Home Buying in South Riding>Question Details

Firsttimer, Home Buyer in South Riding, VA

we are first time home owners and just signed on the purchase agreement to buy a new construction directly with the builder.

Asked by Firsttimer, South Riding, VA Wed Sep 26, 2012

We are concerned that we didn't have a realtor. Is it too late to have one now to follow up with the rest of the long process (we are following up on the loan process). My concern is with the legal paperwork and all its fine print.......Any help would be much appreciated!

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John Burke’s answer
Hi Firsttimer,

South Riding is an area that's eligible for the no money down USDA Mortgage.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
0 votes Thank Flag Link Thu Sep 27, 2012

It may or may not be too late for the builder to pay your real estate broker/agent's commission, but you can definitely still hire one and pay them out of your pocket. There are many things that builders don't always tell buyers because the sales rep/builders are worried about their best interests, not necessarily yours. And remember...the sales rep gets their paycheck from the builder so they're loyal to the builder.

I've helped many a buyers purchase new construction homes in Loudoun County and am currently working with two buyers who are under contract to buy new homes in the area. I would be happy to speak with you to see if/how I can help as well and about what value I can add to the process. Feel free to contact me at your convenience. My contact information is below.


Danilo Bogdanovic
Real Estate Consultant/REALTOR(r)
703.582.6900 (cell/text)

0 votes Thank Flag Link Wed Sep 26, 2012
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