Laura Schwartz is a licensed Realtor in VA, D.C. and MD with McEnearney Associates in Vienna. You can follow Laura on Instagram at @LauraSchwartzRealtor or her Facebook page. Laura can be reached at 703-283-6120 or Laura@GuidingYourMove.com.
My post last week was about predictions for the real estate market this year.
I mentioned at the end that there are multiple down payment assistance programs available in Virginia. I want to highlight some of them here. With the new calendar year, new funds are available for these programs and first-time buyers should be aware these are available.
However, before I get to those programs I want to highlight two programs that are readily available at all times:
FHA Loan, which is available to potential buyers who don’t currently own a home with only a 3.5% down payment with a minimum credit score of 580 (if the score is 500-579 they require 10% down). This is only available on your primary residence, not a rental.
Conventional loan with 3% down. A common mis-conception is that you need 20% down to buy a home. But you can put down anything from 3% and over on a conventional loan. The big deal with the 20% down is that anything less requires mortgage insurance, which is an additional payment each month on your mortgage until you get to that magical 80% loan to value number (which can come through payments or appreciation).
Again, each loan program has nuances and requirements, so you’ll want to speak to an experienced loan officer to determine which one is best for you.
Now, down to payment assistance programs. Let’s talk basic requirements:
- First time buyer
- Buying your primary home
- Meet eligibility requirements (income limits and credit verification)
- Only specific loan officers can do many of these loans as they must be approved
Virginia DHCD: Down Payment Assistance Program DPA
- Offers gap financing in the form of a grant/forgivable loan for first-time buyers at or below 80% of the area median income
- Can receive up to 10% or 15% of the sales price plus up to $2,500 towards closing costs
- 2022 Adjust Home Income Limits for DC Metro: $63,000 for 1 person, $72,000 for 2 people
Closing Cost Assistance Grant
- Helps to eliminate funds needed for closing
Mortgage Credit Certificate
- Could lower federal income taxes owed, tax credit can be taken for the life of loan
USDA (Rural Housing)
- 100% Financing option
- Low mortgage insurance
Virginia Housing Plus Second Mortgage
- Combines 2 mortgage together to cover the cost of your down payment
Many of these programs can be combined to maximize your benefits.
To read more about these programs, Virginia Housing has a great website with information. If you want to talk about how we can work together to make your dream of home ownership a reality, please reach out.
Recent Stories
Good Wednesday evening, Fairfax County. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier…
Fairfax Connector will pull into the Fairfax County Government Center soon for its first-ever Winterfest. Space is quickly disappearing for the public bus system’s holiday event, which will take place…
A solo exhibition by sculptor and microbiologist Kendall Buster will descend on Reston’s Tephra Institute of Contemporary Art on Dec. 9. The exhibit, SEED, is presented in conjunction with Buster’s…
A coffee shop inspired by Saudi Arabia’s cafe culture is now bringing that hip energy to both Tysons malls.
Shotted has gained a loyal following, especially within the D.C. area’s Muslim community, since opening a kiosk at Tysons Corner Center in 2020. Three years later, Shotted has expanded for the first time with a new branch in Tysons Galleria.
Art House 7 warmly welcomes you to our upcoming Fall 2 session of classes starting on October 30th. We’re thrilled to offer a diverse range of mediums and flexible class lengths, catering to a wide age range, starting from as young as 2, and, of course, providing a multitude of engaging options for adults!
Our classes cover an exciting spectrum of creative mediums, including fiber arts such as knitting, modern embroidery, crochet, and sewing. We also offer classes in ceramics on the wheel, drawing, watercolor, gouache, oil, acrylic, still-life painting, and captivating Japanese Suminagashi and printmaking. One of the highlights of this session is the highly anticipated 5-week “Painting the Portrait and Figure” workshop, led by the renowned local artist, Danni Dawson.
For our younger artists, we have specially designed classes like “Art Exploration through Impressionism” for students in kindergarten through 5th grade, an engaging “Art Together” parent-child class designed for 2–4-year-olds, and a “Teen Taught Art Club” tailored for kindergarteners through 4th graders.
The Nutcracker presented by the Ravel Dance Company
The Ravel Dance Company will present the beloved holiday tradition The Nutcracker. It is Christmas Eve and the Stahlbaum family’s daughter Clara has received a Nutcracker from the mysterious toymaker and godfather Herr Drosselmeyer. Follow her journey through the Pine
Winter Wonderland Fundraiser
Proceeds benefit Fellowship Square, improving the lives of 800+ older adults with very limited income and resources by providing affordable housing and supportive services.
Experience a festive holiday fundraiser complete with savory wines & craft beers, scrumptious hors d’oeuvres, exciting
