ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Sunday, March 30, 1997 TAG: 9703290008
SECTION: TODAY'S HOMES PAGE: 8 EDITION: METRO
``Besides not having enough money for a down payment and closing costs, a lack of information about the home-buying process is a major barrier for first-time home buyers,'' says Donald L. Ritenour, VHDA's director of single family development.
That's why the Virginia Housing Development Authority (VHDA) is teaming up with area Realtors, mortgage bankers and housing professionals at THE HOME SHOW to help future home owners gain an understanding of buying a home for the first time.
Purchasing a home is a major financial decision that can be stressful. VHDA's goal is to increase awareness of the home-buying process and make the process less stressful. You can get prepared early by educating yourself about home ownership. Then, when the time comes to purchase a home, you'll be aware of affordable housing options.
At THE HOME SHOW, you can find answers to most of your home ownership questions by visiting VHDA's ``Affordable Housing Corner.''
Whether you have questions about new homes for less than $113,200 or low-interest, low down payment mortgage programs, a team of housing specialists will be available to answer your questions, such as:
Am I ready to buy?
How much can I afford?
What are my options as far as mortgage programs?
Should I get a home inspection?
Who is involved in the home-buying process?
What are down payments and closing costs?
Should I house hunt prior to meeting with a mortgage banker?
You will learn what to tell your Realtor and how to calculate your price limit, so you can keep up with monthly payments. You may qualify for a $100,000 loan, but with other monthly bills, you may only be able to afford a $65,000 loan. You'll become familiar with house-buying jargon, such as points, discount points, buy down, seller's agent and buyer's agent, balloon, fixed or adjustable rate mortgages (ARMS).
In Roanoke, for VHDA loans, the maximum allowable gross income limit for two or fewer persons is $37,100; for three or more persons it's $43,600. The sales price limit is $91,300 for an existing house and $113,200 for new home construction.
If you are planning to buy a home for the first time, don't miss VHDA's ``Affordable Housing Corner'' located primarily in parlor A of the Salem Civic Center. Partners in the Affordable Housing Corner are:
Virginia Housing Development Authority (VHDA), booth 2701, 2702
Blue Ridge Housing Development Corp., booth 2704
Gwyn & Harmon Realtors, Better Homes and Gardens, booth 711
Barker Realty Co., booth 2703
Waldrop Realty, booth 1603
Transamerican Mortgage Corp., booth 2705
Free seminars
AT THE HOME SHOW: ``The Importance of Home Ownership Education for First-Time Home Buyers'' will be presented by Andrea Hager, housing projects manager for TAP/Blue Ridge Housing Development Corp. Hager also is a VHDA-certified home ownership trainer.
The 30-minute sessions will provide you with an overview of the home-buying process and help you determine how much home you can afford. The seminars will be offered Friday, April 4 at 7 p.m. and Saturday, April 5 at 3 p.m., in the Learning Center at the Salem Civic Center.
Don't miss this chance to sharpen your knowledge of the home-buying process. The seminars are an abbreviated version of VHDA's free Home Ownership Educational Courses offered each month throughout Virginia. Each of the seminars is taught in two three-hour sessions. To find out more or to register: in Roanoke, call Consumer Credit Counseling Services of Southwest Virginia at 563-0070, or in Christiansburg, call (800) 926-0042.
What is VHDA?
In 1972 the Virginia Housing Development Authority was created through legislation by the Virginia General Assembly to help first-time home buyers with low- to moderate- incomes obtain affordable housing.
VHDA does not rely on state or federal funds to operate. It sells bonds to private sector investors to fund its single family, multifamily and special mortgage loan programs. VHDA financed 6,752 single family mortgage loans valued at $523 million in fiscal year 1995-96 and funded $172 million in multifamily loans to develop 59 rental facilities offering 5,297 units. In addition, in 1995 VHDA led the nation with 8,413 single family loans closed, according to the latest rankings from the National Council of State Housing Agencies.
Throughout its 25-year history, VHDA has been recognized as an innovator of programs to help potential home buyers obtain loans. Recently, VHDA launched its Home Ownership Educational Program to teach Virginians about the home-buying process. Of the 3,300 families who have attended the educational seminars since 1995, 1,358 have acquired VHDA loans, totaling $102 million in mortgages.
Upcoming VHDA seminars
Roanoke: April 8 and 10; May 13 and 15; June 10 and 12; and July 8 and 10 at the Consumer Credit Counseling Building, 7000 Peters Creek Road, Roanoke, 366-2227.
Christiansburg: April 8 and 10; May 13 and 15; June 10 and 12; July 8 and 10 at Tudor Square, 209 Roanoke St., Suite 10, Christiansburg, (800) 926-0042
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