Real Estate News About Woodbridge Virginia and Surrounding Communities

Woodbridge VA Home Owners With FHA Home Loans Barred From FHA Loan Modifications

Woodbridge Realtor And Home Loan Expert Erick Blackwelder Gives You A Brief Overview Of Bureaucratic Nonsense

When Will The Folks Inside The Halls Of HUD "Get It"?

 

Text my phone at 703-677-1120, or call my cell at the same number, or contact me now by email Click Here 

 

 

 

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's

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Buyers Avoid Using Credit Cards Between Contract And Closing

Do Not Open New Charge Accounts

Do Not Buy ANYTHING With A Credit Card

Underwriters Now Required To Pull A Fresh Credit Report On Your Settlement Date And If Your Score Has Changed The Deal Could Be Dead

In days of old, lenders would pre-approve buyers, based on credit scores, employment, income, and debt amounts.  Next, the loan package would be reviewed and blessed by an underwriter.  Done deal.

Not anymore...

Underwriters are now required to pull a fresh, updated credit report the day you close the sale to see if your credit score has changed.  If your score has dropped even one point, the loan is cancelled.  

You're stuck with your belongings in a truck, with nowhere to go.

So don't go out prior to settlement and buy a flat screen TV for your new family room with your Visa card; Don't open a charge account at a furniture store to furnish the house; If you MUST make a major purchase, call your loan officer first.

You can do all that AFTER you close the loan and take possession of your home.

 

 Text my phone at 703-677-1120, or call my cell at the same number, or contact me now by email Click Here 

 

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's

Equal Housing Opportunity

 

 

Home Loans Drop To 4% For Mortgages In Woodbridge And Manassas

Homes Are More Affordable With The Lowest Interest Rates We've Seen In Decades

You Can Get More Home For Your Money Right Now

Foreign Capital Funding American Home Loans Because American Mortgages Are Safe

Check out the schedule of rates below to see how low mortgage fallen over the past two months.

Payments below are based on a $300,000 mortgage.

CONV        Rate Disc. Points           APR Payment       Monthly Payment

               4.000%     1.717%         4.173                 $1,432 

               4.125%     1.068%         4.247%              $1,454 

               4.250%     0.307%         4.308%              $1,476 

 

FHA          4.000%     1.920%         4.584%              $1,432

                4.125%     1.905%         4.713%              $1,454

                4.250%     0.000%         4.697%              $1,476 

 

FHA 5YR Adjustable Rate Mortgage (ARM)

               Rate         Disc. Points    APR                   Payment

               3.000%     1.599%         2.924%              $1,265 

               3.125%     1.030%         2.910%              $1,285

               3.250%     0.000%         2.863%              $1,306 

 

FHA REFINANCE 

               4.000%     1.920%         4.554%              $1,432 

               4.125%     1.905%         4.682%              $1,454 

               4.250%     0.000%         4.664%              $1,476 

 

VA           Rate          Disc. Points   APR                   Payment

              3.875%      3.532%        4.458%              $1,411

              4.000%      4.222%        4.483%              $1,432 

              4.250%      0.000%        4.557%              $1,476 

 

So what's the point?

The point is home prices are still affordable, and when you combine low interest rates, your buying power is better than at any time in the past decade.

This is a good time to get together with your Realtor and make plans to get a home, or get together with your family lender and refinance your existing mortgage.

FHA and VA loans are elegible for "Streamline Refinance" that is as simple as signing four pieces of paper, faxing them back to your lender, and your payments will drop within 90 days.

The rates, points, APR, and payments above are based on a $300,000 loan.

Rates are subject to change daily.

You can lock your rate and points when you have a bona fide contract to purchase a home.

Erick Blackwelder is not a loan officer. The information above was provided by Vinnie Apostolico, McLean Mortgage.

 

Text my phone at 703-677-1120, or call my cell at the same number, or contact me now by email Click Here 

 

 

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's

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Woodbridge VA Real Estate News About Faster FHA Foreclosure Sales For You

You Can Buy FHA Foreclosures Without The Wait In Woodbridge VA

Woodbridge Home Buyers Get Easy Foreclosure Homes For Sale

Woodbridge Home Loan Expert Explains How You Can Get A Foreclosure In Woodbridge Fast & Easy

Howdy Folks,

Take three minutes out of your day to read a quick, power-packed explanation of new FHA guidelines that I got today from Tom Halfpap at Suntrust Mortgage.

Tom was already among the most sought-after loan officers in Woodbridge, 20+ years ago, when I left Fortune 500 America to start my own real estate company.

You must remember, not all loan officers are alike, they are not cookie-cutter stamped out of one mold.

The ordinary loan officer has, on average, just three (3) years experience. 

The mortgage business is demanding.  The business is fast-paced, over-regulated, complex, and often quite complicated.  

Only smart and tough people like Tom Halfpap, with superior math skills, plus good "people" skills to THRIVE over 25 years in mortgage banking.

Tom got the early scoop on new rules from the Department of Housing and Urban Development (HUD) that shall make it easier to buy an FHA foreclosed home.

So I did a copy/paste of Tom's inside scoop into my blog. 

-----------------------------------------------------------------------------------------------------

New HUD Policy Created to Allow Quicker Foreclosure Re-sales!

Effective February 1, 2010 the Department of Housing and Urban Development (HUD) will relax FHA rules that prohibit insuring mortgages on homes that are owned by the seller for less than 90 days - a move that could help expedite the rehabilitation and resale of foreclosure properties.

In a housing market where tighter lending requirements have made FHA financing the only option for some buyers, this 90-day policy has (1) kept some homebuyers from being able to purchase affordable homes and (2) prevented the quick resale of foreclosed properties, which affects the ability of communities to stabilize and rebuild.

Research has shown that the buying, fixing, and reselling of foreclosed properties is often achieved in less than three months time.

The temporary waiver, which will expand access to FHA mortgage insurance to many, will be in effect for a period of one year, unless extended or withdrawn by the FHA.

With this in mind, now may be an excellent time to contact clients who have recently purchased a foreclosed property and those who may be on the fence about purchasing a foreclosure as a short-term investment.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."

To ensure FHA borrowers are protected from inflated prices, the policy has certain restrictions, including:

• All transactions must be arms-length and there can be no identity of interest between the buyer and seller.
  
  
• If the sales price of the property is 20 percent or more above the seller's acquisition cost, the lender must meet specific conditions for the waiver to apply.
  
  
• The waiver is limited to forward mortgages, and cannot be used under the Home Equity Conversion Mortgage (HECM) purchase program.

You can read the full text of the waiver on HUD.gov.

Sincerely,

Tom Halfpap
SunTrust
(202) 716-6052
thomas.halfpap@suntrust.com

 

 

 

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

 

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity