Real Estate News About Woodbridge Virginia and Surrounding Communities

Find Out What Other People Say About Selling Or Buying A Home With Erick Blackwelder

You Would Be Wise To Obtain References Or Reviews About A Realtor Before You Work With That Realtor

Here Is What A Local Real Estate Attorney Said About Erick

 "Erick and the entire Blackwelder team are true professionals. They handle major transactions with a personal touch that deepens the experience for their clients. They never lose sight of the importance of each deal for the people involved, and the sincerity and knowledge with which they approach the work ensures that they will continue to be an inspiration to me both professionally and personally."   - Marc Wiltshire

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

Woodbridge Virginia Home Buyers And Sellers Paying 36% Higher Closing Costs Over Previous Years

Treasury Secretary Says Fannie Mae and Freddie Mac Will Be Nationalized Into A Government Agency

If Fannie and Freddie Become Government Agencies Will ALL Banks Be Heading Toward Nationalization?

You may be surprised to know the ugly stuff going on behind the scenes with the lending and appraisal business.

Government mandates that were focused on LOWERING closing costs are actually RAISING closing costs by 36%.

The video below explains what is happening behind the federal smoke and mirrors.

WARNING: The intro theme song is loud and raucous, so lower your speaker volume now, then raise the volume with the lads begin speaking.

Click Here to View Video

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  

Choosing A Home Size When You Buy A Home In Woodbridge Or Manassas Virginia

Your Basic Standards Exceed Your Parent's Biggest Dreams

Are We Spoiled Rotten?

You would be surprised, even stunned to find out that a typical first-time buyer EXPECTS to get a home with at least 2,500 - 3,000 finished square feet, 3-4 bedrooms, 3-4 bath rooms, a gourmet kitchen, and a family room, a theater/media room for watching movies, and a home office.

If what I said in the previous sentence did not surprise you, consider this: we Baby Boom babies grew up in homes that typically had 1,000-1,200 square feet, 2-3 bedrooms, 1 bath room, a black-and-white TV in the living room that didn't have a remote control.

It was common for the bedrooms to be called Mom and Dad's room, the boys bedroom, and the girls bedroom. Yep, the kids shared bedrooms.

Gentle reader, your humble author shared a bedroom with my older brother in 2 different 2 bedroom houses over 4 years on Air Force bases in Texas and Hawaii.  I didn't get my own bed room until I was 10 years-old.

We had neighbors whose religious faith prohibited birth control, and, in fact, encouraged large families.  It was common for the boys room to have 2 bunk beds for 4 boys and 2 twin beds for the 2 girls in their room.

We had a telephone in the kitchen.

Then in 1967, Mom and Dad had a home built, with extra wiring for a phone in the master bedroom, in addition to the phone in the kitchen.  The TV was still black-and-white.  It was in a new room we never had before... the Family Room (Wow!).

I enjoyed visiting my great-uncle Van because he had a color TV with a remote control that changed the channels among the 3 networks, a button that raised the volume, and another button that turned the volume down.

Some time around 1972 we got a color TV and an automatic garage door opener.

Only Dad's income was needed to support our home, pay for food, clothing, cars, and entertainment.

Today, it takes 2 incomes for first-time buyers to support their 2,500-3,000 square foot homes with  3-4 bedrooms, 3-4 bath rooms, a gourmet kitchen, and a family room, a theater/media room for watching movies, and a home office.

Astounding.

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

Real Estate News About Woodbridge Virginia

Economic Summary From The Past Week Proves Economy Is In Solid Recovery Mode

Woodbridge Homes Selling As New Inventory Hits The FOR SALE List Daily

Many thanks to my pal, David Soleyman at Prospect Mortgage for sharing this report with you and me.

Existing home sales rose 9.4% in September to a seasonally adjusted annual rate of 5.57 million units from 5.1 million units in August. The increase was largely due to the tax incentive for first-time homebuyers.

According to the ICSC-Goldman Sachs index, retail sales rose 0.2% in the week ending October 17. On a year-over-year basis, retailers saw sales increase by 2.8%, the best showing in a year.

The producer price index, which tracks wholesale prices, rose 0.6% in September, following a 1.7% increase in August.

The Commerce Department reported that the combined construction of new single-family homes and apartments in September increased 0.5% to a seasonally adjusted annual rate of 590,000 units.

The index of leading economic indicators - designed to forecast economic activity in the next three to six months - rose 1% in September after a revised 0.4% gain in August. It was the sixth straight monthly increase and marks the largest six-month gain in 26 years.

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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.

President Lyndon Johnson lead a vigorous campaign through the halls of Congress that lead to Fair Housing legislation.  The Republican Party members in Congress backed Fair Housing, while most of the congressional Democrat Party members opposed Fair Housing.  Johnson, a Democrat, worked the phones day and night, calling congressional Democrats, calling in favors that persuaded enough Democrats to cross party lines and vote for Fair Housing, and against their party leaders. 

Woodbridge Real Estate News You Can Use

Woodbridge Homes For Sale Leading The National Real Estate Recovery

Woodbridge Virginia Home Loans More Affordable As Lower Consumer Debt Frees Money For Home Loans

Folks, here is the short and sweet summary of the economic report below: Things keep getting better and better for home buyers and home sellers in Woodbridge.

Now, you folks who really dig statistics, percentages, index adjustments are welcome to read on from here...

According to the Federal Reserve, consumer credit debt fell in July by $21.6 billion, an annual rate of 10.5%. It was the biggest decline since recordkeeping began in 1943. Economists had forecast consumer debt would drop $4 billion. Total consumer credit debt in July was $2.47 trillion. Meanwhile, the figures for June were upwardly revised. Consumers reduced their borrowing in June by $15.5 billion.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending September 4 rose 17% to 648.3 from 554.1 in the prior week. Purchase volume rose 9.5% to 304.1. Refinancing applications increased 22.5% to 2,651.2.

The Commerce Department reported gains in both trade imports and exports, which indicates that the worst recession since the 1930s may be ending. Imports in July rose 4.7% to $159.6 billion. It was the largest monthly advance since recordkeeping began in 1992 and the second monthly increase after 10 monthly declines. Exports rose 2.2% to $127.6 billion, the third straight monthly increase.

Initial claims for unemployment benefits fell by 26,000 to 550,000 in the week ending September 5. The figure was lower than the 560,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending August 29 fell by 159,000 to 6.09 million.

The Reuters/University of Michigan consumer sentiment index for September increased to 70.2 from 65.7 in August. Economists had forecast a reading of 67.5.

The Commerce Department said wholesalers reduced their inventories by 1.4% in July, following a revised 2.1% drop in June. It was the 11th straight monthly decline. Meanwhile, sales at the wholesale level rose 0.5% in July, the third consecutive monthly gain.

Upcoming on the economic calendar are reports on retail sales on September 15, the housing market index on September 16 and housing starts on September 17.

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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.

President Lyndon Johnson lead a vigorous campaign through the halls of Congress that lead to Fair Housing legislation.  The Republican Party members in Congress backed Fair Housing, while most of the congressional Democrat Party members opposed Fair Housing.  Johnson, a Democrat, worked the phones day and night, calling congressional Democrats, calling in favors that persuaded enough Democrats to cross party lines and vote for Fair Housing, and against their party leaders.

Good News And Bad News About Homes For Sale And Real Estate In Woodbridge

It's Official: The Buyer's Market Is Over, Finished, Kaput...

It's A Seller's Market Again...

For some of my Gentle Readers, this short post is good news, while other Gentle Readers will see it as not-so-good news, and the rest of you shall be horribly confused.

SELLING A HOME IN WOODBRIDGE AND NORTHERN VIRGINIA

If you own a home, and you wish to sell fast, for a market price, with the least hassle, you may dance the "Happy Dance" because we're back to a Seller's Market.  Good news!

You can sell your home fast, and with the least hassle, IF you price your home in line with current sales... current home values.

Nostalgic home owners, who remember 2005, when homes like yours were selling for a zillion dollars, the bad news is that market values today are generally 40%-50% below the peak of the market in 2005. 

So, take my friend, Sad Sam.  Sam bought his home in 1992 for $185,000.  In 2005, Sam's home could have sold for $780,000.  In 2009, homes like Sam's, in the same subdivision, same floorplan, are selling for $430,000.

Sad Sam is sad because he looks at the dark cloud behind the silver lining, crying, "If I sell now, I'll be losing $350,000!!  Woe is me." Sam is focusing on the difference in value between 2005 and 2009 by subtracting $430,000 from $780,000, and crying "Boo-Hoo" over the $350,000 change in value.

Happy Harry owns the house across the street from Sam.  Harry is happy because he too bought his house for $185,000 in 1992.  Harry gets happy when he compares the current market value of his home, $430,000 to the $185,000 price he paid in 1992, by subtracting $185,000 from $430,000, netting Harry a $245,000 gain, or "equity profit".  Harry sees the silver lining surrounding the cloud.

BUYING A HOME IN 2009 IN WOODBRIDGE AND NORTHERN VIRGINIA

Marty Miser has been waiting for the market to "hit bottom" so he can pounce on a house, buy it at the "bottom of the market".

Marty Miser refused to accept a fundamental fact of market-timing: We find out when the market hit bottom a year or two after the fact, when statistics about sales values come into focus with the help of 20/20 hindsight.

Marty Miser, and guys like Marty, tend to suffer from a personality disorder called "all or nothing", meaning, when they miss the "bottom of the market", they throw in the towel, give up, and quit.

Moreover, Marty Miser cops a resentment, and declares that he will not buy now, even though prices are 40%-50% below the peak of the boom in 2005.  What's he gonna do?  He declares that he shall rent for ten more years while the market values slowly rise to the NEXT market peak, wait for the NEXT "bubble to burst" and hope to buy a home in ten years during the NEXT Buyers Market.

Meanwhile, Sensible Sally is happy to get a nice home for 40%-50% below 2005 prices.  In fact, her "Dream Home" she could not afford in 2005 is now for sale at a price she can afford.  Sally gets a lovely home at a good value.

So, Sellers, who will you be?  Happy Harry or Sad Sam?

Buyers, who will you be? Sensible Sally or Marty Miser?

I've been through three booms and three market corrections.

My experience shows that Sensible Sally's and Happy Harry's always do well over time.

Sad Sam and Marty miser allow their ego and emotions to take stupid choices.

So who are you?

If you are Happy Harry or Sensible Sally, call me, I can help you.

If you are Marty Miser or Sad Sam, you are doomed to a miserable life.  Don't bother me.

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.

Woodbridge Virginia Water Access Home With Beach And Dock

Potomac River Real Estate For Sale In Woodbridge Virginia

Charming Victorian Style Blends With Water View Living

I walked through this home with potential buyers while it was under construction in 2004.  Very impressive quality workmanship by a custom home builder.

The buyers with me kept their boat at Tyme n Tyde Marina, just one block up the street, so close they could walk or take a bike.

The folks who were with me wanted to write an offer for the house that day, however, well-meaning relatives recorded a tape in their subconscious mind that said, "Sleep on it overnight".

Some other folks who saw the home the day before, who "slept on it" the night before, wrote a full-price offer the day my folks saw the home, and the builder accepted their offer that day.

The folks I was helping called the next day to set an appointment with me to write a contract for the house.  I called the listing agent to be certain the house was fully-available.  "Sorry, it sold yesterday".

Good news!

The home is FOR SALE right now, affordably priced at $469,900.

You can have a Potomac River water view from your front yard, from the dining room, the breakfast room, your private den, and your screened porch.
 

Stroll down to the private dock that is shared by friendly neighbors on the street.  Take a lawn chair to the beach, have a seat and let the gentle waves tickle your feet.
 

The owners have added tasteful designer touches to the home that may work with just about any decor.

The kitchen, breakfast room, and family room give you a friendly space where you may host a large gathering.  The dining room overlooking the water through a classic bay window adjoins the family room.

You will find a spacious retreat on the upper level.  A roomy den/home office looks out across the Potomac through a bright bay window.
 

The large master bedroom with tray ceiling will easily accommodate a king-sized bed, plus your dressers and night tables with plenty of room to spare.  

The master bedroom also gives you a private deck where you can sit and gaze at the river. The roomy luxury bath gives you separate his/her vanaties, deep bath tub, and extra-large shower.

A two-car garage and a full basement give you plenty of utility space.

Call Patty or Erick at 703-590-2252 to arrange a private tour.

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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.

. 

Prince William Real Estate Market Turned Upside Down As Number Of Homes Listed For Sale Drops Below Number Of Homes Under Contract

Woodbridge And Prince William Homes For Sale Outnumbered By Homes Under Contract In The County

At 2:50 PM today, I ran my usual monthly search of homes for sale in Woodbridge and Prince William County.  1,768 homes "Active"... 1,866 "Under Contract".

Prince William County homes for sale are now outnumbered by homes under contract.

Number of homes actively listed for sale in the county today: 1,768.

Number of homes under contract in the county today: 1,866.

I am home resting while recovering from pneumonia... could my fever be causing a hallucination?

No hallucinations fans... the numbers are speak for themselves.

Roll back to January 2007.  Over 7,000 "Active" listings of homes for sale in the county, with less than 700 homes "Under Contract" pending settlement.

In April 2008, the number of homes for sale were down below 4,500, and the number of homes under contract pending settlement number over 1,560.  I blogged the exact numbers way back when... feel free to scroll back to that post for the exact count.

Going forward from April 2008, between 1,500 and 1,880 homes went from "Active" to "Under Contract" each month.

Meanwhile, the number of "Active" listings declined below 3,400 as we sweltered under the heat of summer 2008.

So, the market has officially flipped upside-down.

Upside-down with more sold than active.

Where is the CNBC camera crew?  Call Tom Brokaw out of retirement for a special bulletin on NBC.

What about you guys and gals at the Washington Post and Washington Times who quote me in your articles in the real estate sections?

Hey Fox News!  Send Jeraldo Reviera?

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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

New Homes Starts Nationwide Turn Up Ending 18 Month Slide

New Homes Starts In Prince William and Woodbridge Lead The Way

A colleague in the mortgage business sent me a note by email today.  Here is a copy/paste of what he said:

The Commerce Department reported that housing starts unexpectedly jumped 22.2% in February to a seasonally adjusted annual rate of 583,000 units.

This ended the longest streak of declines in 18 years.

Economists had anticipated a 3.4% decline to 450,000 units.

Leading the surge was an 82% increase in the building of multifamily homes - condominiums, apartments and townhouses - to 226,000 units in February from 124,000 in January. Housing starts for single-family homes rose 1.1% to 357,000 units.

Building permits for single-family homes climbed 11% in February to 373,000, compared to 336,000 in January.

So how does this story compare to Prince William County new home starts and Woodbridge new home starts?

Old news.

New homes sales in Prince William and Woodbridge dropped 2005-2008, but not very much.  In fact, new homes sales around the area were steady in 2008, and the trend has carried into 2009.

I make a point of visiting new homes sites to get a report from the on-site sales managers as I go about my travels around the area.

How are the builders maintaining strong sales in the area?

Builders have adjusted prices lower as surrounding market values declined.  New homes that sold for $600,000 in 2005 are going for $400,000 in 2009.

"Mr. Erick! Are you saying that those greedy builders had $200,000 extra profit they could cut to lower their prices???"

No.

Builders didn't cut fat profits.  The land developers that sell finished building lots to builders have cut lot prices to keep sales going.

Most folks don't know that builders DO NOT develop the land.  Developers take raw land and develop it into finished building lots with streets, curbs, sewer and water lines, electric service, then sell those lots to builders.

By the way, over 80% of new home buyers have their own Buyer Agent (Realtor) working on their behalf to help buyers get the best value when buying a new home. 

Remember, virtually all on-site sales managers are NOT Realtors, so they are not subject to rules of ethics and state regulations.

Most on-site sales managers are employees of the builder. They can say practically ANYTHING to get you to buy a home.

I've coached hundreds of families through the new home purchase process.  I can show you how to avoid the ten (10) excess profit traps builders use to squeeze every dollar out of a "deal".

Search New Homes Available Now Click Here

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That wa

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

y you'll know when your dream home hits the market.

Equal Housing Opportunity

President Lyndon Johnson lead a vigorous campaign through the halls of Congress that lead to Fair Housing legislation.  The Republican Party members in Congress backed Fair Housing, while most of the congressional Democrat Party members opposed Fair Housing.  Johnson, a Democrat, worked the phones day and night, calling congressional Democrats, calling in favors that persuaded enough Democrats to cross party lines and vote for Fair Housing, and against their party leaders. 

President Obama Announced A $75 Billion Foreclosure Prevention Plan Funded By Our Tax Dollars

Congress Appropriates Funds To Help 9 Million Home Owners Lower Mortgage Payments With Plan That Combines Loan Modification With Loan Refinance

Home owners who are in the midst of losing their homes to foreclosure are excluded from the Plan, and left to lose their homes to foreclosure.

What???

Yep.

Home owners who have been anxiously looking forward to implementation of the much-anticipated Foreclosure Prevention Plan, whose lenders have initiated foreclosure procedures, well, those folks are left out of the plan.

The folks in desperate need of some sort of foreclosure prevention plan are not elegible for the plan.

Moreover, home owners who are behind in their payments, are also excluded from the plan.  If you hope to utilize the plan, you must be making your payments on-time.

It gets worse.

Are you "under water", paying on a home loan with a balance that his higher than the current value of your home?  You're not alone.  Many home owners who got zero down home loans in 2005 have seen the current market values drop by 30% - 50%, depending on where they live.

If you are "under water", there is good news and bad news.

The good news is that this is not the first time in history when home values have dipped below some loan balances, and the market recovered every time.  It happened in the 1970's... and again in the early 1980's when home loan rates climbed and peaked at 21%... it happened again in the early 1990's.

The bad news is the Plan will not help folks who are deep down "under water" at the bottom of the pool.  Nope, no help for you.  If you are even "under water" by 10%, the Plan excludes you. 

You can be "under water" by no more than 5%.  For example, if your home appraises now for $400,000, you cannot owe more than $420,000 on your home loan(s).  If your home is valued today at $200,000, your loan balance cannot exceed $210,000.

If you bought your home in 2004 for $650,000, your down payment was 20%, $130,000, your loan balance began at $520,000.  Homes that sold for $650,000 in numerous Woodbridge communities are selling for $450,000 - $470,000.  Your loan may be paid down to $515,000 today, but if homes like yours in your subdivision are selling for $470,000, your "loan-to-value" (LTV) is roughly 109%, and you cannot utilize the plan.

But wait... there's more restrictions.

Your loan must be owned by Fannie Mae or Freddie Mac to qualify for the plan.

If your loan is among the vast millions of loans in bank portfolios, with lenders such as Wells Fargo, or Chevy Chase, or any other bank, forget about using the Plan.

Oh, and there are even MORE restrictions.

But let's cut to the chase with a wonderful "calculator" on the Washington Post website where you can find out if you qualify for the Plan. 

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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

Equal Housing Opportunity

President Lyndon Johnson lead a vigorous campaign through the halls of Congress that lead to Fair Housing legislation.  The Republican Party members in Congress backed Fair Housing, while most of the congressional Democrat Party members opposed Fair Housing.  Johnson, a Democrat, worked the phones day and night, calling congressional Democrats, calling in favors that persuaded enough Democrats to cross party lines and vote for Fair Housing, and against their party leaders.