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

2024 Conforming Loan Limits

FHFA Announces Conforming Loan Limits for 2024

Baseline Conforming Limit Will Increase to $766,550 FHFA Announces Conforming Loan Limits for 2024 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance ...
Read More →

Mortgage Soft Pull for Stress-Free Home Shopping

Welcome to George Mason Mortgage – Your Key to Stress-Free Home Buying! Are you ready to embark on your home-buying journey? We believe that knowledge ...
Read More →

Federal Home Loan Bank (FHLB) of Atlanta provides Grants for Community Partners and First-Time Homebuyers

Opening Doors for More Homebuyers George Mason Mortgage understands that saving money for a down payment and closing costs is one of the most challenging ...
Read More →
Out of This World Rent

Rent prices out of this world?

At George Mason Mortgage, we understand the challenges you may be facing in today’s housing market, and we are here to empower you with viable ...
Read More →
Maryland Smartbuy Program 3.0

Achieve Your Dream Home and Tackle Student Debt with Maryland SmartBuy Program 3.0

Are you a Maryland resident dreaming of homeownership but burdened by student debt? The Maryland SmartBuy Program 3.0 is here to help you turn that ...
Read More →
Gifts Grants and Affordable Seconds - Horizontal

Unlocking Opportunities with Gifts, Grants, and Affordable Seconds

GIFTS Take advantage of the generosity of your loved ones or community organizations! This allows you to receive financial assistance from eligible donors to use ...
Read More →
Scroll to Top