Just wanted to let everyone know, if you live in Virginia there is a tremendous new loan product for first time buyers (for a primary residence). It's a 3% down conventional loan with no mortgage insurance. For a limited time (while the VHDA has sufficient allocated funds remaining for the program) the 3% can be "gifted" by the VHDA to the buyer similar to their traditional grant programs.
If you're thinking about picking up a single family to live in and the rent out down the road (it is required that this loan be for a primary residence) give me a shout or PM and I can connect you with a great lender who can go through the program details with you. I know there are credit thresholds and income caps that will need to be met.
We just got a house under contract for a buyer using this program in Richmond and since the seller is paying closing costs, his out of pocket expenses came down to just the EMD, the appraisal, and the home inspection. All this and a lower monthly payment than a traditional FHA loan. Pretty awesome deal!
