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Are you thinking of buying a home in Hampton Roads? There 100% financing & closing costs assistance available to make the process more affordable.
Home buyer programs are available now in Hampton Roads to help with either the down payment or closing costs for qualifyed buyers.
There are a number of down payment programs available in the form of a grant or a loan. These programs are designed to provide 100% financing of the purchase price. If a grant is obtained and the terms of the grant met, then those funds do not need to be paid back. A loan for the down payment is payable as part of the monthly monthly mortgage. These programs generally have income and credit score requirements. The minimum credit score is a 620 middle score.
While the down payment programs help to cover the purchase price of a home, there are still closing costs to be paid. Closing costs are other costs associated with buying a home such as home owners insurance, title insurance, lender fees, attorney fees, taxes, recordation, etc. Certain programs can also be used by eligible buyers for closing costs assistance. For example, there is a grant for buyers using VA and USDA loans for up to 2% of the closing costs.
In addition to first time and repeat buyer programs, there are also special programs for our community partners (military members, educators, police, firefighters, medical works and other first responders). These programs are quite popular and work on a 1st come 1st served basis. The amount is $15,000 which can be used towards either the down paymetn or closing costs and can be paired with certain other programs for even greater help!
Several financing programs for first time buyers and our community partners (educators, nurses, police & other first responders) are available in Hampton Roads to help home buyers purchase homes with ZERO down. For many people not having enough for the down payment could mean the difference between owning a home or renting.
--Liz Schuyler, RE/MAX Allegiance, Home Buyer Advocate & Grant Expert
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