How Virginia Housing Can Help First-Time Home Buyers in Today’s Market

The Challenges

First-time home buyers often face many hurdles when it comes to buying their first home. One such challenge is the rising cost of homes which means bigger down payment. Aside from that, tough competition from cash buyers and higher bidders makes the housing market even more cutthroat for them.

There are, however, several programs that first-time home buyers can utilize to help them overcome these obstacles.

The Solution

Virginia Housing is a nonprofit organization that works closely with first-time home buyers to facilitate home buying in the state. Stephan O’Doherty, a loan originator with First Home Mortgage, who has extensive experience working with first-time homebuyers in Northern Virginia, discussed how Virginia Housing programs can help first-time home buyers.

One of the most significant benefits that Virginia Housing offers is down payment and closing cost assistance. These programs are vital for many first-time home buyers, as they can help make buying a home more affordable. Additionally, Virginia Housing offers various loan options, including conventional, FHA, USDA, and VA loans, making it easier for first-time home buyers to find the loan that is right for them.

Virginia Housing is also unique in that it is not a government agency, but a nonprofit organization that uses its revenue to fund grants and loans to help facilitate first-time home buyers in the state. By using Virginia Housing’s programs, first-time home buyers can access lower interest rates and have closing costs funded through grants that do not need to be repaid.

One program that Stephan highlighted is the VA loan program. VA loans allow veterans to buy a home with 100% financing, and by going through Virginia Housing, they can also receive additional benefits, such as lower interest rates and funding for closing costs through grants.

The Conclusion

Overall, Virginia Housing’s programs are an excellent option for first-time home buyers in Virginia who may be struggling to afford a home in today’s market. By utilizing these programs, first-time home buyers can overcome the challenges of buying their first home and achieve the dream of homeownership.