Doug Francis | Realtor

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Today’s Mortgages

One of the reasons that first time home buyers aren’t diving into the real estate market is the difficulty in obtaining mortgages.

This is a national issue but stems from, in my opinion, a few core issues:

  • Total debt – student loans, credit card and car loans
  • Job market – many college graduates are under-employed
  • Self-Employment – I am self employed and understand the extra hoops

Mortgage lenders in 2014 have new guidelines including strict debt to income ratios. Although most mortgage lenders will tell you not to worry about common .. the Consumer Financial Protection Bureau is eager to enforce the new regulations.

I am not a lender, but everyone who offers mortgages will have a “NMLS #” ~ it should be easy to see on their marketing material.

Where to Start

Reviewing a “Tri Merge Credit Report” is essential. Your credit score or FICO score is very important and if you can pay down something like a Best Buy Card or high balance credit card then great.

Do Not Cancel a card without consulting a professional.

Do Not Open ANY New Accounts.

Let me just say, if you have a 675 score today, start paying everything early and more than the minimum to get over 700.

Veterans Administration or VA Loans

If you have a Certificate of Eligibility or DD 214 then keep reading… all other should skip ahead.

If you are an active service member or a Veteran who wants to take advantage of this unique program then the having COE or DD 214 is step number one.

The Washington D.C. region has a very high upper limit for VA loans in 2014… $843,750

If you receive Disability Pay, please mention this to your lender as this allows for the VA Funding Fee Waiver.

Federal Housing Authority Loans (FHA)

These loans allow for a low 3.5% down payment and you should discuss it as an option if you don’t have a large down payment.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the town tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Thinking of Moving?

Let me know if you want to talk about your house and getting it ready for the market. Let me know if it's a second opinion, it's okay. Start here and let's talk.
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“Doug nailed it! Within days, we had three offers, one of which not only met, but far exceeded all of our goals.”
– R. Pollard

“He truly was a partner integrating us unto the community and made it easy for us to take advantage of all Vienna has to offer.”
– A. D’Eredita

“We are so thankful we found Doug to guide us through the complex home selling and buying processes!”
– Scott and Jennie

About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing ~ and my marketing starts here. My elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

Thanks for reading... and feel free to contact me at 703-304-6827 or send me an email at doug@dougfrancis.com anytime!

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Contact

Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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This material can only be used with written permission from Doug Francis, Realtor. Copyright 2020

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