Learn More About Mortgages
Not sure what loan options are available to you as a Fairfax Station home buyer? Take a look at some of the most common mortgages used by borrowers in this area. Keep in mind that there are dozens of different types of loans, so this is only a small sampling of what's out there! The best way to determine which loan will work best for you is to start contacting banks or mortgage brokers to find out what types of loans you might qualify for. You can also ask your local real estate experts for a recommendation!
Common Fairfax Station Mortgage Options
Conventional loan
- Most common type of loan used by most buyers
- Typically requires a 10% – 20% down payment
- Typically has strict credit and income requirements
- May require private mortgage insurance for down payments under 20%
VA loan
- Available to most active, veteran, and retired military personnel
- Often offers less strict income and credit requirements
- Up to 100% financing
- May require a one-time funding fee
FHA loan
- Often used by buyers without a 20% down payment
- Often offers less strict income and credit requirements
- Down payments as low as 3.5%
- Requires private mortgage insurance
USDA loan
- Often offers less strict income and credit requirements
- Up to 100% financing
- Requires private mortgage insurance
- Only available to buyers in designated rural areas
Balloon mortgage
- Often used by commercial buyers
- Payments are based on a 30-year loan, but the loan term is only 5 – 7 years
- After the end of the loan, you must pay off the loan, refinance, or sell the home
- May offer lower initial interest rates
Virginia Housing Conventional
- Often offers less strict income and credit requirements
- As little as 3% down payment
- May or may not require mortgage insurance, depending on the specific program
- Offered by Virginia Housing
Down Payment Assistance Grant
- Reduces the funds needed for the down payment on a home purchase
- No payment required—the grant is a true gift
- As little as 1% down payment
- Offered by Virginia Housing
Lender-specialty loans
- May offer reduced fees or rates for military personnel, medical/emergency professionals, or educators
- May offer special programs for first-time buyers or lower income buyers
- Banks or credit unions may offer special rates for existing clients
Ready to Calculate Your Monthly Payments?
With our mortgage calculator, you can estimate your monthly mortgage payments at various home price points, interest rates, down payments, insurance and tax costs, and more. Find a payment that fits comfortably into your budget!