Many of Northern Virginia resident prefer to buy a home rather than rent. Purely because the high rents in the Northern Virginia area when compared to mortgage after tax incentives makes sense in many of the cases.
So if you are a Northern Virginia resident thinking about purchasing a home speak to local lenders. There are various options that may be right for your and some are very attractive with low downpayment.
Here are few of the options for Northern Virginia home buyers in 2015:
Freddie Mac launched Home Possible Advantage:
Under this program you can put as little as 3% down. To find out complete details of the program click here.
Fannie Mae & Federal Housing Finance Agency (FHFA):
Similar to the Freddie Mac program they are offering low downpayment options to encourage home ownership. Some of these programs have income limitation.
To find out about about Fannie Mae program click here.
For Federal Housing Finance Agency programs click here
Navy Federal First time home buyer Program:
This unique program is for the first time home buyer. With zero downpayment and finance up to 106%. You will have to be a member of the Navy Federal to take advantage of this program. To find out the details of the program click here.
Other Credit Unions:
There are other credit unions like Apple Credit Union, PenFed Credit Union , local Virginia credit unions, NASA etc that do offer time to time an incentive or a program to promote housing. Contact your credit union to find out if they do have any programs.
Traditional Banks:
Buying a home mortgage should not be limited to the government backing program. Hence there are various banks that offer first hime buyer programs that offers low downpayment options. Example BB&T - Chip Program, Wells Fargo LIFT programs and other local banks have similar programs.
Veteran Loans:
Veteran’s Affairs mortgage loans are available to veterans, current members of the military and their spouses. These loans don’t require a down payment or mortgage insurance, although there is a funding fee that can be wrapped into the loan.
USDA Rural Development loans:
Rural Development loans through the United States Department of Agriculture are available to buyers who meet credit and income requirements. You must be able to afford payments on the loan and yet have a low or moderate income. In addition, the property you are purchasing must be located within an area designated as eligible for these no-down-payment loans. There are only handful of location in the Northern Virginia are that qualify for the USDA loans.
State and local homebuyer programs:
Most states have programs to encourage homeownership. Generally these programs have income limitations and require you to take a home-buyer class. In Virginia we have Virginia Housing Development Authority (VHDA_)
Apart from VHDA program local counties like Arlington, Alexandria, Fairfax, Loudoun & Prince William have programs for the home buyers.
Bottom line: There are options available however if these options or home ownership is right for you or not should be decided by YOU after understanding your financial health.
Photo courtesy of http://www.freedigitalphotos.net/
Comments(1)