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Old 08-01-2018, 02:23 PM
 
95 posts, read 228,265 times
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So I have just starting to do some research on house hunting.

I make about $102,000...and it seems like that takes me out of any first time home buyer programs in Northern Virginia. Which sucks because the cost of living is sky-high.

I'm hoping I'm missing something. Do any of you know someone that made over 100k but still got a first time buyer benefit?
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Old 08-01-2018, 02:37 PM
 
Location: northern va
1,736 posts, read 2,894,802 times
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what's your total household income and number of people living in the house?
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Old 08-01-2018, 03:54 PM
 
95 posts, read 228,265 times
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Quote:
Originally Posted by kww View Post
what's your total household income and number of people living in the house?
It's just me. One person.
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Old 08-01-2018, 05:09 PM
 
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You are a first time home buyer as defined by Virginia i.e. someone who has not owned a home in the past three years. There are still some programs out there that you can qualify for given your current income.

https://www.vhda.com/Homebuyers/VHDA...x#.WqLJ3ejwaUk

Often, credit unions will offer free classes and seminars for first time home buyers, as do some large employers, so those are worth inquiring about as well.
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Old 08-01-2018, 06:30 PM
 
Location: northern va
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Quote:
Originally Posted by Skooby View Post
It's just me. One person.
Assuming you don’t exceed the limit for sales price, you should be fine with vhda like the previous poster mentioned. The current options have monthly mortgage insurance, but they’re supposed to be coming out with a conventional first time buyer option on 8/15.

Not every lender participates, so you’ll want to ask first.
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Old 08-02-2018, 05:02 AM
 
95 posts, read 228,265 times
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Quote:
Originally Posted by ersatz View Post
You are a first time home buyer as defined by Virginia i.e. someone who has not owned a home in the past three years. There are still some programs out there that you can qualify for given your current income.

https://www.vhda.com/Homebuyers/VHDA...x#.WqLJ3ejwaUk

Often, credit unions will offer free classes and seminars for first time home buyers, as do some large employers, so those are worth inquiring about as well.
Quote:
Originally Posted by kww View Post
Assuming you don’t exceed the limit for sales price, you should be fine with vhda like the previous poster mentioned. The current options have monthly mortgage insurance, but they’re supposed to be coming out with a conventional first time buyer option on 8/15.

Not every lender participates, so you’ll want to ask first.
Thanks for the info.

If I'm reading that vhda link right, the vhda grant maximum is $100,500... correct?
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Old 08-02-2018, 05:19 AM
 
1,751 posts, read 2,405,078 times
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Quote:
Originally Posted by Skooby View Post
Thanks for the info.

If I'm reading that vhda link right, the vhda grant maximum is $100,500... correct?
That's what the website says. Although I have used other first time home buyer credits in the past, I have not used VHDA. The website lists several contact numbers, but ultimately your likely best option is to talk with one or more loan officers that specialize in these types of loans. I tried the lender search box out of curiosity and it generated contact info for multiple loan officers in NoVA.
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Old 08-02-2018, 06:41 AM
 
Location: northern va
1,736 posts, read 2,894,802 times
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Quote:
Originally Posted by Skooby View Post
Thanks for the info.

If I'm reading that vhda link right, the vhda grant maximum is $100,500... correct?
the grant is, but you can use their fha+ option and just need 1% of the sales price in reserves, this option should work with your income (provided other guidelines are met)

they're supposed to have a conventional option coming out 8/15 that might be worth reviewing
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Old 08-02-2018, 12:26 PM
 
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Jumping on OP's thread, anyone with advice for first time buyers with 230k HHI? 2 people
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Old 08-02-2018, 01:56 PM
 
Location: northern va
1,736 posts, read 2,894,802 times
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Quote:
Originally Posted by daniellewils0m View Post
Jumping on OP's thread, anyone with advice for first time buyers with 230k HHI? 2 people
I’m not aware of any program, state or county based, nor lender specific that would work with that income.

User @smartmoney can shed more light on this I bet

Edit: not sure how to tag a user on here, hopefully smartmoney sees it
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