Will Student Loan Debt Prevent You from Buying in Northern Virginia?

I’ve had a few people ask me whether or not having student loan debt will hurt their chances of getting approved for a mortgage loan when buying a home. The answer is ‘maybe’. I say this because the amount of your total debt doesn’t matter so much. It’s the ratio of your debt to your total income that makes the biggest difference.
My advice to those with student loan debt is to speak with a few different lenders. Your situation will vary, and different programs may be more suited to your situation. If you cannot qualify for a loan, nobody will find out, so don't let lack of confidence hold you back. This is a confidential meeting between you and the lender.

So, please give us a call and we can refer you to some of the best lenders in Northern Virginia. Just recently, one of our lenders said that he can qualify someone with a score as low as 580. Our lenders may also be able to help you improve your credit score by making a few small changes in your finances.

Please don’t hesitate to contact us with any questions!

How We Supported Jessica Throughout Her Entire Real Estate Process

What was your experience working with Michael and Melana Wilson and the NoVa Real Estate Group?

"They helped my find a house perfect for me. I felt supported the whole time. Great advice coming in, calling me at work to let me know when they put in an offer, and texting me when there were problems with closing. My car wasn't working, and they offered to come pick me up. They were supportive, had great advice, and positive. I was very impressed with them."

To contact Michael or Melana Wilson of the NoVa Real Estate Group, you can reach them by phone at (703) 722-8831on Facebook @LoudounCountyRealEstate, or visit their website, AllLoudounCountyHomes.com

The Scoop About Down Payments in Northern Virginia

I’m often asked this same question, and it goes like this: “How much of my savings am I going to use to buy a new house?” You might also wonder about how much you should save and how long it will take you. Today, I’ll start with a short answer. You need less than you think for a down payment.
There are a lot of loan programs today. For example, FHA loans require as a little as a 3.5% down payment. Many people think they need 10% to 20% down when in reality, that’s not at all the case. Even so, these numbers are especially big for first time homebuyers. If these are too large and overwhelming for you, maybe it’s not the time for you to buy a home.

However, explore other loan options and programs. If you’ve been involved with the military, don’t overlook that! You may qualify for a VA loan with 0% down.

If you want to know if now is the right time to buy a home in Northern Virginia, pick up the phone and call us or send us an email. We can also put you in touch with one of our preferred lenders as well. We look forward to hearing from you!