Getting the Best Mortgage as a First Time Home Buyer in Virginia
If you’re considering investing in a home as a Virginia first time home buyer, the time to do so may be now.
According to Zillow, mortgage rates in Virginia represent the lowest average rates across the entire country, which is a great sign for a first time home buyer in VA.
Aside from having low mortgage rates across the country, first time home buyers in Virginia can also benefit from first time home buyer programs in VA, created specifically to benefit Virginia first time home buyers.
Virginia First Time Home Buyer Programs
Aside from the mountains of paperwork and lists of financial jargon, many first time home buyers in Virginia find that money is the biggest challenge when obtaining a Virginia mortgage.
Thankfully, there are plenty of first time home buyer programs in VA that are meant to ease the financial stress that Virginia first time home buyers may encounter.
Below, you can find a list of the most common first time home buyer programs in VA that first time home buyers in Virginia may be able to benefit from.
- FHA Loan—Issued by the Federal Housing Authority with smaller down payments and lower credit requirements
- FHA 203(k)—Allows first time home buyers in VA to include renovation funds for fixer-upper homes
- USDA Loan—Offered by the U.S. Department of Agriculture for homes in certain rural areas
- VA Loan—For active-duty military members, veterans, and surviving spouses
- Down Payment Assistance Grant—Provides eligible first time home buyers in VA with down payment assistance
- “Granting Freedom Fund”—Helps disabled veterans pay for home remodels like ramps, grab bars, or stair chairs
- Mortgage Credit Certificates—Can reduce federal income tax by thousands of dollars for first time home buyers in Virginia
Shenandoah Valley, VA
Tips for First Time Home Buyers in Virginia
For a first time home buyer in VA, buying a home is equal parts exciting and nerve-wracking. After all, purchasing a home is one of the most significant financial decisions that you will ever make.
As a first time home buyer in Virginia, there are plenty of new procedures and paperwork to tackle, which can certainly make the Virginia first time home buyers’ process confusing.
Below, please find a set of tips to help make the process of purchasing a home as straightforward and simple as possible for first time home buyers in Virginia.
- Take the time to explore different neighborhoods to find the right location
- Prioritize your preferences like condition, location, size, neighborhood, and price
- Be prepared to make sacrifices on your conditions as a Virginia first time home buyer
- Discuss your options with a lending professional to get exact numbers on your budget, monthly mortgage cost, and closing costs
- Be prepared to accept defects and make your own renovations later on
- Take the time to educate yourself about the local real estate market
- Get prequalified for a first time home buyer in VA mortgage before talking to a seller
Conclusion – Getting the Best Mortgage as a First Time Home Buyer in Virginia
Buying a first home is not a quick shopping experience. The average mortgage processing time for Virginia first time home buyers takes between 30-45 days, including the start of application to the closing.
Given this, first time home buyers in Virginia should be prepared for a longer processing time and create a plan to avoid unnecessary delays or extra expenses when getting their first mortgage.
As a Virginia first time home buyer, you could gain a significant advantage from providing a down payment that is 20 percent or more of the total home price.
Not only does this lessen the burden of a mortgage over time, but it can also make home ownership more affordable for first time home buyers in Virginia, since many mortgage lenders will remove the cost of mortgage insurance.
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