Down Payment Assistance Options

By
Real Estate Sales Representative with Fieldstone Real Estate


Unless you are a vetaran and qualify for the VA no money down loan, there are very few  no money down loan options available for home buyers today, right?  Wrong.

There are far more programs available than most would expect.  The programs work with FHA loans and are anything from grants to forgiveable loans to fully amoritized loans.  Granted, there are other restrictions - the location and condition of the home, and income limits, in most cases.  But the programs are out there.

For Loudoun County employees, for example, there are grants of $5000 to $15000 to help employees buy a home in Loudoun County.

There are also incredible good down payment loans available (up to $25,000) to be used with FHA loans, for people purchasing homes in Loudoun County (max income $72K).

For information on these or other similar programs, please contact me!

Vicky Chrisner
Keller Williams Realty
Leesburg, VA
703.669.3142
VChrisner@KW.com
www.VickyChrisner.com

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Topic:
Home Buying
Location:
Virginia Loudoun County
Groups:
Keller Williams 'Rainers
Tags:
down payment assistance
no money down
first time home buyers
loudoun county
loudoun county employees
lcps employees

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Rainmaker
521,902
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Loan Officer, CMPS, CDLP, CDRE, RCS-D, CDPE

It's always nice to hear Realtors privy to loan programs on the market. Many of these programs will allow a 99.50% LTV which is incredibly useful for Buyers who don't have a great deal of cash reserves. Good luck with your Buyers moving forward!

Feb 27, 2011 06:51 AM #1
Rainer
165,139
Chris Miller Nevada Land with Water Rights
Vegas Grand Realty and Property Management - Mesquite, NV
Land with Water Rights For Sale

Very interesting, county employees receive grant money from tax payers to buy real estate, really?

Feb 27, 2011 06:52 AM #2
Rainmaker
108,709
Vicky Chrisner
Fieldstone Real Estate - Leesburg, VA

Yes, Chris... the money actually is coming from federal funds, a program Lo Co competed for and received.  The lower amount $5k is for Lo Co employees making less than 80% of median income for our area, buying within Loudoun (we have terrible commuter issues here, and affordability is the issue).  If the employee buys an REO, the grant increases to $15K, and if they purchase a special home - which was an REO, purchased by the county to renovate and flip at no profit to people within qualifying income ranges - they can get $25K.

The other program is a  loan for people living or working in Loudoun for the last 6 months, but not necessarily Lo Co employees, although it is my understanding the programs can be combined.

Feb 27, 2011 06:58 AM #3
Rainmaker
1,941,009
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Much of our county qualifies for Rural Housing Loans which are 100% financing (when funded !!!)

Feb 28, 2011 08:45 AM #4
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Rainmaker
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Vicky Chrisner

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