If you’re interested in more information about any of the properties you view, please contact me.

As is standard in the industry for anything with less than a 20% down payment, there’s a monthly Mortgage Insurance Premium (commonly referred to as PMI) in addition to your actual mortgage payment. This is money you’re paying to insure your ability to repay the loan. In the unfortunate scenario you’re unable to repay, or a bank forecloses, the mortgage insurance company pays the lender for their loss. PMI rates vary (but the rate is currently 0.55 and will go to 0.90.) However, after October 4th, this monthly premium will be increasing by over 63%.

Specific to FHA loans, we have an Upfront Mortgage Insurance Premium, which is currently 2.25% of the loan value. Ex: A sales price of $500,000 with 3.5% down has a loan value of $482,500. Your Upfront Mortgage Insurance Premium on this loan would be $10,856.25. After October 4th, this will be reduced to 1% (or in this example: $4,825). Buyers can choose to pay the full amount at the time of closing in addition to their standard closing costs, or roll them into their monthly payments (amortize the amount over the life of their loan, ex: 30 years).

Note: Even with the upfront rate reduced, the monthly premium increase will INCREASE your overall payment/costs. Remember when I said I think the FHA is running of out money? Well….what do you think of this move?

Here’s an example courtesy of Gleyde Schatz, Senior Loan Officer with InterCoastal Mortgage:

Before October 4^th a $350,000 purchase would require $20,997 in cash for closing with a mortgage payment of $2,211
After October 4^th a $350,000 purchase would require $20,981 in cash for closing with a mortgage payment of $2,292

Some stats for how many people will be affected by this change:

In July, 23% of the sales were FHA loans in Arlington, while June was 22% and May was 28%. Numbers for Northern Virginia (Fairfax & Arlington County, Alexandria, Fairfax & Falls Church City) have similar numbers: 20%, 23%, and 28% respectively. (Statistics provided by MRIS.com, our local MLS provider). The National Average is 30%.

22207 & 22213 (Country Club, Country Club Hills, Berkshire Oakwood, Bellevue Forest, Cherrydale, Country Club Manor, Crescent Hills, Dover Balmoral, Golf Club Manor, Lee Heights, Maywood, Highview Park, Minor Hill, Shirley Woods, Waycroft, Willet Heights, Williamsburg Village, Woodmont, Wavery Hills, etc.)

$1M+ Typically buys you a renovated/newer house that’s about 3,000 sq ft or more, and usually 4+ bedrooms
$800k-$1M Typically buys you about 1,800 – 2,999 sq ft, usually about 3-4 bedrooms, most renovated
$600k-$800k Typically buys you about 1,400-1,799 sq ft, usually about 3-4 bedrooms, sometimes renovated
<$600k Typically buys you <1,400 sq ft, 2-4 bedrooms, few renovated

22201 (Lyon Village, Lyon Park, Clarendon, Ashton Heights, Kirkwood Terrace)

$1M+ Typically buys you a renovated/newer house that’s about 2,100 sq ft or more, usually 3+ bedrooms
$800k-$1M Typically buys you a renovated house that’s about 1,700 – 2,099 sq ft or more, usually 3+ bedrooms
$600k-$800k Typically buys you a house that’s about 1,400 – 1,699 sq ft, usually 3-4 bedrooms, some are renovated
<$600k Typically buys you <1,400 sq ft, few are renovated, and are usually 3 bedrooms

22203 (Ballston, Arlington Forest, Spy Hill Blvd, Brandon Village, Bonair)

$1M+ Typically buys you 2,500 sq ft or more, usually new, 3+ bedrooms
$700k – $1M Typically buys you about 1,500 – 2,499 sq ft, usually renovated, 3-4 bedrooms
$500k – $700k Typically buys you 1,200 – 1,499 sq ft, mostly renovated, 3-4 bedrooms
<$500k Typically buys you <1,200 sq ft, some renovated, 2-4 bedrooms

22205 (Westover, Bonair, Brockwood, Dominion Hills, Falls Church Park, Lacey Forest, Garden Commons, Larchmont, Leeway Heights, Madison Manor, Over Lee Knolls, Summit & Veitch, Tara, Tuckahoe Village, Waycroft)

$1M+ Typically buys you a newer or totally renovated house, 2,700 sq ft+, 4+ bedrooms
$800k-$1M Typically buys you a renovated house, 1,900 – 2,699 sq ft, 4+ bedrooms
$600k – $800k Typically buys you a renovated house, 1,200 – 1,899 sq ft, 3-4 bedrooms
<$600k Typically buys you a <1,200 sq ft house, sometimes renovated, 2-3 bedrooms

22209 (Potomac Reserve, Dawson Terrace, Palisades Park)

Very few single family homes sell in the Rosslyn area and most are about $1M+

22202 (Addison Heights, Aurora Hills, Oakcrest)

$1M+ Typically buys you a completely renovated house, 3,000 sq ft+, 4+ bedrooms
$700k-$1M Typically buys you a renovated house, 1,500 sq ft – 2,999 sq ft, 4+ bedrooms
$500k-$700k Typically buys you a mostly renovated house, 1,100 sq ft – 1,499 sq ft, 3-4 bedrooms
<$500k Typically buys you an older, somewhat renovated house,<1,100 sq ft, 3 bedrooms

22204 (Alcova Heights, Arlington Heights, Arlington Village, Barcroft, Barcroft Forest, Columbia Forest, Douglas Park, Forest Glen, Glen Carlin, Johnson’s Hill, Nauck Green Valley, Southgate, Virginia Heights)

$700k+ Typically buys you new/completely renovated, 2,000 sq ft+, 4+ bedrooms
$500k – $700k Typically buys you a mostly renovated house, 1,200-1,999 sq ft, 3+ bedrooms
<$500k Typically buys you a house in need of renovations, <1,200 sq ft, 2-3 bedrooms

22206 (Claremont, Shirlington, Oakcrest)

$500k+ Typically buys you a completely renovated house, 1,500 sq ft+, 3+ bedrooms
<$500k Typically busy you a somewhat renovated house, <1,500 sq ft, 2-4 bedrooms

Search Courthouse Square Townhomes for Sale

Search Courthouse Triangle Townhomes for Sale

Search Courthouse Walk Townhomes for Sale

Search Courthouse Park Townhomes For Sale