VHDA Loans Allow Financing of Down Payment
December 15, 2009 by Katie Wethman · Leave a Comment
The Virginia Housing Development Authority has extended its Homebuyer Tax Credit Plus program to match the deadlines of the Federal First-Time Homebuyers Tax Credit.
VHDA’s program lets borrowers use a second mortgage to finance up to 5% of the sales price (enough to cover FHA’s 3.5% down payment requirement) by using the $8000 first time home [...]
FAQ: High Investor (Low Owner-Occupancy) Ratio Condos: How Can I Buy or Sell?
December 2, 2009 by Katie Wethman · Leave a Comment
One of the most common issues a condo buyer or seller faces in obtaining financing is meeting the owner-occupancy ratio required by lenders or the FHA. Owner-occupants means the units are actually occupied by their owners as primary residences, rather than those owners who choose to rent out their units. Renting units out is [...]
Should I Refinance?
December 30, 2008 by Katie Wethman · Leave a Comment
I’m getting a lot of questions lately about whether or not to refinance. I’m looking into it myself, actually, so thought I’d share some thoughts.
First, let’s talk about rates and the elusive 4.5% that some government agencies announced, then recanted, as a ‘target’. First, that rate may never get here. Second, it [...]
How Much Do I Need for a Downpayment?
November 18, 2008 by Katie Wethman · 3 Comments
How much do I need for a downpayment?
It depends.
(Come on, you knew I was going to say that.)
There are some rules of thumb though. First, you can bet you need a heck of a lot more than buyers did a few years ago, or even one year ago. There are lots of influencing [...]
Guest Post: Rehabbing Properties Using the FHA 203K Program
November 3, 2008 by Katie Wethman · 1 Comment
Thanks, Cindy Fox of SunTrust, for information on this program which can really help buyers who have found their diamond in the rough! You can find Cindy’s contact information at the bottom of this post.
Looking for a bargain in the real estate market?
Have you seen the perfect place for you and maybe your family [...]
$7500 First Time Buyer Tax "Credit" Info
August 19, 2008 by Katie Wethman · 1 Comment
NOTE> This post applies only to homeowners who purchased in 2008. If you purchased in 2009, see the updated version of the credit here.
It’s official, the $7500 tax credit for first time buyers is now law. But how will it work?
First of all, it’s not really a ‘credit’ per se — it’s [...]
How to Read a Good Faith Estimate or HUD-1
June 22, 2008 by Katie Wethman · Leave a Comment
It can be difficult to compare apples-to-apples when looking at closing cost estimates from lenders. There are lots of tricks that a lender can pull to make themselves look better, and there are so many expenses that’s it’s difficult to know which ones are “junk fees.”
Let’s review terminology first. When you [...]
Complications Buying Condos Using FHA Financing
June 22, 2008 by Katie Wethman · Leave a Comment
FHA doesn’t play well with condos. Which is too bad, really, since FHA is such a perfect option for first time buyers since it requires only 3% down, as opposed to the 10% most banks are demanding right now. For a borrower to use an FHA loan to purchase a condo, it must [...]
Out: Exotic Loans, 100% financing; In: FHA, VHDA!
April 28, 2008 by Katie Wethman · Leave a Comment
FHA is back with a vengeance. It’s a key tool in the current lending environment for getting buyers qualified with only a 3% down payment (with gifts permitted in certain circumstances.) There are a few extra hoops to jump through, but I find more and more buyers are utilizing FHA now that the [...]
FAQ: Mortgage Loans – Conforming, Jumbos, FHA, Jumbo Lights
March 28, 2008 by Katie Wethman · 1 Comment
Although I’m not a mortgage broker or lender, I get a lot of questions from my clients and in my first time homebuyer classes about interest rates, points, and fees. There’s a lot of confusion out there right now about what the conforming limits are, how FHA works, and what the stimulus package impact [...]
