Diane Marletto

When shopping around for a mortgage pre-approval, there are quite a few questions that you need to answer for your Lender on a VA purchase loan. When the Lender takes the application they should be asking you the following questions AS THEY COULD SERIOUSLY AFFECT YOUR LOAN APPROVAL!:

1. What branch of service are you /were you in? (Army, Navy, Air Force, Marine Core)

2. Are you active duty, released or on reserve?

3. When you purchase, will you be transferring stations? Can you provide transfer papers?

4. Do you currently have a VA loan? If so, will it be sold?

5. Have you ever used your eligibility?

6. Can you provide a certificate of eligibility? DD214?

7. Are you married?

8. Do you have any children? If so, do you pay for day care? Are you willing to write a statement to that effect?

9. How much are you willing to put down? The funding fee varies by down payment and your status of service. 0 and 5% down payments make a difference.

10. Do you currently receive disability income from VA?

11. Are you purchasing a condo or new home? If so, VA may have approval requirements for condos or new construction.

Be prepared to answer these questions in advance, as they could potentially affect your VA loan. If your lender does not ask these questions, they are not property qualifying you for a VA loan. Call me if you have any questions. I would be happy to help!

Here are the latest funding fee tables:

I think this is an incredible program and I'm sure that it is not limited to Loudoun County, VA. I also think other counties in VA offer this. LOW INCOME BUYERS CAN PURCHASE HOMES FOR 1/3 THE COST

I personally owned a home in Loudoun County. I purchased it for $325,000. The same house, next door, sold for $125,000. How? It was an ADU unit. This is a county-owned home sold by the county to a lower-income buyer. It helps buyers get into a nicer neighborhood for less. The builder I purchased from had to give up 1/3 of their homes to the county. Every third house on my street was an ADU.

Lower income renters can benefit too!

Here is more info:

Affordable Dwelling Unit Program

This program is designed to provide affordable rental and for-sale housing (homeownership opportunities). Services are available to all citizens with priority given to income eligible residents who live or work in the county. Household income must exceed 30% but be less than 70% of median income for the area.

Under the ADU Rental Program, 2 and 3 bedroom apartments are available for approximately $605-$895 per month for a 2 bedroom/1 bath unit and $688-$1,030 per month for a 3 bedroom/2 bath unit.

Under the Homebuyers Opportunity Sales Program, new townhouses and condominiums are available.

New homes and apartments are located throughout Loudoun County. To apply, call the Department of Family Services at 703-777-0353 (V/TTY) and ask to be pre-qualified for either the Rental or For-Sale Program.

Down Payment/Closing Cost Assistance Program (works well with FHA and Community Loans)

First-time homebuyers who want to purchase a new home through the Homebuyers Opportunity Program (HOP) or a re-sale/existing home can borrow up to $10,000 at 3% interest, to be used toward the down payment and closing costs. The loan is in the form of a second trust and is paid back over a ten (10) year period. The loan is limited to first-time homebuyers or those who have not owned a home within the last three years. Funding is limited and available on a first-come, first-serve basis. Please contact Family Services, 703-777-0353 (V/TTY), if you are interested in applying.

WASHINGTON DC has a great home purchase assistance program giving buyers the chance to buy a house with up to $70,000 in assistance.

Home Purchase Assistance Program Description

The Home Purchase Assistance Program (HPAP) enables lower-and moderate-income individuals and families to purchase affordable housing in Washington, D.C. Qualified HPAP applicants can receive up to $70,000 in financial assistance to purchase single-family houses, condominiums and cooperative apartments. HPAP funds can be used for down payment and/or closing costs.

The HPAP Purchase Assistance is in the form of low interest 5 year deferred loan.

Loan amounts are determined by a combination of factors, including income, household size, and the amount of assets that an applicant can commit toward the purchase price of a home. In addition, all loan recipients are required to maintain their properties in compliance with D.C. Housing Codes.

HPAP Fact Sheet

The Department of Housing and Community Development (DHCD) has implemented changes to our Home Purchase Assistance Program (HPAP) that will better enable low-to-moderate income residents to purchase a home in the District.

Qualified applicants can receive financial assistance for downpayment and closing costs to purchase single-family houses, condominiums or cooperative units.

Are You Eligible?


To be eligible for HPAP assistance, you must meet the following criteria:

1. Be the head of the household and a first-time homebuyer.
   
2. Be a low-to-moderate income resident, based on the Department's standards.
   
3. Cannot have had ownership interest in any residential real estate within the three years prior to application.
   
4. The purchased home must be the borrower's primary residence and must be located within the District of Columbia.
   
5. Possess a good credit rating.
   
6. Applications are prioritized based on the following:
   
   
   
   1. low-income, elderly, handicapped, disabled or displaced District residents
      
   2. other District residents
      
   3. non-residents who have been employed in the District for one year prior to application
      
   4. non-residents who have lived in the District for three years as an adult
      
   
   

Please note: District residents will always be the priority for HPAP assistance. Non-resident applications will be accepted, but only processed for eligibility at times when there are no pending applications from District residents.

Please email me for more details! Ths is a great program to piggyback with FHA and MyCommunity loans! And we do them!!