This week, The Atlantic published a story called “What It Would Take for Millennials to Become Homeowners.” Part of the solution is down-payment assistance as young people often don’t have enough money in savings. I see the issue time and again with first-time homebuyers in Virginia Beach, Norfolk and Chesapeake. Young people who want to Read more about VHDA: A Great Loan Program for First-Time Homebuyers[…]
The Demand Institute, a research firm, released a study about millennials and home buying. It found: 75% believe home ownership is an important long-term goal 73% believe home ownership is an excellent investment 60% plan to buy a home in the future 44% think it would be difficult to qualify for a home mortgage. One of the Read more about Lease-to-Own: A Financing Option First-Time Homebuyers Love[…]
Information for first-time homebuyers who need a loan or mortgage in Virginia Beach, Norfolk and Chesapeake: We all know about the housing market crashed in 2008-2009. It happened in part because lenders approved borrowers with little to no income or credit documentation. It was a recipe for disaster.Today, the rules to obtain a loan are much tighter Read more about Reason First-Time Homebuyers May Hesitate to Buy: Industry Regulation[…]
I hear the above phrase all the time with clients in Virginia Beach, Norfolk and Chesapeake. Owning a home is a important financial responsibility, and the decision should not be taken lightly. Before you buy, you must consider: – How long do you plan to stay in the area? – Do you have enough money Read more about Mortgage vs Rental Payments[…]
Lenders want to see the borrower has solid history of paying debt on time and in a consistent way. That’s why they refer to a credit report. It is important to note that when buying a home, some banks accept a minimum score of 620 (depending on the loan program). I work with a Read more about Does My Credit Score Impact My Mortgage?[…]