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
Your Neighbors House…
Written by John on February 24th, 2010. Filed under Uncategorized and tagged with CMA, Comps, JohnMartinHome, Real Estate, realtor, REO, Richmond, Short Sale, Virginia, Williamsburg.So, your neighbor purchased his house back in 2001 and has decided to take full advantage of equity and the market. He decides to put his house on the market for 450,000 and you have an almost similar home listed for 525,000. Obviously these numbers are even for example purposes. So, the neighbors house puts you in a situation, do you drop your price to compete or keep trying to hold on to value. Its a difficult spot and it all comes down to motivation. One seller decides to chase the market as most sellers are doing these days and the other caught it. Seller number 2 purchased in 2007 and most likely can only go so far in negotiations. Most sellers don’t want to bring money to the table, especially to cover commissions, can’t blame them. But lets say the second seller that purchase in 2007 makes up the difference on a new house purchase. He or she is transferring the market. Most buyers will make huge gains in price reductions and or get a really good deal. Figure you will do the same on the next house. Its all a difficult way of looking at the market, but eventually we will be at normal sales prices and hence the return of the good days. Well, OK days will do at this point
Virginia Real Estate
Written by John on March 11th, 2008. Filed under Uncategorized and tagged with buyers, New homes, Real Estate, Richmond, sales, Virginia, Williamsburg.A blog for Central & Eastern Virginia Real Estate Markets. Ranging from Hampton, Williamsburg and the City of Richmond. Comments on New Home Sales, first time home buyers movement, tax credits, resale homes and house seller. Has the market hit the bottom? When will buyers and sellers agree on price?