Hey everyone, I'm Ashley Jurney with
Town Realty. I'm a local Charlottesville Realtor and buyer specialist. Today I'm
here with Katie Shiers and we are talking about 0% down loans. So ,Katie
tell us a little bit about yourself and how long you've been in the industry.
Well thank you for having me, I have been in mortgage for about 10 years. I've been
in Charlottesville for about 8 and I started out on the underwriting and
processing side of things so I have a lot of knowledge about just kind of what
goes on in the back end and what's required to get qualified and a little
bit more knowledge than I would think your average loan officer does. I'd say so.
That's a little bit about me, in my spare time I like to sleep when I can because
I have two children and they don't let me sleep but yeah I do a lot of mortgage
stuff in my free time.
Okay awesome well let's just jump right into it talk about
0% down loans which is amazing for all you buyers out there you could
potentially buy a house without putting any money down and Katie's company has
amazing programs so tell us a little bit about what you have going on. I'm with
RMS mortgage we are local in Charlottesville so in
the state of Virginia there are two different types of hundred percent loans
that are available first you have the USDA. USDA is for rural properties so
anything that is outside of city limits mostly is going to be a USDA territory
your local and your in our account a lot of Albemarle
does fall into the rural bucket pretty much all Fluvanna and Louisa, rural Augusta County, Green County all rural fall into USDA territory so with USDA not only are
there area limits you have to be in a rural territory but there's also income
limits and those income limits do change from time to time so just reach out and
I could tell you what the current limit is now the other loan option is vhda and
the way that vhj works is it's virginia housing actually is providing the
financing for your down payment so under the vhda umbrella we'll call it is
different loan types so you've heard of FHA you've heard of conventional or
maybe not or maybe not but those are two different types of loans FHA requires
you put a minimum down of 3.5% and conventional for first-time homebuyer
they require that you put down 3% so with those two loans if you go under the
PHA umbrella you'd be putting down three and a half percent but vhda will provide
you with that three and a half percent down so in effect you're have a hundred
percent financing now I will define for some homebuyer because some people don't realize that you only have to have not owned a home for three years
that was what qualifies you as a first-time homebuyer
so say you owned a home sold it three years in one day ago you're good to go
you are now considered a first-time homebuyer.
VHDA also has an income
limit their income limit is a little bit lower than USDA but again that changes
from time to time so reach out we're also going to put a link below the video
you can actually see what those income limits are so pre-qualification is
really the first step to buying a home if you're looking to do 100% financing
you really want to get in touch with me or mortgage lender like, Katie. You can
see what type of loans you qualify for because there's lots of caveats like
income limitations location limitations. Make sure you subscribe to Ashley's
channel we're gonna be doing some more videos information about great products
and programs that are out there for you one of the next ones that we're gonna be
doing actually is about VHDA's grant program that's available it is literally
free money so make sure you subscribe and hopefully it'll pop up when it airs
yeah click the little bell for notifications so you don't miss out on
one of our videos also if you have any questions feel free to write it down in
the comments below we love talking about loans and how we
can help buyers like you thanks for watching just like that is your eyeball I need
some water 150 dollars so