Many of you contemplating purchasing your first real estate in Virginia Beach are somewhat aware of the recent housing bill signed by the President.
But…….are you aware how this legislation effects your Virginia Beach real estate purchasing power with respect to down payments? It has significantly changed for first time home buyers in Virginia Beach, Chesapeake, Hampton Roads and the rest of the country.
Some important items to understand that will relate to financing your real estate purchase:
1. The real estate housing bill will end the FHA’s down payment assistance program(s). This
program will end this Fall.
2. Your down payment for Virginia Beach real estate just went up. It was 3% and now will be
3.5%. This will add some money to your real estate purchase. Example a half of percent on a $200,000 home in Virginia Beach would be another $1000.00.
3. You can still benefit from the current Fannie Mae and Freddie Mac system by getting with your Virginia Beach REALTOR® and purchasing real estate before October 1, 2008.
4. If you do purchase real estate before the above date, you could save thousands of dollars with the current system.
5. Many builders and home owners in Virginia Beach, Chesapeake, and Hampton Roads offer these current systems to help first time home buyers purchase real estate.
The program has helped about 79,000 people in Virginia Beach and nation-wide in the last year buy real estate with government insured mortgages.
Think about your options, contact your REALTOR®, and do your due diligence before entering into any agreement or legal contract.
Military personnel still benefit from Veteran’s Administration 100% financing and the Virginia Beach, Chesapeake, and Hampton Roads Military Movers Plus Real Estate IBATE Program.
Best wishes for those first time Virginia Beach real estate buyers.
