Virginia Mortgage Information
Virginia Mortgage Information
Virginia, a state famous for being the ‘Mother of Presidents’ because it is the birth place of 8 U.S. presidents, is one of the very populated states. The demand for home ownership is rising in Virginia, which is probably why purchasing costs of houses there have also gone high. In such a scenario, home mortgage it is the only solution to get a home without paying much. However, you know how tricky mortgages are. So, to help first time home buyers, here is some mortgage information.
Special mortgage programs are offered for Virginia first time home buyers. The 1st Choice Program is a Virginia first time home buyers program that helps Virginia first time home buyers compete in today’s global competitive world. In this program, the initial monthly payments are reduced by 25% for the first 7 years or more. It is a 30-year fixed rate mortgage loan with interest-only payments for the first 7 years. Required principal payments are paid in the 8th year.
1st Choice helps you get control of your payments, and you can pay your principal amount at anytime of your loan period. That means you do not get to pay the down payment. Plus, applicants must have a clear credit history and a stable employment record.
Another program for Virginia first time home buyers is the Step Rate Loan Program. This program provides the Virginia first time home buyer with reduced interest rates for the first two years of the loan, thus helping in making the house affordable. This mode of payment has fewer risks than adjustable rate mortgages. There is also a third program known as the Flex Advantage Program. This program assists in the closing costs and reduces your monthly payments. Therefore, your down payment will go as low as zero.
With many option laid out for them, Virginia’s first time home buyers just have to review the details of each and then put their cash down of the house they want.
