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FINANCE THE DREAM 2017 EDITION

RESHAWNA LEAVEN, Realtor®


Home Buying Programs Guide Dear Prospective Home Buyer, Thank you for taking the time to read my guide on financing options in the Virginia, Maryland and DC area. My name is Reshawna Leaven. I am a licensed RealtorÂŽ in Virginia, Maryland and DC at Keller Williams Realty Kingstowne. Whether you are a first time home buyer or ready to move up into a larger home, this guide will highlight the programs available in the Washington DC Area. Most of the general public think that they need 20% of the sales price to buy a home. This is true to eliminate private mortgage insurance (PMI) on a Conventional Loan. Though, there are programs to avoid PMI altogether. Please keep in mind that each lender has different qualification requirements, not all programs are not offered with every lender and not all borrowers will be qualified. To schedule a consultation, go to: http://calendly.com/realtorleaven If you are ready to get started now and want a loan officer introduction, contact me at reshawnaleaven@kw.com or call (703) 474-1754. Feel free to share this guide with your friends, family and colleagues.

ReShawna Leaven, RealtorÂŽ Keller Williams Realty Licensed in VA, MD & DC Direct: (703) 474-1754 www.reshawnaleaven.com


Steps to Your New Home

Find a loan program best for your lifestyle and home type

Get pre-approved for your new loan

Hire a real estate agent and preview homes

Select a home of choice based on your wants and needs list and write an offer that will get accepted

Get inspections, appraisals and turn in all documents to lender on time

Final Walk Through

Settlement & Get Your New Keys!

Ready to get started – Call (703) 474-1754


Loan Types Quick Facts Quick Facts about Loan Types 

FHA, VA and RHS are government insured mortgages.

Conventional loan are not insured or made by the government.

Loans may be fixed or adjustable rate mortgages.

Many loans have private mortgage insurance with loan down payments other than VA loan administered by the Veteran Administration.

FHA

VA

3.5% Down Payment Higher Debt to Income Lower Credit Scores Upfront & Monthly PMI

Veterans Only No Down Payment Upfront Funding Fee No PMI

RHS

Conventional

Rural Housing Locality Restrictions Income Limitations PMI

Lower Debt to Income Higher Credit Scores PMI or Non-PMI Options

Ready to get started – Call (703) 474-1754


LOW DOWN PAYMENT PROGRAMS

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Low Down Payment Conventional Programs Standard Program Highlights of Conventional Loans 

Minimum Credit Scores: 680

Ratios: 28/36

Calculate Your Debt to Income Ratio http://reshawnaleaven.com/dticalcalculator

HomeReady® Mortgage www.reshawnaleaven.com/homereadymortgage Home Possible Advantage www.reshawnaleaven.com/homepossibleadvantage 3% Down Payment www.reshawnaleaven.com/3percentdown 1% Down Program www.reshawnleaven.com/1percentdown Homebuyers Advantage www.reshawnaleaven.com/homebuyersadvantage 100% Financing for Medical Professionals www.reshawnaleaven.com/medicalprofessionals Getting Started Mortgage http://www.reshawnaleaven.com/gettingstarted Ready to get started – Call (703) 474-1754


100% FINANCING OPTIONS

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100% Financing Conventional Loans Standard Program Highlights of 100% Financing Programs 

Minimum Credit Scores: 680

Ratios: 28/36

Calculate Your Debt to Income Ratio http://reshawnaleaven.com/dticalcalculator

100% Financing Home Buyers Choice Mortgage http://reshawnaleaven.com/homebuyerschoice High Loan to Value Mortgage http://reshawnaleaven.com/nasa 100% Financing - Little to No Money Down http://www.reshawnaleaven.com/towerfinancing America’s Best Mortgage http://reshawnaleaven.com/naca

USDA http://reshawnaleaven.com/usda Ready to get started – Call (703) 474-1754


GRANT PROGRAMS

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Grant Programs

Standard Program Highlights of Grant Programs 

Minimum Credit Scores: 640

First Time Home Buyer Requirement

Household Income Restrictions

Homeownership Grant http://reshawnaleaven.com/HomeownershipGrant Community Stability Program http://reshawnaleaven.com/CommunityStability First Time Home Buyer Program http://reshawnaleaven.com/fthbatlantabank Veteran Home Buying Program http://reshawnaleaven.com/veteranhomebuying Down Payment Assistance Grant http://reshawnaleaven.com/vadpagrant Ready to get started – Call (703) 474-1754


DISTRICT OF COLUMBIA PROGRAMS

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DC Loan Programs

Standard Program Highlights of DC Loan Programs 

Minimum Credit Scores: 640

First Time Home Buyer Requirement

Household Income Restrictions

DC Open Doors Program http://reshawnaleaven.com/opendoors Home Purchase Assistance Program http://reshawnaleaven.com/hpap Employer Assisted Housing Program (EAHP) http://reshawnaleaven.com/employerassisted

Ready to get started – Call (703) 474-1754


MARYLAND PROGRAMS

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Maryland Loan Programs

Standard Program Highlights of Maryland Loan Programs 

Minimum Credit Scores: 640

First Time Home Buyer Requirement

Household Income Restrictions Maryland Mortgage Program • Community Development Authority (CDA) http://reshawnaleaven.com/mmpcda • Maryland Preferred Rate http://reshawnaleaven.com/mmpmdpreferredrate • The Veterans and Military Family Mortgage Program http://reshawnaleaven.com/mmpveteransprogram • “You’ve Earned It” Initiative Program http://reshawnaleaven.com/mmpyouearnedit

Housing Opportunities Commission • Mortgage Purchase Program (MPP) http://reshawnaleaven.com/mpphoc

Ready to get started – Call (703) 474-1754


VIRGINIA PROGRAMS

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Virginia Loan Programs

Standard Program Highlights of Virginia Programs 

Minimum Credit Scores: 640

First Time Home Buyer Requirement

Household Income Restrictions Virginia Housing Development Authority • VHDA FHA Plus http://reshawnaleaven.com/vhdafhaplus • VHDA DPA http://reshawnaleaven.com/vhdadpa

Ready to get started – Call (703) 474-1754


AVAILABLE IN VIRGINIA, MARYLAND & DC www.reshawnaleaven.com


Available in The Greater Washington Area of Virginia, Maryland & DC Standard Program Highlights of DC, MD & VA Programs 

Minimum Credit Scores: 580

First Time Home Buyer Requirement

Household Income Restrictions

Down Payment Assistance Grant http://reshawnaleaven.com/fhadownpaymentgrant National Homebuyer Fund - FHA NHF Sapphire Program http://reshawnaleaven.com/fhanhfsapphire National Homebuyer Fund - VA NHF Sapphire Program http://reshawnaleaven.com/vanhfsapphire National Homebuyer Fund - USDA NHF Sapphire Program http://reshawnaleaven.com/usdanhfsapphire

Ready to get started – Call (703) 474-1754


YOU CAN BUY A HOME WITH A LOW CREDIT SCORE www.reshawnaleaven.com


Low Credit Score Loans

FHA VA USDA

NACA Ready to get started – Call (703) 474-1754


TURN ANY HOME INTO YOUR DREAM HOME www.reshawnaleaven.com


Renovation Lending Standard Program Highlights Renovation Lending 

Renovate Any Home

Make the home new with an upgraded kitchen, deck, fence, etc.

Can not be used with a down payment assistance program

Appraisal is based on future value

Mortgage payments may be deferred depending on project

FHA 203K • Streamline www.reshawnaleaven.com/renovatewithfha203k • Full Standard www.reshawnaleaven.com/renovatewithfha203k Fannie Mae • HomeStyle www.reshawnaleaven.com/renovatewithhomestyle

Ready to get started – Call (703) 474-1754


ADDITIONAL LOAN PROGRAMS

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Additional Loan Options

80/10/10 Conventional

VA

80% 1st Trust Loan

100% Financing

10% 2nd Trust Loan

VA Funding Fee Required

10% Down Payment

No Private Mortgage Insurance

VA Funding Fee Eliminated if borrower is 10% disabled

95/5 Conventional

Jumbo Loans

95% 1st Trust Loan

20% Down Payment

Up to $625,500

Up to $2,000,000

5% Down Payment

PMI may or may not be required

Adjustable Rate Mortgages 

Fixed rate for 7 years & adjustable at year 8

90/10 Conventional 

90% 1st Trust Loan

Up to $750,500

10% Down Payment

PMI may or may not be required

100% Financing

Up to $1,500,000

Primary Residence Only

No PMI

10/1 ARM Fixed rate for 10 years & adjustable at year 11

5/5 ARM Adjust only once every 5 years

15/15 ARM Adjust once for the life of the loan

Doctor Loan 

7/1 ARM

Construction to Perm Loan 

Up to $2,000,000 (Use this is the project is over the FHA 203K or Fannie Mae Homestyle renovation limits)

Ready to get started – Call (703) 474-1754


ADDITIONAL MORTGAGE TOOLS

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NON-TRADITIONAL LOAN PROGRAMS

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Non-Traditional Loan Programs

High Debt to Income Ratios Is your debt higher than the standard 43%? There is a lender that will allow for a higher amount for VA and FHA loans. W2 Income Only Do you have un-reimbursed expenses on your tax returns and now you don’t qualify for a loan? There is a lender that will only use W2 only income. Lender Paid Closing Costs Seller not paying for closing costs in your transaction. Let’s get you lender paid closing costs. A higher interest rate will apply.

“Programs can not be used in conjunction with any other loan program due to program requirements and overlays.”

Ready to get started – Call (703) 474-1754


Calculate Your Principal & Interest Payment Rate % 3.000 3.125 3.250 3.375 3.500 3.625 3.750 3.875 4.000 4.125 4.250 4.375 4.500 4.625 4.750 4.875 5.000 5.125 5.250 5.375 5.500 5.625 5.750 5.875 6.000

30 Yr Term $ 4.21 $ 4.28 $ 4.35 $ 4.42 $ 4.49 $ 4.56 $ 4.63 $ 4.70 $ 4.77 $ 4.84 $ 4.91 $ 4.99 $ 5.06 $ 5.14 $ 5.21 $ 5.29 $ 5.36 $ 5.44 $ 5.52 $ 5.60 $ 5.68 $ 5.76 $ 5.84 $ 5.92 $ 6.00

Example of FHA Loan 3.5% Down Payment | 3.625% Interest Rate Find the interest rate factor for 3.625% interest rate on a 30 year fixed loan. 4.56

Price of Home

200,000

A

Down Payment Amount

(7,000)

B

Mortgage Loan Amount

193,000

C

Divide C by 1,000, get the subtotal

193

E

Find your interest rate then loan factor (3.625%)

4.56

F

Multiply E x F

193 x 4.56 G

Monthly Principal & Interest Payment Only

880.08 H

Disclaimer: This payment is for illustration purposes only. The monthly P&I does not include taxes, insurance, homeowner and/or condo association dues in the payment. Consult a loan professional about your rate and terms.


Mortgage Payment Due Date

When will your 1st mortgage payment be due after closing? If you close on your mortgage loan between 1 to 5, your payment will be the next month. For example, if you close on June 5, your first payment would be on July 1.

If you close on your mortgage loan between 6 to the last day of the month, your first mortgage payment will payment will after the next month (skip a month) For example, if you close on June 15, your first payment would be on August 1.

Ready to get started – Call (703) 474-1754


Mortgage Checklist

Gather the following documents for your new mortgage loan 

1003 - Uniform Residential Mortgage Application, click here

Copy of your driver’s license

Provide copies of the two most recent pay stubs covering the last 30 days of employment with year to date earnings.

Provide a copy of the last two (2) years Tax Returns and W2 statements.

Copies of last two (2) months bank statement.

 

Copies of statements for 401k, retirement funds, stock certificates, life insurance (if applicable) If self-employed or if rental income is being used to qualify, supply last 2 years of Federal tax returns with all pages, schedules, and attachments. If using income from other sources (i.e. Social Security, Pension, Alimony or Child Support) provide a copy of evidence of continuation, such as an awards letter or divorce decree. Provide a copy of the executed and signed purchase agreement.

Provide the Realtor’s name and number – Hopefully, you will select me as your real estate professional. ReShawna Leaven (703) 474-1754 Provide the name, agent and phone number of homeowner’s insurance agent. If currently renting, provide landlord name and contact information covering a 2 year residence history.

Ready to get started – Call (703) 474-1754


Approved Condominium Projects for FHA & VA

Buying a home with an FHA or VA loan, you should know that if the property is a condo or townhome, it must be approved before you view the property or write an offer. If the property is not approved, your lender will not fund the loan. It may be a possibility to get the community re-approved. However, that process can take up to 120 days. Find out of the condominium or homeowners association is approved for your financing type. Check FHA approved condominiums – click here Check VA approved condominiums – click here

Ready to get started – Call (703) 474-1754


SEARCH FOR YOUR NEW HOME

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Search for Homes in DC, MD & VA District of Columbia DC

Maryland

Virginia

Annapolis Baltimore Edgewater Glen Burnie Odenton Severna Park Baltimore Bryans Road Indian Head La Plata Waldorf White Plains Ashton Bethesda Chevy Chase Clarksburg Damascus Derwood Gaithersburg Germantown Olney Poolesville Potomac Rockville Silver Spring Takoma Park Ellicott City Columbia Accokeek Bowie Bladensburg Clinton College Park Fort Washington Kensington Hyattsville Laurel Oxon Hill/N.Harbor Riverdale Suitland Temple Hills Upper Marlboro

Aldie Alexandria Alexandria City Annandale Arlington Ashburn Bristow Burke Catharpin Centreville Chantilly Clifton Dumfries Fairfax Fairfax Station Falls Church Fredericksburg Gainesville Great Falls Hamilton Haymarket Herndon Leesburg Lorton Manassas Mclean Middleburg Nokesville Oakton Occoquan Purcellville Reston Round Hill Ruther Glen Springfield Stafford Sterling Triangle Vienna Woodbridge


Property Search Options

Online  

www.reshawnaleaven.com www.soldbyleaven.com

Mobile App  

http://app.kw.com/KW2EC0MVD www.reshawnaleaven.com/mobileapp

Ready to get started – Call (703) 474-1754


Home Buying Programs Guide Wondering What Price Range You Should Be Home-Shopping In? Buying a home should be exciting, not confusing. ScoreApprove empowers you to make informed decisions by giving you instant, individualized answers to common questions like, "What's my ideal price range?” and "What's my credit score?“

www.reshawnaleaven.com/buyingpower

ReShawna Leaven, Realtor® Keller Williams Realty Licensed in VA, MD & DC Direct: (703) 474-1754 www.reshawnaleaven.com


Home Buying Programs Guide Thank you for taking the time to view my home buying programs guide for Virginia, Maryland & District of Columbia.

When you are ready to talk with a skilled negotiator about real estate whether buying, selling or investing, call (703) 474-1754. Learn about your buying power www.reshawnaleaven.com/buyingpower

ReShawna Leaven, RealtorÂŽ Keller Williams Realty Licensed in VA, MD & DC Direct: (703) 474-1754 www.reshawnaleaven.com

Finance The Dream - 2017 Edition  

There are many programs in the DC, Maryland and Virginia area. Learn about first time home buyer programs and repeat buyer programs with dow...

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