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What to Know Before Buying a Home in Hampton, VA

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Exploring Hampton, VA From North to South

Strongly considering a home purchase in Hampton? Smart move! You picked a colorful city with an ideal amount 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 across the country and have the inside scoop on Hampton's housing scene.

Hampton's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Sustained economic growth and cultural expansion have helped to entice entrepreneurs, retirees, and new graduates to the Hampton area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Hampton and its nearby areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your dream house! When buying a home in Hampton, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Hampton will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Hampton's hottest attractions.

Are you financially prepared to buy a house in Hampton? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Virginia or somewhere else entirely. We serve experienced homeowners and first-time homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Hampton.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Hampton. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Hampton will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, figure out what a realistic down payment would be for you. A down payment of at least 20% can help improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. 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 one of the main factors that lenders look at when considering your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

It's Go Time! Buy a House in Hampton, VA

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Hampton, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Hampton. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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