Real Estate Resources | Sabrina Cherry REALTOR®

Question 1

Conventional vs FHA Loans

Accepted Answer

Conventional loans typically require a higher credit score (620+) and a down payment of at least 3–20%, but offer more flexibility and no mortgage insurance with 20% down. FHA loans are government-backed, require as little as 3.5% down, and are more accessible for buyers with lower credit scores (580+).

Question 2

What is a Mortgage Pre-Approval?

Accepted Answer

A mortgage pre-approval is a lender's conditional commitment to loan you a specific amount based on a review of your credit, income, assets, and debts. It shows sellers you're a serious buyer and gives you a clear budget.

Question 3

Closing Costs Explained

Accepted Answer

Closing costs are fees paid at the end of a real estate transaction, typically ranging from 2–5% of the loan amount. They include lender fees, title insurance, appraisal fees, attorney fees, prepaid taxes, and homeowner's insurance.

Question 4

Do I Qualify to Purchase a Home?

Accepted Answer

Qualification depends on your credit score, debt-to-income ratio (DTI), employment history, and available down payment. Most lenders prefer a DTI below 43% and a credit score of at least 620 for conventional loans.

Question 5

When Is the Best Time to Sell?

Accepted Answer

Spring and early summer are traditionally the strongest seasons for home sales in Virginia Beach — more buyers are active and homes tend to sell faster and closer to asking price.

Question 6

How Do I Price My Home Correctly?

Accepted Answer

A Comparative Market Analysis (CMA) looks at recent sales of similar homes in your neighborhood to establish a competitive price range. Sabrina provides a free CMA as part of her listing consultation.

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