First Time Home Buyers in Prince William County, Virginia using FHA financing; Is the property your buying FHA Certified?

First Time Home-Buyers in Prince William County, Virginia using FHA financing; Is the property your buying FHA Certified?

First time home-buyers often use FHA financing as a way to buy their first home. FHA offers a great alternative to conventional financing, only requiring 3.5% down-payment. The loan offers protection for the buyers by stricter guidelines that the home they are purchasing must meet. The nice thing about this feature is that it offers an additional set of eyes on a property in addition to the Home Inspector and often requires sellers to make repairs that otherwise may not have been asked for by the buyer.

So what's the catch? In Prince William County as well as all of Northern Virginia, most Condo Communities have lost their FHA resale certificates. This means that if a buyer, whether they are a first time home-buyer or not, is planning to use FHA financing, may not be able to purchase the home they fell in love with. These properties are NOT just properties that look like your typical condo. They could also be a townhome where the ownership is a Condo.

Why is this happening? To learn more, click here. FHA LOANS for Condos.

What can you do about it? If you find a home that requires an FHA certificate and it does not currently have one, it is still possible to purchase the property with FHA financing. This is where the help and guidance of an experienced Buyer's Agent can really help!