Maryland and Virginia Real Estate and Homes Blog

FIRST TIME HOME BUYERS GRANT FOR FIRST TIME HOME BUYERS IN VIRGINIA

FIRST TIME HOME BUYERS GRANT FOR FIRST TIME HOME BUYERS IN VIRGINIA

ATTN:  FIRST TIME HOME BUYERS.

NEED CASH TO HELP YOU BUY A HOME IN NORTHERN VIRGINIA?? 

WE CAN HELP. 

Homefinders.com works hard to locate money GRANTS and flexible mortgage loans for our Northern Virginia home buyers. 

The Income Qualification Limits below represent one of the programs that Homefinders.com Real Estate in Virginia have identified to help home buyers working with a Homefinders.com Network agent.   Homefinders.com will help you, a home buyer, maximize your ability to buy a home through the idendification of HOME BUYING LOANS and GRANTS and 100% FINANCING in many areas of Northern Virginia.

These Qualifying Loan Limits apply for First Time Home Buyers in the following counties.

Alexandria City * Arlington County * Clarke County * Fairfax County * Fairfax City * Falls Church City

Fauquier County  Fredericksburg City * Loudoun County * Manassas City * Manassas Park City

Prince William County * Spotsylvania County * Stafford County * Warren County

TO MAKE A TELEPHONE APPLICATION, CALL Lenn Harley, Broker, Homefinders.com, 800-711-7988.

TIME IS LIMITED.  THIS GRANT IS AWARDED ON A FIRST COME FIRST SERVED BASIS.  CALL TODAY.  We can help you determine your qualifying price range and preliminary loan and grant elegibility.

If you qualify by credit and income to buy a home in Northern Virginia, you may also qualify for a $7,500 GRANT.  Or, you many qualify for 100% financing in many areas. 

Homefinders.com works only with lenders who are skilled with all types of mortgage loans -

• VA Benefit Loans
• FHA Loans
• Conventional Loans
• USDA Loans
• VHDA Loan in Northern Virignia
• 203(k) Loans

Different loan limits apply for different loan types. 

SEARCH ACTIVE LISTINGS OF HOMES FOR SALE IN NORTHERN VIRIGNIA.  You can search for homes for sale in Northern Virginia on our buyer friendly Home Search site.  GO HERE!

Examples of Homes for Sale in Northern Virginia that are in the price range for GRANT qualification.

Contact Lenn Harley, Broker, Homefinders.com, 800-711-7988.

N E W S   A L E R T   F O R   F I R S T   T I M E   H O M E   B U Y E R S

FOR FIRST TIME HOME BUYERS - UP TO $7,500 TO USE FOR DOWN PAYMENT AND OR CLOSING COSTS.

100% FORGIVEABLE.

Contact Lenn Harley, Broker, Homefinders.com, 800-711-7988.

We’ll help you find a wonderful home in Maryland or Northern Virginia AND help you qualify for up to $7,500 in GRANT money. 

MARKET AREA COVERED

$7,500 GRANT is available for Homefinders.com buyer clients in the Maryland and Virginia counties of:

MARYLAND COUNTIES:  Anne Arundel, Baltimore, Baltimore City, Calvert, Carroll, Cecil, Charles, Frederick, Harford, Howard, Montgomery, Prince George’s, St. Mary’s, Maryland Eastern Shore Counties of Caroline, Dorchester, Kent, Queen Annes, Somerset, Talbot, Wicomico and Worchester.

NORTHERN VIRGINIA COUNTIES:  Alexandria, Arlington, Culpeper, Fairfax, Falls Church, Fauquier, King George, Loudoun, Prince Willliam, Spotsylvania, and Stafford. 

NEWS ALERT FOR FIRST TIME HOME BUYERS - $1,000,000 GRANT MONEY IS AVAILABLE - UP TO $7,500 FOR FIRST TIME HOME BUYER.

ALERT! First Time Home Buyers $8,000 Tax Credit EXTENDED and MOVE-UP buyers included.

 

 

 

The FIRST TIME HOME BUYERS TAX CREDIT is still available.
$8,000 TAX CREDIT or REFUND is available for home buyers of Maryland and Northern Virginia real estate who purchase a home between through April 30, 2010.

 

NEW PROVISION NOT LIMITED FOR FIRST TIME HOME BUYERS.

$6,500 TAX CREDIT or REFUND is available for home buyers of Maryland and Northern Virginia real estate who have a signed Contract of Sale for a home before April 30, 2010 and close on the purchase prior to June 30, 2010.

For more information and help finding a home to buy, contact Lenn Harley, Broker, Homefinders.com, 800-711-7988.

 

THE FIRST TIME HOME BUYERS TAX CREDIT EXTENSION - IS IT SOUP YET????? (edit/delete)

WARNING!               WARNING!                WARNING!                 WARNING!                 WARNING!

ActiveRain members are posting articles claiming that the “FIRST TIME HOME BUYER CREDIT HAS BEEN EXTENDED”.  

IS THIS FACT? 

OR IS THIS IRRESPONSIBLE RUMOR?????

     SHOW ME THE LEGISLATION!

     SHOW ME THE LAW!

     SHOW ME THE RECONCILIATION!

     SHOW ME THE FACTS!

Show me more than rumor.  As I understand it, the extension has been proposed and passed by the Senate.  THAT DOESN’T MAKE IT LAW. 

There are two branches of Congress.  One branch can pass and then it goes to the other branch.  These are co-equal branches of Congress. 

Any extension would, I would think, then have to be signed by the President of the United States. 

“Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.”

“Senators agreed”   “Senators agreed”    “Senators agreed”  

Doesn’t make it law.

Be careful out there folks.  Your posts are going on Google and, if you are wrong. . . . . .  ?

Prince George’s County Down Payment and Closing Cost Assistance for First Time Home Buyers.

http://www.homefinders.com/library/first_time_cda.php

Complete your purchase before Nov. 30 and be eligible for an $8,000 tax credit in 2010.

We can help.

Call Lenn Harley for information.  800-711-7988.

                               *  *  *  *  HARD CORE REAL ESTATE TALK  *  *  *  *

AVOIDING CONTRACT FAILURES is important for home buyers.  If you have a contract of sale on a home in Maryland or Northern Virginia, make sure that the financing is in place and that your loan officer is doing their job. 

DON’T LOSE YOUR DREAM HOME because of poor financing letters.

We regularly read about contracts that “fall apart” because the buyer cannot get financing.  Homefinders agents will make sure that you, our home buyer, are aware of the critical dates in your contract. 

Make sure that your loan officer understands that they need to get the mortgage financing process completed sooner rather than later.

Experienced buyer’s agents in MD and VA know that a missed deadline in the contract can cause a home buyer to lose a home. 

Use a Financial Statement!   Agents need to learn to read the numbers!!

Homefinders.com agents know how to read a financial statement.  We will alert you early on if there are matters in your financial profile that need to be addressed BEFORE you submit a contract offer.

We use a simple Financial Statement.  We use a simple calculator.  We look at our buyers assets and liabilities and “qualify” our buyers or buyers who write contracts on our listings. 

We do not rely on loan officers to qualify.  Qualifying a prospective home buyer  isn’t rocket science.  This is a simple calculation.  We’re not qualifying buyers for credit and we rely on trusted loan officers to do that.  We use qualifying ratios to determine price range.  However, the agent needs to do two calculations.  One for the ratio of mortgage payment/income and one for all debt/income. 

FRONT RATIO/BACK RATIO.  We use ratios of 30% for an estimated PITI/gross monthly income and All Debt/monthly gross income.   30% of your income is an average for home buyers to spend on housing.  Many buyers prefer to pay less.  Some are willing to spend more. 

30/40%.  The concept was learned in real estate school.  It is further perfected in our CE classes for Real estate finance.  It’s important and separates the agents who consistantly have successful closings from the agents who simply write a lot of contracts. 

Step 1.  Provide the buyer with a Financial Statement Form.

Step 2.  Run a qualifying loan amount based on 30% of Gross Monthly Income.

Step 3.  Add the down payment, if any, for the estimated price range.

Step 4.  Run a qualifying 40% of gross monthly income for all debt.

HOMEFINDERS.COM agents and brokers know how to qualify and back it up with help from qualified loan officers, if there are any questions about credit. 

When writing an offer, the first document is the Financial Statement handed to the buyer to complete while the agent runs an Estimated Closing Cost.  Those two documents alone will determine whether or not the offer should even be made.  The Financial Statement is going to give the agent information to qualify a buyer and the Estimated Buyer’s Closing Costs is going to put in writing the cost to close.  Often buyers are surprised by these numbers.  Sure, if the buyer’s have made loan application they should have received a Good Faith Estimate from the loan officer.  Yet, every week we read of buyers who are “disqualified” at the last minute. 

This is just good business practice.  The cost of a failed contract is enourmous to the buyer and seller, not to mention the agents and brokers.  Failed contracts are almost completely avoidable. 

INTEREST RATES FOR JANUARY 6, 2008 QUOTED 4.75% FOR A 30 YEAR FIXED LOAN.

HOME OWNERSHIP MAKES MORE FINANCIAL SENSE THAN EVER. 

First Time Home Buyers - It’s time to buy a home.  The average interest rate for a 30 year fixed mortgage is about 4.750%  on a national basis (Source:  Chase Home Mortgage). 

All home buyers who do not have a home to sell are in the best position to buy a home with good interest rates than in many years.  Foreclosures and Short Sales have made homes available at prices not seen since about 2003 in many areas. 

Most First Time Home Buyer programs are available to home buyers who have not owned real estate for the previous 3 years.  The low rates make home ownership very competitive when compared to paying rent. 

Additionally, the mortgage interest tax deduction will help you make your mortgage payment.  Home owners are entitled to an additional tax deduction for federal taxes for each $2,000 of mortgage interest paid.  Further, local real estate taxes are also deductible.  We recommend that prospective home buyers check with the payroll office at their place of employment to calculate the additional cash in your paycheck by changing your Form W-9 to reflect mortgage interest reduction of withholding. 

FOR REAL ESTATE INFORMATION, ASK A REAL ESTATE AGENT OR BROKER.

FOR MORTGAGE LOAN INFORMATION, WE ASK LOAN OFFICERS. 

Answering questions about mortgage loans is best done by loan officers, the experts. 

We answer questions about real estate in my market area, Maryland and Northern Virginia.   That’s our business as a real estate broker. 

For questions about mortgage loans, we ask the experts, loan officers. 

Below is the most recent Q&A in our continuing series:  ”Ask the Lender” page of Homefinders.com. 

QUESTION: I’ve been advised that an FHA loan is a good option for us now. We have reasonable credit but not very high credit scores. Also, can we get closing help with an FHA loan?

ANSWER: FHA is just hard to beat right now.

Using the services of an experienced Realtor is key to this savings the client has for years after the purchase is over.

For more information, visit the Lender Q&A page on Homefinders.com

KNOW YOUR PRICE RANGE BEFORE YOU TOUR HOMES FOR SALE

Before touring homes for sale, it’s a good idea to know your price range.  The Internet offers wonderful information for home buyers showing ACTIVE LISTINGS of homes for sale, photos, features, and more.  However, we have found that many prospective home buyers do not know what their qualifying home price would be.  The agents with Homefinders.com will help you determine a safe price range.  Prior to making an offer on a home you wish to buy, you will need to have a credit review done by a qualified loan officer.  The loan offers on the “Ask the Lender” page of Homefinders.com can help.  Give them a call. 

JUST GETTING STARTED?  First time home buyers and home buyers in moderate price ranges may need help with down payment and/or closing costs.  We can help you find homes that qualify for DOWN PAYMENT OR CLOSING COST HELP. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.