From the HUD Website:

Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation’s housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today’s action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

To explore financing options for real estate in Hampton Roads or Williamsburg VA  contact: John@MrWilliamsburg.com

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With today’s combination of lower home prices, some of the lowest interest rates the industry has ever offered, and the $8000 tax incentive for first-time buyers, buying a home has never been so attractive. The only real hurdle left for many Americans is coming up with a down payment. With this in mind, we’ve put together some of the most frequently asked questions we get about down payments in today’s market in the Hampton Roads and Williamsburg Va areas.

Q. Are there any no-down payment programs left?
Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.
A USDA Guaranteed Loan is a government-insured, 100% purchase loan. This means there is no down payment required if you – and the house you intend to buy – qualify for the program. Not all areas qualify, but you’d be surprised at how many neighborhoods in your area do. There are income and other limitations, but if coming up with a down payment is challenging, you might want to consider this program.
If you or your spouse is a military veteran, you may qualify for a 100% financed loan from the US Department of Veterans Affairs. More than 29 million veterans and service personnel qualify for this service benefit. Give us a call to find out if you’re one of them.
Q. Are there any other government-insured programs that can help someone struggling with a down payment?
Yes. In 1965, the federal government created the FHA loan programs to encourage homeownership throughout the country. FHA-insured mortgages offer many benefits, including a minimum down payment of 3.5%. FHA-insured loans have grown in popularity recently due to the seller’s ability to pay closing costs up to 6% and a temporary increase in loan limits up to $729,750 in certain high-cost areas, which allows more potential buyers to utilize this program.
Q. May I use a gift from family members as part of my down payment?
Yes. In many cases, immediate family can provide monetary gifts to be used as a down payment. There are restrictions of course, and strict documentation will be required, but we will gladly walk you through the finer details of this process. Be sure to mention this option when you’re filling out an application with us.
Q. May I use funds from my IRA for my down payment?
Yes. First-time home buyers can use funds from an IRA under certain circumstances for a down payment. The rules regarding this option, however, can be complicated, especially with a Roth IRA, and it’s important to understand any and all tax implications before tapping into these accounts. Please talk to your tax professional before making any decisions. If you don’t have one, we’ll gladly refer you to one we work with on a regular basis.
Q. May I use the $8,000 tax credit as my down payment?
No. At the time of the writing of this article, qualified first-time home buyers do not have direct access to the $8,000 credit to use as a down payment. In May, HUD officials made an announcement to the contrary, but statements backing the announcement were quickly withdrawn from the HUD website. This doesn’t mean that HUD and lawmakers will not allow this in the future. We’re following this issue closely and will let you know if anything changes. Just keep reading our newsletters and other materials we send to you or give us a call and we’ll let you know if any progress has been made.

To explore loan options, monthly payments, etc for mortgage loans in the Williamsburg VA and Hampton Roads areas contact Nina Efird with Suntrust Mortgage.

Nina brings more than 20 years of experience to her clients. With her vast experience in real estate and mortgages, she has the unique ability to understand the expectations and needs of all parties involved in the mortgage financing process. Nina is known throughout the community for her ability to quickly identify and match each individual’s goals with the appropriate loan products and ensure that her clients’ needs and expectations are met.
http://www.suntrustmortgage.com/loanofficer.asp?nefird

Click here to see if you or your home qualifies for USDA Rural Development Program. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1

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Question:Are you able to give a short list of mortgage companies in the Williamsburg/ Hampton Roads VA. area which I might want to consider.  I understand that you can’t really recommend one over another.  But a short list of generally approved businesses would be a help.

 

Answer: To achieve a preferred status with out company Lenders had to agree to not charge for credit reports and not to charge junk fees, Admin Fees, etc.  That´s the pledge from lenders we have hand selected to earn ‘preferred’ status to offer mortgage services to Liz Moore & Associates´ buyers.  And adding up the dollars NOT spent on extraneous fees results in an amazing amount of money our buyers now have to spend on their new homes!  When it´s your home, everything counts. They work out of an office in our building and are available seven days a week.

You would be surprised at what these extraneous fees add up to. I have seen mortgages where the fees  added up to over $4000.

Our preferred lender list includes B.F. Saul, Wells Fargo, Suntrust and a local company Atlantic Bay. Contrary to popular belief our Broker (Liz Moore) has advised us that we can recommend one lender or home inspector or contractor or surveyor, etc.

Her reasoning was if a client is asking who should they should work with, who has the best service , who has the best rates then why can’t we tell them ?

To that end I would recommend Ginny Phillips at BF Saul. Great to work with, great rates, Great service.

In the last five years of selling real estate, the only times I have had issues was with out of state lenders who we don’t have relationships with. I could fill a book with the last minute snafus and displeasure that they have caused .

Ginny’s contact info is below.

http://www.bfsaulmortgage.com/lo_home2.html?gphillips

Ginny Phillips Loan Officer BF Saul

 

Phone:
(757) 599-2827

Cell:
(757) 572-9635

---

Send her an email

Read her bio

BF Saul Mortgage

721 Lakefront Commons
Suite 201
Newport News, VA 23606

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York County’s Division of Housing and Neighborhood Revitalization is offering a Virginia Housing Development Authority home ownership education workshop on Saturday, Nov. 22 from 9 a.m. – 4 p.m. in the Community Services Conference Room located at 224 Ballard Street, Yorktown, Virginia, 23690.
The workshop will cover personal finances, credit reports and credit issues, the role of the lender, your relationship with a real estate agent, the Fair Housing Act of Virginia, home inspections, loan closing and home maintenance.

 

To register for this workshop, or for more information, call Tracy Pierce at 757-890-3885.

This update brought to you by Mr Williamsburg.com / Realtor/ John Womeldorf

A Realtor living / working in the Hampton Roads/ Tidewater area of Virginia.

You can reach me at 757 254 8136

Email John@MrWilliamsburg.com

 

 

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You can see the full schedule here vhda

Are you interested in becoming a homeowner but don’t know where to begin? The Virginia Housing Development Authority and local nonprofits are offering free home ownership education classes throughout November in the Hampton Roads region.

Homeownership education classes cover topics including credit issues, personal finances, home inspections and the role of lenders and real estate agents. To become eligible for VHDA loans, borrowers must complete VHDA’s Home ownership Class. Attend one of the many free sessions below to learn about the advantages of home ownership.

Upcoming classes will be held in Chesapeake, Newport News, Portsmouth, Hampton, VA Beach and Yorktown Virginia

You can find out more about VHDA here

 

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Search the Williamsburg, Virginia MLS (Multiple Listing Service) for current property for sale listings HERE!

Contact Mr Williamsburg.com/ John Womeldorf – Realtor(r) by phone at 757 254 8136  and by email at John@MrWilliamsburg.com
* * * *

Williamsburg, Virginia is a community of approximately 70,000 people, located in James City County, Virginia. It is also considered to be part of the Hampton Roads/ Tidewater metropolitan area.

 

The following types of housing are readily available in and around Williamsburg, VA :

• Single Family Homes from $100,000 to $4,000,000
• Historic homes from $100,000 to $1,500,000
• New construction homes from $205,000 to $3,000,000
• Townhouses & Townhouses from $150,000 to $600,000
• Patio homes from $275,000 to $500,000
• Suburban condos & condominiums from $150,000 to $500,000
• City condos & condominiums from $200,000 to $600,000
• Duplex & multi-unit housing from $100,000 to $1,500,000
• Improved lots from $100,000 to $2,0000,000
• Unimproved lots from $100,000 to $500,000
• Estates homes & property from $100,000 to $4,500,000
• Raw land from $100,000 to $25,000,000
• Farmlets from $100,000 to $2,500,000
• Farms & agricultural from $100,000 to $ 5,000,000
• Hunting & recreation property from $100,000 to $500,000
• Oceanfront property from $800,000 to $4,500,000
• Waterfront property from $300,000 to $4,500,000
• Lakefront property from $500,000 to $4,500,000
• Riverfront property from $300,000 to $4,500,000 from $100,000 to $500,000
• Resort property from $200,000 to $4,500,000
• Golf homes & property from $260,000 to $4,500,000
• Investment and rental property from $100,000 to $3,500,000
• Commercial from $90,000 to $50,000,000
• Foreclosed from $100,000 to $1,500,000
• Speculative from $100,000 to $4,500,000

In 2007, there were approximately 1300 real estate and property transactions in the Williamsburg, Virginia area. 

Local neighborhoods and subdivisions in Williamsburg/ James City County/ York County/ New Kent County areas of Virginia include :

 

 

• Local zip codes in this community include: 23185, 23188, 23168, 23141.

 

 

Public and private school systems serving families in the area include James City County/ Williamsburg Schools, York County Schools, New Kent Schools. Travelers and commuters in this area are served by train, with the Amtrak Williamsburg station, highway by Interstate 64, exits 234- 247 interchanges.

The community was founded in the early 1700′s with an economy driven by the government contracting, Tourism, William and Mary, Anheuser Busch industries. Local events and activities include many local cultural events and organizations based near and around Williamsburg.

Exceptional recreational opportunities in and around the region include golfing, kayaking, hiking, equestrian, biking, mountain biking, cycling, boating. Other notable features of the area are a vibrant growing suburban community with a well-educated, active population.

 

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Free Homeowner Workshop on Thursday, Sept. 25  

Freddie Mac, BB&T Bank and the York County Virginia Department of Community Services/Housing Division are partnering to sponsor a “Get the Facts: Dispelling the Myths of Homeownership” workshop.

The future home buyer workshop is to be held Thursday, Sept. 25, 2008 from 6:30 – 8:00 p.m. at the Yorktown Library, 8500 George Washington Memorial Hwy (Rt. 17), in Yorktown, VA.

Attend this free “Get the Facts” workshop to learn what it takes to become a homeowner. There will be no confusing jargon, no fine print and no sales pitch, just the information you need to better understand your path to homeownership.

For more information, contact the York County Housing and Neighborhood Revitalization Division of the Department of Community Services at 757-890-3885.

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There is no question that the country is in the midst of a cycle where credit is tight, and mortgage lenders are taking a conservative approach to residential home financing.  But, that doesn’t mean that there aren’t plenty of great mortgage programs available, that will suit just about any scenario that a prospective buyer has.

 I am surprised at how few people are aware of what is referred to in the industry as “down payment assistance” programs.  In essence, these are programs sponsored by non-profit organizations that offer grants for down payments to qualified buyers, which are funded by the seller.  In many cases these are compatible with traditional financing options such as FHA, and can mean that a buyer can secure their new home with no money out of pocket.

For a nominal processing fee (which can be paid by the buyer, seller or lender), these programs contribute up to 6% of the sales price toward the borrower’s down payment and/or closing costs.  Best of all, this gift does not have to be repaid!

 

 

 

 

Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time home buyers, low-income and moderate-income individuals and families who wish to achieve home ownership. Here are just a few of the programs available in the Williamsburg, York, New Kent, Gloucester or James City Counties, Newport News, Hampton, Poquoson, Isle of Wight, Suffolk, Chesapeake, Norfolk, Va Beach, Smithfield or any other Peninsula, Southside, Hampton Roads or Tidewater Areas.

AmeriDream Program is a non-profit organization dedicated to helping people find affordable housing. Part of the AmeriDream mission is to help low and moderate income families buy homes by offering down payment assistance. Buyers who are qualified for an FHA loan but don’t have the money for down payment and/or closing costs are eligible to apply for AmeriDream down payment assistance:

Nehemiah Program  has helped over a quarter of a million Americans purchase homes. Unlike some down payment assistance programs, Nehemiah offers down payment help to anyone who qualifies for an approved FHA loan. There are no limits on income or assets, but buyers must have an FHA loan or be pre-approved for an FHA mortgage. The Nehemiah program offers:

• Up to 6% of the final contract sales price for down payment and/or closing costs.
• Available for first-time and repeat home buyers.
• Approved for new construction and resale homes.
• No geographical restrictions.

As with most down payment assistance programs, these funds are not available for “second mortgage” or home equity loans; Nehemiah is intended to help people buy a new home. The process for applying for Nehemiah is similar to most other down payment assistance programs:

 

The Genesis Program also known as Grant America, is a non-profit down payment assistance program. It is operated by the Penobscot Indian Tribal Nation and technically qualifies as a government entity. Like other Native American tribal nations, the Penobscot tribal nation is HUD-approved to offer assistance, even to those living outside tribal jurisdiction. Grant America offers down payment assistance to low and middle income home buyers:

• Those with an FHA loan or are pre-approved for FHA mortgages qualify for the Grant America program.
• Grant America offers up to $34,000 in down payment assistance.
• This program is open to those with approved FHA loans buying new or resale homes.
• Program participation is not required to be included in the contract, but the seller must participate in the Grant America program.

Applying for any of these programs to buy a home with No Money Down in Williamsburg, York, New Kent, Gloucester or James City Counties, Newport News, Hampton, Poquoson, Isle of Wight, Suffolk, Chesapeake, Norfolk, Va Beach, Smithfield or any other Peninsula, Southside, Hampton Roads or Tidewater Areas is simple. All you need to do is Contact John Womeldorf/ Realtor and I will assist with all of the steps that include :

• Getting pre-approved for an FHA loan or completing your FHA mortgage paperwork and getting approved for a specific FHA loan amount.
• Finding a home you want to buy.
• Contact one of our preffered mortgage lenders.
• Our loan officer will complete a Grant application on your behalf.
• The funds will be wired to the bank the day of closing the deal (or the day before if you close in the morning).

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