First Home Buyer, No Money to Put Down, Bad Credit--Don't Give Up!

The Van Team often gets calls on their listings from prospective buyers that have no idea if they can get a loan or for what amount.  If you are in the market for a house and are in this situation, STOP! We recently had a flurry of calls regarding a piece of real estate we had listed in Bedford County, VA in the $130,000 range.  So many of the callers were first home buyers and the majority had not consulted a lender.  One of the couples that inquired about the property told us that they had a low credit score.  We were able to get her in touch with a lender that specialized in programs that helped people in this situation. The lender provided advice on how to fix some of the credit issues; the prospective buyers acted on the advice, and The Van Team got them into a house within 2 months in Roanoke, VA.  The buyer has resulted in a good business referral source for The Van Team in the Roanoke area because they said that other agents just brushed them off and provided no assistance.  Because of Jo-Ann's prior lending experience with small businesses, she was familiar with niche banking.  In the business lending world, there are lenders that specialize in loans for start-ups, or a specific industry, or loans above a certain dollar level, etc. The same is true for home lending.  An experienced real estate agent should know, in general terms, the types of programs the lenders in the community offer and be able to suggest lenders to contact.  If you have a banking relationship with a bank, start by talking with that lender to determine if they have a lending program that will help you.