Virginia First Time Home Buyer Loans

If you’re first time home buyer in Virginia, there are many different ways you can finance your home purchase.  Most homebuyers take out loans to fund their homes.  It’s not difficult to find a good mortgage, but the process can seem confusing and intimidating if you’ve never been through it before.

Virginia First Time Home Buyer Information

Follow the steps outlined in our first time home buyer checklist to find a mortgage without stress or chaos.

• Don’t borrow too much.  You need to know your financial plans and abilities before you decide to purchase a home, and it should be your income that determines the loan amount you borrow, not the price of your future home.
• Don’t apply if you have poor credit.  Instead, spend a year or more, however long it takes, to build your credit back to an acceptable level.
• Do as much research as you can to identify the right loan type.  Different loan types offer different benefits and drawbacks.  Each mortgage on the market today is unique from other mortgages.  Take the time to study your options and choose accordingly.
• Do research on mortgage rates offered by lenders.  If you just contact your local bank and ask for a loan, you may end up paying too much to borrow the money you need.  Find a lender who offers a low mortgage rate.
• Don’t look for a home until you’ve been preapproved.  If you try to negotiate with a seller without an official preapproval document in hand, you may miss out on purchasing the home you need.  Take the time to get preapproved with your lender of choice before you start the home search.

These five steps are the most essential steps in the process.  To get started, figure out how much money you can afford to borrow by using mortgage calculator below.

1st Time Home Buyer Loan Programs

The most important first time home buyer loan program to mention is the Virginia FHA loan program.  This loan type is insured by the Federal Housing Administration, a government agency tasked with ensuring that low income and low credit homebuyers are able to qualify for the mortgages they need in order to complete their home purchases.

You won’t have to make a high down payment or establish high credit or income in order to qualify for an FHA loan.  But your loan must meet the Virginia FHA loan limits for the county in which you’re planning to purchase your home.  Visit the Virginia page of the FHA website for additional information.

About Virginia

Virginia is a state with major ties to the history of the nation and many beautiful natural features, including verdant valleys and lush forests.  The state was named after Queen Elizabeth I.  It was inhabited by British settlers until the time of the American Revolution.  Virginia is the birthplace of eight former Presidents of the United States.

Today, Virginia is one of the wealthiest states in the southern U.S.  It has a homeownership rate of 68.1% with a median home price of $125,400.  Though this price is higher than other southern states, Virginia is still a good place for first time home buyers to get started.

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Lenders in: Virginia.