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NAR Video Explaining The FHA Increase That Will Take Effect April 1 2012

tamzoo — Wed, 07 Mar 2012 17:18:44 +0000

NAR Video Explaining The FHA Increase That Will Take Effect April 1 2012

In a recent blog post, we brought you information on the changes to the FHA costs that will be taking effect starting April 1. The National Association of Realtors has produced a video which explains the changes, and why they are being implented.

Alexandria VA Homebuyers Will Pay More After April 1 With FHA Loans

tamzoo — Mon, 05 Mar 2012 19:43:59 +0000

Alexandria VA Homebuyers Will Pay More After April 1 With FHA Loans

Time is money. And if you’re looking at homes for sale in Alexandria VA, and will be buying with an FHA loan, then expect to pay more after April 1. Cindy Small of Union Mortgage Group provides the following update on the fee increases for FHA loans and what they mean for buyers in terms of closing costs and monthly payments.

FHA is raising mortgage insurance dramatically and considering several other changes.

Homebuyers who act now can beat the increase, by indentifying a home and having a written accepted purchase contract. There are two dates (April 1^st and June 1^st) and two changes (up front mortgage insurance which is collected at closing & annual mortgage insurance increases) that you need to be aware of .

1^st Change Effective ON APRIL 1^{ST, 2012}

The Up Front Mortgage Insurance Premium (UFMIP) will be increased from 1 percent to 1.75 percent of the base loan amount…regardless of the amortization term or LTV (loan-to-value) ratio. FHA will continue to permit financing of UFMIP into the loan amount.

What does that mean if I’m buying a home now? How will that affect my out of pocket costs at closing?
Let’s use two examples…one is a $300,000 purchase and the other a $500,000 purchase. Both are with 3.5% as the down payment…

$300,000 Purchase Price                                         $500,000 Purchase Price
– 10,500 @3.5% down                                               -17,500 @3.5% down
$289,500 UFMIP      1% = $2,895                            $482,500 UFMIP      1% = $4,825
  New UFMIP 1.75% = $5,066                           New UFMIP 1.75% = $8,750

2^nd Change Effective ON April 1^st…

The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent. This change is effective for case numbers assigned on or after April 1^st.

What does this mean? A ‘case number’ is assigned to your loan once you have received an accepted offer, and your lender begins processing your loan and preparing it for underwriting. This usually happens within 2-3 days after the lender has received your signed purchase offer.

Currently the annual MIP or mortgage insurance premium (what we often refer to as the “Monthly MI”) on an FHA loan depends upon the down payment amount. Below is the current vs. what it will become on April 1^st.

Again, these changes are effective for case numbers assigned on or after April 1^st

**ADDITIONAL CHANGE TO JUMBO FHA ON JUNE 1^{ST **}

FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012.

What does this mean?
Let’s us two different examples…one is a $300,000 purchase and the other a $700,000 purchase with 3.5% down.

$300,000 Purchase Price                                         $700,000 Purchase Price
– 10,500 @3.5% down                                               -24,500 @3.5% down
$289,500 Base Loan Amount                                    $675,500 Base Loan Amount
        New UFMIP 1.75% = $5,066                                    New UFMIP 1.75% = $11,821
$294,566 Loan Amount with UFMIP financed          $687,321 Loan Amount with UFMIP financed
1.25% Mo. MIP = $3,682/12 = $307 per mo.             1.50% Mo. MIP = $10,310/12 = $859 per mo.

Things To Do In Alexandria VA – November 2011 Events Calendar

tamzoo — Wed, 02 Nov 2011 02:08:37 +0000

Things To Do In Alexandria VA -
November 2011 Events Calendar

There’s no shortage of things to do in and around Old Town Alexandria for the month of November 2011. In addition to celebrating Veteran’s Day, there are numerous plays, concerts, and even cooking demonstrations! Click here for a print friendly version of my November 2011 events calendar, and I’ll look forward to seeing you in and around Alexandria VA this month!

Northern Virginia Market Watch Video for September 2011

tamzoo — Thu, 13 Oct 2011 18:58:42 +0000

Northern Virginia Market Watch Video for September 2011

Reiterating that all real estate is local, and the local forecast continues to outperform the national real estate market. Pending sales were up from last September. In September 2010, the number of pending sales was 2,231 and for September 2011 the number of pending sales was 2,394, an increase of 7.3%. Rock bottom interest rates continue to add fuel to the desire to make a home purchase. The number of homes for sale decreased. In September 2010, there were 11,802 homes on the market, while the number dropped to 9,130 this past September. The median sales price increased from $350,000 in September 2010, to $362,000 in September 2011.

First-Time Military Buyers Can Also Get $5000 For Alexandria VA Homes

tamzoo — Fri, 02 Sep 2011 15:59:20 +0000

First-Time Military Buyers Can Also Get $5000 For Alexandria VA Homes

Military homebuyers have the privilege of purchasing a home with a VA loan in Alexandria VA. This provides the opportunity to purchase a home with no down payment. VA home buyers can request that sellers pay their closing costs. However, in cases where the seller is unable or unwilling to pay for the buyer’s closing costs, this can prevent closing from taking place putting the brakes on your Alexandria VA home purchase.

There is a $5,000 grant that is making it easier for first-time military homebuyers to purchase a home. As reported from Realtor.org, active duty personnel, veterans, retured members of the military, and employees of the U.S. Department of Homeland Security and the Department of Defence are eligible to apply for up to $5000 in down payment and closing costs in the purchase of a first home. The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program and says the grants can be applied to a mortgage from any financial institution and applicants do not have to be members of Pentagon Federal Credit Union to apply.

According to the Dream Makers program, you are a first-time home buyer if you have not owned a home in the last three years, or if you have lost your home through divorce or disaster.

Preparing for Irene in Alexandria VA – Homeowner Tip for Insurance

tamzoo — Fri, 26 Aug 2011 19:19:09 +0000

Preparing for Irene in Alexandria VA – Homeowner Tip for Insurance

See Also

4th of July Events In Alexandria VA and Washington DC 2011

tamzoo — Fri, 01 Jul 2011 16:39:58 +0000

4th of July Events In Alexandria VA and Washington DC 2011

There will be colors bursting all over Washington DC this weekend as we celebrate Independence Day! Here is a list of 4th of July activities in and around the Alexandria area for 2011.

WASHINGTON DC
4th of July Fireworks on the National Mall
Fireworks Time: At dark, usually around 9:15 p.m.
Rain Date: July 5th
Launch Location: The fireworks are launched from the Lincoln Memorial Reflecting Pool and light up the sky over the Washington Monument.

VIRGINIA
Alexandria Oronoco Bay Park, 100 Madison St., Alexandria, Virginia. Celebrate Alexandria’s Birthday & the USA’s on Saturday, July 9, 2011, 4-10 p.m. Enjoy a concert by the Alexandria Symphony Orchestra at 8:30 p.m. and fireworks at 9:30 p.m.

Falls Church
George Mason High School, 7124 Leesburg Pike, Falls Church, Virginia. Live music will start at 7 p.m. followed by fireworks at 9:30 p.m.

Fairfax July 4, (rain date – fireworks only July 5) Fairfax City, Independence Day Parade through the downtown area beginning at 10 a.m. Musical entertainment begins at 7 p.m. at Fairfax High School with a spectacular fireworks display at dark. (703) 385-7858.

McLean
Langley High School, 6520 Georgetown Pike McLean, Virginia. (703) 790-0123. Music performances, food, games, and activities for kids. Grounds open at 6 p.m. Fireworks at dark.

Leesburg
Ida Lee Park, Rt. 15 (King Street) and Ida Lee Drive, Leesburg, Virginia. (703) 777-1368. Gates open at 6 p.m. Fireworks around 9:30 p.m.

King’s Dominion
16000 Theme Park Way, Doswell, Virginia. Independence Day celebrations and fireworks.

MARYLAND
National Harbor July 3, 2011. Gaylord National Resort, National Harbor, Maryland. Fireworks and summer festival, beginning at 6:30 p.m., tickets are required.

“Boom, boom, boom. Even brighter than the moon, moon, moon!” – Katy Perry, Firework

VA Compromise Sale Program Offers Cash To Distressed Military Homeowners

tamzoo — Tue, 11 Jan 2011 04:10:37 +0000

VA Compromise Sale Program Offers Cash To Distressed Military Homeowners
$1500 Paid At Closing

Alexandria VA Short Sales – The Alexandria VA real estate market has made it tough for some military homeowners who are upside down on their mortgage to sell their home. The Department of Veteran Affairs has recently authorized a cash incentive of $1500 to homeowners who successfully complete a VA Compromise Sale.

What is a VA Compromise Sale? A VA Compromise sale is when the sale of your home is not enough to cover your VA mortgage balance. As the borrower, you can request a claim from the VA to pay the short amount that will cover what is owed on the mortgage. The mortgage lienholder is paid in full and the property is sold to the new purchaser with the lien fully released.

The $1500 incentive is shown on the HUD-1 settlement statement at closing, so the credit to the seller is not paid prior to the sale. Much like the federal government’s HAFA short sale program where distressed homeowners can receive up to $3000, the VA Compromise Sale has guidelines:

The property must be sold for fair market value.
The closing costs must be reasonable and customary.
The compromise sale must be less costly for the Government than foreclosure.
There must be a financial hardship on the part of the seller.
On loans that originated on or before December 31, 1989, the seller must be willing to sign a
promissory note.
There must be no second liens or other liens (unless the amount is insignificant). In
situations whereby there are second liens or other liens, the seller can request that the
lienholder consider releasing the lien and converting the loan to a personal loan.
The seller must first obtain a sales contract in order to be considered for the program.
To protect the seller’s interest, the seller should make the sales contract contingent and/or
subject to the approval of a VA compromise sale.
Once it is determined that a homeowner may qualify for VA compromise sale, the realtor or the
homeowner should contact the homeowner’s lender and/or the VA.

Commonly asked questions from military homeowners considering a VA Compromise Sale:

How do I find out the market value of my home? Part of our service including providing a comparative market analysis, which is a report of the sales activity in your neighborhood. This will show what homes have sold for, and how long they stayed on the market. With a VA Compromise Sale, a VA appraisal is ordered by the mortgage lender. The VA will likely not approve a sale that is less than the VA appraised value.
What if I do have a second lien? Approval of a second lien will be on a case-by-case basis by the VA. If there are large additional liens on the property, we will help you negotiate an arrangement with the lienholder so that the property can still be sold. This may include negotiating a short payoff, or a promissory note.
What if I owe past due condo fees or HOA fees? Contact the HOA or condo association immediately to find out the total amount due, and start making arrangements to bring your account current. The VA will likely not pay any money towards delinquent condo or HOA fees. Associations have the authority to place a lien on your property and may also start the foreclosure process.
If I sell my home with a VA Compromise Sale, can I use my VA loan again? Yes, but only after you have paid back your entitlement.

If you are a military homeowner and have received your PCS orders to leave the Pentagon, Fort Belvoir, or Quantico, please call me at 703-623-8759 to see if you are eligible for the benefits that may help you if you need to sell your home.

Alexandria VA Short Sales – Listing Agent Earnes LDPD To Specialize In Luxury Home Sales

tamzoo — Sun, 05 Dec 2010 17:10:45 +0000

Alexandria VA Short Sales – Listing Agent Earnes LDPD To Specialize In Luxury Home Sales

Alexandria VA Listing Agent Uses QR Code Technology To Market Homes For Sale

tamzoo — Wed, 01 Dec 2010 05:33:04 +0000

Alexandria VA Listing Agent Uses QR Code Technology To Market Homes For Sale

Well, you don’t have to stare it. You won’t see a 3-dimensional object come floating to the surface. But if you have a smartphone, such as an iPhone, Blackberry, Palm, or Droid, you may already know what to do.

This fuzzy looking barcode is called a QR code, which is short for Quick Response code. A consumer can scan this image with a QR reader app on their smartphone, and once the image is captured, the phone’s web application will automatically open and take them to the individual property website for the listed home.

This is an important feature that has spread in popularity here in the United States. Overseas, QR codes are extrememly common, and once you become familiar with this fuzzy barcode, you’ll start to notice them everywhere from billboards to print materials.

So how does this benefit a homeowner who is trying to sell their Alexandria VA home? Well, as an Alexandria VA listing agent, part of my job is to stay informed on the ways that consumers are searching for homes. If your home is constantly being seen where buyers are looking, then that will increase your chances of getting your home sold!