Good Morning, there are some changes home buyers will want to know about if you are thinking of buying.
It will be easier to buy a home in 2016,for those who are low on cash!
Mortgage Industry News-Effective January 1st, 2016.
VA Zero Down Loans are available up to $625,500 in Prince William County, Stafford, Spotsylvania, Fredericksburg, Fairfax County, Alexandria, Arlington ( all of Northern Virginia)
Note: if you are relocating from area's such as Norfolk, Newport News, Colorado, even San Diego California the loan limits in our area are higher allowing you the Military Veteran the option of purchasing a home with you VA Eligibility. In our area sellers have been coached by their listing agent to be open to paying a Veterans Closing Costs. So it is not unheard of to be able to buy with a Zero Down Loan and have seller pay all or most of your closing costs. In most cases you can buy a home for less money out of pocket than you can rent a home in the Northern Virginia and Prince William County Virginia area.
Also note- there are programs for Veterans who wish to purchase homes with their VA Entitlement even if the sales price exceeds $625,500. Call for details. Ask for Patty Blackwelder 703-801-9367.
FHA Loans- the FHA Loan Limit has increased to $625,500 as well. This is a good low down payment option. Minimum down payment is 3.5% of the Sales Price Negotiated.
Conventional Loans- Lenders in the area will allow you to finance up to $625,500 with only a 5% Down Payment.
The first step to buying a home is to get pre-approved for a home loan. Not pre-qualified. There is a difference.
Pre-approval. This is where you have sent all your financial information into the loan officer and they have determined based on seeing your tax returns, you income statement and reviewed your revolving debt how much you qualify for. I would suggest Markita Aldridge Woods Markita is a senior loan officer with years of experience in the Northern Virginia and Prince William County Virginia area markets. Apply for a home loan with a local Woodbridge Virginia loan officer now
Pre-qualification- This is where you go online and put in some information and the result is a letter that says you are pre-qualified. This may even be your credit union or an major online portal. The only challenge is if you try to buy with such a letter, the seller may not be willing to take their home off the market for you since you have not done a full loan app. Be careful...when you are house hunting, fall in love with a home and get beat out by someone that had a far more solid financial Snapshot for the seller to consider you will kick yourself! It happens all the time.
Now if you would like to DREAM A LITTLE. Check out what homes are selling for now in the Woodbridge, Lake Ridge, Manassas, and Dumfries Virginia area.