Homeownership; Step 2

Homeownership; Step 2

In the Shoes of Ask Gina & Company’s Social Media Maven

                If you are on the track to purchasing a new home, or have read the first part in this series, then you know that having your credit checked precedes what we will discuss today.  Once I had my credit checked through McLean Mortgage, Mellissa Bell, who works directly out of our Ashburn Keller Williams office, explained to me the different types of mortgages that I qualify for. By taking out an FHA (Federal Housing Administration) loan with the intention of purchasing a home in the Potomac Falls area, I am able to put down a minimum of 3.5% as opposed to the 20% required when taking out a standard Conventional Loan for a real estate purchase. There also exists a hybrid Conventional Loan option where I could put down 5% of my future Loudoun home’s purchase price and the lender would pay my mortgage insurance. However, the 5% down would have to be my own money where as the 3.5% required for an FHA loan could be a gift. While I do not qualify for this zero down payment loan option, all military veterans should be aware that they can take out a VA loan on their Sterling home purchase, which does not require a minimum down. There are many more than these standard loan options out there so make sure to speak with your local mortgage professional to find out which option works best for you prior to hiring a local real estate agent to begin looking for your Northern Virginia home.

                When purchasing a home in a subdivision, such as Cascades in 20165, you need to factor in a monthly HOA fee as well as taxes and insurance into your monthly payments. When figuring all items into my new Virginia home payment, I have chosen to take out an FHA loan. Because an FHA loan requires the least money down toward purchasing my new Sterling property, I am able to retain some cash to assist with other monthly expenses. This will be my first home and I am not prepared to manage a lot of space nor do I need it so I would prefer to purchase a townhome or a condo in Eastern Loudoun County. Now that I know what I qualify for and that I would like to purchase a townhome or condo in Loudoun County, I will contact my Ask Gina & Company real estate agent and begin searching for my future property and building equity as soon as possible.

                Please “Like” Ask Gina & Company on Facebook and stay tuned to find out how I am progressing in the search for my first home.