Are you a FIRST GENERATION HOME BUYER? If so, you could be eligible to get a rate 2% lower than  the standard Virginia Housing first time home buyer rate!

So what constitutes a First Generation Homebuyer?

If you have never owned a home and your parents have not owned a home in the past 3 years, you are considered a first generation first time home buyer. This would make you eligible for a 2% rate reduction on  a 30 yr fixed loan from Virginia Housing’s First time home buyer program.

For example, if you were doing a FHA loan with Virginia Housing and  the rate is 7%, if you are eligible and qualify for the First Home Dream loan, you would instead get a 5% rate.

That is huge! It increases your purchasing power to help qualify for higher purchase prices or cn significantly reduce the payment on purchase price. It is a win/win!

How do you know if you are eligible?

First, if you have never owned a home AND your parents have not owned a home in the past 3 calendar years, your middle credit scores are at least 620 and you have not had any major credit derogatories in the past 3 years, you would be eligible for the program.

Next is to get pre-approved to see how much  you qualify for.

As a top perfoming lender in the nation and an award winner with Virginia Housing’s first time buyer program, I am able to analyze your situation and advise as to which loan program will work best for you and your family.

Reach out today for information and to begin the process of your home buying  journey!

mchurch@acmllc.com