I can tell you from first-hand experience that millennials have officially jumped into the housing market. As an expert on millennials and mortgages, I led a seminar this past Tuesday (April 28) on how to obtain a home loan for the Hampton Roads chapter of the JMU Alumni Association. It took place at Mermaid Winery Read more about First-time Homebuyer Classes in Hampton Roads[…]
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?[…]
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[…]
Student loan debt is one of the biggest reasons millennials struggle to buy homes. However 2015 is expected to be a big year for student loan reform. Right now, the federal Pay As You Earn program allows newer borrowers to cap monthly student debt payments at 10 percent of a person’s disposable income. The government Read more about Student Loans- A Big Reason Millennials Won’t Buy Homes[…]