When purchasing a home, understanding your loan options and how these impact your payment, interest rate, and your down payment is extremely important. Give us a call, submit a loan application, or stop by one of our offices in Blacksburg, Marion, or Abingdon, VA, we’ll take the time to listen to your objectives and then clearly explain which loan options you qualify for and advise you on the best way to purchase your new home in Virginia.
Many clients come to us with the goal of reducing their down payment or putting no money down at all while also keeping their interest rate and payment as low as possible. We analyze your financial picture with your specific objectives in mind and determine which loan options meet or exceed your objectives
We will check to see if you are eligible for any special government-insured loan programs or low down payment loans.
Your credit score
Your debt-to-income ratio
Bankruptcies and foreclosures on your record
Ability to afford a down payment
Military status (for VA loans)
Where you wish to purchase a home (for USDA rural loans)
With a high credit score, low debt-to-income ratio, and a 2-year history of employment, you will be eligible for the best possible interest rates and several different loan options and terms.
But even if these factors are not perfect, you may still qualify for some excellent offers, particularly if you are eligible for an FHA, VA or USDA loan. With a VA or USDA loan in Virginia, you can get 100% loan and not have to make a down payment at all or you can put as little as 3% down on a conventional loan or 3.5% down payment on an FHA loan.
First and foremost, you need a lender that is reliable, one that answers the phone and returns phone calls immediately and ultimately gets your loan closed on time. If a snag comes up due to the property or your loan, you need a lender that provides guidance to solve the problem and keep your loan moving forward smoothly. In a competitive market, such as Blacksburg or Abingdon, VA, having an approval from a local lender versus an online lender may be the difference in having the seller accept your offer over another. If you buying a townhouse as an investment or for your child that’s a student at Virginia Tech, knowing which properties will qualify for a secondary market mortgage is critical. We can help you navigate the home purchase options and advise you about the specific market you are buying in, we provide home loans to all of Virginia but our focus is on providing home loans in Southwest Virginia.
First Residential Mortgage Corporation is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.