Programs to Reduce Home Costs & Qualify

Buyers Otherwise Ineligible

Can You Afford a House? A USDA loan is 1 option

I referred a buyer who received less than 750$/month but who wanted to stop renting for over $400/month to a loan program where she didn’t need a down payment, didn’t need to take practically anything if anything from savings which she didn’t really have, and paid 1% interest over 38 years.

She used a USDA direct loan, and was eligible for a home the same price that Luciano bought his for.

If you think that you might make too much for a USDA loan, consider this: Guaranteed loans (not USDA direct with 1% interest) have limits of 1 person making $84,300, and that’s for a single person household, with the numbers going up to over $110,000 depending on the size of your family.

Where can qualified buyers get a home with a USDA loan around here?

Sales Price Max:

Matthews $203,300James City County $217,000Gloucester $209,300New Kent County $209,000York County $221,200

Homes in York County & Beyond

Positives & Negatives with USDA Loans

Restrictive and not good for investment property you want to later rent out. I don’t recommend a USDA loan unless you’ll be there at least 5 years. While USDA is one of the main loans along with VA that requires no down payment, there are other alternatives that are less restrictive if you’d like a loan with no down payment requirement. One advantage of a loan with a down payment requirement is that if you need to move, you can rent it out more comfortably with a larger rent to mortgage margin. If you’ll be there at least 5 years, and your income is considered “very low”, especially if you are elderly or disabled, 1% interest with no down payment is hard to beat. Family Size 1 2 3 4 5 6 7 8

Income Max 25700 29350 33000 36650 39600 42550 45450 48400

VIDA Savings plan where they match 2 dollars for every one that you

put in for a down payment on a house, up to 4k.

NACA “No Downpayment – NACA mortgage offers a 100% financing of the

value of the property No Closing Costs.  No Points.  No Fees. Below Market, 30-year, Fixed Rate – the interest rate is less than the

market rate for a conventional “A” credit loan (3.625% as of 9/28/15)“Credit Score Not Considered (NACA Qualification

based on Member’s individual circumstances)” You must “occupy the home for as long as you have the NACA

Mortgage.” Credit/financial training included & required

Down Payment Assistance Grant –

Harder to get than VHDA Down Payment Assistance Grant that expired Sep 30th, and more restrictive, but more $ potentially, up to 10%

Max Income:1 person household: 41100 2 person: 46950 3 person: 52800 4 person: 58,650 5 person: 63,350 6 person: 68,050 7 person: 72,750 8 person: 77450   

Mortgage Credit Certificate – Around til Dec 2016

Easy to qualify for, lots of savings as long as you live in the house

20% of the interest you pay credited back to you at the end of the year for the life of the loan as long as you live in the house

Think of a government subsidy credited back to you at the end of the year to essentially subsidize your house payment by 100-250$ per month initially for homes from 150k-375k. It also works with homes less than that. As you pay off your house, the interest you pay annually goes down very gradually, and so does the savings.

Income limit of $80,400 for household of 1-2, $93,800 for house of 3 or more

Loans with Banks

Navy Federal – No down payment loan up to 1 MILLION $Navy Federal can be hard to work with It’s better to go into a home with a down payment if

possible. Fidelity & Wells Fargo – NHF Platinum – 3-5% down

payment assistance grant. Unlike the VHDA down payment assistance grant, this is not free money since there’s a funding fee and it increases your rate. Income limit of $99,260 for standard conventional loans with lower limits for other loans.

TONS OF OTHER OPTIONS! Find more options and more info by

going to my website. Adamgarrett.realtor

On My Website Home Page, click here:

On My Programs to Save site, go here: