My Community Loan Program
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With My
Community Mortgage, our low down payment first time home buyers no longer have
to worry about over extending themselves in order to move into the home of their
dreams. The Virginia Mortgage Services, My Community Mortgage program offers
seven low- or no down payment loan products with flexible sources of
funds for closing costs and prepaid expenses. This loan program can save home
buyers $204 dollars per month when compared to other fanniemae first time home
buyer programs. If your a Veteran, we have many
VA home loans available for our Veterans.
Program
Highlights:
1) Reduced mortgage insurance premiums help lower monthly payments.
2) 5/1 ARM option offers a lower interest rate allowing more borrowers to
qualify.
3) 7/1 ARM option offers more rate stability due to a longer initial fixed-rate
period.
4) Community Solutions programs offer more flexibility for teachers, safety and
healthcare workers.
5) Up to 100% LTV.
6) 25-,30-, 35-,and 40-year mortgage terms.
7) Interest only option, to lower your payments.
8) Income limits waived in FannieNeighbors® areas.
9) 2-1 temporary buydowns lower interest rate by two percent for the first year
and one percent for the second year.
College Grad A+ Program
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Recent college graduates - No Money Down home loans - even
with limited credit history and limited savings.
Who it's for:
The College Graduate mortgage is for first time home buyers, who just
graduated from a college, university or technical school.
Loan Features:
1) 100% mortgage loan financing. No down payment for first time home
buyers with good credit.
Loan amounts up to $700,000 ,
fixed rates, adjustable rate loans or interest only loan options.
2) Little or no cash up-front. All of your closing costs can come from gift
funds or other sources. 6% seller contributions are allowed.
80-20 Combo ~ 100% Loans
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No Money Down
with an 80/20 loan. The 80-20 Combo Loan is a great FHA Alternative! You can
choose a wide variety of loans from FIXED rates to ARM’s (adjustable rate
mortgages). Your loan choices range from fully amortized loans to
interest only options . Not only is
buying a home easier than ever but you can design the type of program you want
to produce the most advantageous payment for your budget!
In a purchase transaction, a second trust is frequently used in combination with
a first trust to avoid paying
Private Mortgage Insurance or PMI.
Benefits include:
No hefty mortgage insurance premiums, payments are typically much lower than
having one loan, higher tax deduction, flexibility in types of loans i.e.
Interest Only, home equity lines or loans, fixed rates and
lower closing costs than FHA or VHDA. With interest only option, the
entire payment is tax deductible.
103% No Closing Costs
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Finance up to
100% of the value of the new home,
plus 3% of the closing costs for a total of 103% home
purchase loan financing or even pay off some consumer debt to qualify for your
new home with 107% financing.
CALL 804.282.8808 or 800.961.9121 FOR OUR LOW RATES!>
Neighborhood Advantage Credit Flex
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Become a
homeowner with - 100% home loan financing-even with no credit history and
limited savings.
Who it is for:
The Neighborhood Advantage Credit Flex mortgage is ideal for first time
home buyers whose incomes do not exceed 100% of the median income. If the
property is located in designated low-income census tract, there is no income
limits requirement.
Loans for Teachers
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Helping teachers, and other
educators, with-100% home loan financing-overcome the high cost of home
ownership.
Who they are for:
Full - and part-time educators and others working
in public and private elementary and secondary schools (K-12) are eligible,
including:
Teachers Administrators, including principals, vice-principals, librarians,
Health care professionals, including speech therapists, counselors and
nurses.
First time homebuyer programs
allow borrowers with
less than perfect credit to receive the same interest rate as a borrower
with clean and unblemished credit. So do not let your past credit history stop
you from applying! We also offer many
FHA home loans and different
FHA loan programs.
Check out our mortgage tools section at the TOP navigation or
contact us via email or call us at 800.961.9121, Monday
through Friday from 9 a.m. to 5 p.m. Eastern time for an first time home buyer
loan quote and we will be happy to discuss all your first time homebuyer home
loan options! Or you can use our quick and easy online application to
apply online for a first time homebuyer mortgage!
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