Home Financing

Together you, your Classic Design Builders sales associate and your loan officer will make the dream home of your imagination into a reality.

Home Loan Partners

George Mason Mortgage

Kimberly Salmons

272 Bendix Road, Suite 150 Virginia Beach, Va. 23452

Office: 757-383-7052

Cell: 757-639-8616

Financing Options

Conventional Mortgages

Conventional mortgage loans are issued by a lender and use the value of the property as collateral. They are not insured or guaranteed by a government agency. Conventional loans can be

  • Fixed—with the interest rate remaining constant throughout the duration of the loan
  • Adjustable—loans in which the interest rate fluctuates at set periods during the duration of the loan.

Cash

If you have enough money to cover the purchase price of a home, you may be able to negotiate a lower price, since you do not have to qualify for a mortgage. Sellers are happy to accept an all cash offer and are often willing to lower their asking price in return for an expedited sale

1031 Exchange

Under a provision of the Internal Revenue Service, if you sell a property and purchase a “like-kind” property, you can defer the capital gains tax. The 1031 Exchange can apply to residential properties if certain qualifications are met.

FHA Loans

These are loans designed to help large numbers of people afford to buy a home. They are insured by the Federal Housing Administration, usually require only 3.5% down payment and allow the borrowers to accept financial gifts from family towards the down payment.

VA Loans

These loans are available to members of the armed services and do not require a down payment. VA loans are funded by conventional lenders and are guaranteed by the Veterans Administration.

Bridge Loans

If you purchase a home before your current home sells, you may be eligible for a short-term bridge loan which uses your existing home as collateral. When your home sells, the proceeds from the sale are used to pay off the bridge loan.

Financing Resources

Veterans Administration home loan program
Affordable housing at Freddie Mac
Housing Assistance Council
Financing an energy-efficient home