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.
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Finding a gift for moms can be difficult. Google “Mother’s Day gifts,” and you’ll scroll through endless lists of beauty products, candles and fuzzy robes. Sure, those are sweet, but sometimes it’s fun to surprise loved ones with something a little more, well, practical!
Here’s one idea: Give her a gift certificate for a home cleaning from Well-Paid Maids. It’s the perfect “thank you,” “I love you” or “you’ve got this” for any mom. She can schedule the home cleaning at her convenience and breathe easy knowing she has one less thing to do.
Our cleaners will take care of everything, including vacuuming and mopping as well as cleaning and dusting countertops, tables, mirrors, appliances and more. Sinks, toilets, showers and appliance exteriors also get a good scrub.
Plus, when you buy a gift certificate from Well-Paid Maids, you’re supporting a living-wage cleaning company. That means cleaners get paid a starting wage of $24 an hour and get access to benefits, like 24 days of PTO and health insurance.
Owners of six Woofie’s franchises in Northern Virginia are hosting “Paws in the Park,” a pet adoption event on May 18 at 10 a.m. to 3 p.m. (rain date May 19) at Wolf Trap National Park, Wolf Trap Farm Park, 1645 Trap Road, Vienna. They hope to bring awareness for local animal shelters and the need for “furever” families for animals.
Woofie’s will have about 20 mobile spa vans on site, offering free nail trims and Wash ‘n Go baths for rescued dogs and pups up for adoption, and special event pricing for families who bring their own pets for grooming (as time permits/allows).
Participating Woofie’s include Reston/Herndon, Ashburn-Leesburg, McLean, Western Loudoun, South Riding-Aldie and Fairfax. Food trucks, a DJ, local vendors, and more will be available. Ridgeside K9 and Keller Williams Realty are sponsoring the event.
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