The best housing options for young couples in Virginia

If you and your partner are a young couple and you have decided to move in together in Virginia, you will have many choices to make. You will have to decide whether to buy or rent and what it’s going to be, a house or a flat. Also, many places in Virginia have great housing options, so you will have to choose a place. Depending on your affinities, you will need to decide between a suburb or a downtown. The only decision that is going to be easy is what moving company to choose once you have everything else covered. There is All State Moving and Storage, one of the best moving companies in VA, and they will make sure your move goes smoothly. But, before you move, you have to see what are the best housing options for young couples in Virginia.

Is it wise for young couples to buy a house together?

This is the question that only you and your partner have an answer to. It is true that buying a house, or even renting together comes with a lot of responsibilities. First of all, you have to be ready mentally to live with someone and change your way of life. Secondly, you need to be financially stable, since you will probably have to take a loan. So, before you call local or long distance movers Virginia, you have to look into all the mortgage possibilities and see what housing options for young couples in Virginia have special offers or requirements. On the other hand, if you have a low income, there will also be some options for you. You just need to do thorough research and see what requirements you fulfill.

A one-floor house in a suburban area
There are many great housing options for young couples in Virginia

What are some of the best housing options for young couples in Virginia?

As we have already said, housing options are depending on your income, and on your decision to buy or rent. If you have a low income, you can:

  • Get a low-payment loan
  • Find down payment assistance
  • Get a credit
  • Ask a family member to co-sign your loan, if you and your partner can’t afford it

Of course, if you or your partner have a high income, you probably won’t be able to get low-payment loans. But there are some other ways. In any case, checking with HUD (U.S. Department of Housing and Urban Development) is the best option. They offer help with a rental, local public housing, and home ownership.

Kinds of mortgage you can get

One way to get a lower mortgage is if you have a low income and someone willing to borrow you 3% of the total price. You wouldn’t have any obligations towards that person. It can even be a gift. The other way is to buy in a rural area. That way you can get a USDA loan and there is no money down needed. Of course, if you want to buy in a city, this kind of deal is impossible to get. Since you are a young couple, you are probably buying your first home. In that case, one of the best options is FHA loans. If you pay 3.5% down, your credit score can be 580. If you make a higher down payment, the lower your credit score will be.

Another great option is Down Payment Assistance. This means you get assistance with your down payment and frequently your closing fees when buying a house. Governmental organizations, charities, and other sources may provide DPA programs. Typically, they come in the form of grants or loans. There is another benefit to this housing option. If you stay in that property for between 5 and ten years, maybe you won’t have to pay the loan. Of course, most of these options are possible only if you have a lower income. In that case, you need to know how to apply for affordable housing in Virginia. If you meet the criteria, you and your partner will have a house soon.

Previous credit scores can help you

Even if you or your partner don’t fit into any of the above-mentioned categories, the mortgage is still the best solution. You will probably have fixed rates, and since you are a young couple, you can spread it over more years, which means you will pay less on a monthly level. If you have had previous credits, don’t hide them. By showing that you can pay your credit scores, you prove that you are reliable. That way you increase your chances of getting a loan.

A house for sale
You can get many mortgage solutions

Real estate prices in Virginia

At this moment, you can choose from 24,946 homes in Virginia. Unfortunately, the prices have increased since last time this year. Currently, the median list price is $449,000, while the median sale price is $405,000. If you want to buy a single-family house, you will have to pay $400,000 on average. The good news is that the market is pretty competitive and that you have enough options to choose from. Even better, 41 % of the houses were sold for a price that is lower than the initial list price. So, if you are a young couple looking for good housing options in Virginia, don’t wait for too long. The prices are about to increase even more.

An additional piece of advice-don’t avoid using storage solutions

As a young couple moving in together, you are probably looking for a way to fit all of your belongings into your new home. Our advice is not to do that. Too many items mean you will need more space. The more space you need, the prices get higher. Choose one of the storage units Virginia instead. There is no need to have two tables, two sofas, double appliances, etc. Storage units are a more affordable solution, and you will need more space.

A person holding home keys after finding one of the housing options for young couples in Virginia
Research all of the options before you buy a house

Find the right home and enjoy your new life

Before finding ways to buy a house, research all of the housing options for young couples in Virginia. Know what kind of a house you are looking for and where. After that, try saving up or getting a loan. If you can meet the criteria, one of the assistance programs is the best solution. In any case, Virginia has an excellent real estate market. You will find exactly what you need.