- I am a first-time homebuyer. I am wondering...are there any other options for 100% financing that do not have a lot of mortgage insurance like the FHA programs? If your income qualifies, VHDA offers a 97% no MI program. If you are a first-time homebuyer, you can combo that with their current 3% grant program for 100% financing.
- When do you need reserves? It depends. If you are purchasing a second home or investment property, you will need reserves. If you are buying a new primary residence and have not sold your existing home, you will need reserves. Reserve requirements are determined by automated underwriting (our preliminary approval) and investor overlay (a company's additional requirements). Reserve requirements range from 2-6 months per property depending on property type and number of properties owned.
- With using our VA eligibility, we have left over seller concessions, can we use them to pay off a debt? Yes.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients. Please remember, I am licensed in Virginia, North Carolina and Florida.
Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837