Sundra - Check my web site for lenders. Follow link below. Unlike times past, there are rules now about requiring that you have equity in your other real estate holdings before you purchase another property. So, in addition to the down payment, you'll need to make sure you ask the lenders about that.

I suggest you talk to at least three reputable local lenders (not internet lenders) and find out what mortgage options are available to you. The options will vary depending upon your credit score, income and assets. While many lenders would prefer to see a 20% down payment, there are still other options availble, especially if you have good credit. I don't want to list contact information in this forum, so if you would like the names of three good lenders in Northern Virginia, please contact me directly.

Thanks for the answers. Another question is that is it mandatory to pay 20% for the down payment for the current market? We are owing two houses right now and going to sell the one in DC. We probably can only pay 10-15% as the down pay for the first the new house in NOVA, since our cashes are stuck in the other house. Will it cause any problem for us to apply for a mortgage?

You have some good information here, I will just add that you may search for homes online at my web site (it links to the MLS in all of these areas) to get an idea of what that budget will bring you in the different areas.

There are plenty of nice single family houses all over Fairfax County in your price range. The hard part of your question to answer is the part about the schools. Fairfax County schools as a whole rank very well nationally, but it is a large school district with many differences between particular schools. You should determine what is important to you in a school rather than asking an agent "what are the good school districts?"

The best resource I know of to evaluate Fairfax County Schools is the site http://www.schoolranks.com. It ranks Fairfax County Schools of all levels (elementary, middle, high) on many different attributes such as test scores on particular subjects, school size, class size. It even ranks different GT centers, and gives specific information about each school in the system.

I would recommend you spend some time there making a list of specific schools you would be interested in, and then give that list to a buyer's agent with you price an other requirements. This process will help you determine if moving to NoVA will be worth it to you.

Your budget will get you a very nice home in Fairfax County, although you'll probably find Springfield and Fairfax to be slightly more affordable than Oakton. However, with all the short sales and foreclosures, there are good deals to be had just about anywhere. This is a great time to be a buyer!