I just recently referred another buyer to John Melnick at Presidential Mortgage in Fairfax VA for a pre-approval. I know if John pre-approves a buyer, I won't have any problems getting to settlement, unless the buyers do something stupid along the way. John keeps up with all the changes in the mortgage industry, and he keeps me informed of the changes. None of the buyers I'm working with right now are first time buyers, but if I do start working with a first time buyer, I'll suggest that they contact John and have him explain this program to them. It pays to shop and compare in the real estate industry. There are many things out there for buyers to take advantage of when buying a home.
I also know of title company that provides buyers with free home warranties. That's another $400.00+ that a home buyer could take advantage of. And it would save me $400.00+ as well since I like to pay for the warranties. I also pay any admin fees that my broker might charge. Savings to buyers can add up.
Below is part of the latest email from John Melnick, used with permission.
"Presidential Bank Mortgage with VHDA is offering a 3% of sales price forgivable grant for a limited time. Qualified buyers may receive up to 3 percent of the purchase price, to help with the down payment. Applicants must be first homebuyers (no ownership last 3 years) and must have household incomes at or below VHDA limits. Down Payment Assistance Grant may be used with only the following VHDA purchase programs: Conventional, FHA and Fannie Mae No MI. Grant funds may not be used in combination with other down payment assistance resources (including FHA Plus). The Down Payment Assistance Grant has no repayment (no note or deed of trust). Funds are available on a first-come, first-served basis and must be allocated by June 30, 2015."
Jeff Pearl | Lic in VA
Remax Distinctive
703-727-4876
Homes | Land | Farms | Historic
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