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Mortgage and Lending |
RAINER 3,713 |
| Glenda Steele | ||
| location_on Roanoke, VA — C & F Mortgage Corporation | ||
| web Glenda Steele's (gsteele) Blog | ||
Hi, I'm Glenda
I'm very pleased to meet you and I want to thank you for taking your time to get to know me better...
I'm actually a transplant to the beautiful mountains of southwestern Virginia from Charlotte, NC. I began my career in Charlotte in real estate and new home sales - always being drawn to 1st time homebuyers and their unique situations in getting qualified to purchase their home. Most of my Customers had the same difficulties as Homebuyers today - lack of credit, too much credit, no savings for a down payment, etc...but most importantly - lack of knowledge on how to resolve these problems and financing programs available that would meet their needs.
While in Charlotte it was a natural transaction for me to go into mortgage lending. This move allowed me to be on the front line with my Customers and Business Partners. Using my experience, knowledge, dedication and always keeping my Customers best interest first I was granted the satisfaction of seeing many Homebuyers realize their dreams of homeownership and becoming "Happy/Satisfied Customers".
My home in Virginia for the past five years is on a wonderful mountain outside Roanoke, Va called Bent Mountain. I am the Branch Manager for C & F Mortgage in Roanoke, VA. and I service The Roanoke Valley, New River Valley and all southwestern Virginia and western North Carolina. I'm happy to say I've been able to continue my quest in helping my Customers "jump through the hoops" and navigate the new lending guidelines to obtain the best loan programs for them.
Please read the article about VHDA 1st Time Homebuyer Loan Program and call me 980-721-1518 or email to @cfmortgagecorp.com with any question or for more information to see if this progam fits your financing needs.gsteele
Thank you!
VHDA Loan Program Enhances $8,000 Tax Credit for 1st Time Homebuyers
Recently, several housing finance agencies in other states created special short-term
second loans by "monetizing" the new $8,000 first-time homebuyer federal tax credit to assist
homebuyers needing down payment and closing cost assistance.
The Virginia Housing Development Authority looked at the idea of "monetizing" the new
homeownership tax credit, but decided that a program it already has in place - the FHA PLUS
program - provides better value for borrowers without the hassles.
FHA PLUS is a program designed to assist qualified borrowers who need down payment
and closing cost assistance. A second mortgage (the PLUS) is added to a FHA first mortgage
loan. Because VHDA is quasi-governmental, it was grandfathered under the recent FHA
regulation changes and allowed to continue offering down payment and closing cost assistance.
The program is one of the few available that allows borrowers to exceed a 100% LTV.
The program offers several benefits to borrowers. First, it's flexible because FHA PLUS
is based on five percent of the sales price. Using VHDA's average sales price of $160,000, a
homebuyer could borrow up to $8,000 for down payment and closing costs, the same amount
available through the new tax credit. But while the tax credit is limited to $8,000, VHDA
customers could borrow more than that amount for higher sales prices. For example, someone
purchasing a home in a higher cost area for $250,000 could borrow up to $12,500 using FHA
PLUS.
The $8,000 federal tax credit can then be used to fund home improvements, furniture, etc.
Homebuyers also have the option of using their $8,000 tax credit to pay off or pay down their
FHA PLUS second mortgage next year, with no prepayment penalty. By using this new
government benefit to reduce their debt, borrowers will have the opportunity to put themselves in
a stronger financial position.
FHA PLUS also offers the same term for both loans - 30 years, which allows for smaller
monthly payments, and the interest can be deducted. By contrast, the new down payment
assistance programs in other states have terms as low as 10 years, thereby doubling the monthly
payments for the second loan.
It is important to note that VHDA, as with all state housing finance agencies, has
maximum income limits on its loan programs. These income limits vary from those required by
the new tax credit - sometimes substantially. Therefore, some borrowers may be eligible for the
new tax credit, but ineligible for VHDA's FHA PLUS program. VHDA's income limits can be
found at:
http://www.vhda.com/vhda_com/Template_app.asp?VHDA_COM_PAGE_NAME=Limits
For more information about VHDA's FHA Plus program, visit vhda.com.
FHA PLUS Facts
 No down payment required.
 Flexible credit qualifying.
 Includes second mortgage to fund down payment and closing costs.
 Fixed rate for 30 years on both mortgages.
 Loans serviced by VHDA.
 FHA's standard appraisal guidelines accepted.
 Completion of VHDA's Homeownership Program is required.
About VHDA
As the state's housing finance agency, the Virginia Housing Development Authority
(VHDA) provides a variety of innovative low-interest loans for Virginians who want to purchase
homes or to build, renovate or refinance rental housing. These loans are designed to meet the
varied needs of today's housing markets, from high-cost, high-growth areas to older cities
grappling with revitalization issues and slow growth communities. Visit VHDA at
As your Loan Consultant I have 25 years of knowledge & experience in helping Customers "OPEN THE DOOR" to their dreams of homeownership.