Carl and Andrea are a young professional couple married five years ago. At the time Andrea owned a well maintained townhouse in Woodbridge, Virginia. So the couple decided to make this the family home.
Fast forward to the present day Carl and Andrea are ready to start a family and realize their present home is not big enough for a nursery and a guest room, which is really important to them as their families visit frequently.
Carl and Andrea want to move up to a larger, single family home. Of course, they have heard the news and read the papers about the terrible economy and down real estate market.
A down real estate market is a bad time to sell a home but it conversely makes it a great time to buy their dream home with five bedrooms, large backyard, and of course a man cave for Carl to escape the kids that are on the way.
Carl and Andrea were not sure what to do....if their dilemma sounds familiar or you are ready to move up from your starter home because you realize:
- Your starter home is not your dream home
- You really need a backyard for the kids and dog
- You really want a garage for your two or three cars
- Mortgage rates are extremely low
- Now is a great time to buy
Then here are a few steps to help you move forward:
- Contact your local, knowledgeable Realtor to assess the true value of your current home.
- Work with, your Woodbridge Mortgage Lender, to determine your buying power and how to properly package your loan for approval.
Carl and Andrea followed these steps and are now living in their dream home. Here are a few other things you need to know:
- Minimum credit score of 620 required
- No foreclosures or bankruptcies in the last three years
- Minimum down payment of three and a half percent of the sales price
- Loan amounts up to $729,750