If you’re thinking about buying a home in Northern Virginia but don’t have cash for a down payment, then don’t despair! There are some great low and no money down payment programs available to buyers just like you.
If you’re a veteran or active military the VA offers up to 100% financing on adjustable and fixed rate mortgages. These loans may be assumable to a qualified buyer, and they allow for expanded debt to income ratios.
USDA Rural Housing Programs
If you don’t qualify for a VA loan, there are still plenty of other options, including USDA Rural Housing Programs. These programs offer up to 100% financing, but certain geographic and income restrictions apply. As with VA loans, expanded debt to income ratios are available.
Virginia Housing Development Authority (VHDA) Homebuyer Programs
VHDA Homebuyer Programs are a great option for first time home buyers in Northern Virginia. VHDA programs are designed for buyers with low to moderate income and assets. Consequently, income and net worth limitations apply.
Finally, you might qualify for a 97 percent conventional loan with a 4 percent second trust, and be able to walk away from the settlement table with little or no money out of pocket.
There are any number of loan options available to today’s Northern Virginia home buyers, and with interest rates near historic lows, it’s a great time to be shopping for a home loan.
If you are thinking about buying real estate in Northern Virginia, contact me today. I’d love to put you in touch with a great lender to discuss your options.
Call or text Jonathan @ 202-750-4050