What to Know Before Buying a Home in Franklin Farm, VA

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Understanding the Franklin Farm, VA Housing Landscape

Thinking about buying a home in Franklin Farm? Congratulations! You've chosen a vibrant city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers from coast to coast and have the inside scoop on Franklin Farm's housing scene.

Franklin Farm is growing by the day, which means Franklin Farm homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to beckon retirees, new businesses, and young families to the Franklin Farm area, but so much change also means more traffic, more competition, and a need for more schools. That said, Franklin Farm and its neighboring areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When buying a house in Franklin Farm, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Franklin Farm will also give you an idea of why homes in west Franklin Farm are priced differently than homes in east Franklin Farm, where to find Franklin Farm's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Franklin Farm, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Franklin Farm. We help new and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Franklin Farm.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Franklin Farm. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Franklin Farm averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, look at how much money you can put toward a down payment. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Franklin Farm, VA

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like Franklin Farm, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Franklin Farm. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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Buying or selling a house in Franklin Farm? Mr. Cooper makes it easier.

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