Federal Housing Administration (FHA) loans can be confusing because the FHA does not make loans. It insures the loans made by lenders it has approved. So, if a lender defaults, the FHA covers the losses – not the lender.
One of the great benefits of an FHA insured loan is that it only requires a 3.5% down payment, making homeownership much more feasible for those potential buyers purchasing Fairfax VA Real Estate, who do not have the traditional 10%-20% down that conventional mortgages require.
The Northern Virginia real estate market has been heating up this summer, and loan interest rates have stayed low, so you may be considering buying a new home, refinancing or getting a home equity loan. In any of those situations, knowing the current value of your home is important. Home values are best determined by recent sales and the supply and demand of properties currently on the market.
Fairfax VA – We recently had a short sale seller say the following was the reason he was short selling his house. “I do not wish to pay $1,000 a month on a home that has lost worth”, he stated. The short sale negotiator noticed that and immediately rejected the Fairfax short sale. The Fairfax […]