Welcome to Manassas Real Estate...

Manassas Real Estate is a full service residential real estate resource for Northern Virginia. Find realtors who will be working for you through every step of the transaction; whether it be searching for a new home, selling your old home, relocation, or renting.  We pride our selves in providing you outstanding service and always keeping your best interest in mind. Our philosophy is based upon a long-term relationship. We want to provide you with the best service possible. Allow us to provide you with the top quality service you deserve.

May we help you find your dream home?
May we help you sell your current home in the shortest possible time
for the most amount of money?
May we help you find financing?
May we help you relocate to another area?
May we help you get your home ready for the market?

To contact Manassas Real Estate, please click here

Be Prepared
It is important to know how much you can afford to spend before you even begin your search. Research your credit history by requesting a copy of your credit FICO Score. It is helpful to have both on hand before you apply for a loan. To figure out your Debt-to-Income Ratio divide your monthly payment obligation on long term debts by your gross monthly income.

Know What Will Affect Your Loan
As stated above both your credit history & debt-to-income-ratio affect the terms of your loan through your FICO Score. If you have good credit & your monthly income far surpasses your monthly debt obligations you are likely to receive lower interest rates. However, if your monthly income barely covers your minimum debt obligations, even if you have good credit, you may not walk away with the lowest interest rate around.
The other important factor to consider is what you can afford as a down payment (if you are buying a new house) and/or how much TYPES of LOANS There are many different types of mortgages, and you may be better suited for a mortgage that is not discussed here. Ask your lender for more information about these and other types of loans.

Fixed-Rate Mortgage Loans
If you plan to stay in your house for a long time, your mortgage rate is probably a big concern. Because your interest rate stays the same throughout the entire life of your loan, a fixed-rate loan ensures that there are no surprises. Fixed-rate mortgages are available in a variety of repayment terms, with 15, 20, and 30 years the most common.

30-Year Fixed-Rate Mortgage Loans
With the 30-year fixed-rate you will be able to keep your payments down by making them over an extended time period of 30 years. This loan is the easiest fixed-rate to qualify for and provides the maximum interest deduction for taxes. If you are planning to stay in your home for a long time & would like to have the extra money for other purposes this type of loan is your best bet.

20-Year Fixed-Rate Mortgage Loans
The benefit to the 20-year fixed-rate over the 30-year is that not only do you become debt free 10 years sooner but the interest rate is often much lower. This mortgage may save a considerable amount of total interest in the long run but the monthly payments will probably be much higher than the 30-year fixed-rate.

15-Year Fixed-Rate Mortgage Loans
The 15-year fixed rate has the lowest interest out of the fixed-rates and will save you a significant amount of interest. Since you would be paying off the mortgage quicker than the other fixed-rate loans, you will also build up equity in your home a lot sooner. Again, expect your monthly payment to be higher than the 30 or 20 year loan.

Adjustable-Rate Mortgage Loans
With an adjustable-rate loan (ARM), the interest rate adjusts periodically as the market rates change. This means that your monthly interest rate could go up or down. These loans are attractive because they usually offer a lower initial interest rate than a fixed-rate loan. The other benefit to this is that many people qualify for larger loans due to this initially lower rate. Of course, the downside is that the rate can increase.

• If you are confident that your income will rise enough in the upcoming years to support an increase in interest rate.
• If you plan to move in the next few years and therefore aren't concerned with an increase.
• If you need a lower initial rate to afford to buy the home you want.

Balloon Loans
Balloon loans are attractive because they offer a lower interest rate for a short term financing period. However, at the end of the term you will be required to either pay off the outstanding balance in one lump sum or you can refinance the loan. If you choose to get a balloon loan make sure that you know all the conditions that apply for refinancing. Most people who chose to get a balloon loan plan to sell or refinance their home within a few years and want a fixed, low payment.

Government Loans
A number of agencies offer government-insured loans.

Federal Housing Administration (FHA) Loans
An FHA loan allows you to put down a very low down payment on your home. The maximum loan limit is based on the average cost of living in your area.

U.S. Department of Veterans Affairs (VA) Loans
The VA loan allows qualified military veterans to buy a house under with no down payment. There are restrictions on the home's price, but if you qualify, a VA loan is an option worth investigating.

Rural Housing Services (RHS)
The RHS offers low interest rate loans with no down payment to people with low to moderate income households who live in rural areas or small towns.

State and Local Loan Programs
Many states and local housing agencies offer special programs for first-time home buyers. These programs typically offer mortgages with low down payments or lowered interest rates. Some agencies even offer assistance with down payments and closing cost. Check with your local state housing authority for more information.

Affordable Housing Loans
These loans are for households of low to modest means. For qualifying families, Fannie Mae, in cooperation with housing providers, can help with high down payments, closing costs & housing expenses by offering flexible underwriting ratios that allow you to use more of your monthly income toward housing costs. These loans require a smaller down payment and a lower closing cost than normal mortgage loans. Generally, you are eligible if your household income is no more than 100% of your area median income.

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