If you’ve dreamed of owning your own home, you’ll want to learn about two innovative programs launched by Virginia Housing that are making homeownership more accessible across the Commonwealth. Whether you’re a first-generation buyer or a community hero serving others, there are new pathways worth exploring. FirstHome Dream The FirstHome Dream program is created for first-time and first-generation homebuyers. In other words: folks who have never owned any type of home, whose

Starting a flower garden in that empty space in your yard is a great way to increase the curb appeal of your home and an opportunity to apply some of your personality to your outdoor area. First, find an area you could use for your flower garden and try to identify if the space gets direct sun, partial sun, or shade. The amount of sunlight that your garden gets determines what kinds of flowers you can grow. For example, chrysanthemums and sunflowers need about 6-8 hours of su

You’ve found your dream home and now it’s time to cross all your T's and dot all your I's before it’s all your own. And one of the first items on your closing checklist is the home appraisal. So, what exactly is that? Value Assessment. The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately. A bank will not refinance a home for more than it is wo

When purchasing a home, there are several fees you have to understand and factor into your budget before you hit the closing table. Here’s what you need to know. What are closing costs? Closing costs are the fees for services required to finalize your mortgage. Typically, the buyer is responsible for paying these costs unless otherwise negotiated to have the seller contribute. Fees include (but certainly are not limited to) attorney, appraisal, inspection, government taxes, t

You’ve most likely heard the rule: save for a 20 percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders. But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available. Dow

Choosing to enter the home buying process is likely the largest financial decision you will make in your lifetime, so it is not one that should be taken lightly. Ensuring that your other current and upcoming financial responsibilities are under control is crucial to having a smooth transaction and being able to enjoy your investment fully. These tips will help you prepare your budget for purchasing your dream home. Calculate your monthly income. How much money is coming in ev

When a market is hot, finding and buying a home can feel like a tug of war. In a seller’s market, homes go quickly. They can be on the market one day and gone the next. And on top of the challenge of finding a home, most homes (especially the desirable ones) have multiple offers. The good news is that buying a home in a hot market is not impossible! You just have to approach it strategically and be prepared to take quick action in order to successfully buy the right home. Her

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to