Are there truly 100% loan programs left out there for buyers?

Hello,

Just the other day, like so many other days, I am asked if there are any 100% loan programs available for both first time home buyers as well as existing homeowners. Well, the answer is yes and kind of.

First, the kind of. Currently, if you have owned a home but it has been three or more years since owning a property, you may qualify again as a first time homeowner. There are programs available through the Virginia Housing Development Administration that allow individuals who fall into this category to be able to purchase a home. There are income restrictions with these loans, so make sure to visit the VHDA website at http://www.vhda.com/ for more information. You can also contact me directly and we can discuss it.

In addition to VHDA, there are 100% loan programs available through the United States Department of Agriculture or USDA. These loans do not require first time ownership, and previous homeowners may be eligible. This program also has income restrictions associated with it so please give me a call regarding this as well. The income restrictions are established by county, so you will want to be sure of where the house is located to make sure that you qualify.

Another loan program that is out there are for our Veterans. The Veterans Administration participates in loans that do not require any down payment as well. The catch, of course, is that you must be an individual of military service. A copy of your DD 214 and a copy of your Certificate of Eligibility is needed to begin.

So, if you are truly a first time homeowner, or someone who has not owned a home in the last three years, then VHDA may be an option for you. If you are a Veteran, then you should entertain a VA loan as an option. Don't forget about the USDA program. That to, may be an option as long as your income is within the guidelines.

For more information regarding these and other loan programs, please feel free to give me a call. I can be reached at 540-382-5270 ext 327, or on my mobile at 540-250-6002. Also, please visit me on the web at www.DaveShelor.com.