore some “no money down” options, but even if you qualify for 100% financing of your home, the first thing you should do once you decide you’re ready to buy a home is start saving as much of your income as you possibly can. Why? Because doing this will help save for a down payment in the event that you don’t qual- ify for any of the 100% financing options, and it will also show an underwriter how much you are capable of putting toward a house payment each month – especially if you’re just out of college or living with family, and have no history of paying rent. If you don’t have anything saved yet though, and you’ve found your dream home, we can help! There are sev- eral 100% financing options, including VA, VHDA and USDA. If you have ever served in the military – either active or reserves – you may qualify for a VA loan. This loan provides financing for 100% of the pur- chase price up to $417,000 if you qualify VA entitle- ment. We can help you find out if you do in just a matter of minutes! Another 100% option is a USDA loan. This loan is for financing of properties in “rural” areas. The qualifying areas are updated annually, but for now, all counties surrounding Lynchburg are eligible for this program. This loan program is subject to income limits; in this area, for example, a family of four can earn up to approximately $82,700 and still qualify. If have five or more in your family, your household income can be $109,150. A third 100% option is a VHDA FHA Plus loan. This loan combines a 96.5% FHA loan with a 3.5% VHDA loan to make up the 100%. This loan can be used anywhere in the state of Virginia, so this is an especially good option for 100% financing if the home falls in an area where USDA will not finance. This can also be paired with a Mortgage Credit Certificate program, or “MCC’s” which can save you money over the life of your loan. This program has a few restrictions: you must not have owned a home in the last three years, and the home you’re buying must be on less than 5 acres of land, and it has income and sales price limits. All three programs are, of course, subject to credit qualification and a satisfactory appraisal, and the VA loan is also subject to VA entitlement. And, all three programs allow the seller to pay most, if not all, of your closing costs. If you’re ready to buy a home, the best place to start is with a good lender! Our Summit Mortgage Team is ready to help make your dream of owning your own home a reality! Call us at (434) 237- 1027 or visit our website www.LynchburgLender.com today! By Sherry Brady, NMLS ID #217258, Branch Manager, Summit Mortgage Corporation NMLS ID #1041. (www.nmlsconsumeraccess.org) Equal Housing Opportunity http://www.lynchburgrealestatebrowser.com/index.php?/properties/price_reduced http://www.lynchburgrealestatebrowser.com/index.php?/properties/newest_listings

The Real Estate Browser Volume 9, Issue 13 | Page 18