Archive for the 'Real Estate News' Category
Possible New Changes To The Mortgage Industry Coming VERY SOON
July 28th, 2008 categories: Real Estate News
Some times we need our Uncle… Some times we don’t.
With Fannie and Freddie Mac in trouble with debt Uncle Sam has had to step in and make some quick revisions to the current mortgage industry to hopefully strengthen it. There was a House Rescue Bill that was approved on July 23rd that should be signed by the President in to law very soon.
Our nation holds around 12 trillion dollars of mortgage debt. Fannie and Freddie together hold around 5.2 trillion of that. If those guys go under, we would be in trouble. So… The 700 page Rescue Bill has a few bullet points that I will share with you that will hopefully strengthen the industry and continue to enable qualified buyers to purchase.
- The bill includes provisions to increase the market share of mortgages insured by FHA. It raises loan limits to high-cost areas, allows the agency to vary the premiums it charges borrowers based on their credit risk, allows for lower monthly payments for borrowers who make on-time payments for the first 5 years of a loan and extends the max loan term of the FHA single- family loans to 40 years.
- The house amendment provides $300 billion in new guarantees to help refinance at-risk borrowers into mortgages that borrowers could afford to pay.
- Down Payment Assistance Programs are banned in the program. Nehemiah, Genesis, and Ameridream would be affected.
- FHA minimum down-payment would increase from 3% to 3.5%.
- Lenders may receive a government incentive to lower interest rates and loan amounts for current mortgage holders experiencing trouble.
Until the President signs this bill in to effect these bullet points could change. Nevertheless, if you are a First Time Buyer and taking advantage of a FHA loan it would be in your best interest to move as quickly as possible or you can expect to pay more before you know it.
Search the MLS.
Have your VA home price evaluated for free
| Discussion: No Comments »
Rule 1# Know Thy Credit Score
July 21st, 2008 categories: Real Estate News
$15 could save you A LOT of money…Many people wait until making a large purchase before checking their credit score. This can be a costly decision when you are ready to purchase since to a lender your name is only as good as your credit score. If you are planning on purchasing a home any time in the future it is a good idea to know where your score is at. Your score can always be improved, but some times you will find that there are issues that you didn’t know about that you can fix rather easily.
I had a client a few years ago that while applying for a loan found that there was a small $12 dentist bill that she thought was paid years before. The credit report revealed that it wasn’t ever paid. Because of this discrepancy, it lowered her score by around 50 points! After addressing the issue she was able to raise her score and therefore get a better interest rate on her loan which saved her hundreds of dollars over the life of her loan!
Here are a few sites where you can pull your credit score….
- FreeTripleCreditScore.com
- FreeCreditReport.com
- myfico.com
Make sure that whoever pulls your credit score shows you your scores from all three credit agencies… Experian, Transuniun, and Equifax since it is the average of these 3 scores that count.
Get TheRealEstateBakery.com By Email Or RSS…Search the MLS
| Discussion: No Comments »
Funny MLS Photos: These Come With The Home
July 18th, 2008 categories: Real Estate News
There are many benefits to home ownership, and these real estate agents are quick make sure we recognize them in the photos of the homes they list…….
Momma always said, “If you have it… flaunt it.” This here my friend is a ga-rage.
Mr. Agent, make sure that the purchaser knows that if they purchase OUR home… we are gonna let them keep those logs out in the yard.
The dining room. I wonder what happened to that other light?
| Discussion: 2 Comments »
Worst MLS Photos; Don’t Move Anything OR Anyone!
July 4th, 2008 categories: Real Estate News
Okay… I am loving these 2 photos I came across this week… Maybe the real estate agents camera batteries were running low and he just grabbed as many shots as he could. Or, maybe he couldn’t see at all. Enjoy.
This is too good. There couldn’t possibly be a better place for this ironing board.
Sit still Herman. I will make sure not to get you in the photo.
Other Popular Posts:
The Best Firework Displays In Loudoun County on The 4th Of July
Ugly MLS Photos. Where Is The Room?
Sign up to receive web updates!
| Discussion: 1 Comment »
3 Ways To Know You Did Not Get Ripped Off…
June 23rd, 2008 categories: Buyers, Real Estate News
A few weeks ago my 2 year old camera decided to stop working all together. I have to be in the top 5 list for thrifty shoppers in Loudoun so I went in to my 3 week long education mode of shopping sites, visiting stores, asking smart people, and then when it was time to pull the trigger on buying a camera I did what all thrifty shoppers do….. go to ebay.
Before it arrived I boasted to my friends what a great deal I had gotten and that I would be happy to let them know how it turns out. Well, last Thursday it arrived… I open up my new camera box to receive the fruit of my labor and there it was. A camera… that would have been cool if I would have purchased it 5 years ago…. SLOW , LARGE , and needing AA BATTERIES. So much for my great deal.
Well, when it comes to purchasing homes in a market when there are a lot of great deals out there, how can you rest at night knowing that you received a good deal and didn’t get ripped off?
This is actually a HUGE question so I will attempt to answer this with 3 tips I believe you find helpful and that I may expound upon in the future.
1. Don’t Purchase During Your First Time Out- I know that I will be put in Realtor time out for this one because there is nothing greater for a Realtor than a quick and easy transaction. But remember, this isn’t about me. This about you sleeping good at night and knowing you didn’t miss an opportunity.
It is sooooo important that you choose the neighborhood that you are going to live in for at least the next few years based on at least a little research. Pull the crime reports, check out the schools, talk to a few residents, find the nearest major roads, etc… Listen, it is always tempting to pull the trigger during a huge builder sale and sometimes you should. However, this is too big of a decision to make without a night of sleep between it.
2. Know That Specific Market- Apples and Apples, Oranges and Oranges… But when it comes to striking a deal you had better know the Read the rest of this entry »
| Discussion: No Comments »
Virginia Tenant Guidelines
June 16th, 2008 categories: Real Estate News
It is renting season right now and I am working on a couple for some clients. I thought I would give you a few tenant guidelines that I found outlined in the Washington Post. Homeowners who are considering renting as an option should also know these laws before renting out their properties in Virginia.
Tenant Guidelines From The Washington Post Online
Sign up for email updates from this site!
Keep in Mind, I am no lawyer… Nor do I verify the accuracy of this article. Laws vary from state to state.
| Discussion: No Comments »
Why Parking On Your Lawn In Loudoun Could Cost You…
June 2nd, 2008 categories: For Homeowners, Real Estate News
The Loudoun Board of Supervisors may follow Fairfax and Prince William Counties in making it illegal to leave cars parked on your front lawn.
The reason: it looks bad.
Scott York, Loudoun Board Chairman says, “It brings down property values and adds to neighborhood problems caused by crowding of homes and the recent spate of foreclosures.”
Under the proposal, lots with 36,000 square feet (the 6 homes that have that much, lol) or less would be prohibited from parking on unpaved sections of their front yards. They also couldn’t pave over 30% of their front yard to comply with the ordinance.
The truth is that most communities that have this problem do not have an HOA. Most HOA’s would never allow this. I agree that it looks bad. The question becomes should the government be able to control where we park on our land?
Let me know what you think…
| Discussion: 3 Comments »
Special Deals For Uncle Sam’s Loudoun Children
May 29th, 2008 categories: Buyers, Real Estate News
Loudoun’s County Chairman Scott York is planning to bring before the board of supervisors an item that would gauge the interest of a program that would allow county employees, including firefighters, teachers and deputies, to get a low interest loan for housing according to the Ashburn Today newspaper. The details of a program are still being worked out.
I love my job but there are some days when being a county employee sure are tempting. If anything, I know the pain of paying for my own individual insurance. Being apart of the governments benefits sure are appealing compared to what I pay.
Fairfax and Prince William Counties are also working on plans to assist their employees and residents. From my understanding they are seeking to figure out ways to assist with their own in purchasing foreclosed homes. The money for Loudoun would come from a Housing Trust Fund. Many area developers pay in to this fund when Read the rest of this entry »
| Discussion: No Comments »
Fannie Mae Is Getting Another Facelift
May 27th, 2008 categories: Buyers, Real Estate News
I wrote an article a couple of months back concerning 100% financing going away for areas deemed a “declining market.” Since most places are in this categorie it has become the norm to put at least 5% down on a home unless you were using non-conforming loans. In fact 5% was the minimum you could expect, many have had to put down over 10%. This stretch has forced some buyers out of the market until they were able to collect the needed assets before buying.
The principle with loans for the last year has been to expect change hour by hour. Things seem to change daily. And, so that I don’t contradict that principle you should know that Fannie Mae is adjusting again. Don’t be dismayed, this is a good one.
The Associated Press says, “The government-sponsored mortgage finance company said Friday it will require minimum down payments of between 3 percent and 5 percent for all loans that it guarantees. That replaces a December policy that required a higher minimum if the loan was for a home in a zip code with declining real estate prices.”
Since neighborhoods can vary in value within zip codes they are allowing appraisers to make the determination of if a home is in a declining market.
Related Articles
A Great First Time Buyer Option
| Discussion: 2 Comments »
The Housing Crisis Is Over!!!
May 15th, 2008 categories: Real Estate News
Imagine the day. The decline of housing prices is over and home owners are finished with being the receivers of kicks in the rear. I can imagine parades in the streets, balloons, clowns, and people in Northern VA speaking to their neighbors for the first time.
The only people who aren’t there to enjoy it are the buyers that have been riding the fence for the last 3 years waiting until the bank finally sells homes for $100 the way late night television promises.
This is obviously a little extreme but I wanted to share with you an article that I just read from THE WALL STREET JOURNAL giving the most balanced and honest approach I have seen to when this market correction will actually correct. The article shows previous housing corrections and the factors that brought our economy back in to a place of stability.
HERE IS A SMALL EXCERPT
“During the 1990’s and early 2000’s it took 19% of the average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much… This caused the bubble to burst.
Since then, house prices have fallen 10%-15%, while incomes have kept growing and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first time buyer to purchase a home. In other words, homes on average are back to being as affordable as during the best of times in the 1990’s. ”
Are You Missing Payments On Your Loudoun Home? What Is A Short Sale?
| Discussion: 1 Comment »
; ?>/images/MatoChiclet.gif)
