"Sure it is a great time to buy, if you can get a loan and you have a lot of money for a down payment", is something I hear everyday. The truth is... in most cases it is not as hard as you might think to qualify for a mortgage and there are many loan programs available with very low to no down payment required. As a matter of fact there are 2 programs available with low down payments and 2 programs with ZERO down payments. These programs include conventional financing with as low as 5% down, FHA financing with as low as 3.5% down and the USDA (US Dept. of Agriculture) and VA (US Dept. of Veteran Affairs) offer programs with ZERO down payment.
Let's look at the two ZERO down payment options that are available. First is the VA loan. Our veterans deservingly have one of the best loan programs available in today’s market at their finger tips. Some of the benefits of this program are no mortgage insurance, minimum credit score of 620 and low 30 year fixed rates. There are certain eligibility requirements the veteran must meet and the loan must be underwritten with a qualified lender, but for those the fit the bill this is a really great option for financing your new home.
The second ZERO down option available to those interested in purchasing a home in Haymarket, Virginia is the USDA's Rural Development Housing Guaranteed Loan Program. This program is for buyers that have a total household income of no more than 115% of the median income for that area. Which for Haymarket and all of the Northern Virginia area is $97,950 for a household of 1-4 individuals and $129,300 for household of 5-8 individuals. Some of the benefits of this program are no mortgage insurance, a minimum credit score of 620 (in certain circumstances as low as 580) and low 30 year fixed rates. Once again, there are certain eligibility requirements the individual must meet and the loan must be underwritten with a qualified lender, but this can open the door of home ownership that otherwise might be closed.
While you may generally qualify for one of these great loan programs, each individuals situation varies and until you have met with a reputable lender to discuss your particular scenario you won't know which one if any will work for you. If you are interested in learning more about these programs or the homes for sale in Haymarket, Virginia, call me at 703-517-2574 or send me an email at bryangarcia@exitheritage.com.
Gainesville/Haymarket VA Real Estate Sales and Solutions – Bryan Garcia REALTOR
I specialize in the areas of Haymarket, Gainesville, Bristow, Manassas, Warrenton and the surrounding communities in Prince William County and Northern Virginia. Whether you are buying your first home, moving up to a larger home, downsizing, relocating in or out of the area or investing in real estate, I can help. My dedication to perfection and commitment to excellence is why I have successfully closed more than 100 transactions and 40 million dollars in real estate. With the climate of today’s market it is more important than ever to hire a full time, highly trained real estate professional that has your best interest at heart. I constantly look for opportunities to increase my level of service and exceed my client’s expectations. If you are considering listing your property in Northern Virginia you will want to see how my digital marketing strategy will give you the advantage you need in this market. Call me today (703)517-2574. I would love the opportunity to earn your business.
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