Ready to Buy a Home?

On this page you will find introductory information to begin the homebuying process whether it is your first home, or your fifth home. Feel free to review and once you are ready to begin, book a New Homebuyer Phone Appointment at your convenience!

Basic Qualifications to Begin Homebuying Process

There are many mortgage loans available and every homebuying journey is unique, but here are some basic qualifications needed to begin the homebuying process:

2 years of stable employment history, with verifiable income
Minimum 580 credit score (all three credit scores will be pulled and mortgage lenders will use the middle score of those three)
Debt-to-income ratio under 45%
Minimum of $2,000 available to be used towards home purchase (this must be verifiable with a paper trail and currently in your bank account). Although this is the bare minimum, try to save as much money as possible.

Are you an entrepreneur? Faith has a loan program for you as well. Book a consultation to get started.

Average Home Sales Price and Interest Rate

As of November 2023, the median home sales price in Hampton Roads according to the Real Estate Information Network, Inc. is $330,140

As of November 2023, the average interest rate in the United States according to Freddie Mac is 7.29%