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Conventional loans... Very common, usually sold to a secondary market by the originator. This does not directly effect buyers as we all have to write a monthly mortgage to someone. Most require at least 5% down and private mortgage insurance premiums.

FHA loans. Maximum loan limit in Danville is $81,400... Down Payments start at 3% and increase to about 5%... FHA has rehab loans available for owner occupants and investors, lower down payment plans for vets... lots of FHA loans in this area!

VA loans... available to eligible veterans and on limited basis to the veteran’s unmarried surviving spouse. VA loans offer no down payment financing and seller can pay all closing costs... so a vet can buy a home with $0! Downside is Funding Fee which can be included in loan... generally best way for a vet to buy a home. Can reuse eligibility, loans are assumable. VA loan info!

Special Programs

*** First-time buyers-- or if you have not owned a home in the past 3 years... ***

VHDA loans... Available in Virginia... feature a reduced interest rate for first time home buyers or buyers who have not owned a home in the last three years. Excellent credit required...there are maximum income limits to qualify... if you can get one, it's a good program!

VHDA-Plus loans... "Best Buy"...combination FHA and VHDA... For the above groups with squeaky-clean credit...offers reduced interest rate, no $$ down and financing of closing costs! With this program buyers can get into a $80,000 home for about $1200 total!

Qualifying - What mortgage amount can you qualify for?
Interest Rates - Interest Rates and how they affect your investment.
Terminology - What the Realtors are saying.
Assessments/Appraisals - You need to know the difference!
Back to the Finance Page - How you finance your property is critical!