Woodbridge Virginia Mortgage Information on VA, FHA, USDA, and Zero Down Loans for Buyers

Veteran home loans are no money down home loans up to $625,500 in Washington DC Metro Area.

When buying a home typically two incomes are better than one for qualification but what are the rules for VA Loans and cosigners.

In the short video below we answer the question, Can I Buy A Home With My Girlfriend Using My Veteran Home Loan?

The FHA Flip Rule is extended until December 31st, 2012. This is excellent news for first time home buyers, sellers, and especially investors.

"Flipping" the practice of buying, renovating, and re-selling property at a significant profit was discouraged by FHA. However, in the current climate these flipped homes are helping our housing market move forward.

The biggest question or concern about "flipped" homes is the value. This short FHA Flip Rule video answers the question for homes bought,renovated, and then sold in less than ninety days.

Last year your Woodbridge Mortgage Lender  wrote a blog, "Can I Buy A Home Immediately After Short Sale?" (That blog had over 7,000 page views and clicks)

In today's market of short sales, foreclosures and everything in between, the question is still being asked quite frequently "How long after a short sale can I buy another home? The answer below in this week's video tip may surprise you....

This morning I read an article at www.Kiplingers.com titled "Finally, a Bottom for Home Prices" by Jerome Idaszak.

In the article the authors states "home prices will continue to bottom into the spring 2012 and recover the lost ground by the end of the year."

This is a very interesting take and I would love to hear the opinion of our local Realtors in the trenches daily.

Altough the article was about home prices the question from the comments, "If the Mortgage Interest Deduction was taken away would owning a home still be more attractive than renting?", is worth exploring.

I suppose it depends on who you ask, but I say ABSOLUTELY...consider the true story of Mr. and Mrs. Johnson (names changed to protect the innocent), two hardworking middle class parents from Woodbridge, Virginia.

The Johnsons, were renters,that decided to move from their three bedroom apartment into a single family home with a two year lease. They were glad to get away from the annoying neighbors running over their heads upstairs and they were very pleased that the neighborhood elementary school had an excellent rating.

The first year all went well at their new residence. They enjoyed the space and comfort of the home and their son was doing very well in the new school. Unfortunately, things took a dramatic turn in year two of the lease.

Unbeknown to the Johnsons the owner was having financial difficulty and had started paying the mortgage late on the property. Let's just say the poop hit the fan, when a foreclosure notice was place on the property door in early January. 

The home was eventually foreclosed and sold on the courthouse leaving the Johnsons, devastated and needing to relocate their family abruptly, as the new owner was not looking to be a landlord.

The Johnsons were penalized for simply being renters. I suspect there are plenty more stories like this as people faithfully pay their rent to landlords, with no clue that the landlord is not paying the mortgage for whatever reason.

This story does have a happy ending as the Johnsons purchased a home of their own in Woodbridge, Virginia  three months after the above debacle.

So in my opinion, mortgage interest deduction or not, owing a home versus renting a home, wins hands down. Especially when you look at buying a home in Woodbridge, Virginia as shelter, security, and stability for your family. And not as some investment to be flipped, flopped, deducted or whatever....

I am huge supporter of keeping the mortgage interest deduction in place for homeowners, a deduction I am happy to personally have.

But if the mortgage interest deduction went away today I still would prefer buying a home in Woodbridge, Virgina versus Renting, how about you?

Home affordability rates are at all time lows with lower interest rates and home prices, to see if it's better to buy a home in Woodbridge Virginia or rent, please email or call your Woodbridge Mortgage Lender at 703-497-3936 to have a complete Rent vs.Own analysis for your specific situation.

Last week, I received an email from a possible first time buyer in Woodbridge, Virginia with credit issues. Her question was "Is rent to own a good option while restoring credit?"

I share my answer in this week's video tip by your Woodbridge Mortgage Lender.

 If unable to view the video click the link "Is Rent to Own a Good Option by Woodbridge Mortgage Lender"

Contact Markita Woods at markita@weststarmortgage.com or 703-497-3936 to run a free Rent vs. Own cost comparison and figure out if Rent to Own is the best option for you.

Carl and Andrea are a young professional couple married five years ago. At the time Andrea owned a well maintained townhouse in Woodbridge, Virginia. So the couple decided to make this the family home.

Fast forward to the present day Carl and Andrea are ready to start a family and realize their present home is not big enough for a nursery and a guest room, which is really important to them as their families visit frequently.

Carl and Andrea want to move up to a larger, single family home. Of course, they have heard the news and read the papers about the terrible economy and down real estate market.

A down real estate market is a bad time to sell a home but it conversely makes it a great time to buy their dream home with five bedrooms, large backyard, and of course a man cave for Carl to escape the kids that are on the way.

Carl and Andrea were not sure what to do....if their dilemma sounds familiar or you are ready to move up from your starter home because you realize:

•   Your starter home is not your dream home
•    You really need a backyard for the kids and dog  
•    You really want a garage for your two or three cars  
•    Mortgage rates are extremely low
•    Now is a great time to buy 

Then here are a few steps to help you move forward:

•   Contact your local, knowledgeable Realtor to assess the true value of your current home.
•   Work with, your Woodbridge Mortgage Lender, to determine your buying power and how to properly  package your loan for approval. 

Carl and Andrea followed these steps and are now living in their dream home. Here are a few other things you need to know:

• Minimum credit score of 620 required
• No foreclosures or bankruptcies in the last three years
• Minimum down payment of three and a half percent of the sales price
• Loan amounts up to $729,750

 VA Funding Fee Decrease Actually Was A Trick! After posting Government Loan Changes Effective October 1st, I was given an update that the VA Funding Fee will remain at current levels pending the President's signature of a bill that passed the House and the Senate.

The pending legislation will have an effect on if or when the VA Funding Fee will be decreased.The tenative date is November 17th.

Not sure what exactly the VA Funding Fee is... watch this short video about the use of the VA Funding Fee and Mortgage Insurance for VA Loans.

Short Sale Help for homeowners and Realtors in the Washington DC Metro Area is just a phone call away. Heather Mergler with Advanced Title is passionate about helping homeowners successfully short sale their property in Virginia, Maryland, or DC. 

Here is a video interview with Heather called Ask The Short Sale Expert. She actually loves short sales and offers no cost negotioation for Realtors and Sellers.

Government loan changes effective October 1st, will bring some tricks and some treats (in the spirit of Halloween)

Photo from Vegnews.com

FHA Loans will have lower sales price limits in the Washington DC Metro Area from $729,750 to a $625,000 for a single family home purchase.  This decrease is definitey a trick as many homebuyers will find it difficult to find purchase money loans for larger size homes and sales prices with lower down payments. 

Here is a list of counties affected from the HUD mortgagee letter in May. 

USDA Loans are a trick and treat. USDA is lowering its upfront financed guarantee from 3.50% to 2.00% but it has now added monthly mortgage insurance, which the no mortgage insurance was a great feature of this zero money down home loan. This is still a great loan product for buyers in "rural areas", but it will cost slightly more on a monthly basis. 

Veteran Home Loans are the treat of the bunch as the VA funding fee for VA Loans is set to decrease from 2.15% to 1.40% for first time users of the VA Home Loan Benefit. And from 3.30% to 2.80% for susbsequent use of the loan.This is great news for Veterans and active duty military looking to purchase a home with no money down in the Washington DC Metro Area.

Contact your Woodbridge FHA and VA Loan Lender @ 703-497-3936, I promise we make the mortgage process not so SPOOKY!

Fusion Salon and Spa in Woodbridge, Va was where I spent part of my birthday being pampered. I had a wonderful experience and left completely relaxed after a massage, manicure, and spa pedicure.

It was a welcome treat as the stress level has been higher than usual. It may have something to do with my job as your Woodbridge Mortgage Lender .

Anyway if you are looking to be pampered, made up or made over give Fusion Salon and Spa call at 703-490-8838.

Watch this short video to learn more about Fusion Salon and Spa in Woodbridge, VA.