Every time I receive the value of a property from the appraiser, I hold my breath. The result determines not only the value of the loan but also if the home has any issues/needs repairs before closing. Basically, the appraisal is a big deal. That goes for home in Virginia Beach, Norfolk, Chesapeake and all Read more about First-Time Hombuyers: What You Need to Know About Appraisals[…]
The Demand Institute, a research firm, released a study about millennials and home buying. It found: 75% believe home ownership is an important long-term goal 73% believe home ownership is an excellent investment 60% plan to buy a home in the future 44% think it would be difficult to qualify for a home mortgage. One of the Read more about Lease-to-Own: A Financing Option First-Time Homebuyers Love[…]
Information for first-time homebuyers who need a loan or mortgage in Virginia Beach, Norfolk and Chesapeake: We all know about the housing market crashed in 2008-2009. It happened in part because lenders approved borrowers with little to no income or credit documentation. It was a recipe for disaster.Today, the rules to obtain a loan are much tighter Read more about Reason First-Time Homebuyers May Hesitate to Buy: Industry Regulation[…]
Attention first-time homebuyers in Virginia Beach, Norfolk and Chesapeake residents! Lenders want to see a two-year work history at the same company and with a consistent schedule. If a person changes companies but stays in the same industry, there should be no problem. Further, if the person continues to advance in income or benefits within Read more about How Does Employment History Impact My Mortgage?[…]
I often hear first-time homebuyers say they don’t think they can afford to buy a home — especially millennials who may have a lot of debt (ex: student loans). If you live in Hampton Roads (Virginia Beach, Norfolk and Chesapeake), you have options to get a mortgage that are easier than you think. You might have Read more about How Much is a Down Payment for a Mortgage?[…]