What to Know Before Buying a Home in Virginia Beach, VA

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Understanding the Virginia Beach, VA Housing Landscape

Strongly considering a home purchase in Virginia Beach? Awesome! You selected a lively city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and know the Virginia Beach housing market well.

Given all of Virginia's growth, Virginia Beach homes aren't always easy to find at a comfortable price. Sustained support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Virginia Beach area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Virginia Beach and its neighboring areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When looking to buy a house in Virginia Beach, consider the home's location in relation to your everyday activities. If you can, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of Virginia Beach will help you see how the northern part differs from the southern part, where to find Virginia Beach's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Virginia Beach, 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 the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Virginia Beach. We help first-time homeowners and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Virginia Beach.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Virginia Beach. Next, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Searching the web for Virginia Beach averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, look at how much money you can put toward a down payment. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, 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 an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Make Your Move: Buy a Home in Virginia Beach, VA

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Virginia Beach. Contact Mr. Cooper as you look to buy a home in Virginia Beach. 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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