FIRST TIME HOME BUYERS IN PRINCE WILLIAM COUNTY, VIRGINIA have many questions about mortgages, but the most important piece of information to most of my callers is:
“What would the monthly payment be?”
The second most important piece of information first time home buyers seek is:
“Can you tell me about the FIRST TIME HOME BUYER programs available in Prince William Cou
nty?”
WHO ARE FIRST TIME HOME BUYERS? First Time Home Buyers are in all ages and all home price ranges, but, most are relatively young, 29-40 years of age in our experience. Of course we have First Time Home Buyers that are fresh out of college and many who are in their 40s and 50s. First Time Home Buyers usually have stable salaried employment and are seeking to buy rather than rent because they have come to a point where they believe that they would like to have a home of their own. Many just have a desire to stop paying rent. Low interest rates help to make mortgage payment competitive with rents. The desire of most Americans to own their home is a strong motivating factor. Location is also an important interest to home buyers who wish to be closer to METRO, work location, favorite school, or church. Many families decide to buy their first home when the children reach school age.
LOWER HOME PRICES ENCOURAGE FIRST TIME HOME BUYERS. Home prices in Prince William County reached the high point in about the end of 2005. Prices remained steady for about 2 years. However, in the past year, prices for Prince William County homes have declined to make buying a very attractive alternative to renting.
HOME PRICES HAVE BEEN REDUCED DRAMATICALLY IN THE PAST 2 YEARS.
- The average price for all homes listed for sale in Prince William County in September 2006 was $412,893.
- The average price for all homes listed for sale in Prince William County in September 2008 is $230,999.
WHAT WOULD MY MORTGAGE PAYMENT BE???
- The average mortgage payment for a home in Prince William County in September 2006 ($412,893) was $2,582.67.
- The average mortgage payment for a home in Prince William County in September 2008 ($230,999) is $1,390.90.
HOMES ARE MORE AFFORDABLE TODAY THAN THEY HAVE BEEN IN SEVERAL YEARS.
- The income to qualify for a mortgage loan of $412,893 is about $108,000.
- The income to qualify for a mortgage loan of $230,999 is about $60,000.
FIRST TIME HOME BUYERS OFTEN NEED DOWN PAYMENT ASSISTANCE.
Homefinders devotes a considerable amount of time looking for help for First Time Home Buyers. Some of the programs that will help are:
- $10,000 Grant for First Time Home Buyers. Funding is due to renew January 1, 2008.
- VHDA is available and a First Time Home Buyers needs 1% of the purchase price to buy.
- VA loans for eligible home buyer can buy with no money down and all closing can be paid by the seller.
- FHA 203(k) Home Improvement Loan is available to all home buyers for Fixer Upper homes.
IS IT TIME TO BUY A HOME? YOU BET IT IS.
Contact Homefinders.com for an analysis of your home buying needs and qualifications. Once we have your price range, we can arrange a tour of homes in your area of choice and qualifying price range.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail.
SEARCH LISTINGS and you can view all active listings offered for sale in Prince William County, Virignia. Homesdatabase works like the Multiple List System, MLS, works for real estate agents. You can search by location, price, features, style, lot size and more. Enjoy and when you find the homes you’d like to tour, contact us. You can also enter your information for daily updates.
