Your First Step: Budget & Affordability

One of the first steps to get started on this exciting journey is planning ahead. Here are some tips to determine how much home you can afford to purchase.

  • Assess your current financials
  • Thoroughly evaluate your monthly income and expenses
  • Create a savings plan
  • Review your budget on a regular basis
  • Make simple, logical changes

Setting a home buying budget involves more than seeing if you can swing a mortgage payment. Staying organized and saving money early will have a greater impact later. Talking to a George Mason Mortgage Loan Officer as early as possible will help in figuring out your sweet spot of affordability.

TIP: If you are ready to buy soon, set aside important documents such as pay stubs, bank account statements, W-2’s and tax returns for the past two years.

The Great Mortgage Myth

You may think that all mortgage loan types require a 20% down payment. This is a myth!

George Mason Mortgage offers many loan types that do not require having to put 20% down. Funds for your down payment may come from other sources than just your bank account.

The good news for homebuyers today is that there are a variety of financing options available* and some of these programs even fund the down payment portion or have low down payment requirements.*Not all borrowers will qualify for all programs.

Related Articles

Building and Financing Process

The Building and Financing Process

There are several important steps you should take to ensure a successful building and financing process.

Read More →
One-Time Close Construction Loans

One-Time Close Construction Loans

One-Time Close Construction Loan Program   GMM’s One Time Close is available for New  Construction and Renovation projects. This program offers you the benefit of …

Read More →
Model white house on dollar banknote. Insurance and property inv

What Is A Mortgage Recast?

You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called …

Read More →
Group of young adults laughing and walking down a hallway

How Do Down Payment & Closing Cost Assistance Programs Work?

Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always …

Read More →
FHFA 2021 Announcement

FHFA Announces Conforming Loan Limits for 2023

Baseline Conforming Limit Will Increase to $726,200 FHFA Announces Conforming Loan Limits for 2023 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance …

Read More →
man writing on inspection papers

Home Inspections

Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for …

Read More →
Scroll to Top