I often hear first-time homebuyers say they don’t think they can afford to buy a home — especially millennials who may have a lot of debt (ex: student loans).
If you live in Hampton Roads (Virginia Beach, Norfolk and Chesapeake), you have options to get a mortgage that are easier than you think.
You might have heard you need a 20% down payment, but there are a lot of other loan programs where your down payment could be much less. There are many factors that determine the loan program that best fits your needs. Those factors include credit score, income and debt-to-income ratio.
The easiest way to learn about your purchasing power: get prequalified.
You could qualify, for instance, for a VHDA loan (typically for first-time homebuyers) where 0% (yes, that’s zero) down payment loans are still available.
For more affordable loan options, read this post on my blog.
Featured photo: Rental Realties (Flickr)