First-Time Homebuyers: Investing in Real Estate in Hampton Roads, Virginia
Today, we're going to delve into the exciting world of real estate investing in the Hampton Roads, Virginia area and how you can make a positive impact as a first-time homebuyer.
With so much information available on the internet and social media, it's easy to get overwhelmed. You may have come across a lot of realtors and loan officers claiming that it's possible to get into a multi-unit with only a 3.5% down payment. While this is true, there's a lot more to the story that the social media people aren't telling you.
According to Christina Cicero, a loan officer from Atlantic Coast Mortgage, the absolute minimum down payment for an investment property is 15%. However, if you put down 25%, you can get better pricing. But what you may not know is that if you're trying to get into a multi-unit using the FHA route with only a 3.5% down payment, you'll need a lot of money in reserves. This means money sitting in the bank, whether it's from retirement or your checking savings account.
It's important to note that not everything you hear on social media is the full story. So, if you're an investor with questions, be sure to check out the next opportunity to listen to Christina Cicero on the Marching 2 More Podcast. As a seasoned loan officer, she has a wealth of knowledge to share with you.
In conclusion, buying a home is a significant investment, and as a first-time homebuyer, it's essential to do your research and seek professional advice. We hope this guide has provided you with valuable insights into real estate investing in the Hampton Roads, Virginia area and how you can make a positive impact as a first-time homebuyer. Thank you for tuning in, and we wish you the best of luck on your journey to homeownership!