Tuesday, August 26, 2014

How Much of a Down Payment Do You Need to Buy Northern Virginia Real Estate?

How much of a down payment do you need to buy a home? It's a common question Northern Virginia homebuyers ask and a topic that oftentimes discourages buyers from switching to homeownership. However, the answers might surprise you. 

 There are many options for down payments in Northern Virginia real estate and none of which should halt the process of your buying a home!

 The options for a downpayment
Certainly you've heard that 20 percent is the best amount for a downpayment. This may be true and common among seasoned homebuyers, but it doesn't mean you're out of the running if you are not prepared with this amount right now. There are indeed lower downpayment options.

 3.5 percent
In accordance with Federal Housing Administration loans (FHA loans), you would need a minimum of 3.5 percent down to buy a home. Also keep in mind, FHA loans do come with a monthly mortgage insurance payment, given the low percentage down, which can often make it more expensive than a conventional mortgage.

 5 percent 
With 5 percent down, Northern Virginia homebuyers can opt for a conventional loan. This option does allow for sizable amounts (as high as $417,000) with a lower percentage as a down payment. A conventional loan also allows homeowners to get rid of the private mortgage insurance after accruing 20 percent equity in their home after a minimum of 24 months.

 0 percent
Two options do exist for buying a home in Northern Virginia without a down payment at all. The U.S. Department of Veterans Affairs loan (VA loan) which allows a veteran to purchase a home with no money down and the U.S. Department of Agriculture loan (USDA loan) which does have certain income restrictions. The USDA program works for homes deemed "rural" by the USDA and applies income limitations for the borrower. 

 If you're ready to buy but are uncertain of down payment options in our area, contact me today! With my experience, we can work together to find you a home as well as a program that can help get you there!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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Tuesday, August 19, 2014

How Credit Can Raise Your Northern Virginia Homeowners Insurance

Your credit score will get a lot of use when you decide to purchase a home— your lender will take a look and ultimately decide whether or not you qualify for a loan. If your credit is in good standing, so are you as a Northern Virginia homebuyer. If your credit is poor, not only could you not qualify for a mortgage, but if you do, your homeowners insurance could spike.

 In fact a new report from Bankrate.com says homeowners with bad credit pay 91 percent more for homeowners insurance than those who have great credit.

 The Bankrate.com report also found, among others, two important states that showed the greatest average premium increase for homeowners insurance when a credit score decreased from excellent to fair:

  • Washington, D.C.: 60%
  • Virginia: 52%

If you're planning to buy a home in Northern Virginia this year, don't take any chances! Start improving your credit now and you can reduce your risk of paying higher insurance rates:

 Pay down your balances
One of the quickest ways to improve your credit score is to start paying down your balances on your credit cards. The smaller the percentage of credit you're using, the better for your score. 

 Look for mistakes
It's true, mistakes happen even on credit reports. Research your score and if you notice any errors, correct them! These take time so plan accordingly if you're prepping to buy a home in Northern Virginia.

 Pay on time, in full
Like I said earlier, it's important to pay down your balances. It's also crucial to pay on time and in full. When you keep your balances low and on a consistent payment schedule, your score will improve.

 As your real estate expert in Fairfax County, Arlington County and Alexandria City, I'm here to answer any questions you might have about buying or selling homes in the area or how you can better prepare to do so. Contact me today!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore

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Tuesday, August 12, 2014

Inspection Red Flags in Northern Virginia Real Estate

Just before you purchase a home in Northern Virginia, you have the opportunity to go through with a home inspection— this is your chance to make sure the home has no serious flaws before you take over the property. 

The inspection includes checks on the home's structural and mechanical condition, testing the foundation for instance. The home inspection also keeps an eye out for things like termites, gas leaks and roofing damage. Ahead of time, these are all great things to learn before you purchase Northern Virginia real estate, but how do you know which are deal breakers?

The following are red flags to watch for during your home inspection:

Termites and Other Creatures
While you may have a pet, you do not want a host of other creatures living inside your home's walls. If the inspection detects termites, the sooner you take care of them the better. Also watch for insects like beetles or rodents. Deal with these issues as quick as you can and then have a pest control expert advise you on the best ways to keep them out for good.

Drainage Problems
Nothing is worse than water pooling into areas of your home in Fairfax County, Arlington County or Alexandria City. The inspection will check for drainage problems that could lead to mold, wood rot and foundation issues. They can usually be amended by replacing gutters and downspouts, but can also require correcting the grading at ground level. Nonetheless, these are much less costly than fixing damage caused by moisture.

Worn Roofing
Certainly replacing your home's roof is not the first order of business when you move into a new place. The age and type of roofing material will be factored into the inspection, but know what you're willing to deal with in terms of repairs versus complete replacement. 

Old Wiring
Inspectors will take a look at the electrical panel in your home, checking for overloaded circuits and fire hazards associated with certain wiring. 

As your local Northern Virginia real estate expert, I'm here to walk you through every step. I have nearly 3 decades of experience in the industry and have a passion for helping you make the most of your investment.
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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Tuesday, August 5, 2014

Late Summer Check Up for Northern Virginia Homes

We're headed into the late summer months and now is the time to ensure your home in Northern Virginia has had a proper check-up. Due to rising temperatures during these warmer months, you'll want to make sure your cooling system is in working order in addition to conducting an energy audit. Once these tasks have been completed at your home in McLean, Fairfax, Arlington, or Alexandria, you can enjoy the rest of the summer with few problems in sight!
Start an Energy Audit
Not as difficult as it sounds! Simply pick up a notepad and walk around your home looking for places energy might be able to escape. It has been said that a Northern Virginia homeowner can save approximately 20% on heating and cooling bills just by plugging leaks, so take note of any cracks or gaps you see around the property. Doing an energy audit now before the cooler weather comes can save you a great deal of money in the long run.
Clean the Patio
Have you been enjoying your home's outdoor space this summer? While you're cleaning the rest of your home, give the patio a good sweeping and plan a quick spruce simply by cleaning the furniture! First, remove any cushions or pillows, washing those that are machine-safe, and spray down the furniture. MSN Real Estate suggests the following recipe to deep clean patio furniture:
  • 2/3 cup trisodium phosphate (TSP)
  • 1/3 cup laundry soap powder
  • A quart of bleach
  • Three quarts of warm water
Clean the Walks
Over the summer, your sidewalks and driveway can begin to show signs of wear, as well as accumulate dirt and grime. You can easily rinse these away by renting a power washer. It's important while you're cleaning the sidewalks and driveway to be sure the water is running away from the foundation— if not, look for any cracks or gaps where water could seep into your Northern Virginia home. If a problem arises, it might be wise to contact a home inspector.
All of these homeowner maintenance tasks can boost your home's appearance and even appeal to potential homebuyers in the NoVA area! If you're ready to sell this season, I'm here to help! Contact me today to discuss how I can help you with your current property.
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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