Budgeting to Buy a House in Fredericksburg VA

  budgeting to buy home in fredericksburg, stafford va

Budgeting to Buy a House in Fredericksburg, Stafford VA

No matter how good the credit rating, today's home buyer no longer has the luxury of buying with little or zero down. Unless you are low-income with good credit, or a veteran, no-down loans are also a thing of the past. Research the area you want to purchase a home in by using free MLS Search tool. Compare areas find out community information in Fredericksburg, VA home prices, and trends. 

Most lenders today want at least 20 percent of the loan amount as a down payment on a house. For a home priced between $168,300 and $287,500 in Fredericksburg, VA a home buyer would need to come up with between $33,660 and $57,500 just for a down payment. Then, there are closing costs to consider. These vary by state but figure you'll pay over $2,000 on a $200,000 loan.

 

 

Saving up this money takes time and careful planning. The best way to start is by coming up with a budget that is realistic enough for you to stick with and by using other tips to help you get ahead financially. Keep in mind your location taxes vary depending on your location. Fredericksburg, Stafford, King George area homes for example in Virginia taxes are different. That can impact your monthly mortgage payment. 

The Budget

The only thing more challenging than setting up the budget is sticking with it over the long run. Using personal finance software will help you set it up, but only self-discipline and the desire for a new house will motivate you to stick with it.

First, you need to determine your total income from all sources. The second step is to list all the money that goes out every month, beginning with your fixed expenses. These include anything that has a fixed payment due every month, including:

  • Rent or mortgage (if you have a fixed rate).
  • Car payment
  • Insurance
  • Child support and alimony
  • Utilities
  • Telephone
  • Cable or satellite TV

Anything you purchase on a daily basis (morning coffee, etc.).

Amy Fontinelle, writing at Investopedia, suggests that you track and update your budget daily so that nothing falls through the cracks.

Make Changes

Once you've used the budget for a month or two you'll be able to see where your money goes every week. This snapshot shows you where it's being wasted and, thus, where to make cuts. Any items cut from the budget mean more money to set aside for your house.

Savings

If you're like a lot of us, you may be tempted to use the money you're saving for something else that comes along. To avoid the temptation, put it in an online savings account that makes it difficult to withdraw. If you have to wait a few days for the money, you may think twice about withdrawing it.

 

Budgeting to Buy a House in Fredericksburg VA courtesy Pam Martin, Realtor Keller Williams Realty 

Call 540-834-6924 to see homes today! 

Search Budgeting to Buy a House in Fredericksburg VA Homes for Sale

New Listings

Listing Picture Coming Soon
$269,000
FREDERICKSBURG, VA
4
beds
3
baths
Listing courtesy of Berkshire Hathaway HomeServices Select Realty BRIGHT
Featured picture for the property 1001908724
$249,900
FREDERICKSBURG, VA
4
beds
2
baths
Listing courtesy of Avery-Hess, REALTORS BRIGHT
Featured picture for the property 1001908718
$324,900
SPOTSYLVANIA, VA
4
beds
3
baths
Listing courtesy of Belcher Real Estate, LLC. BRIGHT
Featured picture for the property 1001908390
$259,900
FREDERICKSBURG, VA
3
beds
3
baths
Listing courtesy of Long & Foster Real Estate, Inc. BRIGHT
Listing Picture Coming Soon
$324,900
FREDERICKSBURG, VA
3
beds
3
baths
Listing courtesy of A-1 chrismarr Realty BRIGHT
BrightMLS

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which The Pam Martin Team, Keller Williams Stafford/Fre participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than The Pam Martin Team, Keller Williams Stafford/Fre are marked with the IDX icon and detailed information about each listing includes the name of the listing broker.
©2018 BRIGHT, All Rights Reserved. Information Deemed Reliable But Not Guaranteed. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale.
Data last updated: Jun 21, 2018 1:06:am.

Today's Market Trends for Budgeting to Buy a House in Fredericksburg VA *

$382,660

0.02%

$144

0.02%

2156

0.01%

May

April

 

2147

894

 

 

1.42%

0.16%

Chart Temporarily Unavailable
Chart Temporarily Unavailable

* All data pertains to single-family homes