First Time Home Buyer
Loans

Let’s do this!

We understand buying your first home can be as scary as it is exciting, there are always tons of questions and real emotions behind those questions.

We’ve got you covered!

We understand the only way to feel confident is to have knowledge and certainty. We’ll answer all your questions upfront, tell you things you might not know to ask, go through all the loan options along with the monthly payments, rates, down payments, etc, weigh out which option is best for you financially, calculate the difference between renting vs owning, discuss the housing market conditions in your area, review your credit report with you and provide you a copy, and discuss the next steps in the process. And we’re not done there, we’re going to be with you through the entire journey, coordinating, advising, and making sure this is a smooth and seamless experience.

We’ve helped thousands of first-time homebuyers buy their first home in Virginia and we love it! We geek out about real estate and we’ll share as much of our knowledge as you want to know. If you’re buying your first home in Virginia we’d love to help!

First Time Homebuyer Programs in VA

Choosing the best first-time homebuyer loan is super important. We will help you determine which loan is best for you and why.

While you may opt for a conventional mortgage or jumbo loan for your first home, there are certain government programs which may help you out. We can help you to assess these options and see what you might qualify for.

USDA

The USDA loan program is a 100% loan program. This program is designed for “rural areas” however almost all of southwest Virginia is eligible for a USDA loan including Christiansburg, Radford, Abingdon, Wytheville, Marion, and the surrounding areas. If you are eligible for a USDA loan, it’s definitely a great option to purchase your first home. You could have zero down payment, an excellent 30 year fixed rate, and the seller can pay all of your closing costs.

FHA

Is the most popular program for first-time home buyers in Virginia due to the low down payment requirement of 3.5% of the sales price and less restrictive credit requirements. If you are not eligible for a USDA loan or the property is located within the City of Roanoke, Salem, Bristol or the town of Blacksburg, VA FHA may be a great option.

VA

The VA loan is a zero down payment mortgage option available to veterans, service members, and eligible surviving spouses. If you are eligible for a VA loan and want to get a 100% loan, the VA loan is absolutely your best loan option. The benefits of a VA loan include affordable interest rates, a zero down payment, and no mortgage insurance which makes the payment lower than any other loan option.

Conventional

With a conventional loan, first-time homebuyers can put down as little as 3% down on a home. The benefits of a conventional loan over a government insured loan such as VA, FHA or USDA is not having to pay a fee to obtain the loan and there are no restrictions on the location of the property, loan amounts, or income limits as with the government insured loan programs. Conventional loans are eligible in all areas of Virginia.

Rent Vs. Owning a Home

Renting may require less responsibility for maintenance of the property and if you are planning on only living in the same area for 1-2 it can be financially the best option. However, if you are going to live in the same area for 3 years or more owning is normally the best option financially. The difference of owning vs. renting isn’t as simple as comparing your rental payment vs your mortgage payment, you need to consider the appreciation of the property over time, the principle you are paying down each month, and the possible tax benefits of owning. When you add these up and consider all aspects, owning vs. renting can mean a difference of tens of thousands even $100K difference in 5 years, depending on rental rates and home prices. We can show you the difference and help determine if buying a home is the best financial move for you.