First-Time Home Buyers Save Big with the Valor Group
Yes, first-time home buyers save big with the Valor Group! We are ecstatic to announce that home buying in Northern Virginia just got WAY more affordable for first-time home buyers!
The Federal Housing Finance Agency (FHFA) recently announced a new loan program for first-time home buyers that can save them up to 2% on their mortgage rate. This program, called the First-Time Homebuyer Advancement Program (FTHAP), is aimed at making homeownership more accessible and affordable for first-time buyers.
How First-Time Home Buyers Save Big
One of the main benefits of the FTHAP is that it allows first-time home buyers to take advantage of lower mortgage rates, which can save them thousands of dollars over the life of their loan. The program is available to first-time buyers who are purchasing a single-family home, condominium, or townhouse, and who meet certain income and credit requirements.
To be eligible for the FTHAP, buyers must be purchasing a home that will be their primary residence, and they must not have owned a home within the past three years. Additionally, buyers must have a credit score of at least 620 and base salary less than $168,000 (not including bonuses!).
To take advantage of the FTHAP, first-time home buyers must work with a participating lender, who will help them apply for the program and determine their eligibility. If approved, buyers will receive a mortgage rate that is up to 2% lower than the standard rate, which can result in significant savings over the life of their loan.
The FTHAP is just one of many programs available to help first-time home buyers achieve their homeownership goals. By taking advantage of programs like this, first-time buyers can make the process of buying a home more manageable and more affordable. If you're a first-time home buyer looking to take advantage of the FTHAP or any other home buying programs, reach out to us today to get started!