I ran across a family recently who were dejected because they really wanted to buy a home but felt their only option was to continue renting. They made decent income, but did not have a huge savings account. They also had some past financial issues that had been cleared up. When I explained to them that they had options they were surprised. Because they had not owned a home in 3 years, they were considered “1st time home buyers” again in the eyes of many lending programs. Their options were getting an FHA mortgage with only 3.5% down and having a seller pay closing costs. The also had the option of VHDA Plus which is 100% financing and potentially USDA – another 100% financing program. Had they served in the Military – they could have gone with a VA loan with 100% financing. We quickly got them to our lender and within a short time they are ready to buy. Realtors it pays to know the various lending programs and to have a good Mortgage professional on your team who can offer all products. Questions? Email firstname.lastname@example.org or register to buy at www.buyalocalhome.com
Home Mortgages – they are easier to get than you think
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Gary Duda is the Broker and Owner of REMAX Action Real Estate and founder of the Gary Duda Real Estate Skills Workshop. Thousands of Virginia Realtors have benefit from Gary's teaching on topics from real estate technology, working with buyers, working with sellers, to classes to obtain their continuing education credits.
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