Real Estate info with “Your Favorite Realtor” Elizabeth Ann Kline For Springfield, Virginia 22153

Springfield 22153 is a very affluent zip code in Virginia with a median income of $117,892 per household. The population is also considered much older than most with a median age of 39 years. Keep in mind, the vast majority of people in the 22153 zip code own their homes, with an 83.8% ownership ratio. The top school in the zip code is Hunt Valley Elementary School.

Homes in the Springfield, VA real estate market are generally more expensive than others in the state with a median home value of $394,000 and an average list price of $506,756. The 22153 zip code market broke below its 12-month average sales volume this week as sales slid 10.0% to hit 36 homes sold over the last 30 days.

The typical dwelling in the Springfield real estate market is a four-bedroom detached home worth about $578,939. To purchase a similar home, a buyer with good credit and a $115,788 cash down payment could obtain a mortgage with a 3.95% interest rate and a $1,959 monthly payment. The property tax rate is $10.67 per $1,000 of taxable assessed value.

Have you heard of the VHDA Down Payment Assistance Grant? This grant is now available for first time home buyers in Virginia.

Here are some benefits of the VHDA Down Payment Assistance Program!

• Down Payment Assistance grant doesn’t have be repaid, so it is like free money!
  
• Also eligible to receive a Mortgage Credit Certificate (MCC) which will save you thousands at tax time!
  
• Lower credit scores accepted, minimum 620 is required in most cases.
  
• With Fannie Mae financing, first time home buyers will be offered a down payment grant of 3% of the sales price of the home or appraisal value.
  
• With FHA financing, first time home buyers will be able to get the maximum 3.5% of the home’s sales price or appraised value.