What You Need to Know About Buying a Home in Hampton, Virginia

What You Need to Know About Buying a Home in Hampton, Virginia

When buying a home, most people focus on the style of the home, the location, commute time and school districts. However, one part of the buying process that some home buyers find the most difficult is the mortgage process. But fear not! It doesn’t have to be as hard as you think, especially if you’re buying a condo at Compass 19 in Hampton, Virginia.

The Mortgage Process

There are only 3 steps to navigating the mortgage process when you choose to purchase a condo at Compass 19.

Step 1: Prequalification

Franciscus Homes begins the process by asking a few questions about your goals and what type of loan you need. These questions make the entire process less time consuming and intrusive. After the questions, they make recommendations based on your financial situation.

Step 2: Mortgages

Franciscus Homes does all the legwork, providing home loan documents and mortgage pre-qualification as well as working with you to lock in your interest rate while you gather payment for an appraisal.  You’ll be required to supply pay stubs and W-2 forms in order to provide you with the best options possible.

Even more exciting for those buying a home in Virginia is the VHDA Loan. Below is a quick explanation of the type of loans that you can consider:

  • VHDA Loans – this special loan is exclusively for those buying a home in Virginia who need assistance with down payments. Offering grants to first time homebuyers, VHDA has a vast array of loan programs available.
  • VA Loans – Veterans Affairs Loans are available to veterans and those in the military, offering 100% financing without the requirement of mortgage insurance.
  • FHA Loans – Federal House Administration Loans helps homeowners attain flexible mortgages with low down payments.
  • Conventional Loans – Homeowners who have a solid down payment, such as 20% in funds or 20% in equity, can benefit from a conventional loan and eliminate mortgage insurance.

Step 3: Closing

Franciscus Homes prepares all the legal documents, obtains third-party verifications and underwrites the loan. Once that’s done, they schedule the closing on your new place – the best part! Once you hit this step you’ll be on your way to living your new dream!

Now let’s get to the good stuff!

Compass 19’s all-inclusive community has all the amenities you could ask for with close proximity to everything you’ll want to do. Close to military bases, universities, historical sites, shopping, beaches and more. Some long time residents in Hampton never want to leave while others that are new to the area fall in love, especially with Franciscus Homes resort-style living communities where someone else cuts your lawn or shovels your snow while you work out in your own fitness center. In the summer, take a dip in the pool and relax in the sun with a book before heading out to dinner in town that’s only 10 minutes away.

From seafood to pizza, steak to Thai or Mexican food and local surf and turf restaurants, you have your choice of moderately priced or cheap eats. Check out the nearest museum or visit a national park, air and space center or a farm. There’s always someplace to go and something to see, before retreating back to your secure and friendly community for a nightcap with neighbors by the firepit or a late night movie right outside your door. Live your best life in Hampton, Virginia.

Contact us at Compass 19 today to get started!