I recently saw an article that most first time home buyers who were renting could qualify for a home mortgage.
Instead they are still paying some of the highest rents
I have ever seen in Prince William County Virginia.
The question begs to be asked. Why?
I don't think first time buyers really grasp the concept of buying a home and what it could mean for you. You are saying NO, you may be just saying KNOW. I don't know enough.
Let me share with you that I know a couple who purchased a home less than five years ago. Their family has expanded and they need more room. They will be walking away with several tens of thousands in equity when they go to closing. That can happen in a rental. There is no way you can build equity in a rental.
Renting is what you know.
You can rent an average two bedroom apartment in Lake Ridge for anywhere from $1400- $1600 a month.
But look what you can buy.
For example here is a townhouse in Lake Ridge Virginia that we have listed. It is located off Springwoods Drive and Granada Way. It is a two level townhouse with two bedrooms, one and half baths and a fenced back yard complete with washer and dryer as well as two reserved parking spaces in front of the house! Best of all you can bring your dog. It has a board on board tall fenced yard out back with a shed! You don't get that in a rental.
The down payment is typically what stands in the way of a first time buyer, buying a home. They would need about $7000 to buy this home plus closing costs. But not right now!!!!
Local lender is offering a 5% Down Grant Program.
- From what I understand the home you are buying must be your primary residence( a home you are going to live in.
- Your credit score needs to be at 640 or higher
- The grant money does not have to be paid back. "READ THAT AGAIN!"
- You cannot have more than $125,580 a year income.
- The money can be used for Down Payment and or Closing Costs.
So you decide. You can continue to pay high rents like the tenant who rents the townhouse above. They pay $1400 a month right now. Or you could buy this home or any home you qualify for with potentially NO Money out of pocket.
Best of all you do not have to pay the Grant Money Back?
You read that correctly.
Patty and I will put you in touch with the mortgage loan officer who is offering this program right now in our area! Hurry the money will not last forever.
Simply fill out this form and we will be right with you.
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