First Time Home Financing

Hello Hampton Roads,

First time home financing need not be a chore! It will require some effort, but the beauty is that you will be rewarded for your efforts. It can actually be fun once you realize that your snooping can save you thousands of dollars to save for a rainy day or put you ahead of the game for your holiday shopping.

As a home buyer, first time home financing has it’s advantages.

First, there are several federal and state programs for you. If you are a veteran like many our area residents, you can get home financing through The Department of Veterans Affairs (VA). The beauty of these loans is that you can finance 100% of the home’s sale price with no downpayment. To find out more information about VA loans, please visit or to pre-approved for a VA loan contact Rick Eaheart, the VA loan expert.

If you are not a veteran and like the 100% financing option of the VA loan, there is another great loan product, FHA Plus option which is VHDA (Virginia Housing Development Authority) financed and FHA (Federal Housing Administration) insured.

Here are some of the FHA Plus loan details:

  • Combo loan with 2 mortgages, the 1st mortgage is 97.75% and the 2nd mortgage is 5%
  • Both mortgages are 30 year terms
  • First time home buyers only
  • No minimum credit score
  • 1% of the sales price verified in reserves
  • For the Norfolk/VA MSA the household income limit for 2 of fewer people is $86,900 and for 3 or more people is $100,000.
  • The maximum sales price/loan limit for properties in the Norfolk/VA MSA is $352,600

Second, as a first time home buyer needing financing, some loan companies often provide special loan programs and special rates for qualified buyers. Contact your local lender for more information or fee free to contact me and I will put you in touch with a reputable lender who will be happy to discuss the best options for you. Don’t forget to consider mortgage insurance and taxes when determining monthly costs!

Third, the U.S. Department of Housing and Urban Development (HUD) offers lots of free information for first time buyers. Please visit the website at

Finally, a good realtor can help you get started by suggesting known mortgage lenders and helping you to navigate the process. I am happy to help you and can provide my experience and expertise to help save you money on your first time home buyer financing!

For your real estate needs, visit my website at


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