Own a home - With NO MONEY DOWN!
Let’s set the stage.
Your at the age where you’re ready to buy your first home. You’ve made sure to keep your credit clean and you’ve been at your job for several years. You’re sick of wasting money on rent every month. You can definitely afford the monthly payments, but you don’t quite have the minimum 3.5% down payment for a FHA loan. You are SO ready to own a home though, so where do you look for down payment assistance?
Did you know that here in the Hampton Roads area we have not one but several different down payment assistance programs!!!
Each program varies for who it is geared towards, and what the requirements are for the program, but one thing is for sure, they ALL can be useful in buying your first home. (Or if you haven’t owned a home in the last 3 years, you may also qualify!)
We’re going to go over some of the main points of each different low to no down payment programs and grants available. If we’ve missed one, please let us know!
- VHDA’s Down Payment Assistance Grant - a Grant that you don’t have to pay back! Maximum grant is 2-2.5% of the purchase price, based on the downpayment required for the VHDA loan. Minimum credit scores 620-660. Income limits, and Debt to income ratios apply.
- VHDA’s FHA PLUS loan - 100% Financing! No Downpayment needed upfront with FHA Plus 2nd mortgage. Second mortgage for Down Payment, low payments on second mortgage.
- FHA - down payments as low as 3%. FHA insured. As low as 1% with Assistance grant.
- VA loans - Active and Retired military. 0% down. Va guaranteed. Liberal credit qualifying.
- Navy Federal’s 100% Financing Homebuyers Choice loan - For family members of Service members. No down payment. Seller contributions up to 6%
- USDA - (Rural housing service)- 0$ downpayment - Lower monthly payments - only specific areas in Hampton roads are eligible. (Examples include - Gloucester, Smithfield, Isle of Wight, Parts of Williamsburg and Toano)
- Movement Mortgage - M.A.P - Movement Assistance Program. Up to 3% as a grant that does not need to be paid back. Option to enroll in job loss insurance coverage. Up to 4% allowed for seller paid closing costs. Check out your options! - https://movement.com/find-a-loan/
We Care about Each and every one of our Clients, as though they are our Family. We fight for them to get the best home, at the best price, and for the least amount of money up front. We take care of you every step of the way, with all of our attention focused on you and your home buying experience. With us, you're not just a number. You're not one of hundreds of clients, that may get passed from agent to agent. To us, you're family.
YOU can buy with little to no down payment! There is NO Catch!! If you've thought about renting, then you can afford to buy! With as little as the amount of a security deposit on a rental, you could own your own home! Don't believe me? Ask the many people that we've helped buy with very little out of pocket costs!
Check out THESE affordable homes around Hampton Roads!