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So you are thinking about purchasing a home?
Thinking about purchasing a home...Don't be NERVOUS! If you have been watching the news or reading newspapers, you are constantly bombarded by a variety of perspectives on the status of the Washington DC real estate market. Keep in mind, that the real estate market fluctuates on a monthly basis depending on many variables such as interest rates, loan applications, foreclosures, short sales, etc. Just like Politics...ALL REAL ESTATE IS LOCAL!

What should a homebuyer expect in this market? High down payment requirements, stringent credit score, and financial qualification requirements are the biggest woes for homebuyers in today's real estate market. Along with the usual stories about the obstacles of finding the "Perfect" home, purchasers must be informed about aware of their loan options and how it affects both their short-term and long-term goals.

First-time homebuyers must be familiar with the two most common types of available loans: 1) FHA and 2) Conventional.

What is an FHA loan? A FHA loan is a government-backed loan consisting of mortgage insurance which provides homebuyers with the ability to purchase a home with a low downpayment (ie. currently 3.5% of the salesprice).

What is a Conventional loan? ... more

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