Free Home Buying Seminar in Leesburg, VA

Free Home Buying Seminar in Loudoun County.

Have you considered buying a home but just thought you didn’t make enough money?  Do you think you need a large downpayment to own a home?  Are you considering making a move but just don’t know where you want to go?  If so, you should attend Loudoun County Living’s home buying seminar on May 9th to find out how you could own a home of your own within just a few months.

Loudoun County offers 3 unique home buying programs.

  1. The Public Employee Homeownership Grant Program (PEG) offers grants (as part of a secured loan) to help cover down payments for full or part-time county employees, teaches, law enforcement and firefighters. Loans are forgivable at 20% of the loan amount annually over a five-year period providing the employee does not leave employment, sell the home, or no longer occupies the residence.   Grant amounts include $5,000 for the purchase of a home located within Loudoun County; $15,000 for the purchase of a foreclosed property (no short sales); or $25,000 for the purchase of a property in Loudoun County’s Neighborhood Stabilization Program (NSP).
  2. The Affordable Dwelling Unit (ADU) Program helps households whose income falls below the county’s medium income levels, to buy a new construction home or resale properties – prices typically range from approximately $120,000 to $180,000 for condos or townhomes in the program.
  3. The Down Payment Closing Cost Assistance Program helps both PEG program participants and ADU buyers pay for their closing costs and down payment on a home.  First-time homebuyers purchasing a home either through the Affordable Dwelling Unit program or purchasing an existing market rate home can borrow up to 10% of the sales price or $25,000, whichever is less, at 5% interest. This loan is in the form of a second trust, payable over a 30 year period with the first three years of payments deferred and interest free.

If you think you fall into one of these categories, or if you’re just investigating your home-buying options, attend this free seminar:

Loudoun County Living’s 

Home Buying Seminar 

Tuesday, May 9th from 5:00-7:00pm 

at the Tuscarora Mill Wine Cellar in downtown Leesburg.

At this event, you will learn more about each of these programs, speak directly to an experienced Realtor who can help you in your home search, talk to a mortgage lender to see how much you might qualify for and find out how you can buy a home or townhome in Asburn, Leesburg, Sterling or Chantilly.

Space is limited, so please RSVP by May 1st to Theresa Pomata at admin@loudoun-county-living.com or call 703-407-5159.

Click here to search current homes on the market in Loudoun County.

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Steps on How to Buy a Home

Real estate information for How to buy a home, Loudoun County, VA is provided by William Eric Cave II of Loudoun County Living LLC.

 Steps on How to Buy A Home

Loudoun County Kitchen

You have completed the first and sometimes most difficult step of buying a home:

  • Finding and agent that knows what they are doing and ACTUALLY CARES.
  • My goal and business model is not to get a check by making a sale off of you. My goal is to help and guide you from where you are to where you want to be; with honesty, fairness, and hard work. I know that if I am successful in those values you will tell all your friends that they would be crazy not to use our team.

Next Step:

  • Speak to a Loan Officer: I recommend Jeff Richards of First Home Mortgage.
  • No cash cost to you to get pre-approved
  • Does not hurt your credit
  • You are free to speak with as many loan officers as you wish and we get no financial benefit from recommending a lender.

While getting Pre-Approved:

Now that you found the perfect home: This is where I really earn my keep

  • A good agent will pull comparables (comps)  for the property to ensure that the home you want to buy is at fair market value and more importantly to make sure that the home will appraise for at least the contract sales price.
  • Based on the comps and your financial situation we will determine our best and highest offer along side with the initial offer you would like to make.
  • I will write the offer and review it with you before you sign it (along with the offer we will provide an Ernest Money Deposit [EMD] to accompany the offer; usually 1%  of the sales price which is normally credited to you at Settlement)
  • Get a home inspection: I will schedule the inspection. Both agent and buyer are  present at the inspection (within 10 day of ratification)
  • Get a home appraisal: Scheduled through the lender (within 21 days of ratification)
  • Review HOA documents (must receive from seller within 10 days and have 3 days to review)
  • Apply for financing (must apply within 7 days of ratification)
  • Order home owner’s insurance. The vast majority of agent fail to inform their clients of this (must be done within 7 days of ratification)
  • Address any issues that have arose (hopefully none)
  • Go to settlement
  • MOVE IN 

How to get out of a contract: Most Common Ways

  • Home Inspection: A home inspection is for your protection and knowledge. The home inspection is paid by the buyer at the time of home inspection. If the home inspector finds any issues they will inform you. At which point you have a few options: Ask the seller to fix the issue, fix the issue yourself once after settlement or you can terminate the contract if you are not satisfied with the results. You have three days after home inspection to make a decision about what you would like to do.
  • HOA/Condo Documents: Once we have received the condo documents we have three days to review them. If an item is found in the documents that you do not want to live with you may terminate the contract based off that issue. For example: If you have your heart set on having a red front door but the documents prohibit red front doors you may terminate the contract.
  • Financing: If you are not approved for financing you can’t buy the house. A delay in getting financing is not an allowable reason to delay settlement unless agreed upon by both buyer and seller.
I hope this was at least a little helpful. If you are thinking of buying a home please contact the Loudoun County Living LLC team or call directly at 703.407.1093