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FINANCE THE DREAM Your Guide for Loan Programs in VA, MD & DC

RESHAWNA LEAVEN KELLER WILLIAMS REALTY KINGSTOWNE LICENSED REALTOR IN VA, MD & DC (240 ) 284 -4114 | www.reshawnale av en. co m | reshawnalea ve n@ kw.c o m 5971 KINGSTOWNE VILLAGE PKWY, SUITE 110, ALEXANDRIA, VA 22315


TA B L E O F C O N T E N T S • STEPS TO OWNING A HOME

• LOAN TYPES • GETTING PRE-APPROVED • VIRGINIA PROGRAMS • MARYLAND PROGRAMS • DC PROGRAMS • RENOVATION LOANS • ADDITIONAL LOAN PROGRAMS • ALL ABOUT THE PAYMENT • FINANCING MATTERS • FIRST MORTGAGE PAYMENT • YOUR REAL ESTATE SEARCH • GET STARTED • ABOUT ME

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STEPS TO OWNING A HOME

• Find a loan program • Get pre-approved for your new home • Hire an agent • Select and Tour Homes • Write an Acceptable Offer • Get inspections, appraisal and submit • final documents to underwriting • Final Walk Through • Settlement • GET YOUR NEW KEYS!

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LOAN TYPES FHA

CONVENTIONAL

• 3.5% Down Payment • Upfront & Monthly PMI • Higher DTI ratios • Assistance Programs Available

• 20% Down Payment • No PMI • Conservative DTI ratios • Assistance Programs Available

RHS

VA

• 100% Financing • Upfront & Monthly PMI • Property must be in a rural area • Income restrictions

• 100% Financing • VA funding fee • No PMI • Must be eligible with the VA

FHA, RHS and VA are government insured mortgages. Conventional loans are not insured or made by the government. Loans can be fixed or adjustable rate mortgages. Mortgage Terms – 15 or 30 years Fixed rate or adjustable rate mortgages

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GETTING PRE-APPROVED WHAT ITEMS DO YOU NEED

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MORTGAGE CHECKLIST

• • • • •

Copy of your driver’s license Two most recent pay stubs Two years tax returns & W2's Two month's bank statements Copies of statements for 401k, retirement funds, stock certificates, life insurance (if applicable)

Self Employed or Rental Income Last 2 years of Federal tax returns with all pages, schedules, and attachments Other Income Provide evidence of continuation (social security, pension, alimony or child support) Current Residence If currently renting a home as your primary residence, provide landlord name and contact information covering a 2 year residence history. If own a home as your primary residence, provide current mortgage statement

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VIRGINIA PROGRAMS

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VIRGINIA PROGRAMS VHDA Down Payment Assistance Grant Receive up to $12,500 in grant funds for down payment assistance Eligible Borrower: First Time Minimum Credit Score: 620 Purchase Areas: All of Virginia Video - www.reshawnaleaven.com/virginiaprograms

VHDA Plus Second Mortgage Receive up to $25,000 for down payment assistance and or closing costs Eligible Borrower: First Time and Repeat Buyers Minimum Credit Score: 620 Purchase Areas: All of Virginia Video - www.reshawnaleaven.com/virginiaprograms VHDA Closing Cost Assistance Grant Receive up to $10,000 in grant funds for closing costs Eligible Borrower: First Time Minimum Credit Score: 620 Purchase Areas: All of Virginia Video - www.reshawnaleaven.com/virginiaprograms "America's Best Mortgage"- 100% Financing No down payment, no closing costs, no PMI Buy interest rate down to 0.50% Condo, townhome, single family or Multi -unit (2-4) Video – www.reshawnaleaven.com/naca

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MARYLAND PROGRAMS

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M A RY L A N D P R O G R A M S 4% Grant Program Receive 4% of sales price in grant funds for down payment and/or closing costs Eligible Borrower: First Time and Repeat Buyers Video - www.reshawnaleaven.com/marylandprograms

3% Assistance Program Receive 3% of sales price for down payment and/or closing costs Eligible Borrower: First Time and Repeat Buyers Video - www.reshawnaleaven.com/marylandprograms CDA Receive up to $5,000 for down payment assistance Eligible Borrower: First Time Video - www.reshawnaleaven.com/marylandprograms Smart Buy 2.0 (Borrowers with Student Loan Debt) Receive up to 15% of sales price Eligible Borrower: First Time Video - www.reshawnaleaven.com/marylandprograms Montgomery Homeownership III Program Receive up to $25,000 for down payment assistance and or closing costs Eligible Borrower: First Time and Repeat Buyers Minimum Credit Score: 640 Purchase Area: Montgomery County only Video - www.reshawnaleaven.com/marylandprograms Mortgage Assistance Program Receive up to $20,000 for down payment/closing costs Purchase in Arundel County, MD [Special Promotion - Receive $25,000 until 6/30/2019] Video - www.reshawnaleaven.com/marylandprograms

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M A RY L A N D P R O G R A M S Neighborhood Lift Program Receive up to $20,000 in down payment assistance Purchase in Prince Georges and DC only Video: www.reshawnaleaven.com/lift

Neighborhood Lift Program - Police, Law Enforcement, Firefighters, Teachers and Emergency Medical Technicans Receive up to $22,500 in down payment assistance Purchase in Prince Georges and DC only Video: www.reshawnaleaven.com/lift Neighborhood Lift Program - Military, Veterans & Surviving Spouses Receive up to $22,500 in down payment assistance Purchase in Prince Georges and DC only Video: www.reshawnaleaven.com/lift Redevelopment Authority of Prince Georges County Pathway to Purchase Receive up to $10,000 in down payment Purchase in Prince Georges County, MD Mortgage Purchase Program Revolving Closing Cost Assistance Program Receive up to $10,000 in down payment/closing costs Purchase in Montgomery County Mortgage Purchase Program House Keys 4 Employees Closing cost assistance for employees Purchase in Montgomery County Mortgage Purchase Program Option 2 of the MPP Recieve 3% in closing cost assistance Purchase in Montgomery County

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DC PROGRAMS

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DC PROGRAMS HPAP Receive up to $80,000 for down payment assistance Eligible Borrower: First Time (No ownership in past 3 years) Minimum Credit Score: See Lender Purchase Areas: All of DC Video - www.reshawnaleaven.com/dcprograms EAHP Receive up to $20,000 for for down payment assistance Eligible Borrower: First Time and Repeat Buyers Minimum Credit Score: See Lender Purchase Areas: All of DC Video - www.reshawnaleaven.com/dcprograms EAHP First-Responder Grant Receive up to $10,000 in grant funds for down payment Eligible Borrower: First Time Minimum Credit Score: See Lender Purchase Areas: All of DC Video - www.reshawnaleaven.com/dcprograms DC Open Doors - FHA Plus Receive up to $16,950 for down payment Eligible Borrower: First Time Minimum Credit Score: 640 Purchase Areas: All of DC Video - www.reshawnaleaven.com/dcprograms DC Open Doors - HFA Advantage (Conventional) Receive up to $14,530 for down payment Eligible Borrower: First Time Minimum Credit Score: 640 Purchase Areas: All of DC Video - www.reshawnaleaven.com/dcprograms

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DC PROGRAMS Neighborhood Lift Program Receive up to $20,000 in down payment assistance Purchase in Prince Georges and DC only Video: www.reshawnaleaven.com/lift Neighborhood Lift Program - Police, Law Enforcement, Firefighters, Teachers and Emergency Medical Technicans Receive up to $22,500 in down payment assistance Purchase in Prince Georges and DC only Video: www.reshawnaleaven.com/lift Neighborhood Lift Program - Military, Veterans & Surviving Spouses Receive up to $22,500 in down payment assistance Purchase in Prince Georges and DC only Video: www.reshawnaleaven.com/lift

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RENOVATION LOANS

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R E N O VAT E A N O U T D AT E D H O M E

FHA 203K Streamline Finance up to $35,000 in renovations into your loan 3.5% down payment required Video - www.reshawnaleaven.com/renovationloans FHA 203K Full Finance structural renovations into your loan 3.5% down payment required Video - www.reshawnaleaven.com/renovationloans Homestyle Renovation Loan - Fannie Mae Finance your renovations into your loan 3% down payment required (owner occupied) Video - www.reshawnaleaven.com/renovationloans

Homestyle Renovation Loan - Fannie Mae Finance your renovations into your loan 15% down payment required (investors) Video - www.reshawnaleaven.com/renovationloans

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ADDITIONAL LOAN PROGRAMS

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NO FIRST TIME BUYER LOAN OPTIONS

1.5% Down Payment Grant Program Sales price up to $704,300 Purchase in Virginia or Maryland Down Payment Assistance Grant Receive 3.5% of required down payment Purchase in Virginia or Maryland

VA 100% Financing VA Funding Fee Required (No funding fee if borrower is at least 10% disabled) VA Vendee Purchase a VA bank owned property with no money down and no PMI. No appraisal needed and low closing costs. Property must be classified as seller financing eligible. Adjustable Rate Loans 7/1 ARM | 10/1 ARM | 5/5 ARM Interest rate adjusts after the last year Construction to Perm Loan Up to $2,000,000

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ADDITIONAL PROGRAMS 100% Financing • America's Best Mortgage - NACA • Physican Loan Program - Suntrust Bank • Homebuyers Choice - Navy Federal Credit Union • High Loan to Value Mortgage - NASA Credit Union • Family Mortgage - NASA Credit Union • 100% Financing - Tower Credit Union • Getting Started Mortgage - M&T Bank • 80/20 Loan - Signal Financial • 80/20 Loan - Washington Home Mortgage Shared Equity Mortgages • Unison Home Buyer - Double Your Down Payment Shariah Compliant (Riba) Loans • Guidance Residential • Lariba American Finance House HECM Purchase Program for Seniors No Mortgage Payment Loan (62 and older) Down payment depends on age of youngest borrower Only qualify for taxes, insurance and HOA/condo fees Perfect for those looking to sell a home and live mortgage free in another home and on a fixed income

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ADDITIONAL PROGRAMS Home Ready Mortgage - Fannie Mae 3% Down Payment Required Non-occupant borrower income allowed Home Possible - Freddie Mac 3% Down Payment Required Non-occupant borrower income allowed HomeOne Mortgage - Freddie Mac No Income Restrictions 3% down payment required Only one borrower has to be a first time home buyer Challenged Credit Loans - USDA, FHA VA Minimum credit score requirement of at least 580 Down payment maybe required for USDA, FHA and VA loans. Bank Statement Program (Self Employed Buyers) GMM - 1% down payment with NO MI GMM - First Trust with NO MI + 2nd Trust (2nd mortgage up to 4% of sales price)

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ALL ABOUT THE PAYMENT IT’S MORE THAN JUST PITI

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QUALIFYING FOR MORTGAGE HOA/Condo Fees 7% PMI 7%

Insurance 4.7%

Taxes 11.6%

Principal 58.1%

Interest 11.6%

Your new m ortgage pa ym ent wi l l be pri ncipal , i nterest, ta xes a nd i nsurance ( PITI), PM I ( i f requi red for your l oa n) a nd a ny hom eowners a nd/or condo

dues each m onth. Sample mor t g ag e payment br eakdown: $ 1 , 6 0 0 p ri n cipa l $ 3 0 0 (escrow p a y men t – i n t e re st, t a xes a n d i n su ra nce) $ 2 0 0 (P M I) p ri v ate mo rt ga ge i n su ran ce *i f requ i red $2,100 $ 1 0 0 (H OA ) h o me o wners a ssoci atio n $ 2 , 2 0 0 t ot al m o n t h l y p a y m e n t t h a t l ender r ev i ews

If a lender says, your maximum monthly qualifying amount can not exceed $2,100, with a home with additional costs will be denied.

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FINANCING MATTERS TOWNHOMES & CONDOS

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F H A & VA A P P R O V E D C O N D O S

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 reapproved. However, that process can take up to 120 days. Find out of the condo or homeowners association is approved for your financing type. Check FHA approved condominiums www.reshawnaleaven.com/fhaapproved

Check VA approved condominiums www.reshawnaleaven.com/vaapproved

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FIRST MORTGAGE PAYMENT MM.DD.YY

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F I R S T PAY M E N T D U E D AT E 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.

Closing Month

1st – 5th

6th – 30th

1stPayment Due

1stPayment Due

January

February 1

March 1

February

March 1

April 1

March

April 1

May 1

April

May 1

June 1

May

June 1

July 1

June

July 1

August 1

July

August 1

September 1

August

September 1

October 1

September

October 1

November 1

October

November 1

December 1

November

December 1

January 1

December

January 1

February 1

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YOUR REAL ESTATE SEARCH STARTS HERE >>>

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HOME SEARCH Northern Virginia Real Estate www.reshawnaleaven.com/northernvirginiarealestate Maryland Real Estate www.reshawnaleaven.com/marylandrealestate DC Real Estate www.reshawnaleaven.com/dcrealestate

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GET STARTED

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H O W T O G E T S TA R T E D Schedule your phone appointment http://calendly.com/realtorleaven/call

Schedule your buyer consultation http://calendly.com/realtorleaven/buyingconsulation

Text - LOAN to 240 -284-4114

Email - reshawnaleaven@kw.com

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ABOUT ME

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ABOUT ME WHY RESHAWNA IS DIFFERENT? - 16 Years of Experience - Military Relocation Professional by National Association of Realtors - Experience with negotiating and overcoming challenging pending sales to close the deal - Knowledge of the default "distressed" market with short sales, bank owned and deed in lieu - Completed over 15 NACA transactions in DC, Maryland and Virginia - Local lenders with programs for homebuyers to low as 550 credit scores - Free notary services offered once a month in the state of Virginia WHO IS RESHAWNA LEAVEN? ReShawna Leaven is a real estate advisor with Keller Williams Realty Kingstowne, a local real estate brokerage in Kingstowne (a sought after area in Alexandria part of Fairfax County in Northern Virginia. ReShawna is a 16 -year residential real estate industry expert in Virginia, Maryland and District of Columbia (D.C.) Two decades of residing the area, she is aware of upcoming changes within the area that will indirectly or directly impact her clients. With over 100 transactions under her belt, she has learned that education is just as important than the sale itself. Her commitment to education has allowed her to better serve the community alongside her skills from her past experiences. Her motto is "Without the proper guidance and education can cost someone thousands of dollars in real estate. An agent not educating their client on the process and clear expectations is like real estate malpractice." It's her pledge, duty and responsibility to abide by the standards of the National Association of Realtors Code of Ethics. She has team of local professionals and continues to analyze area market trends, recent home sales, rental activity, tour resale and new construction homes, collaborate with lending professionals to learn the best mortgage programs so she can illustrate the differences and possible challenges in the current market. Over the past decade, technology has transformed the real estate industry. ReShawna has incorporated and become a true tech-savvy agent with a mobile app, online screen sharing, electronic signatures, digital contracts and other tools for a smooth client experience. Communication is key and she uses technology to update her clients by email, phone or text message. While serving a wide variety of clients to include buyers, sellers, investors, corporations and lending institutions, her greatest enthusiasm is for first time home buyers. She states that “It’s the beginning of a new life and building wealth for Americans. My mission is to help end the gap between renting and homeownership.” A detailed consultation for buyers with a budget analysis, market trends and real estate future outlook of homeownership assists with making solid decisions for their budget and prevent future hardship. Yearly she publishes an online magazine that showcases programs for first time home buyers to investors. In her free time, she runs several Meetup groups as the organizer in the DC area to collaborate and fellowship with local residents. She considers herself a “true foodie” also enjoys finding hidden restaurant gems and supporting local businesses. WHY CLIENTS CHOOSE RESHAWNA AS THEIR AGENT? Clients choose to work with ReShawna because she puts them at ease from the beginning and after closing with her experience and knowledge to get them to their desired result. With a coverage area from Fredericksburg to Baltimore has allow her to harness in on all markets. Real estate is always localized and it's important to know "now" and "future" trends of a buyer, seller or neutral market. WHAT AREAS DOES RESHAWNA COVER? ReShawna has a large coverage area throughout the Washington Metro Area to include City of Alexandria & Fredericksburg, Arlington, Fairfax, Loudoun, Prince William, Stafford Counties in Northern Virginia, City of Baltimore, Anne Arundel, Baltimore, Calvert, Charles, Prince George’s, St. Mary’s, Montgomery Counties in Maryland and all of the District of Columbia.

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Profile for Reshawna Leaven

Finance The Dream - 2019 Edition  

Learn your home loan options in Virginia, Maryland and DC. There are programs for first time home buyers and repeat buyers.

Finance The Dream - 2019 Edition  

Learn your home loan options in Virginia, Maryland and DC. There are programs for first time home buyers and repeat buyers.

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