Melissa Ebong has extensive experience helping clients find ultra-luxury properties in Arlington, Virginia. Whether you are looking for something with unique historical features or a modern, one-of-a-kind estate, she can help you locate your dream home.
Ranked number two on a new list of "Best Cities to Live in America," Arlington offers residents an urban feel with an exceptional school district and unlimited access to upscale restaurants, chic boutiques, and corner coffee shops. Its proximity to Washington, D.C., provides ample opportunities to experience world-class entertainment with some of the country's best museums, galleries, theatres, and cultural exhibits located in one place.
The following information provides a comprehensive look at ultra-luxury financing options for first-time buyers, helping you better understand the available programs as you search for the perfect place in Arlington to call home.
What is considered an ultra-luxury property?
The influence of world-renowned international designers shines through custom-designed features and finishes throughout the home. Ultra-luxury properties can also offer first-rate amenities such as:
- Infinity pools.
- Rooftop lounges.
- Grand foyers.
- Floor-to-ceiling windows.
- Movie theaters.
- Fitness and spa facilities.
- Boutique-style dressing areas.
- Smart home technology.
- Wine cellars.
- State-of-the-art appliances.
Types of mortgage loans available for purchasing an ultra-luxury property
Conventional mortgage loan
In Arlington County, Virginia, the conventional loan limits are $1,089,300, meaning a borrower cannot exceed this amount and must find another financing source for the balance of the purchase price.
The down payment can be as low as 3.5% for qualified buyers with adjustable and fixed-rate options. Private mortgage insurance (PMI) is required and paid at closing or built into the mortgage loan.
Department of Veterans Affairs (VA) home loan
According to the U.S. VA, loans have a funding fee between 1.25% and 3.3% of the property's purchase price that must be paid at closing or financed into the mortgage loan. Service members returning to active duty after receiving a Purple Heart, veterans receiving disability payments, or surviving spouses receiving indemnity compensation are exempt from paying this fee.
Jumbo mortgage loan
Jumbo mortgage loans have stringent rules and eligibility requirements regarding income, debt-to-income ratio, and credit score history. Most banks require borrowers to have significant cash reserves and ask for at least a 10% down payment. Closing costs are typically higher with a jumbo loan due to the additional administrative duties involved.
Eligibility criteria for a jumbo loan include:
- A credit score of at least 700.
- A debt-to-income ratio of 43% or less.
- Cash reserves to cover one year of mortgage payments.
- A loan-to-value ratio of 80% or lower.
Frequently asked questions
1. Can I qualify for state or federal government first-time homebuyer programs when purchasing an ultra-luxury property in Arlington?
2. What is the average price of an ultra-luxury property in Arlington?
3. Can I get a jumbo loan through the VA?
4. Do I need to get pre-qualified before looking at ultra-luxury properties in Arlington?
Ultra-luxury financing options for first-time buyers are available
Arlington is one of the best places in the country to live, and Melissa Ebong can help you find an ultra-luxury property in this great city to call home.
*Header photo courtesy of Shutterstock