June is National Homeownership Month, and this month marks the 21st anniversary of recognizing and celebrating the American dream of owning a home. It’s also an opportunity to honor organizations that help individuals and families find and purchase a home that is right for them.
In 1995, this celebration began as National Homeownership Week, with the goal of increasing homeownership across the nation. In 2002, it was expanded to the entire month of June. This year, a proclamation from The White House was issued, stating in part, “During National Homeownership Month, we recognize the power of owning a home when raising a family, planting roots in a community, building equity and passing down generational wealth to continue the American Dream for generations to come.”
The Highland Title + Escrow team thought this would be a great time to share some facts and stats regarding Virginia homeownership and the offers and assistance available to first-time homebuyers through programs and grants.
- According to the Virginia Association of Realtors, the median home price in Virginia was $370,000 in March 2023.
- Conventional loans with low-interest rates are available for first-time buyers with a 20% down payment.
- Buyers may utilize the following loan programs with as little as 0% down: Conventional 97, FHA loans, VA loans, or USDA loans.
- Depending on the type of loan, some first-time buyers may be able to find a home with minimal money out of pocket.
Industry professionals, such as lenders and agents, can help buyers find the loan that best fits their needs. Checking in with The Virginia Department of Housing and Community Development (DHCD) or Virginia Housing is also a great place to start.
Homeownership is an opportunity to build generational wealth and community and to have a safe place to call home. This National Homeownership Month, we thought we would share this great resource from the National Association of REALTORS® titled “First-Time Buyer.” It’s a series that follows buyers across the U.S. and shares their experiences throughout the home-buying process. We also found this resource regarding all you need to know about the homebuying process for your first time.
The Highland Title + Escrow team is celebrating National Homeownership Month alongside those who are already homeowners and those who are looking to the future for the home of their dreams.