Home Buyer Case Study

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HOMEBUYER INFORMATION PACKET Arlington County Department of Community Planning, Housing and Development Housing Division First Time Homebuyers Program 2100 Clarendon Blvd., Suite 700 Arlington, VA 22201 703-228-3765 TTY 703-228-4611 Dear First-time Home Buyer: We are pleased to send you information regarding home ownership. Attached you will find the following information sheets that will hopefully assist you in becoming a first-time homeowner. If you have any questions please call 703.228.3765 and staff will assist you. Attachments: ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ Steps to Home Purchase First-Time Home Buyer Assessment Form Notification List Procedures For MIPAP Funds…show more content…
If you find that you have debts on your report that are not yours, etc., you should contact the creditor and address the problem. Ask the creditor to contact the credit company with the corrected status of your credit. 4. PRE-QUALIFY OR GET PRE-APPROVED FOR A MORTGAGE LOAN Make an appointment with a loan officer at a bank or mortgage company. (Take a copy of last year's tax return with you.) A referral list of lenders is in the information package. NOTE: The Moderate Income Purchase Assistance Program (MIPAP) provides assistance only with down payment and closing costs; it does not lend money for mortgages. 5. SELECT A REAL ESTATE AGENT A referral list of real estate agents is included in the information package or ask family and friends for recommendations. Interview agents before making a selection and signing any working agreement. Learn about Buyer agency and the benefits of using a Buyer agent when purchasing. Verify the real estate agent is licensed to do business in Virginia. Ask for a copy of the Buyer’s Bill of…show more content…
The Virginia Housing Development Authority is a $6.6 billion housing finance organization, that holds one of the highest ratings in the nation. VHDA is completely selfsupporting and relies on neither federal nor state funds for its operations. How does VHDA help potential homeowners? VHDA has several mortgage loan programs developed to meet the needs of low- to moderate-income first-time homebuyers. These loans are originated primarily by private lenders. Included as part of the Single Family services are VHDA's Homeownership Education Classes, which are provided at no cost to the public, on an ongoing, statewide basis. How does VHDA help developers and landlords? VHDA's Multifamily Division provides mortgage loans to private sector developers, primarily for multifamily rental projects for low- and moderate-income tenants. VHDA also administers the federal low-income housing tax credit program. How is VHDA funded? All of the funds that support VHDA programs are provided by the private sector through the purchase of VHDA bonds. The bonds do not constitute a debt or obligation of the commonwealth. Who comprises the Board of Commissioners? The VHDA Board of Commissioners is comprised of 10 members, all of whom are appointed by the governor. Seven are direct appointees. The treasurer of Virginia and a representative of the state Board of Housing and Community Development serve exofficio. The Director of the Department of Housing and Community Development also

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