Virginia Beach Real Estate News For Buyers And Sellers

The real estate crisis has dictated the need for many innovative methods to help people achieve home

ownership in Virginia Beach and Hampton Roads.

Just what is AmeriDream and is it for you?

What are the important facts and do you qualify?

What is the role of the seller of real estate in Virginia Beach?

Let address these issues to see if this financing program can help with your dream
of real estate ownership in Virginia Beach.

The Federal Housing Administration defines “AmeriDream®”
as non-profit organization dedicated to helping people find affordable housing.
Part of the AmeriDream mission is to
help low and moderate income families buy real estate homes by offering down
payment assistance. Buyers who are qualified for an FHA loan but don’t have the
money for down payment and/or closing costs are eligible to apply for
AmeriDream® down payment assistance.

Read the 5 important paragraphs below.

1.  Some important Ameridream® eligibility real estate buying facts:

• A down payment gift of up to 10% (typically 3%-6%) of
  the purchase price.
• A true gift-the down payment assistance is not repaid
  by the home buyer
• Home buyer must have an approved FHA home loan or
  pre-approved FHA loan.

Notes: Remember, you must have an approved FHA home loan or be pre-approved for the FHA financing.

2. How can Virginia Beach and Hampton Roads buyers participate in this program?

• Get pre-approved for FHA financing and start looking
  for a home.
• Make an offer on the Virginia Beach or Hampton Roads
  real estate you want to buy and get a ratified contract. (talk with your REALTOR®
  about ratified contract(s).
• Your loan officer applies for the AmeriDream® down
  payment real estate assistance program on your behalf.
• You will receive a “Notice of Gift Approval”
  from AmeriDream®
• Close the real estate deal on your new Virginia Beach
  or Hampton Roads home. Your Virginia
  Beach and Hampton Roads REALTOR® can provide value during this process - use him.

3. How the seller is involved with the AmeriDream® Virginia Beach real estate transaction:

The seller must participate in the AmeriDream® program, but
your loan officer can assist a seller in signing up for the program by showing
where and how to apply.

Note: Down payment assistance programs generally require the seller to pay a fee to participate.
This fee is considered a payment for services rendered and not a tax-deductible
charitable contribution.

Once again, FHA recommends that you first get
pre-approved for an FHA home loan and then your lender will assist with getting
you educated on the down payment program that is right for you and eventually
purchasing your Virginia Beach real estate.

Related: Also check out the Nehemiah Program and how it might benefit your financing and real estate needs.

4.
If you are military, this REALTOR® offers incentives
that can further help you achieve real estate ownership in Virginia Beach. See the next paragraph.

5.
Read more: Does Your Agent Have
“Skin” In the Game -
Virginia Beach Real Estate Programs for the Military

Happy Real Estate Looking and Good luck.

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This entry was posted on Friday, May 30th, 2008 at 10:36 am and is filed under Main category. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.