Gianfranco,
There are Great homes in the Ashburn area.It is a central location to everything.PenFed offers 1% back to buyers and I do work with Lenders that have 5% down products.al or email me.

Check with me in NOV. I will have a nice home in Belmont Country Club backing to a fairway. ( single family))

Wait another year to buy, prices are still declining. This will give you time to save 140K for a 20% downpayment. Good Luck

Gianfranco,
Yes there are conventional Loans for 5% out there.You need to get them fast thought.call or email me!
Ciao

Gianfranco - sorry I wasn't available earlier. I'd love to assist you. As suggested, FHA may be your best option. FHA loans "can" be tricky in a competitive market, especially with distress sales. However, at that price point, the market is still fairly slow, so you probably won't find too much competition. And, should be getting a VERY good deal, and your closing costs can even be covered. If you are looking for a fixxer uppers you can do a 203K FHA. I have some great lenders listed on this site (see below):

Top FHA Direct Lender. Close in 10 days ask me how
Tkeaton@lendamerica.com

An FHA loan is perfect for the scenario you described. In Loudoun county, the FHA limit is now $729,000 so you are perfectly within your range for the mortgage you need. The FHA loan will only require 3.5% down - even at that loan amount and you would probably be surprised to see a monthly payment equal to a conventional loan at 10% down. The rates are awesome, the credit does not have to be a perfect and the main factor that I see is that an FHA loan will not require the hard 45% debt ratio that a conventional loan would. Currently FHA rates are approx 5.00-5.25% with no origination fees.

If you have any questions or need a loan approval, please feel free to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com