First Time Home Buyers Loan Options

Interview with Jodi Perry, Branch Manager for Movement Mortgage – [Patricia Harris Realtor®] So, today I'm here with Jodi Perry, branch manager for Movement Mortgage And she's gonna tell us a little bit about how to get a loan with the least amount of money

So how does someone, basically, start? Or where do they start the process and what are their options? – So, the best way to start is to take, to do an application, and let's figure out with the income that you make and the credit that you have, what you qualify for We're very lucky in Virginia, where we are blessed with a lot of options for first-time home buyers Including, there's a Virginia housing department program that's called a bond program It will go all the way to 100%, will actually even pick up some of the closing costs So people can come in with no money

I think one of the obstacles for folks is they either think their credit's not good enough or that they're not in a position to buy a house And I actually will argue, if you can pay rent, you certainly can probably, we can probably get you into a house – [Patricia Harris Realtor®] Oh, that's great, that's great What other options does Movement offer? – Yeah, so, VA Loans is a great program Not everybody, obviously, qualifies for it

But anybody that does, I would say that that would be the number one way to go, would be to use your VA eligibility You've earned it, we thank you for the service, and that's one way that we try to take care of our vets Virginia housing has several different programs within it that are for first-time home buyers And we also have a conforming program that is not 100%, but it is for those folks that have a little bit of money, but not a lot of money And it is, it's designed for first-time home buyers with some income restrictions around it

So we are trying to get more people into homes and get them, more people qualified – [Patricia Harris Realtor®] Okay, so if it's not 100%, what is the, I mean, like 3%? – 3% down, and then of course, we get, 3% down is our, is the conforming program And of course, there's always FHA So FHA is designed for a couple things It's certainly for first-time home buyers

Also for people that don't have great credit or they make too much money to qualify for some of the income-restrictive first-time home buyer programs – [Patricia Harris Realtor®] Oh, okay Well, there's a lot of options – There's a lot of options – [Patricia Harris Realtor®] Okay, so what does someone do, because, you know, I have a lot of buyers that, they just go online and they start checking for what is the lowest rate

But I hear that that is not really the best way to go, right? – Right, so it, I always kinda chuckle when somebody says, what's the rate for today? It's like asking me how much the car is If I don't know what kind of car it is, I can't really tell you what the rate is So the rate is not just a number It's based on a lot of different factors And score is definitely one of them, whether it's a bond program or an FHA, whether you have mortgage insurance or not, there's a lot of factors that go into rate

The best way to get started, really, is to get an application, pull credit I am a credit expert, so I love working with people early on that may be three to six months away from maybe purchasing, so that we have time to do any corrections or repairs to the credit so we can get them in the best possible loan Credit is a big deal, not just for qualifying for programs, but credit also affects your mortgage insurance So any time you lend over 80%, borrow over 80%, you are gonna have mortgage insurance And the higher we can get the score, the less that number is

– [Patricia Harris Realtor®] Oh, that's awesome, great So, you guys, I'm just gonna give you Jodi's information, so you can contact her directly Thank you so much for your time, I appreciate it – Thanks for having me