VHDA Loan Updates for Virginia…
Written by John on February 24th, 2010. Filed under Uncategorized and tagged with FHA Loan, First Time Buyer, Hampton, Henrico, homebuyer, Limits, Loan, New Kent, Newport News., realtor, Richmond, Tax Credit, Va, VHDA, Virginia.Keep up with the new FHA guidelines, especially if your credit score is lower than 580.. Deadlines are upon us once again for first time buyers. Check out this link for Tax Credit Basics.
VHDA Updates for Virginia
VHDA is pleased to announce new income and sales price limits effective with new reservations beginning March 1, 2010.
Income limits increased in all areas of the state and sales price/loan limits increased in most areas.
Now, more homebuyers can benefit from the special features that VHDA loans provide including our FHA Plus and Homebuyer Tax Credit Plus programs.
A summary of the new limits is noted below. Complete details of the new limits will be available on vhda.com March 1st.
Area
Washington DC./No.VA $97,500
MSA
Warren County $70,000 $81,000 $
Va.Beach-Norfolk
Richmond
Charlottesville
Winchester-Frederick
MSA’s
Culpeper/Essex/Rappahanock $70,000 $81,000 $
King George County $73,000 $84,500 $
Remainder of State $70,000 $81,000 $245,700
Slowing down!
Written by John on October 11th, 2009. Filed under Uncategorized and tagged with , buyers, first time, First Time Buyer, home, homeowner, house, taxcredit.As we approach the Holidays and Winter months, are we going to see a slowing down of sorts? I would say so, the first time homebuyers credit deadline is November 30, 2009, which means that all first time home buyers or buyers not owning anything within the last 3 years are eligible to get the $8000.00. The idea behind the push was to create a domino effect, the first timers purchase, then the sellers move up in price on a new house and so on.. I don’t think that has happened as often as some might think. We need this credit to continue through spring. Its keeping an energy about the market and helping first time buyers jump into the pool of home ownership. I would be surprised if the credit wasn’t extended! We will see. Prices are starting to get lower, but I don’t know when we will get to the bottom, simply because its dictated by motivated sellers and sellers are very motivated. The problem is getting buyers, not first timers, to make a decision. Its hard to know whether you are getting a good deal or if the prices will fall more? I think we are close and now is the time if you want to buy. The spring market should be better and things will hopefully heat up, especially coupled with an extended taxpayer credit??