If you have 1% cash and can otherwise qualify for a FHA loan, you may be able to get a second loan for the amount of your down payment from VHDA Plus Loans program. The income and sales price limit on this VHDA funded, FHA insured second mortgage are slightly more generous than some other first time homebuyer programs. You can qualify if your household of 2 makes less than $122k a year and you are looking to buy a place that is under $500k. There are other qualifications, including having good credits (above 620) and taking a buyer education course, but this program can help bridge the cash gap to get your into your new home. Let us recommend a great lender who can help get you pre-qualified.
Are you or someone you know thinking of selling in the next 12 months?
Join us for a FREE Educational Seminar
Shirlington Branch Library, 4200 Campbell Ave, Arlington, VA 22206
Tuesday, September 13th
Topics to include:
- Overview of the Local Current Housing Market
- Home Listing Process and Expected Timeline
- Financing Options for Buying Your New Home Before Selling
- Fees and Closing Costs
- Repairs or Updates that Bring the Most Return
- Staging Tips
- Seller Representation and Choosing an Agent
- Additional time for your Questions
Register here to join.