Is the First Time Home Buyer Credit Coming Back?
August 30, 2010 by Katie Wethman · Leave a Comment
With the precipitous 27% drop in July housing sales, the first time home buyer credit is getting renewed interest from some heavy hitters in Washington, including Secretary of Housing and Urban Development Shaun Donovan, according to The Hill. Though admitting that just one month of numbers was too little data to say whether the credit [...]
Free First Time Home Buyer Seminar in Arlington
August 26, 2010 by Katie Wethman · Leave a Comment
Monday, September 20, 2010 from 7:00 – 8:15 Arlington Central Library 1015 N Quincy St 2nd floor meeting room Ballston (Orange Line) Though there is no cost to attend, you must contact us to register for the First Time Buyer Class since seating is limited and so that materials are available. Educating Home Buyers to Enable [...]
Property Tax Rates
August 20, 2010 by wethmangroupadmin · 2 Comments
Recently, I was approached by someone who will soon be moving to the metro Washington, DC, area. Their first question: What are the property tax rates for the various jurisdictions? Having been unable to find a single source for such information, I set off in search of the tax rates for our area. So, faithful [...]
Just how important are today’s low interest rates?
August 12, 2010 by Katie Wethman · Leave a Comment
I work with a lot of first time buyers, who often ask me “How do we know the market won’t drop further? I think I should wait to buy.” My answer is always the same: I don’t have a crystal ball, but I look to the job market as a reliable leading indicator for the [...]
FHA Loans Getting More Expensive – Again
August 10, 2010 by Katie Wethman · Leave a Comment
Bill HR 2981 was passed by both the House and Senate, paving the way for higher charges for FHA borrowers. The majority of FHA loans are 30 year mortgages with a loan-to-value of at least 96.5%, which will see an increase in the monthly fee from 55 bps to a whopping 90bp, but on the [...]
Breaking News: Closing Date Deadline on First Time Buyer Credit Extended to 9/30/10
July 1, 2010 by Katie Wethman · Leave a Comment
Late Wednesday, the Senate voted to approve the extension of the settlement date for eligible first time buyers to “before October 1, 2010.” The House had approved the measure earlier in the week, and it’s expected to be signed into law imminently. This is great news for anyone who had a lender that dropped the [...]
Potential Extension of June 30 Settlement Deadline & FHA Loans About to Get More Expensive–AGAIN!
June 14, 2010 by Katie Wethman · Leave a Comment
Senate Majority Leader Harry Reid has co-authored a proposal to extend the June 30 settlement deadline for the first time buyer credit until September 30 to give lenders more time to process the incredible volume of contracts trying to close. The surge in loan volume has created delays around home appraisals and the usual delays [...]
FHA to cut Seller Contribution to Closing Costs to 3% of Sales Price
June 4, 2010 by Katie Wethman · Leave a Comment
Within the next few months, it’s going to get a little tougher for FHA buyers. Starting sometime this summer, FHA will make official its announced policy of limiting the seller contribution to buyer’s closing costs (aka “seller subsidy”) to 3% of the purchase price, down from 6%. What fees make up the buyer’s closing costs? [...]
Foreclosure Properties: A Good Investment?
May 27, 2010 by Katie Wethman · Leave a Comment
The nation’s housing market is bracing for another wave of foreclosures. The past few years saw waves driven by subprime loans, but inventory was partially mitigated by the temporary demand created by the first time buyer credits. Now experts are concerned about the “shadow inventory” that banks allegedly have been holding back, and new waves [...]
When’s the Best Time of Year to Buy a Home?
May 17, 2010 by Katie Wethman · Leave a Comment
Potential home buyers always ask me “When Should I Buy?” or variations on the theme such as “I’ve heard it’s better to buy in winter.” The answer to when is the best time of year to buy depends on your goal. Are you trying to get the best selection? Are you trying to maximize your [...]
