David Stevens who is the Assistant Secretary for Housing - Federal Housing Commissioner had the FHA issue new guidelines on January 21, 2010 to help reshape the government insured home mortgage agency and how it offers low down payment loans to home buyers. It is a little boring or even dry for Washington D.C., but important if you are planning to Continue Reading
McLean, VA | My Buyer Agent Snapshot of Mortgage Rates
As 2009 draws to a close, I have seen mortgage rates stay historically low and some McLean mortgage insiders forecast that they will stay low for the near term. The terrible economy has a lot to do with it... job insecurity, weak demand, and an unwillingness to enter into a 30 year relationship when rumors are easy to believe. The truth is that Continue Reading
Your FICO Score will take a hit from Damage Points
Real Estate Agents have all wondered how FICO Scores are impacted when events happen to consumers, and FICO has released an informative chart that you need to see. It seems that if you have a high score and are 30 days late on your minimum payment then your penalty will actually be greater than someone who already has a lower score. This great Continue Reading
Refinancing a Virginia home has a special tax exemption…
Last week I attended a conference at George Mason University where a number of economists discussed many real estate related topics. One panelist, Dr. Frank Nothaft who is the Chief Economist of Freddie Mac, commented how mortgage rates are at almost 50 year lows and are probably going to remain low for the next 6-12 months. So if that Continue Reading
Upcoming Changes to Conforming Loan Limits
UPDATE: For 2011 Conforming Loan limits for Northern Virginia, click here. Original Post: This is a post of special interest to many of us in the Washington D.C. metropolitan area. I was in a NVAR Finance Forum meeting discussing the Economic Summit and Sweth started to talk about the upcoming expiration of the current $ 729,750 conforming Continue Reading
Your FICO score matters!
Okay, driving through Fairfax County I share my thoughts on the essentials of knowing your FICO Score and the importance of getting a credit report early on in the home buying process. If the FICO Score isn't 700 720 then there may be ways to improve it... since 720+ is the magic number for availability and good pricing. So after you have Continue Reading
The truth about Option-ARM’s and traditional ARM’s
What the heck is an Option-ARM and why do they get headlines? In the Option-ARM mortgage, the borrower can decide how much she will pay each month. For example, the true Principal and Interest payment is $1,500 per month but the borrower decides to pay only $1,300 per month. That extra $200 per month then gets added to the principal due. It Continue Reading
My pre-season playbook for the fall real estate market
I met with some folks the other evening to discuss buying their first home, and here are some thoughts that rang through my head as we reviewed numbers, the $8,000 first-time home buyer tax credit, and the current real estate market in Northern Virginia. Yes, pre-season camp is starting for the Redskins and, like coach Jim Zorn, I am reviewing the Continue Reading
