We don't have a lot of money for a down payment. Probably only 20K does that mean we can't buy?

Asked by Unspecified, Chantilly, VA Sun Mar 31, 2013

My husband makes $140k a year, I just started a job making $75k. We need to move by June 1st as our rent is up. We want to buy, we do not want to rent again, we are a family of 4 and would like to be settled and not have to worry about renting again. We have a 740 credit score. We'd like to keep our mortgage payment around $3000-3200 max per month and we'd like to stay in Ashburn in a single family home. Is this possible? Do we need to have more money for closing?

Help the community by answering this question:

+ web reference
Web reference:


Andy Cormack’s answer
Andy Cormack, Agent, Franklin, TN
Fri Aug 23, 2013
No not at all. There are certainly loan products out there to suit your needs. In fact no down payment loans are available at super competitive rates. Call a lender to talk about USDA Loan products, or FHA loan. The FHA loan will require 3.5% down and the loan limit is over $700K, so there a few different ways to get it done.
0 votes
Bree Lawrence, Agent, Leesburg, VA
Thu Mar 5, 2015
Hi-I live and work in Ashburn and can answer this for all those who have this questions. I mostly work Loudoun County & the Fairfax County area's of Northern Virginia. Of course things change and so do programs, but you can always contact me for up to date information.

First thing you want to do is to contact a Local Realtor in the area you are looking to buy. They can give you the most up to date information on their area, whereas other Realtors in other parts of the country have information for their area's. The Local Realtor can also help you find a Lender(should you not have one) that is licensed in the area you are looking to buy as there are some loan programs that are specific to certain areas.

For instance a local lender in NY may not be licensed in the part of VA you are looking to buy. Or there may be a loan program that works in one state that doesnt qualify in the area you are looking to buy a home.

Once you have found a lender, they can then help you on the programs that are specific to 'the area' you are buying in. There are a lot of programs out there and once you talk to a Realtor or a Lender in that area they can help you find out the qualifications and options you might have.

Please dont hesitate to contact me for more information about your situation or anyone else that reads this as well.

Bree Lawrence
Coldwell Banker Residential
0 votes
Carolyn Young, Agent, Ashburn, VA
Fri Aug 9, 2013
Hi, There are a lot of 0 down programs out there. The best way to know what you can do is to speak to a few good lenders. I can refer you to some really good lenders in the area. I would love to help you.


Carolyn Young
RE/MAX Premier
Direct: 703.220.2978
0 votes
Craig Hart, , Ashburn, VA
Mon Apr 1, 2013
It sounds to me like you could potentially get into a home with an FHA loan. But, there are some other possible options as well. You should get an application in for a pre-approval and see what your purchase price range is. You may find that getting the loan is easier than finding a house in Ashburn!

There are lots of options for new homes and fewer existing homes in your range. If you want to be represented by a Realtor as your buyer's agent you should get with them first before visiting the model homes of the area buiders. It doesn't cost you any more to have a buyer's agent because the builder pays the commission. And, it really helps to have someone on your side looking out for your best interest.

Here is a mortgage rep I highly recommend:
Stephen T. Cowen
Director of Mortgage Production
Middleburg Mortgage
Office: (703) 737-3403
Mobile: (703) 928-5714
Fax: (703) 737-3427

I would love to be of assistance in you home search! Please give me a call!
Craig Hart
Keller Williams Realty
0 votes
, ,
Mon Apr 1, 2013
Hi Unspecified,

It really depends on the price range you're looking in. For example: You can buy a home in Loudoun County using an FHA mortgage but you'll be limited to maximum loan amount of $729,750 which would require a down payment of $25,541.

A conventional, Fannie Mae/Freddie Mac mortgage will require a down payment of 5% but the maximum loan amount will be capped at $625,500 so FHA is going to give you a higher limit.

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

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
0 votes
Lisa Moroniak, Agent, Ashburn, VA
Mon Apr 1, 2013
Good morning!

If your lease is up June 1, you really should to allow a minimum of 30 days to select a proper home, and another 30 to take you from Contract to Close (contingency removal and loan process).

A loan officer will help you figure out (based on credit, income, debt and assets) what you will need to put down, your closing costs, current interest rate - or your total cost of ownership:

Joe Lucas
Senior Loan Officer
NMLS #257388
Mclean Mortgage Corporation
571 308 4009 (M)
571 405 2587(efax)

You can apply online: https://7308318167.secure-loancenter.com/WebApp/FullAppLogin…

I'm happy to sit down with your family to have a chat about what's important to you in a home, then create a plan together. Feel free to reach out and let me know what works best for you this week!

Lisa Moroniak | REALTOR® | Service360°
SFR® - Short Sale & Foreclosure Certified
Keller Williams Realty
Phone: 703-635-0388
Licensed in VA
0 votes
Sonal Goda, Agent, Chantilly, VA
Sun Mar 31, 2013
Hi there - with what you have described, it sounds like the financing will be tight. But there's no way to find out for sure unless if you speak with a few different lenders. A lot of the 0 down programs have income caps so it might not work. FHA loans require 3.5% down. But there are other things that could work, based on your situation. For example, a VA loan would work, if you are military. There is a loan for doctors that I know of that allows for a low downpayment. There are also special programs that banks can offer when they are lending their own money (this is called a portfolio loan). As far as additional funds, you could get gift funds from family members or borrow against your 401K, etc. I'm sure I am not thinking of everything - the best thing is to speak with a few loan officers in detail about your financial picture.

Are you accounting for the mortgage interest tax deduction with your desired mortgage payment figure? Please let me know if you want me to send you listings under $500K in Ashburn.

The first step is to choose a real estate agent to help you navigate through the options. Please contact me if you would like to discuss the possibility of working together on your home search.

0 votes
Saad Ahmed, , Ashburn, VA
Sun Mar 31, 2013
Hi: Your input numbers are adequately aligned to your goals (end monthly payments). You will easily be able to acquire homeownership with as less as possible down payment.

There are fantastic single family homes with community style living (as you mentioned that you have kids -- this full package living offerings will not only stamp a healthy life style for you but also help you grow socially in a very impactful fashion). Not to mention, it includes country club home listings too within your price range.

If you like to discuss more and willing to explore specific listings, you are most welcome to reach out to me. I will be gald to assist.


Saad Ahmed
National Realty

Ashburn resident since 12 years. More than 12 years of experience in US housing primary and secondary (Wall Street) market. Deep knowledge of Ashburn communities as most of them were built infront of me.

Looking Forward to hear from you.
0 votes
Azmi Alkurd, Agent, Sterling, VA
Sun Mar 31, 2013
I believe that you are very qualified to buy your own home and the financing can be worked out to accommodate your situation, I know couple lender who will be very helpful and I can refer you to them.
Ashburn is close to us and we do lots of business in Ashburn.
Please contact me directly at;
phone (703)628-9343
0 votes
Russ Ravary, Agent, Commerce Township, MI
Sun Mar 31, 2013
You should check with one of the local mortgage lenders in your area to see what programs you may fit into. I believe you will be surprised to find out that you can buy a home.
0 votes
Kristine Con…, Agent, Ashburn, VA
Sun Mar 31, 2013
These are excellent questions as you embark on the home buying process. I would welcome the opportunity to assist your family during this time of transition by providing professional real estate assistance including connecting you to professionals whom I trust regarding the financing of a home purchase. There are opportunities to secure financing which align with the parameters you have shared.

Please let me know how I can help!

Cell: 540-336-8197
0 votes
Junaid Bashir, Agent, Mclean, VA
Sun Mar 31, 2013

Lot of lenders require 3% or more and there are few lenders that can offer 100% finance, but they have requirements.

I can setup you up with an experienced loan officer to get you a pre-approval before you shop.

Please let me know.


Junaid Bashir / Realtor
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more