$5000 Grants for 1st Time Military (or DOD/Dept of Homeland Security) Home Buyers! - 08/30/11 09:36 AM
Active duty, reserve & retired members are elegible through this PenFed (PentagonFederal)  Dream Makers program.  Qualifications include:
You're Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee. You're a first-time home buyer, or you have not owned a home for the last three years, or you have lost your home through divorce or disaster. The gross household income, including allowances, that you use to qualify for your mortgage loan is: A maximum of $55,000 per year, or A maximum of 80% of your community’s median income based on your family … (1 comments)

Why the Credit Score Matters - 08/13/11 12:42 PM
I'm working as a buyer agent with some great folks who have a contract on their out-of-state home.  A few days ago they received the call from their agent advising them their buyer was not going to be able to complete the purchase because he could not get his loan.  Apparently, this buyer was a VA buyer with a marginal credit score, yet the lender provided him with a pre-approval letter anyway.  The lender advised him to take a few steps towards getting the score higher but never indicated this condition in the pre-approval letter.  Well, it looks like the buyer … (24 comments)

Buyers, Don't Leave Money at the Settlement Table - 08/13/11 12:41 PM
In Northern Virginia,  Buyers often negotiate for a seller subsidy - also know as closing cost assistance from the seller.  This is a great way for the Buyer to keep a little cash in pocket to help with moving expenses and repairs/updates needed to their new home. 
Be careful when asking for seller subsidy.  Lenders have a limit to the amount of closing costs assistance you can receive. For example,  FHA (as of today) will allow up to 6% in closing cost assistance.  BUT, what happens if you get 6% from the Seller and discover that your closing costs only equal … (2 comments)

Buyers, do not be motivated by the action of other buyers. - 08/12/11 06:26 PM
 
A short time ago I represented a buyer.  I showed them a home that met the majority of their criteria.  During our second showing, I advised them to make an offer and not to wait  if this was truly the home they wanted to buy.  They said "let us think about it" and did so for about a week.  The listing agent contacted me to let me know he was getting an offer and as promised, wanted to give me the heads up.  So, I advised my buyers who said "let us think about it overnight".  Well, the next morning … (0 comments)

 
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Heather Embrey , Your :) Real Estate Source

Falls Church, VA

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McEnearney Realtors Northern Virginia 571-236-2616

Office Phone: (703) 790-9090 x 447

Cell Phone: (571) 236-2616

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