Planning for the future is important, especially when it comes to buying a house in Lorton, VA. There are many things to consider, like what type of loan are you going to take for it and which kind of house you want to buy. The entire process may seem daunting at first, but Fairfax Mortgage Investments is here to help.
We dedicate our efforts to making the home buying process easy for Lorton, VA first time home buyers. With over 30 years of experience, we know the ins and outs of the entire process and can help guide you through it. Our team will gladly handle any paperwork that needs to be filled out while you can focus on other important things.
Contacting Fairfax Mortgage Investments is best when you want to find the right broker for your Lorton, VA home buying needs. We guarantee that you will be able to get the home you want in no time at all.
Top First Time Home Buyer Loan Programs for Lorton, VA
Lorton FHA Loans
FHA loans decrease the amount of money one has to spend through lower closing costs and down payments. Their interest rates are competitive, a little bit lower than the average loan but not by much. These Lorton, VA loans are insured by the Federal Housing Administration, allowing lenders to not face loss when a loan is defaulted on.
Lorton USDA Loans
USDA loans allow people to buy a home in a rural area at a low cost. They generally have a low, fixed-rate interest and no down payment for those that qualify. This kind of loan is perfect for low income families.
Lorton VA Home Loans
VA home loans let Lorton, VA first time home buyers that are military personnel have a home cheaply. They offer no down payments, no need for mortgage insurance, and low interest rates. This loan is guaranteed by the US Department of Veterans Affairs.
Lorton FHA Section 203(k)
FHA Section 203(k) works in tandem with FHA loans. They allow a Lorton, VA first time home buyer to buy a house needing renovations and combine it with the mortgage. The general minimum for the cost of the renovations or repairs is $5,000.
First Time Home Buyer Loan Assistance in Lorton, VA
There are many thing to consider when buying a house in Lorton, VA. Programs, grants, incentives, loan packages, it may seem hard to choose from. Not only that, but it takes quite a bit of time to find the right loan for you, let alone buying a house. We of Fairfax Mortgage Investments are able to handhold you through the entire process and help pick a loan package for your home buying needs.
How The First Time Home Buyer Loan Works for Lorton, VA Residents
We begin with estimating the price of the Lorton, VA home you want, housing costs like taxes and home insurance, and expected closing costs and create a budget out of that. Then find a realtor and bring the right documentation for them, including pay stubs, bank account statements W-2s, tax returns from the last two years, statements from current loans and credit lines, and the names and addresses of previous landlords over the past two years. We’ll help you out with the rest!