RESHAWNALEAVEN@KW.COM
RESHAWNALEAVEN.COM
REALTORLEAVEN
REALTORLEAVEN
5971 KINGSTOWNE VILLAGE PKWY SUITE 110, ALEXANDRIA, VIRGINIA 22315 EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED
(240) 284-4114
Conventional Loans TA conventional loan in real estate is a mortgage that is not insured or guaranteed by the federal government. This type of loan is typically provided by private lenders, such as banks, credit unions, and mortgage companies. Here are some key features of Conventional Loans: Down Payment: As low as 3% (first time home buyers), 5% for seasoned buyers Credit Score: 620 Mortgage Insurance: Borrowers must pay a mortgage insurance premium (MIP) Loan Limits: Up to $1,1 Interest Rates: Fixed or Adjustable Property Types: Condos, Townhomes, Single Family Homes, 2 units, 3 units and 4 units Down payment assistance programs are available.
Federal Housing Administration Loans The Federal Housing Administration (FHA) loan is a mortgage that is insured by the FHA, part of the U.S. Department of Housing and Urban Development (HUD). This type of loan is designed to make homeownership more accessible to individuals with lower credit scores and smaller down payments. Here are some key features of FHA loans: Down Payment: 3.5% Credit Score: 580 Mortgage Insurance: Borrowers must pay a mortgage insurance premium (MIP), which includes an upfront premium and an annual premium. Loan Limits: Up to $1,1 Property Types: Condos, Townhomes, Single Family Homes, 2 units, 3 units and 4 units Down payment assistance programs are available.
VA Loans A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). This type of loan is available to eligible American veterans or their surviving spouses (provided they do not remarry). The VA loan program is designed to help veterans, active-duty service members, and certain members of the National Guard and Reserves purchase, retain, and adapt homes. Here are some key features of VA loans: Down Payment: Not required Credit Score: 580 Mortgage Insurance: Not required Loan Limits: No loan limit Property Types: Condos, Townhomes, Single Family Homes, 2 units, 3 units and 4 units
Rural Development Loans A USDA loan is a mortgage option sponsored by the United States Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan Program. These loans are designed to assist and promote homeownership in rural areas for borrowers who meet specific income requirements. Here are some key features of USDA loans: Down Payment: Not required Credit Score: 580 Mortgage Insurance: Borrowers must pay a mortgage insurance premium (MIP), which includes an upfront premium and an annual premium. Loan Limits: Based on the county where the property is located Location: Property must be in an eligible area Down payment assistance programs are available.
Types of Loans LOAN PROGRAM
DOWN PAYMENT
PMI
CREDIT SCORE
LOAN LIMIT
Getting Pre-Approved PERSONAL IDENTIFICATION Driver's License Social security number Current address HOUSING HISTORY Your residential addresses (2 years) Landlord names and addresses (2 years) Mortgage statement (1 month) INCOME HISTORY Paycheck stubs (2 months) W-2 tax forms (2 years) Federal tax returns (if self-employed) (2 years) Bank account statements (2 months)
Loan Programs There are many loan programs available for first time home buyers and seasoned buyers. There are requirements based on income, credit score and sales price. FIRST TIME HOME BUYER PROGRAMS Down Payment Assistance - VA, MD & DC 80/20 Loan - VA, MD & DC NACA - VA, MD & DC SEASONED BUYER PROGRAMS 100% Financing - VA, MD & DC 100% Financing for Doctors - VA, MD & DC Up to $40,000 in Down Payment Assistance - VA, MD & DC
SCHEDULE YOUR BUYER Consultation
PHONE CALL - This initial 15-minute phone consultation offers a personalized discussion for those considering buying a home, focusing on understanding their needs and uncertainties. Key topics include a brief overview of current market trends, an evaluation of the buying power in today’s market, timing considerations for buying, and aligning the sales strategy with the homebuyer's goals. The call serves as a no-obligation, informative starting point to help buyers make an informed decision about buying a home. Schedule a Phone Call HOME BUYING CONSULTATION - This consultation offers a comprehensive discussion on your home buying options, aimed at those uncertain about the right timing for buying a home. It covers a range of topics including assessing market conditions, evaluating your buying power, understanding the home buying process, and aligning your goals with the decision to buy. Designed to equip you with essential information, the session addresses your questions and concerns, helping you make an informed decision, whether you're ready to buy or just considering your options. VIRTUAL or IN PERSON Schedule a Virtual Buyer Consultation Schedule an In Person Buyer Consultation BUY & SELL CONSULTATION - This personalized consultation is designed for those considering both selling their current home and buying a new one, offering tailored discussions to address uncertainties about the timing and process. It covers key areas such as market analysis, home valuation, budget considerations, strategic timing for selling and buying, alignment with personal goals and preferences, and a comprehensive overview of the entire process. The session aims to provide insightful guidance and information, supporting clients in making informed decisions about their home selling and buying journey. Schedule a Buy & Sell Consultation