House Hunt: July 25 Edition

There are many reasons people by large homes.  Perhaps it's to reap the benefits you can't even pay extra for in smaller homes, such as pools or acres of land.

Whether you have a large family, several roommates, or just like a lot of space, this week’s featured properties are right up your alley. And remember—there’s no harm in looking.

Because  one of the most frustrating parts of looking for a new home, is chasing one that turns out to be unavailable, Patch’s House Hunt only lists the latest active listings.

As some real estate terms are confusing or misleading, check out our terms of the week to help clarify terms used in ads or when speaking with your real estate agent or banker.

Down payment:A part of the purchase price of the real estate property that is not included in the mortgage.

Conventional Mortgage: This refers to any loans other than government loans (VA, FHA)

Cap: Adjustable Rate Mortgages (ARM) have variable interest rates, but those fluctuations are usually limited to a certain amount. Those limitations are known as caps. This applies to how much the loan may adjust over six months, annually and over the life of the loan.  Some ARMs, although they may have a life cap, allow the interest rate to fluctuate freely. These ARMS may still require a minimum payment which can change once a year. There is also a limit on how much that payment can change each year; that limit is also referred to as a cap.

Depreciation: Occurs when value of property declines. This is not a true expense where money is actually paid. Some lenders will often add back depreciation expense for self-employed borrowers and count it as income.

Discount points: This term is used in reference to government loans such as FHA and VA loans. The term “discount points” refers to any "points" paid in addition to the one percent loan origination fee. A "point" is typically one percent of the loan amount.

Featured Properties:

1. Address: 6040 Shallow Ford Rd, Manassas, VA 20111

Community: Waterview Plantation

Price: $1,220,000

Beds/Bath: 4/3.5

Sq. Ft: 3,750

Stories: 3

Year Built: 2001

MLS#: PW7293355

2. Address: 7321 Spriggs Ford Ct, Manassas, VA 20111

Community: Blooms Crossing

Price: $ 1,099,900

Beds/Bath: 5/4.5

Sq. Ft: 5,738

Stories: 3

Year Built: 20000

MLS#: PW7511561

3. Address: 11512 Noahs Landing Ct, Manassas, VA 20112

Community: River Bend

Price: $ 995,000

Beds/Bath: 5/6

Sq. Ft.: 6,148

Stories: 3

Year Built: 2001

MLS#: PW7429788

Status: Active

4. Address: 9608 Heather Green Dr, Manassas, VA 20112

Community: Chevalle

Price: $949,900

Beds/Bath: 6/5.5

Sq. Ft: 8,006

Stories: 3

Year Built: 2006

MLS#: PW7451909

If the listings above are not what you’re looking for, check out AOL Real Estate for more. And if you’ve checked out one of featured homes or any home listed on AOL Real Estate, be sure to drop us a line and let us know what you think.