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FINANCING YOUR HOME IN MARYLAND AND VIRGINIA
GET COMFORTABLE WITH HOME LOANS
How are homes in Maryland and Virginia
financed?
1. Your Homefinders.com buyers
agent will help you understand how much money you are qualified
to borrow. If you have a complicated financial profile, we'll
contact a lender in a local Maryland or Virginia location specializing
in your financing needs right away.
2. HOW MUCH MORTGAGE CAN I QUALIFY
FOR?
Since we have so many different counties and loan types used
in our market area in Maryland and Northern Virginia, no formula
will fit any one home buyers. Generally, buyers will qualify
for a loan amount of about 3.3 X the annual income. This amount
will vary depending on the county because the real estate taxes
vary dramatically in come counties. The mortgage calculator
below will give you the average mortgage amount for home buyers
with a 10-12% debt load.
HOW MUCH HOUSE CAN I QUALIFY TO BUY?
Monthly
Gross Income |
Average
Mortgage Payment* |
Average
Purchase Price |
| |
|
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4,500
5,000
6,000
7,000
8,000
9,000
10,000
12,000
15,000
20,000 |
1,500
1,650
1,800
2,100
2,400
2,700
3,000
3,600
4,500
6,000 |
250,000
260,000
285,000
335,000
385,000
425,000
475,000
570,000
720,000
1,000,000 |
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|
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*Average insurance and tax amounts are included and will vary from location to location.
** Qualifying amounts above are based on a 30 year fixed loan at 6.5% interest.
For more detailed qualifying amounts with a variety of loan types, 5 year, 10 year,
contact Lenn Harley at Homefinders.com, 800-711-7988.
LET'S GO LOOK AT SOME HOMES FOR SALE
And bring your check book. If you see a home that you love and
want to write an offer that day, you'll need an Earnest Money
Deposit to accompany the written offer. As the first step in
writing the offer for the home you wish to buy, your Homefinders.com
buyers agent will prepare a written Buyers
Estimated Closing Costs so you'll know approximately
how much cash you'll need at settlement. Closing
Costs in Maryland and Virginia vary from approximately
3% of the purchase price for Virginia
real estate to approximately 5% of the purchase price
for Maryland real estate.
WHAT TYPE OF MORTGAGE IS BEST FOR
YOU?
We'll help you determine just the best type of home loan is
best for your needs. You may need to finance part or all of
your closing costs, which is very possible. With good credit,
most home buyers can obtain a 100% financing and even add closing
costs to the loan with a 103% home loan. Good credit is the
key to these loans. If you are short of cash and have good income,
you can pay a slightly higher interest rate and finance your
closing costs.
NEED TO KEEP THE MONTHLY PAYMENT
LOW?
Lenders offer a variety of loan types and terms today. What
worked for your parents may not be the best type of loan for
your needs. Many home loans in Maryland
and Virginia real estate market are Adjustable Rate Mortgages
(ARM). These loans are fixed for 1, 3, 5, 7, 10 years. However,
compared to the traditional 30 year fixed loan, the interest
rate is much lower. The lower the interest rate, the more home
you can qualify for.
Talk to your HOMEFINDERS.COM buyers
agent in Maryland or Virginia. We'll explain the loans
in detail and introduce you to lenders that specialize in the
area and home type you want to buy. Or, call 800-711-7988
and we'll be happy to go over the information with you, get
you pre-qualified and you'll be ready to look at some homes.
Maps for Maryland and Northern Virginia
A part of the Homefinders.com Network
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