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This can be determined by your total debts against your gross monthly household income, but it varies on a case-by-case basis. Most professionals recommend spending no more than 28% on housing costs and shopping for homes that are no more than 3x your yearly household income.see more

How much home can I afford?

While the average time from application to closing on a loan is around 7 weeks, many factors can help or hinder this process. You can speed things along by getting pre-qualified, having all of your documents ready ahead of time, and avoiding other major purchases.see more

How long does the mortgage process take?

While the average down payment is 12%, that number is around 6% for first-time homebuyers. Certain programs require little to no money down, and you might qualify for down payment assistance.see more

How much should my down payment be?

Maintain a good credit score, have proof of income, and save as much money as you can for a down payment. When you are ready, or if you are just in the researching stage, reach out to a Loan Officer or complete a loan application.APPLY NOW

What are the requirements for a home loan?

It depends on what your individual long-term financial goals are. A few things to consider are how long you’re planning to stay in the home, whether you currently struggle to pay your rent, and whether you have stable employment and income.see more

I’ve never bought a home. How do I know when I’m ready?

VA loans are available to active duty service members, Reserves/Guard, unmarried surviving spouses, and veterans.see more

How do I qualify for a VA loan?

FHA loans feature low down payments, easier credit requirements, and competitive rates insured by the Federal Housing Authority.see more

What is an FHA loan?

You would have to refinance your loan, which is a service that NOVA offers. Refinancing also allows you to add/remove co-borrowers.see more

How can I transfer my loan from one bank to another?

You can pay your loan off early, make additional principal interest payments, or make bi-weekly payments.see more

How can I save on home loan interest?

Yes, as long as you can verify income and, if necessary, your legal right to reside in the U.S. If you’re a non-permanent resident, your lender will ask for your Visa or green card as part of the initial application process.see more

I’m a temporary U.S. resident. Can I buy a home?

No, but a good agent will know the market, prepare your property for sale, advertise your listing and get it sold for top dollar. They will educate you so that you can make informed decisions, and they will loop in other professionals (lawyers, inspectors, etc.) when necessary.see more

Do I have to work with a Real Estate Agent/Realtor?