NOVA Homes Blog: Northern Virginia Real Estate Trends

Tuesday, September 24, 2013

Northern Virginia Real Estate Trends— Buying a House Before Marriage

The American dream of owning a home is still alive and well and it seems more popular among those soon to be married. According to AOL Real Estate, Northern Virginia homebuyers may actually be better off purchasing a home before they tie the knot. Here are some reasons to consider buying a home in the Northern Virginia or DC areas if you're in this situation:

Debt
The most limiting factor in buying Northern Virginia real estate is the debt of your future spouse. For instance, if your future spouse has a low credit score, credit card debt, auto loans, and other financial obligations, you may have trouble qualifying for homes for sale in Northern Virginia. In some cases, by purchasing a house before you're married, you can avoid this problem.

Credit Score
If you have a higher credit score than your future spouse, it is important to know that lenders often take the lower of the scores. Because of this, you may be granted a higher interest rate even if you have a higher credit score. The way around it? You guessed it. Buying a home before you get married— if you know your credit scores now, you may be able to improve them before the time comes to buy.

Cash
If your spouse cannot source cash deposits in their bank account, it's a losing situation for the both of you. AOL Real Estate advises, "the mortgage company is still required by federal law to source any deposits beyond one's normal income source. [This is] another problem that's solved by buying the house first."

Loan Type
When using a conventional loan for your Northern Virginia home, and the other spouse is not included on the loan, their debts will not be included in your ratio that determines how much you are able to borrow in a home loan. However, they will be factored in when using FHA, VA, and USDA loans.

The moral of this real estate story? Buying a home when you're married can limit your lending options. Ready to start the search with a trusted, experienced real estate professional? Contact me today to discuss your options and begin the home search.

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

Long & Foster Real Estate, Inc.
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When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
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Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
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