Virginia First-Time Buyers Face Increased Costs With FHA In April |
In Other Words…Time Is Money

You’ve heard the saying ‘Time is Money’, well when it comes to buying a home today, the saying still holds true.
Effective April 5, 2010, buyers who are using an FHA loan to purchase a home will face an increase in the upfront mortgage insurance premium, from the current 1.75% of the loan amount to 2.25%.  What does this mean in terms of dollars for the average homebuyer?

• For the average first-time homebuyer looking at a purchase price of $250,000, after April 4, 2010 instead of being charged $4221.88, the cost of the FHA mortgage insurance premium will increase to $5428.13.
• For the average move-up homebuyer looking at a purchase price of $500,000, after April 4, 2010 instead of being charged $8443.75, the cost of the FHA mortgage insurance premium will increase to $10,856.25.

Buyers obtaining FHA financing will see this increased cost either up front by having to pay the total cost at closing, or finance this into the loan which means an increased total monthly payment.

Please click here for the information that was release by HUD. *No Down Payment loans are still available for qualified VHDA buyers. Please email me for more info.*  In other words, if you’re actively in the market to buy a home now, you can avoid this increased cost by identifying a home and being ‘Under Contract’ before April 1. 

Please note that short sales may not be the best type of properties if you are trying to beat this deadline, as your lender may not start processing your loan until after the seller’s lender has approved the short sale of the property.  So, if you’re under contract with a short sale on March 1, but you don’t receive short sale approval from the seller’s lender until April 5, you would still be subject to the higher rates for the FHA mortgage insurance premium.

See Also: Video – Biggest Buyer Blunder, The Importance of Mortgage Approval

Northern Virginia Real Estate Market Watch And Trends Update
For November And December 2009
Reported By McEnearney Associates, Inc. Realtors

Well, inquiring minds want to know…have we reached the bottom?  Is the Northern Virginia real estate market getting better?  The answer is, a definite maybe.  Click here for the latest edition of Market Watch as reported by David Howell of McEnearney Associates Inc., Realtors.

Tuesday Real Estate Tour of New Listings In Alexandria VA |
November 17 2009

Top listing and selling real estate agents of McEnearney Associates, presented the following HOT Alexandria VA real estate listings for this Tuesday’s broker preview.

21 West Masonic View

Elizabeth Lucchesi and her sellers offer buyers a down home and welcoming front porch with this detached 3-level home at 21 West Masonic View in the Rosemont area.  My favorite features are the updated kitchen with custom ceramic tile backsplash, and the fenced in backyard.  If you’re looking for hardwood floors, this home is drenched in hardwoods, including the staircase.  The owners have prepared for the buyer’s eye because the rooms are spacious and lightly furnished, showing off the ’space equity’ throughout.  The bathroom in the finished basement is very chic, and the rec room area is perfect for relaxing and hanging out.  Alexandria VA homebuyers looking at real estate and homes for sale in Rosemont should make this home their top choice.

3256 Gunston Road

 Barbara Cousens and her sellers have something special for first-time buyers, scale-down buyers, or buyers who are looking to put their special touch on a home.  This ground level unit at 3256 Gunston Road in Parkfairfax is affordably offered at $280,000. Buyers who want a perfect match when it comes to convenience and affordability will want to put this one bedroom Lincoln model on the top of their list.  Here, you can step out to the patio, and for commuting, it’s located just off of I-395 with Metrobus service to the Pentagon, and for recreation, just across the interstate from the shops at Shirlington. Alexandria VA homebuyers looking at real estate and homes for sale in Parkfairfax for under $300k should consider checking this one out.

4012 Duke Street

Chris Hayes and his sellers at 4012 Duke Street offer buyers two master suites, and a one-car garage with convenient Alexandria living in popular Cameron Knolls.  This beautiful home is move-in ready and is a great alternative for an Alexandria VA homebuyer who is considering a garage condo.  Strategically priced at $399,900, this cartwheel-friendly floor plan includes an open living room, each bedroom has its own full bath, and the lower level offers an additional rec room, with direct entry from the garage.  Alexandria VA condo buyers who prefer a garage, but not the top-down and side-to-side connectivity should make this home a must see. 

100 Sylvan Court

Kate Patterson and her sellers at 100 Sylvan Court offer luxurious appointments and over 3800 square feet of renovated living space.  Located on a cul-de-sac just off Fort Williams Parkway and Duke Street, this tucked away detached home offers three finished levels, three fireplaces, and beautiful views from every window.  My favorite features of this home are the open kitchen with stainless steel appliances and center island, and also the wide staircases and hallways.  All of the lighting and fixtures throughout this home speak quality.  Alexandria VA home buyers looking at real estate and homes for sale in Fort Williams Park and nearby luxury homes in the zip code of 22304 should consider this home for its location, curb appeal, and perfect design for entertaining.

Want to get your home on next Tuesday’s Broker Open Tour of Homes, click here.

Tax Credit For Old Town Alexandria VA Home Buyer And Sellers
Signed By The President

Old Town Alexandria VA Row Houses

 

No more tricks, but a sweet treat for move-up home owners in who are selling and buying Alexandria VA real estate. History was made, yet again, when President Obama signed into law the bill extending and expanding the Home Buyer Tax Credit into 2010.

Showing it to you in black and white: 

• Chart comparing the expanded version with the previous version of the tax credit
• IRS Tax Form 5045
• VHDA Homebuyer Tax Credit Plus program, use the tax credit up front to pay your closing costs

Alexandria City News Release: Money Granted For Home Buyers From VHDA

Positive new indeed for those looking to buy a home for sale in Alexandria City.  From the City of Alexandria:

News Highlights:

• City of Alexandria has been awarded $7.7 million for affordable homeownership programs
• These funds will be used to enhance homeownership purchasing assistance for first-time home buyers who live or work in the City of Alexandria.

For More Information:

• Alexandria Office of Housing 

The City of Alexandria has been awarded $7.7 million from the Virginia Housing Development Authority (VHDA) to help make homeownership more affordable for households with members who live or work in the City. This funding is being provided through VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) Program. 

The funding will be used in conjunction with the City’s Homeownership Assistance Program, which assists lower income households with annual incomes of up to $82,160 for a family of four, and Moderate Income Homeownership Program, which assists households with incomes of up to $102,700 for a family of four.  SPARC funding will be enhanced with $936,955 in federal funds from the Neighborhood Stabilization Program, which targets communities that have been most affected by foreclosures.

“These funds provide an important complement to the City’s home purchase assistance programs,” said Alexandria Mayor William Euille. “The City has a long history of helping first-time homebuyers and we are dedicated to making homeownership both achievable and affordable for lower and moderate income City residents and workers.”
 
Individuals who wish to apply for assistance through the City’s homeownership programs must be first-time homebuyers, must have lived or worked in the City during the most recent six month period, and must purchase a home located within the City of Alexandria. All funds are limited, so interested households are encouraged to begin the process by registering to participate in a mandatory, free homeownership training offered through the City’s Office of Housing. For more information, call the City of Alexandria’s Office of Housing at 703.746.4990, TDD: 703.838.5056.

Dinner In Del Ray and Old Town Tonight?
Eat Out and Help Fight Breast Cancer

Tuesday, October 20th is the Dine Out and Shop for the Walk to Fight Breast Cancer. Here is a link to the flyer that has the participating restaurants and shops in Del Ray, Fairlington, Old Town and the west end, that shows the percentage of their proceeds they are donating to The Walk. You can eat and help out Alexandria VA Walk to Fight Breast Cancer at the same time!

Alexandria VA First-Time Buyers Watching The Clock As
Tax Credit Deadline Nears

Everybody wants to know whether or not the $8000 First-Time Home Buyer Tax Credit will be extended, and at this point, it’s still in the air.  Right now, no one can say for sure if Congress will extend the deadline for the tax credit, increase it, or even make it permanent.

But the deadline is near and Alexandria VA home buyers have little time left to identify a condo, townhome, or single-family home.  We’re now in the second week of October, and November 30 is a little over a month and a half away.  Realistically speaking, if your goal is to take advantage of the tax credit, then you need to look aggressively at Alexandria VA real estate, identify the property and submit a written offer, and be under contract by October 15!

Why, because you have to allow time for inspections, appraisals, and for your mortgage loan to be fully underwritten and approved.  Just like banks are swamped with short sales and foreclosures, you can bet that Alexandria VA Realtors and lenders will be swamped over the next 2-3 weeks trying to ensure that buyers who are under contract have a smooth transaction, with no delays that could jeopardize them taking advantage of the tax credit.

If you’re considering buying short sales in Alexandria VA, know that there is no guarantee as to when the bank will approve the sale.  As a buyer, your lender can only do the bare minimums on your mortgage loan if you have not received short sale approval from the seller’s lender.

There’s still time for you to take advantage of the First-Time Home Buyer Tax Credit and buy a home in Old Town, Del Ray, Kingstowne, or Manchester Lakes.  Here’s a short video that will help explain how the credit works.

Ranking #1 in Average Net Sales Price | Percentage of Net Sales Price To Original List Price
Average Number of Days On Market

When it comes to Northern Virginia and Washington DC real estate ‘Results Matter’.  And during the first half of 2009, McEnearney Associates, Inc. Realtors outperformed the competition…once again.  If you’re in the market to buy or sell real estate, choose the company known for performance, productivity, and service.

Click here for the latest statistics on how McEnearney Associates, Inc. Realtors has stacked up so far this year.