How to Buy with Very little Money Out of Your Pocket!

Using the VHDA down payment grant along with a SELLER CREDIT for the closing costs, it is possible to buy a home with very little money out of your pocket.  Here is an example using the grant along with a seller subsidy:

Town Home List Price $300,000

Down Payment at 1%, $3,000

2.5 % remaining down payment PAID BY VHDA $7,500

Closing Costs Estimated at $9,000 PAID BY SELLER CREDIT

Payment Break Down

Loan Amount $294,566 (includes 1.75% FHA funding Fee)

$1,406 Principle & Interest (Interest Rate 4%)

$375 Taxes

$200 FHA Mortgage Insurance

$75 Home Owners Association Fees

$40 Home Owners Insurance

$2,096 TOTAL MONTHLY PAYMENT

Is your rent higher than $2,000? Why Continue to Pay Your Landlord's Mortgage? 

Not to mention the additional money you will see in your pay check when you buy a home!

**The above illustration is an example - I am not, nor is  Berkshire Hathaway HomeServices PenFed Realty is a Mortgage Lender. 

Learn more about the Virginia Home Buyer Grant 

Below is list of town homes listed for sale at $300,000 or Less.

Search All Town Homes Under $300K

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