Virginia First Time Home Buyers

By Michelle E. Palmer, Providence Mortgage, VA

I have to say that I remember my first home very vividly. We keep in mind that many first time homebuyers do not have any experience in this area. We are very patient and careful to explain the entire home buying options to the first time homebuyer. There are many products that can assist nearly everyone in buying their first home.

We work with Fannie Mae on a daily basis and offer products with as little as $500.00 down. In some situations there is no money out of pocket required. Zero money down! We work with rent to own situations and contract for deed clients. We even attend the closings of our first time homebuyers if they feel more comfortable. Our attention to detail shows in the number of referrals that we receive.

Our primary lead generation is our wonderful client base full of happy and satisfied clients. Each referral is a compliment to us and a promise from us to continue with our honest and fair service. The primary dilemma for most first time homebuyers, since they do not have equity in their property as of yet, is obtaining the funds needed for closing costs.

There are several options to overcome this financial problem. One is a monetary gift from a spouse, finance or family member. Another is a 'gift' from the seller of the home they wish to purchase. Your real estate professional can either negotiate a discount to the buyer that will go toward closing costs or you can offer over the sales price and state in the contract that the overage apply to closing costs.

There are also several lender products that will allow the buyer to finance up to 107% and include the closing costs in this and even some debt consolidation if necessary to qualify. So, as you can see almost anyone can own their first home with the right loan consultant and the right product.