Archive for October, 2011
New HARP Program Guidelines
October 30th, 2011 categories: Buyer Strategies, Mortgage & Finance, Seller Strategies
Recently the Federal Home Finance Agency announced significant changes to its Home Affordable Refinance Program Monday. The HARP (Home Affordable Refinance Program) was initiated to help “underwater homeowners” get their home refinanced.
There are over a million homeowners nationwide – and many home owners here in Chantilly and the Northern Virginia area - who might be helped by these changes. Given the historically low interest rates, it is wise to know about this program.
There are four basic qualifying criteria:
- Your current home loan must be guaranteed by Fannie Mae or Freddie Mac
- Your home must be a 1- to 4-unit property
- You must have a perfect mortgage payment history going back 6 months
- You may not have had more than one 30-day late payment on your mortgage going back 12 months
One of really big features of the updated program is that the government is waiving loan-to-value requirements on HARP loans. Homeowners’ participation is no longer restricted by their home’s appraised value. Actually, the new HARP doesn’t even require an appraisal, in most situations.
Under the new HARP program guidelines, an underwater mortgages can be refinanced without LTV limit or penalty.
According to the government’s official press release, lenders are expected to be offering the program as of December 1, 2011.
If you want to check it out, start by seeing if your loan is backed by Freddie or Fannie. Here is where you can go for that:
- Fannie Mae loan lookup : http://www.fanniemae.com/loanlookup/
- Freddie Mac loan lookup : https://ww3.freddiemac.com/corporate/
You can also call your lender directly.
If being underwater is not an issue, but you are looking for a few reputable lending sources, of course, let me know and I will be glad to provide you with a few referrals.
If you are home buying or home selling in the Northern Virginia area, please know I am always here for you!
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Time to Refinance My Home?
October 18th, 2011 categories: Buyer Strategies, Mortgage & Finance, Seller Strategies
Many Chantilly and Northern Virginia home owners, like those elsewhere, have wondered about refinancing their home, given the amazingly low prevailing interest rates.
If this has been on your mind, take a few moments to view this Today Show video. Even though this was aired in September, I think you will most of the info current.
One of the key questions of course, is whether the costs of doing a refi outweigh the benefits.
Key points include :
- Lower rates mean higher costs. At least check out the slightly higher-rate option from your bank.
- Falling home values may make it harder to refinance in the future. Your window of opportunity may be now.
- If you have had a 30-year loan for many years, consider a 15-year mortgage to avoid “resetting” your term.
You will find lots of quality information in this short video.
If you need a quick reading on the current market value of your Northern Virginia home, or if you want a refeerral to a few quality loan officers, please let me know. We are always here for you!
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Chantilly Home for Sale: Really Smart Rambler at 15244 Louis Mill Drive
October 15th, 2011 categories: Chantilly Fairfax County, Featured Listings
You won’t see too many Ramblers for sale in this area, but here is one in Chantilly’s popular Pleasant Valley community.
Chantilly Rambler at 15244 Louis Mill Drive...worth a good look.
This short sale property is a fantastic value, and the home itself has the valuable feature of having an addition which adds a generous extra amount of living space. If the price and location are in your focus area, this one is worth a good look.
Start by taking a quick Visual Tour right now, and then just let me know if you want more info.
Price: $279,900
MLS#: FX 7702761
More information: please click here and you will see the property on our Featured Listings page.
PS – If you are relocating to Northern Virginia, we can get your questions about the area answered quickly.
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Centreville Home for Sale: 5928 Havener House Way is a Winner on Several Levels
October 15th, 2011 categories: Centreville Area, Featured Listings
This Centreville townhouse at 5928 Havener House Way has real advantages from several perspectives.
5928 Havener House Way in Centreville VA wins on several levels.
If you are looking to get into your first home, this could be the one. If you are looking just to downsize and get your monthly outgo under control, this could be the one. If you are looking for an investment property with an eye toward eventually having additional rental income, this could be the one.
Lots of possibilities. And also know that this is not a distressed or foreclosed property, so you won’t have that hassle or uncertainly.
Start by taking a quick Visual Tour right now, and then just let me know if you want more info.
Price: $175,000
MLS#: FX 7701159
More information: please click here and you will see the property on our Featured Listings page.
PS – If you are relocating to Northern Virginia, we can get your questions about the area answered quickly.
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Fall Fix-Up Solutions For Your Home
October 7th, 2011 categories: Home Life, Seller Strategies
Chantilly and Northern Virginia home sellers and home owners will benefit from this short Today Show video called a “Fall Fix-Up Checklist”. You will get very practical tips on how to:
- Clean up leaves. limit grass damage, and keep pests under control
- Unclog gutters so that you prevent house damage this problem can cause
- Turn off outside water sources and remove water from pipes and hoses
Also helpful is how to find air leaks in your home, and how they can be fixed. You can save a bundle by reducing or eliminating these leaks.
If you are a little handy, you can do this on your own. But if not, consider hiring a handyman. Some of these fix-its will pay you back many times over. If you need a few references, I can provide that. And of course, if you are doing fix-ups in preparation to sell, and would like a quick analysis of your home’s current value, let me know. We are here for you!
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