I want to buy a Home in Woodbridge, Virginia

You want to buy a home in Woodbridge, Virginia 

You are tired of renting and know buying is something you want to do but where do you start?

The first step is to get Pre-Approved for a loan and that may sound scary, but it is not at all

I urge you not to close any credit cards or accounts without taking with a lender first. What you do not know can hurt you when buying.

I will be happy to refer you to a local lender (very Important) to get started on an approval for a loan.

How much money will I need to buy?        

That all depends on the loan program you qualify for.

 Right now, there is 5% Grant Money if you use VHDA that you do not have to pay back! But there are stick guidelines you must meet.

 Do you or a family Member belong to NAVY Federal Credit Union? If the answer is YES you may be able to use their 100% financing option. The rate is higher than most programs because you are financing the down payment but so worth it if that is your road block!

 Did you serve in the military if so you may qualify for the VA Loan with No Money Down!

 If you are willing to move to Fredericksburg or Gainesville, Virginia you may qualify for UDSA loan with no money down.

 FHA requires 3.5% down and it can be a gift from family!

 Conventional Loans start at 3% down and many have no monthly Mortgage Insurance

Can I start looking at homes now?

You could, but  I would advise you look at homes online until you know your exact buying power from a lender who has looked at your full financial picture.  Going out to look at actual homes before you work with a lender can be like going out and shopping at the grocery store without you wallet! Don't do it you will set yourself up for disappointment and stress you do not need or want.

How long does the process of buying a home take?

That really depends on the price point needs and wants for each buyer. For example if you are looking in Woodbridge, Virgina under $225,000 expect a lot of competition so it will take a little longer to secure a home unless we get very lucky!  Looking in Bristow, Virgina well anything priced between $325,000 and 375,000 expects multiple offers! That is because these are all the homes that were built in the past 10 years so buyers want them! Real Estate is hyper  local and subject to market demand on any given week. That is why you want to align yourself with a strong Buyer Agent who knows the market and can help you to find the best possible home for you. Sometimes you need to broaden your area you want to live in to get everything on your wishlist or maybe a compromise is better for you to get a specific geographic area. As a buyer agent, I help you to understand what is possible and what is not. Expect the process to take about 60 days or more

What else do I need to know?

In Virginia expect to need a contract deposit of $2,000 to $4,000 when you put in your offer. This will be part of your down payment and it will be held in escrow until you settle on the home.

I would highly advise a home inspection once you have a what we call a ratified contract. That is when buyer and seller agree on terms. The cost of the home inspection is typically $250.00 to $500.00 depending on te price of the home. Also, a Radon Test is something you will want to consider depending on the area you are looking at this is a cost of $100.00 and is done at the time of Home Inspection.

When you go to formalize your loan application and get the process started you will need to pay for your Appraisal on your home also.

These are all the upfront fees you can expect when buying. Knowing this can help you be prepared for buying and not get a surprise that stops the process. 

It is never to early to start a dialog to prepare for buying. If your lease is coming up for renewal talk to me as soon as possible. You may be surprised  to find out you are in a better situation than you thought.

As a Buyer Agent, I specialize in helping buyers find the home of their dreams. My goal is to coach you on your options based on your needs, wants and finances.  To get started with a recommendation to a lender or to talk about your options Contact Me Now or call Patty at 703-801-9367.

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