Virginia Beach Real Estate

If youve turned on the TV or read the news in the last few months, you have certainly heard buzz about the supposed "credit crisis" taking over America. Tales abound of Virginia Beach real estate buyers being required to put 20% to purchase a home, or first-time buyers unable to find a lender to write them a loan. It seems the press just cant get enough of all the "misery" in the Virginia Beach real estate market. But is this whats really happening? Lets take a look at the facts:

Indeed, we are in the middle of what might be considered the biggest disservice ever perpetrated on potential home buyers. The truth is that mortgage money is as available today as it was a year ago and loans are being made with little or no money down. Wondering who these lenders are? They may be right down the street you just have to know where to look!

Federal Housing Administration (FHA) loans are making a huge impact on the mortgage industry; recent estimates show that about one out of five mortgages is an FHA loan. Although FHA loans never "went away," their re-emergence is a result of the collapse of the sub-prime market. Although the FHA doesnt technically require a minimum credit score, most lenders will not approve an FHA loan with a credit score below 500. That is still a far cry from the notion that an 800 score is the bare minimum for potential buyers.

Perhaps the biggest advantage of an FHA loan is that it requires only a 3% down payment. You read that correctly 3%! Moreover, that 3% can come in the form of a gift or grant. FHA borrowers only need to have $500 in a transaction. On top of all this, FHA mortgage rates are as good or better than their conventional counterparts.

Extremely competitive rates, low or no down payment, and easier qualifying. No wonder FHA is moving up the charts with Virginia Beach real estate buyers! Please call us at 866-222-0158 #550 or visit ButlerTeamHomes.com if you would like more information about FHA loans, a referral to a reputable local lender, or help getting into your first Virginia Beach home. You may also search Virginia Beach real estate homes for sale!

Also read:
Virginia Beach Real Estate: FHA Frequently Asked Questions

Seven Tips For First-time Virginia Beach Homebuyers

Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home

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