Home financing in Greene County.

Home financing — most commonly called a mortgage — is a loan you use to buy a home. You borrow money from a lender, purchase the property, and then repay the loan over time (usually 15 or 30 years) with interest. The home itself serves as collateral, meaning the lender has a legal claim on the property until the loan is fully paid.

There are several types of home loans available to buyers in Greene County:

• **Conventional loans** — Standard loans not backed by the government. Usually require a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — Backed by the Federal Housing Administration. Allow credit scores as low as 580 and down payments as low as 3.5%. Popular with first-time buyers.

• **USDA Rural Development loans** — Because much of Greene County is classified as rural or semi-rural, many properties here qualify for USDA loans, which can offer zero down payment and below-market interest rates.

• **VA loans** — For eligible veterans, active-duty service members, and surviving spouses. No down payment required and no private mortgage insurance (PMI).

• **ITIN loans** — For buyers who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN). Offered by select community lenders and credit unions.

Every loan comes with an interest rate, closing costs, and monthly payments. Understanding these three things before you sign anything is the most important step you can take.

Greene County sits in the foothills of the Blue Ridge Mountains in the Piedmont region of Virginia. Its economy is a mix of construction trades, agriculture, small retail, healthcare support, and commuter households that work in nearby Charlottesville and Harrisonburg.

If you work in one of these sectors — or if you are self-employed, a sole proprietor, a seasonal worker, or an immigrant worker — you may still qualify for a home loan. Here is what lenders typically look at:

• **Income** — Lenders want to see steady income over at least two years. If you are self-employed or a solo contractor, tax returns and bank statements carry more weight than pay stubs.

• **Credit history** — A score of 580 or above opens FHA options. A score of 620 or above opens most conventional loans. No credit score? Some community lenders accept alternative credit history (rent receipts, utility bills, insurance payments).

• **Debt-to-income ratio (DTI)** — Most lenders prefer your total monthly debt payments to be no more than 43–45% of your gross monthly income.

• **Down payment** — Ranges from 0% (USDA, VA) to 3–3.5% (FHA, some conventional) to 5–20% (standard conventional). Down payment assistance programs can help — see the Virginia-specific section below.

• **ITIN buyers** — If you do not have a Social Security number, you can still apply for a mortgage using your ITIN. Several lenders in this region specifically offer ITIN mortgage products. You will generally need 2 years of tax returns filed with your ITIN, a larger down payment (often 10–20%), and proof of consistent income.

Greenfield County's rural character means USDA eligibility is a real advantage here. Many properties in unincorporated Greene County qualify — your lender can check the USDA eligibility map for a specific address.

Gathering your documents before you meet with a lender saves time and stress. Here is what most home loan applications require:

**For all borrowers:**

- Government-issued photo ID (passport, driver's license, consular ID card / matrícula consular)

- Social Security number OR Individual Taxpayer Identification Number (ITIN)

- Two years of federal tax returns (all pages)

- Two years of W-2s or 1099s

- Two most recent months of bank statements (all pages, all accounts)

- Two most recent pay stubs (if employed)

- Proof of any other income (child support, rental income, benefits)

- Landlord contact information or 12 months of rent payment records

**For self-employed buyers and solo contractors:**

- Two years of personal AND business tax returns

- Year-to-date profit and loss statement (a simple spreadsheet is often fine)

- Business bank statements for the past 12 months

- Any business licenses or contractor registration documents

**For ITIN applicants:**

- ITIN letter from the IRS

- Two years of tax returns filed with the ITIN

- 12 months of bank statements showing consistent deposits

- Proof of address (utility bills, lease)

- Additional references such as insurance payment history or remittance records

Do not worry if your documents are not perfect. A good loan officer at a community lender or CDFI will walk through what is usable and what can be supplemented.