Most folks have to get a loan of some sort when purchasing a home because, lets face it, it is a large sum of money! In Harrisonburg and Rockingham County, it is typical to see buyers taking advantage of conventional financing, but many others are going with FHA, VA, and other types of loans. Take a look at the chart below to see the specifics on the types of financing home buyers are using in our area.
This is the total number of residential (single family home and townhome) properties sold from January 1, 2011 to May 3, 2011 in the HRAR MLS for the City of Harrisonburg and Rockingham County (including Massanutten Resort). Of the 214 homes that have sold, almost half have financed through a conventional 30- or 15-year loan. The rest have used cash (22.9%), FHA loans (20.1%), and other types of financing. Below is a pie chart showing the percentages for each type, for those of you who are graphically inclined.