Asked by Carma, Alexandria, VA • Sat Jan 5, 2013
I have excellent credit and about a 5% downpayment saved up (and closing costs). I am a first time homebuyer looking for something in the 300-420K range in Fairfax county- is it better for me to find a conventional mortgage through normal sources or, since I just barely fit the income and other guidelines to qualify for a VHDA loan, should I try that- I can't find their rates on their website and I'm not sure if there is any advantage there concerning mortgage insurance due to my low downpayment. I do have a slight preference for a 15 year loan so I can save money in the long run- but VHDA doesn't offer that- also I can't be sure I'll always be able to afford that higher payment- These days who knows what can happen in 15 years time.
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