First Time Home Buyers: Own Your Own Home for Just $500 Down! ~ Hampton Roads Real Estate Ramblings

First Time Home Buyers: Own Your Own Home for Just $500 Down!

Friday, June 27, 2014

Hello Hampton Roads,

I wanted to share this great loan program with you from PNC Mortgage where owner occupant buyers can own their own home for as little as $500 down!  With just a $500 buyer contribution, and 3% seller closing cost contributions (which is common in our real estate market), there are no other additional closing costs or pre-paids needed. There also is no mortgage insurance premiums and the monthly payments actually work out the be less than what you would pay if you used an FHA loan!

PNC's 97 program, as it is called,  works by offering a combination of lender credits as well as a $1200 grant.  In this program both home buyer and property must meet certain criteria.

Own Your Own Home for as Little as $500!
For home buyers, the criteria is as follows:
  • A minimum credit score of 660
  • Must owner occupy the property
  • Cannot currently own a home
  • Not subject to income limits as long as the property qualifies!
 
 For properties, the criteria is as follows:
  • Must be located in Virginia Beach, Chesapeake, Norfolk, and Newport News
  • Must fall within certain census tracts.  Examples of neighborhoods which fall in these eligible census tracts are Aragona Village, Point O Woods, Dam Neck Estates, and Princess Anne Plaza.
Note that these are just some examples, but there are many more eligible areas--if you are wondering whether a specific home you are interested in buying would qualify, feel free to contact me and I will be happy to let you know! .

Imagine owning your own home for just $500-- and with today's low interests rates, it is just too good of an opportunity to pass up!

If you are thinking of buying a home, please feel free to contact me to get started!

Thanks for Reading,

View Liz Schuyler- CDPE, SFR, e-PRO's profile on LinkedIn _________________________
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