It costs a lot of money to purchase a home, and we’re not just talking about the actual sales price. Ingrid Barrett with the FOCUS on NoVA Real Estate team explains the costs buyers can expect when purchasing a home.

On the down payment, it all depends on the type of loan that you’re going to get.

A VA loan, you don’t have to do a down payment; that’s the benefit for being a vet.

On an FHA loan, you have to do 3.5 percent, but that is as long as your credit score is 580 or better; otherwise, they will not accept a 3.5 percent.

You can also do a conventional loan, which is 20 down. You could do a 10-10; you could do a 15-5; there are just numerous different ways to do this. Closing costs generally run between 2.5 to 3 percent, so if you have a $100,000 dollar loan that would give you a down payment of $3,000 dollars.

If you have any questions about Northern Virginia real estate, reach out as we are happy to help.