When we educate people on the housing market, it’s important to start from square one. Yes, the home buying process has many rules, laws and complexities, but people also need to understand the terms you and I take for granted. How do I know? In February, USA TODAY reported many millennials don’t enter the housing Read more about Mortgage Terms and Definitions for First-Time Homebuyers[…]
First-time homebuyers in Virginia Beach, Norfolk and Chesapeake, often ask me: When is our first mortgage payment due? We heard that you get to skip a month of mortgage payments. Is that true? Yes, you do “skip a month” following your closing date. Let me explain how it works. At the closing table, you don’t Read more about When is the First Mortgage Payment Due?[…]
Condos have their own set of regulations because lenders view them as a higher risk. Why? As an owner, you rely on other unit owners to maintain their places and pay condo association fees.If you plan to finance a condo and need a loan in Hampton Roads (like Virginia Beach or Norfolk) you need to know Read more about What You Need to Know About Condos[…]
This week, the VHDA announced great news: a down payment assistance grant. There are limited funds available, and they are distributed on a first come, first serve basis. There is even an end date to the program of June 30, 2015. This is a great program if you’re a first-time homebuyer and need a loan/mortgage in Virginia Read more about First-Time Homebuyers: VHDA’s Down Payment Assistance Grant[…]
These credit improvements will have a positive impact on home buyers, as credit scores and reports weigh heavily on the ability to qualify for a mortgage.