The Real Estate Browser Volume 11, Issue 8 | Page 16

16 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 11 Number 8 www.LynchburgRealEstateBrowser.com Buy Your New Home with No Money Down! By Sherry Brady, Branch Manager, Apex Home Loans, Inc. If you haven’t had the time or ability to save up a chunk of money for a down payment, but you’re tired of paying a landlord instead of yourself every month - we have some options for you! There are several options to help you buy a home with NO money down, two options that only need 1% down payment! NMLS #217258 Cell [phone] [email protected] If you are a Veteran, you may qualify for a VA loan which provides up to 100% financing for both purchases, as well as refinances. Additionally, Apex Home Loans will provide a $500 lender credit to offset some of your closing costs through our “Heroes First” program! If you have served your country, on active duty or in the reserves, please call me to see if your service qualifies you for a VA Home Loan. If you are buying in a county, then you may be able to qualify for a USDA loan. With this loan, you do not have to be a first-time buyer, but in most cases, you can not own any other property. There are a couple of exceptions to this; one, for example, is that you may be allowed to buy a new home without selling the current home if you have been, but you must also be able to afford both payments. A USDA loan provides 100% financing of the purchase price of the home you’re buying. In some cases (subject to appraised value and credit score), you may even be able to finance some of your closing costs into the loan. USDA loans are subject to income and asset restrictions and most be of modest acreage that cannot be subdivided. If you are buying a home in the city, then a Virginia Housing (formerly VHDA) loan program is the option you will need to achieve 100% financing of the purchase price. With Virginia Housing’s “Plus” loan, you’ll have a small second mortgage that can be paired with an FHA loan or a Conventional loan to provide the 3% or 3.5% down payment that would normally be required for those loans. Virginia Housing loans can be used to buy a home anywhere in Virginia, including in the cities, and are subject to income, asset, purchase price and acreage limits. If you can put a small amount down, Virginia Housing has another program that will make up most of your required minimum down payment, requiring you to put just 1% down. With this program, you may qualify for a 2% or 2.5% Down Payment Assistance grant to help you buy your new home. If you have just 1% to put down, and meet all of Virginia Housing’s income and credit guidelines, then you may be able to use this grant make up the remainder of the required three or three and a half percent down payment required for either Fannie Mae’s conventional 97% loan or FHA’s 96.5% loan. In this case you will not have a second loan to repay, as you would have had with their “Plus” loan. The experienced team at Apex Home Loans are experts in these programs and are ready to guide you professionally, ethically, and flawlessly on the path to home ownership! We’re available evenings and weekends - we’re here when you need us. Call us at 434- 237-1027, or go online to www.LynchburgLender.com today, and let us help you GET MOVING! By: Sherry Brady, NMLS #217258. www. LynchburgLender.com, 434-237-1027. Apex Home Loans, NMLS #2884, nmlsconsumeraccess.org, Equal Housing Opportunity Usah.co/LREB2 Usah.co/LREB1