How much money do I need when buying a home in and around Woodbridge VA

When my clients ask me the question how much money they need to buy a home in or around Woodbridge VA I always tell them the same. Apply with a local lender so that we can determine exactly how much money you need, how much house you qualify for and most important what your comfort level is. You might qualify for a million dollar plus mortgage but you might not be comfortable with that mortgage payment. So let’s check it out. Apply online. If you are looking to purchase a home in or around Woodbridg VA The Claudia S. Nelson Real Estate Team can help. Call today at 571-446-0002.

The home buying process involves several steps but in this blog let’s examine how much money you need to purchase a home in or around Woodbridge VA. There are a few things to look at first and foremost the down payment.

Downpayment: Currently Home Buyers in and around Woodbridge VA pay anywhere from zero to 20 % plus on down payment. I know that is a wide range but again you really want to make an application with a lender to find out exactly how much down payment you need. There are still several first time home buyer programs out there that will give buyers a grant program for the down payment, meaning you do not need any money for a down payment. If you are in the military or retired you should have VA eligibility another program that does not require a down payment. Needless to say, you have options. You might want to put more money down to lower your monthly payments, whatever your situation, the lender and you can come up with the perfect plan, which works for you and your family.

Closing Cost: There are a lot of different cost, that are lump in to closing cost, but most of the time all cost associated with purchasing a home are referred to as closing cost. As a rule of thumb the closing cost generally is around 3 %. The buyer can ask for the seller to pay the closing cost. In a lot of instances, the seller will assist with closing cost. Chances are that sellers are more willing to paying closing cost in a buyers market versus a sellers market. There is also a possibility the lender can pay your closing cost.Again we should always examine the individual situation. There are lender charges, Title Cost, Insurance, Taxes, HOA cost and than there are a few out of pocket costs:

Our of pocket Cost when purchasing a home

Home Inspection & Radon Inspection You should always have a home inspection and a radon inspection. A home inspector will inspect the home in detail and discuss any of the findings with you. The home inspection cost is generally an out of pocket cost, meaning the home inspector will ask for payment at the home inspection, generally cash or check in some instances they will also accept credit cards. The average cost for a home inspection ranges anywhere from $350 – $ 750. Radon inspection run around $100 to $200.

Appraisal: The appraisal is normally part of the closing cost as well, but having said that the lender will ask the purchaser for their credit card information prior to ordering the appraisal. The appraisal will normally run anywhere from $ 350 to $ 650