No Down Payment Loans Available.

 I have a listing I went to put a sign rider on yesterday, but the rider said "NO DOWN PAYMENT". I didn't like that because technically there is a down payment, but it's financed. So I added " LOANS" to the rider. This morning I decided that that's still not 100% accurate. So I've been trying to come up with a way to say "No out of pocket funds needed" in the fewest amout of words that will fit on a sign rider. I thought " No Down Payment Cash Needed" might be misunderstood as meaning "No Down Payment - Cash is Needed". Then " No Down Payment Loans Available" isn't 100% accurate because the down payment is there, but it's just financed. Maybe " No Down Payment Cash is Needed" might be the way to go?

 However you want to say it, the message is that with FHA Plus Loans, you don't have to have cash on hand for your down payment. With VHDA FHA Plus, which is a FHA-insured mortgage, you'll also receive a second mortgage to help fund your down payment and closing costs. Both loans are fixed rate for 30 years. First mortgage is maximum FHA mortgage, and Second mortgage is 3.5% to 5% of sale price. No cash back.

 Certain requirements must be met. For example: no prior ownership in any residence during previous 3 years. Must meet income and sales price limits. ( In the Washington - Arlington, etc MSA, max sale price is $500,000.00, and max income for 2 or fewer person household is $121,900.00,  and for a 3 person household it's $142,300.00 ), property must not be used for trade or business, max lot size is 2 acres, but waivers are possible for up to 5 acres, buyer must attend FREE First-time Homebuyer Class prior to loan approval, Minimun credit score 620, Max debt ratio 45%. A qualified lender and loan officer should be used.

 I will be scheduling and conducting approved VHDA First-Time Buyer classes throughout 2016. Just contact me if you need information on how to register. Others qualified trainers throughout the state conduct these classes as well.

Are you ready to buy in Western Loudoun county / Lovettsville VA?

Make 17 Kimberly Kristin Way your new home now!

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Jeff Pearl | Lic in VA

Remax Distinctive

703-727-4876

Homes | Land | Farms | Historic

www.jeffpearlhomes.com

Equal Housing