Mike Platt, my Senior Loan Specialist with MetroCities, recently sent me the following information pertinent to the Charlottesville Virginia Real Estate Market:

"I keep hearing on the news that in order to purchase a house it now requires 20% down.

For single family primary residences this is simply not the case, and it is important to let your buyers know the facts.

Right now in the Charlottesville area, the 3 main types of low down payment loans being used are,

     * VA loans w/100% financing,

     * FHA loans w/96.5% financing, or

     * Conventional loans w/95% financing.

Regarding the conventional loans (5% down) the Mortgage Insurance (MI) companies are for the most part setting the criteria and currently it requires a 620 credit score for this option. Many areas of the country are in "declining markets", and because of that the Loan To Value (LTV) is lower than the 95% LTV option we have here, so we are very fortunate to have all these options available for our clients.

Remember these options combined with historic low interest rates 5% on a 30 yr fixed loan, will allow more of your clients to purchase a home.

It is up to us to let them know the good news."

Geat advice Mike!  Thanks for the input.

Fulton Gaylord--Associate Broker

Keller Williams Realty

Charlottesville  VA  22902

434-220-2228

Fulton@kw.com

Ask me about my 20% Buyer Rebate Offer, good on ANY home you buy through me!