Home Buying in Oilville>Question Details

Looking, Home Buyer in Oilville, VA

What options are there for a couple with high income but only about 10% (maybe less) down pmt?

Asked by Looking, Oilville, VA Mon Aug 22, 2011

We're taking a loss on previous home sale for the second time, thus have dwindled our equity and down pmt $$ available. We are new to VA but have good jobs and stable income. We would hope to go with a 15 year fixed mortgage.

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Depending on your credit, income and assets you can get in with Conventional financing with as little as 5% down. Sometimes less if you buy a Fannie Mae or Freddie Mac owned property.

With FHA Financing you can but with as little as 3.5% down.
If you are a Veteran or active duty military you may qualify for 100% Financing.
Finally, depending on where you are looking to buy in Virginia, you may be eligible for 100% USDA financing which is for the purchase of primary residences in Rural Development areas.

If you would like more details please feel free to contact me at your convenience. Thank you,

Elliott R. Oliva
Mortgage Banker | nmls #353884
Primary Residential Mortgage
202-681-1636 direct
eoliva@primeres.com
2 votes Thank Flag Link Mon Aug 22, 2011
There also is grant money available for those who qualify. Under this program, you can receive up to $7500 towards your down payment or closing costs. There are only a few banks who offer this program.
0 votes Thank Flag Link Sun Sep 25, 2011
There are a lot of options. First of all, in a rural area like Oilivlle, there are USDA loans available with 100% financing if you so desire and no PMI insurance in that payment. That truly saves you a lot of money!

Secondly, some lenders are opening up loan programs again for 10% down and am 80% first mortgage and a 10% second. That also avoids paying that PMI in the monthly payments.

Give me a call and I can help you find a mortgage professional that you can trust to give you some great financing options. I would also love to help you find your dream home! My father was a custom home builder and I grew up in this business, so I know houses. I also live in Goochland County, so I am familiar with the Oilville area. Looking foward in hearing from you soon.

Sincerely,

Tina Beasley
Associate Broker
Envision Real Estate, LC
804-972-9927
0 votes Thank Flag Link Mon Aug 22, 2011
Talk with a loan officer and see what your options are. You may want to think about an FHA mortgage.
0 votes Thank Flag Link Mon Aug 22, 2011
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