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© 2019 Bristol Springs Custom Homes. All Rights Reserved. License WV052233

Financing Solutions

First Time Home-Buyers in West Virginia

The first time home-buyer is a special buyer to us. They come with excitement and wonderment when they look for their very first home.
​We can introduce our first time home-buyer to a choice of WV mortgage companies that will assist them in finding out what they can afford without stripping them down financially. Once they find out what price range they are in, we can move them closer to their dream of home ownership.


The first time home-buyer needs to know that now is the best time to buy in a very long time. The interest rates are at history lows and the value is in each Bristol Springs home.


They also should know that our honest and honorable reputation will guide them through one of the most self-fulfilling experiences they will have. They should know that we are on the job and overseeing the construction of their new home personally. We put great pride in the quantity home services that we provide. They can choose from our models or bring their own plans.

 

Other things for first time home-buyers to consider:

  • Little to no down payment needed

  • Closing cost help

  • Low interest rates

  • Payments cheap as rent

Only minutes from Winchester, VA,, Hagerstown, MD and Charles Town, WV - Let us help you build your custom dream home!

VA Loans

What is a VA Loan?

The VA loan began in 1944 through the original Servicemen’s Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans.


VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

No Money Down

If you are looking to purchase a home with no money down, you’re in luck if you qualify. VA mortgage loans can be guaranteed with no money down in most cases up to $417 thousand dollars. An added bonus? No private mortgage insurance requirement with a VA guaranteed loan. The VA even offers help for those looking to refinance.


Don’t investigate these benefits without asking for information about the interest rate reduction loan, part of something called the Streamline Refinancing Program, which allows veterans to refinance at little or no expense to them. VALoans.com can give you all the details you’ll need to take full advantage of your VA home loan benefits.

 

Is Using My VA Loan Eligibility A Good Idea?

The more you know about our home loan program, the more you will realize how little “red tape” there really is in getting a VA loan. These loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans.


Aside from the veteran’s certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer’s loan can be processed and closed by the lender without waiting for VA’s approval of the credit application.

Courtesy of http://www.valoans.com/valoan-question02.cfm

 

USDA Rural Development Loans

What is a USDA Loan?

A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. USDA offers some the lowest rates of any loan, and you will always have a fixed interest rate.

Am I Eligible for a USDA Loan?

USDA Rural Development Loans Eligibility will be determined by three factors:​

 

 

Credit Worthiness

When an underwriter reviews your credit history on a USDA Loan the major thing they will be looking for is a history of paying your bills in a timely fashion. If you have had blemishes in the past they may be overlooked as long as you have reestablished your credit over the past 12 months. Generally, any open judgments or collections will need to be paid off before you close on your new home.

 

USDA Loan Income Restrictions

You will need to be able to document your income on a USDA Loan. USDA will generally want to see a two year history of employment or consistent income. Exceptions on the two year requirement can be made for applicants such as students. On a USDA Loan Assets are not required for approval, but can help overcome any possible blemishes on credit.

 

Where You Live

In order to qualify for a USDA Loan your home must be located in a designated USDA rural area. You can check the USDA eligibility of your county. It might surprise you just how many areas of the United States do qualify for these no money down home loans. The goal of the USDA loan program is to help our nation’s smaller, rural communities thrive by making land and property more affordable.

What are the Benefits of a USDA Loan?

The USDA Rural Development Loans program is one of the last true No Money Down Loan options on the market. Backed by the United States Department of Agricultures (USDA), these safe and secure loans offer:

  • 100% Financing – No Down Payment!

  • Flexible Credit Guideline

  • Fixed Interest Rates

  • No Maximum Loan Amount

  • New and Existing Homes are Eligible


In short, affordability – This is what USDA Loans through the experts at the USDA Loan Agency have to offer. With the help of these affordably priced, fixed interest loans, Americans all across this great nation are realizing their dreams of home ownership.
 
Courtesy of http://www.usdaloanagency.com/what-is-a-usda-loan/