The Real Estate Browser Volume 9, Issue 2 | Page 14

14 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 9 Number 2
www.LynchburgRealEstateBrowser.com
Buy Your New Home With No Money Down!
By Sherry Brady, Branch Manager, Summit Mortgage Corporation
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 three loan programs to help you buy
a home with NO money down , and two options
that only need 1% down payment! If you have served your country, on active duty
If you are buying in a county then you may
be able to qualify for a USDA loan. With this
loan, you don’t have to be a first-time buyer, but
in most cases, you can not own any other real
property. There are a couple of exceptions to
this; for example, if you have been transferred by
your employer, then you may be allowed to buy a
new home without selling the current home, 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 also be able to finance some of
your closing costs into the loan. you can qualify for a 2% or 2.5% grant to help
If you’re a home in the city, or if you’re buying
a manufactured home, then a VHDA loan pro-
gram might be the right for you to achieve 100%
financing of the purchase price. VHDA’s FHA
Plus loan offers a 96.5% FHA loan as the base
loan, coupled with a 3.5% second loan to make
up the 100% financing. This loan is subject to
income, purchase price and acreage limits.
If you’re a Veteran, you may qualify for a
VA loan which provides up to 100% financing
on both purchase and refinance. As a veteran
myself, I am proud to offer all VA loan programs.
or in the reserves, please call me to see if you’ve
earned your entitlement to a VA loan yet.
If you can put a small amount down, then
you may qualify for a grant that you never have
to repay!
The Virginia Development Housing
Authority (VHDA) offers a grant program where
you buy your new home! If you have just 1% to
put down, then you can use VHDA’s down pay-
ment assistance grant to make up the remainder
of the three or three and a half percent down
payment required for either Fannie Mae’s con-
ventional 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 the VHDA Plus loan.
You may also qualify for a lower interest rate with
this loan. Both these features will save you thou-
sands over the life of the loan!
The experienced team at Summit Mortgage
are experts in these programs and are ready to
professionally, ethically, and flawlessly advise and
guide you on the path to home ownership! We’re
available evenings and weekends - we’re here
when you need us.
Call us, or go online today,
and let us help you GET MOVING!
Summit Mortgage Corporation NMLS
#1041, nmlsconsumeraccess.org, Equal Housing
Opportunity.