The FOCUS on NoVA Real Estate team’s Tracey Barrett is joined by Jolene Moore of Main Street Home Loans to discuss first-time homebuyers: who qualifies and what benefits they can find when purchasing a home.

When talking to first-time homebuyers we talk about the process. And one of the very first things we tell clients is to get somebody that they trust to handle their loan because they’re going to be able to go through all the finances what makes sense; why it makes sense for them; and what the best program is for them.

You actually are considered a first-time home buyer if you haven’t owned in the past three years. So if you owned 10 years ago and you’re now coming back into the market and looking to purchase you’re going to be considered a first-time homebuyer, which is fantastic.

And then, one of the biggest benefits for first-time homebuyers is low down payment options. There’s various programs out there that can be as little as zero percent, one percent, three percent. It’s about talking to a lender so they can help educate you and lead you in the best direction for what program makes the best financial sense for you; gives you the best purchasing power; monthly payment; cash flow; all of the important things.

Keep in mind homeowners — their net worth is 44 times greater than those who are renting. So you want to get in the market. This is how to create wealth for yourselves and set you up for the future.

It takes a team effort. You’re the captain; we’re the quarterbacks on the back side. We’ve got you in a process where we can identify the home; write the contract that’s going to work; but before we can do any of that, we’ve got to work with somebody like Jolene that can explore those programs, talk about the down payments, and see what the best possible way to get in there so that you can start growing your net worth.

If you have any questions about Northern Virginia real estate, reach out as we are happy to help.