What a great opportunity you have at this time! You would be making the right decision to invest in your future and buy a home. I live in Herndon and would love to talk with you about what you want in a home. I have trusted lenders that can assist you as well to guide you through the mortgage process and fit the right loan program to fit your needs and situation.
Please contact me right away, so that we can make you the happy homeowner that you wish to be. Make your home wishes come true....call Jeanne. 703-973-7742
Great idea to buy a home now!! As it's still a good market to buy your first home which will appreciate in value with prices going up ~
I work with a direct lender who allow credit scores as low as 620. I would not suggest applying for a loan online as most of the time they do not give you a full picture of the costs associated with the loan and generally generate a pre-qualification rather than a pre-approval, and there is a big difference between the two.
3-4% down with allow you to apply for an FHA loan which requires 3.5% . There is another cost apart from down payment which is associated with your purchase called 'Closing Cost', which I make sure to negotiate and have it paid by seller for my buyer clients!!
Buying your first home is an experience filled with joy and excitement which can become overwhelming if you don't know where to find the right help and to understand the process fully before you begin the journey ~ I am doing a First Time Home Buyer Seminar next month. Please let me know if you'd like to register, it's free for everyone and there will be good information which will help you make the right decision!!
Also, a lot of FTHB don't know that hiring a buyer's agent is a complimentary service for buyers as commission are paid by sellers, isn't that sweet??
Hope you find this information helpful~
Faiza Alvi - RealtorÂ®
Prince William Realty, Inc.
MILLION DOLLAR CLUB - PWAR 2011
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
An FHA loan requires a minimum of 3.5% down so this sounds like it could be a possibility for you. In addition to the downpayment, buyers have closing costs of about 3%. This doesn't have to be your funds - it can also be a gift from a family member, borrowed against a 401K plan, negotiated with the seller, etc.
As far as your credit score - a loan officer can tell you if it will work. There may also be some things you can do to improve your score quickly, if necessary to qualify.
Please let me know if you would like to discuss this further - you can go to my profile to find my contact information.
Keller Williams Realty
6820 Elm St.
McLean VA 22101