Josh Perrington's Blog

What? Village Bank Mortgage has better rates than "Big Nationalized Bank" down the street? Prove it.

Josh Perrington (Village Bank Mortgage) — Fri, 16 Oct 2009 17:15:11 -0500

So I walk into my "Big Nationalized Bank" to make a deposit yesterday... And, there, on a big lofty bulletin board they are advertizing their rates for all to see. So, I decided to put a few arguments to rest by taking an actual picture of their board...showing the rates.

Why would I do this? Simply put, bigger is not always better. Village Bank Mortgage is positioned in such a way to truly take advantage of "Broker" rate programs...yet have all the efficiencies of a true underwriting machine (AKA: We're fast!)

Let's compare apples to apples:

Loan Amount: $200,000

Credit: 720+

Downpayment: 20%

Loan Structure: 30 YR FIXED

These are the same assumptions most banks use when "quoting" rates to potential borrowers...because it's best case.

This particular Bank is charging 1.75% in Points ($3,500 on a $200k loan) & their APR is 5.355. All things considered, Village Bank Mortgage's rate structure @ 3pm in the afternoon on Oct 15th would look like this:

30 YR FIXED @ 5.125% (5.205% APR) would only require .50 in Points. That's a DIRECT savings to our clients of $2,500!

That's real savings in a market when everyone needs real relief.

Sorry for the short post, but I just wanted to get this out there. I'll explain more (very soon) concerning every other aspect of why "bigger is not always better" as it relates to mortgage companies...

Until next time...

Renovation Loans 101 – Your Complete Guide to Understanding FHA 203k Loans

Josh Perrington (Village Bank Mortgage) — Tue, 22 Sep 2009 21:59:48 -0500

If you’re reading this, your probably in one of the following stages in your life: Either you currently own a home & want to renovate, you’re thinking of buying a “fixer upper” as your home, you want to sell your house & buy a home that needs a little work, or your home is on the market, but it just won’t sell!

1^st things 1^st, let’s start by asking:

“What makes a Renovation Loan (FHA 203k) different from a Traditional mortgage?”

A “Traditional Mortgage” is one that the lender only approves based on the current value & condition of the property. If you find a home (foreclosure) that might truly be worth $300,000, but have arranged for a purchase at $210,000 (great deal btw!) the traditional lender will only lend up to the $210,000 your contract price. Now, say it’s not a necessary fix, but you want to upgrade the kitchen & add new windows. Even though there is already equity in the property, with a Traditional mortgage you would have to pay for the upgrades with your own money. Common sense may scream “There’s $90,000 worth of equity in the property, why can’t I just include it in the loan?!?!” The traditional lender doesn’t care…your contract price = the max loan amount.

Here’s the great part… using the same purchase scenario as above, a Renovation Loan (FHA 203k) WILL allow you to make all of the upgrades AND include them in your loan. A FHA 203k Renovation loan lends based on the AFTER-IMPROVED market value of your upgrades/renovation…not the current value. This changes the game completely!!! Instead of having to bring an extra $40,000 to closing (assuming that’s what the kitchen & windows cost), now it’s included in the loan and you keep your money in the bank! Let’s talk about a few more real world examples…

I own a home, but want to renovate…

Maybe you’ve been watching a lot of ABC’s “Home Extreme Makeover” and want to turn that old 70’s kitchen into the new bright, shining, stunning kitchen of 2008. You want to knock a few walls down, replace the flooring with hardwood, new appliances, granite countertops, etc… You have primarily two options. If you already have enough equity in the home, you can simply do what’s called a “Cash Out refinance” – which means we refinance the current mortgage and pull enough cash out to pay for the projected renovation…that simple. But, what if you don’t have enough equity in the property to pay for the renovation? That’s where the FHA 203k comes in… Say your home is currently worth $200,000 and you owe $190,000. You only have $10,000 worth of equity ($200k – $190k) which is not nearly enough to cover the projected $50,000 (example) cost of renovating. But, say the improvements will cause your home’s value to skyrocket to $270,000 once they’re complete, versus the current value of $200,000. We would lend on the AFTER-IMPROVED value and simply include the cost of renovation with your current mortgage balance for a total loan amount of $240,000 (original balance of $190k + $50k improvements)…and now instead of having $10,000 of equity…you have $30,000 (new value of $270k – new mortgage of $240k)!!

My home’s on the market, but it just won’t sell…

Often times, when prospective buyers are walking through “Open Houses” or visiting potential new homes they are stalled by the blemishes or older characteristics…even though the property may be wonderful for them. It’s difficult for them to maybe see the true potential simply because the windows need to be replaced, or the HVAC system is old, maybe the plumbing needs updated, or even the roof needs replaced – but the current seller may not have the funds needed to make those improvement prior to selling.

Think about your home through the eyes of a new buyer… Are there traits that may need to be updated? If so, have your Realtor partner with an FHA 203k Renovation expert to draft a glimpse of what the property could be like AFTER the improvements, that a prospective buyer may want, are complete. Show them the pot of gold at the end of the rainbow! Educate the buyers that their improvements CAN be included now in their purchase! YOU WOULD BE AMAZED AT HOW MANY REALTORS DO NOT KNOW THIS OPTION EXISTS!!!

I’m thinking of buying a “fixer-upper”…

Just as we talked about above, this is a great option! With a traditional mortgage, you would have to pay for any of the improvements with cash out-of-pocket in order to buy a property that needed some TLC.

Now, instead of using out-of-pocket cash to make the improvements, use the Renovation Loan to purchase & allow the equity to work for you!

What can the FHA 203k Renovation Loan be used for?

There is a LONG list of eligible improvements allowed for the 203k. Pretty much, the only things that wouldn’t be allowed are luxury items that can’t be included as a permanent piece of the property (i.e. 60” Plasma TV’s, etc…). But, here are a few that can be included:

Bathroom remodels
New Siding
Attic build-outs
Adding a 2nd floor
Granite countertops
Bedroom Remodels
Upgrading HVAC
Going GREEN! (Solar panels, energy efficient appliances, etc…)
Many, Many, Many MORE!!!!

Now, What’s the Loan Process Like?

Apply for Pre-Approval!!!! I honestly can not stress this step enough. I’ve seen it many times…couples get excited about renovating, they’ve designed the kitchen, picked out the appliances, selected the contractor…only to then find out they can not be approved. Granted, the requirements are less stringent than a conventional mortgage…but that does not mean everyone will be approved. So please, do yourself a favor & talk with a 203k Mortgage Planner first…plus…I like joining in on the fun of watching you go through the designing process…

Here’s what needs to happen (preferably in this order):

Call me or email me & we’ll take care of your Pre-Approval
On-site consultation with Appraiser, Contractor, & Mortgage Planner
Receive bids & Architectural designs (if needed)
Property Appraised
Loan submitted, underwritten, & conditions cleared
Loan closed & repairs begin
Total Loan Time: 30 – 45 Days!!!!

The process for qualification, approval, and fund disbursement is really quite easy on your part. If you look at the process through the eyes of the lender, it becomes more of a common sense approach than anything else. If you were the lender and planning to give money to a family, you would want to know that someone in that family has a stable job, has shown their ability to pay loans in the past, and has enough resources currently to stay on time with their payments. That’s it! Obviously, there are a few other small items that would need to be addressed, but leave that to us…

Wrapping up…

This loan absolutely has the potential to create personal wealth and a huge amount of equity from day one. Even more significant, it gives a sense of hope & renewal to families in an economic environment that does not foster such characteristics at the moment. I’m passionate about helping others turn the house they have…into the home they want!

Feel free to call or email us anytime with questions…we’re here to help.

Cheers!

Facebook Status Tagging - Why It Matters

Josh Perrington (Village Bank Mortgage) — Thu, 17 Sep 2009 16:21:57 -0500

It took all of about 30 seconds to become addicted to reading friends’ status updates. Not something I’m proud of, mind you…yet, lately, has proven to be not-so-unusual…and facebook knows this.

Aside from rummaging through friends’ photos like you’re spying on them from the outside, status updates provide a glimpse into the “Jone’s” lifestyle…which hike they went on this weekend, who’s house they watched the Hokies game at, where they took their kids for their birthday party, what they ate for breakfast, etc… We’ve all seen them, but now the game has changed!

Facebook recently announced its newest capability – which now enables tagging of status updates for Friends, Pages, Events & Groups. Many of my friends have been asking “Why is that so important…seriously, who cares?”. Answer: we ALL should care, and here’s why:

Facebook has become famous for its ability to allow photo tagging of friends, causing an extreme viral effect. We’ve all experienced it. We try to maintain semi-professional facebook page, while Timmy (the friend you haven’t seen in 20 years) thinks it’s hilarious to tag you & post a photo he generated from yearbookyourself.com to your page. Meanwhile, every single one of your coworkers, clients, and friends have all seen it before you have a chance to untag…been there, done that.

Now, though, facebook has taken it up a notch (a giant one, at that). Riding Twitter’s coattails by copying the already popular “@” Mentions style, will prove to pay off. This is fantastic for businesses & nonprofits who have already embraced Social Media Platforms as a way of attracting & engaging customers/supporters. Fantastic b/c it has unlimited potential for creating massive amounts of buzz…whether good or bad.

Example #1: I go to Debbie's Cakes & have her make a SpongeBob Squarepants cake for my daughters and she does a great job. I might post something like “Just picked up the SpongeBob cake for my daughters…WOW! Not only was she just as good as Ace of Cakes…she was drastically cheaper!”

or…

Example #2: Maybe I go to a local restaurant & receive not only the worst service, but also something…other than what I ordered in the food. The viral effect could be MUCH worse. “Seriously “local restaurant”? A roach in our spaghetti?!?! – never again eating there!”

Either example creates an instant viral tsunami that’s virtually uncontrollable. Just think…if you have 300 facebook friends who just saw either update & 20 of them decided to repost & tag? That’s a possible 4,300 sets of viewing eyes! (Assuming each of the “reposting” 20 friends have at least 200 friends each. (20 * 200 = 4,000. 4,000 + 300 original viewers = 4,300) Viral in it’s purest form!

The wording doesn’t change, but the effects do. It used to be (just last week) that someone would post a positive, or negative, update and we would all just read the name and move on…sometimes throwing in our 2 cents. Now, by tagging, we can just click on @MichaelHyatt and put a face to the name instantly. Thus, aiding in brand creation for that person, company, group, or non-profit…whether they want it or not.

Plus…it’s crazy simple. Facebook has done all the work for you. In your “What’s on your mind” box, type the “@” symbol and directly after – start typing a friends name. In the pic below, I’m typing that I just finished coffee with Ryan Salvi and his name starts to auto-populate.

Here, feel free to try: Go to your status update box and type “Just read a great blog about facebook changing the game…thanks @joshperrington!” - then post, that simple. You’ll love it…

As we’ve all heard “May the force be with you”…this new facebook tool is not to be taken lightly. As always, the power’s all yours…just use it wisely.

Disclaimer: @MichaelHyatt is an amazing individual & was merely used for purposes of explaining the example!

$8,000 New Homebuyer Tax Credit - Cliff Notes version...

Josh Perrington (Village Bank Mortgage) — Wed, 11 Mar 2009 14:34:48 -0500

There has been much speculation surrounding the topic of the $8,000 Tax Credit for 1st Time Homebuyers. Let's set the record straight:

2009 American Recovery and Reinvestment Act
$8000 Tax Credit

A refundable first-time homebuyer tax credit of up to $8,000 is the centerpiece of housing incentives found in the 2009 American Recovery and Reinvestment Act.

The new credit is designed to boost sales in the nation's sagging housing market by offering a strong incentive to first-time homebuyers. Lawrence Yun, chief economist for the National Association of Realtors, predicts 300,000 home purchases will be made in 2009 as a result of the tax credit.

The new credit improves on a first-time homebuyer credit passed in 2008. That credit had to be paid back over a period of 15 years, making it more of a loan than a true credit.
The greatest part of this tax credit is that homebuyers can take the credit on their 2008 tax return even when they have purchased the home in 2009. Homebuyers can take advantage of this filing exception in one of three ways:

1. Closing on the home prior to April 15, 2009
2. Getting an extension to file taxes later in the year or
3. Filing an amended return.

Specifics are below:

· The Tax Credit is for up to 10 percent of the purchase price, up to a maximum of $8,000.

· For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first-time buyer of a $70,000 home would be eligible for a tax credit of $7,000.

· The Tax Credit does not have to be repaid unless the home is sold within three years.

· Applies only to first-time homebuyers, defined as those who have not owned a home within the previous three tax years.

· The Tax Credit is available only for homes purchased between Jan. 1, 2009, and Dec. 1, 2009.

· Restricted by income; The Tax Credit phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted gross income of $150,000 or above.

· The credit can be taken on 2008 taxes even when the purchase is made in 2009.

Until next time...

Josh Perrington
540.598.7985

PS: We work with many of the Roanoke area's most credible Realtors. If you need help finding a Realtor - feel free to let us know & we can help suggest a few we would recommend...

Roanoke, VA Mortgage Rates FALL...and There IS Money to Lend

Josh Perrington (Village Bank Mortgage) — Fri, 12 Dec 2008 01:27:59 -0600

Fall, is an understatement...plummet might be more appropriate. This week has definitely been one for the books... If you haven't heard, mortgage rates have taken a serious dive & are now hovering around 4.75% for a 30 yr fixed...how insane is that!?!? They were just @ 6% a few weeks ago. And why isn't this plastered all over the news? See my post, for a glimpse of things to come: "600 Billion Reasons We're Headed for Great Things!"

Just this morning we helped one of our Roanoke, VA clients consolidate a few credit cards, personal debts, and her mortgage for a monthly savings of $836! The exciting part isn't the fact they're saving money (maybe it is)...it's the financial plan we've help create to get them through retirement & their children to college.

Call or email & let's grab coffee to talk about how the market affects you. As always, we're here to help...

Cheers! - Josh

P.S. - Pass the word...the market's changing!

600 Billion Reasons We're Headed for Great Things!

Josh Perrington (Village Bank Mortgage) — Sat, 06 Dec 2008 09:02:25 -0600

We've received some of the biggest news to hit newsstands in quite some time and it barely made the spotlight! News that the Treasury Dept has plans to purchase roughly $600 Billion in mortgage-backed securities should be posted on the front page of every news giant across the nation, but instead we see Somali Pirates & OJ's sentencing... Granted, pirates & OJ do have a knack for capturing our attention on a celebrity level BUT...the Treasury news is news that truly has the potential to start a boom like no other! Let's decipher the $600 Billion...

Under this proposal, the Treasury buys mortgage-backed securities...why? Because by purchasing the securities, it pushes rates down. Right now, interest rates on a 30-year fixed rate mortgage are hovering around 6% and the goal is to drive them down to 4.5%!!

If enacted, such a plan would create an unprecedented opportunity for anyone with stable income and decent credit score to refinance at a rate unseen since the early 1960's...essentially creating the "mother of all refi-booms"!!!

Refinance boom aside, there are 2 major benefits to our economy:

1. Places IMMEDIATE cash in the pockets of our homeowners able to refinance to lower monthly payments

2. Lower interest rates = more Buyers flooding the market = halt of housing value decline

The goal is to drive mortgage rates so low that housing prices stop falling & actually start to rebound...all the while giving much needed cash flow to current homeowners able to refinance. The trick, then, becomes truly being ready when the opportunity arrives. It's no secret that we're currently in one of the most volatile markets ever, and it's not uncommon to see a .75% swing in rates within a 24 hour period. By preparing now, you absolutely set yourself up for success by being able to call your mortgage professional and say LOCK, LOCK, LOCK that rate, when they start falling!

In the midst of a recession...and, yes - it's official, we're in a recession...this is some of the greatest news we could have received! This has the potential to dwarf the boom of 2003 and give our economy the much needed shot of adrenaline we're all hoping for and although we may be "officially" in a recession...you don't have to participate! There is good news all around us, it just may not be on the front page...

For more information or to help prepare for the coming plunge in rates...email me & let's get started.

Cheers!

Josh Perrington

1^st Metropolitan Mortgage

Josh@1st-Metropolitan.com | www.1st-Metropolitan.com | 540.904.0842

2762 Electric Rd, Suite Roanoke, VA 24018

Widow calls reverse mortgage a blessing

Josh Perrington (Village Bank Mortgage) — Mon, 01 Dec 2008 13:04:52 -0600

WDBJ 7 (Roanoke, VA) posted this story a few month's ago, which shows one women's perspective on using her Reverse Mortgage to help pay keep her home & continue to pay for her medical expenses, payoff bills, and make home repairs. Enjoy!

Widow calls reverse mortgage a blessing

News7's Hollani Davis caught up with a 75-year-old widow who calls her reverse mortgage a blessing, and wants to clear up the misconception that it's the government's way of trying to take your home.

"After you work so long and so hard," said Mary Clark.

For Clark, the thought of losing or selling the home she's lived in for 44 years was scarier than applying for a reverse mortgage.

The idea of using home equity to pay off a current mortgage, make home repairs or pay off bills is becoming more popular with older Virginians. The only major requirement is you have to be at least 62. The amount you can qualify for depends on your property value and the current interest rate.

Experts say one drawback with the reverse mortgage is that the up front expenses are typically high. And by drawing out equity, parents aren't leaving much of a legacy for their children.

In Clark's case, she was able to set aside the lump sum from her loan to help with medical and other monthly bills. That's the peace of mind she's giving her children and herself.

"It's a relief. A big relief to me," said Clark.

Whether you decide to take a lump sum or have your money divided out monthly, that's on you. The best advice from experts though is to look at your financial situation.

Josh Perrington - Reverse Mortgage Specialist

1^st Metropolitan Mortgage - Roanoke, VA

www.1st-Metropolitan.com | 540.904.0842 | 2762 Electric Rd, Roanoke, VA 24018

Over the Age of 62 and Need More Income? A Reverse Mortgage just might be the answer... - Roanoke, VA

Josh Perrington (Village Bank Mortgage) — Mon, 01 Dec 2008 12:38:18 -0600

A recent report by the Urban Institute titled "How Much Could Reverse Mortgages Contribute to Retirement Incomes?" states that homeowners over the age of 62 could see an 18% increase in median annual income just by using an annuity-type Reverse Mortgage. Homeowners over the age of 82 could see increases as much as 36% based on 2006 home values.

The report took a conservative approach and used interest rates in effect March 2008 & did not use the newly instated $417,000 nationwide lending limit. Using the older limit of $362,790 and accounting for a possible 10% drop in home values they used $124,500 as the median household equity to arrive at roughly a 16% gain in income.

What does all of this mean?

Simply put - it means that by using the annuity-type feature that is provided with a Reverse Mortgage, the homeowner is able to receive additional non-taxable "income" monthly. This option is not for everyone, but could quite possibly provide a much-needed boost to a homeowner's financial situation that may be above the age of 62...and have seen a recent sharp decline in their retirement assets.

I would absolutely suggest consulting a licensed Financial Advisor, prior to making any decisions regarding a Reverse Mortgage. We work very closely with the area's leading financial experts and would be happy to arrange a meeting. Simply click here to request an introduction.

As always, the consultations are free and tend to provide a wealth of insight into the possibilities that lay ahead.

If you would like more information as to how a Reverse Mortgage may benefit you in this market, please feel free to call me directly at (540) 904-0842 or email me at Josh@1st-Metropolitan.com. We look forward to helping.

Cheers!

Josh Perrington - Reverse Mortgage Specialist

1^st Metropolitan Mortgage - Roanoke, VA

www.1st-Metropolitan.com | 540.904.0842 | 2762 Electric Rd, Roanoke, VA 24018

How to Renovate Foreclosed Homes - Roanoke, VA

Josh Perrington (Village Bank Mortgage) — Sun, 30 Nov 2008 23:55:49 -0600

You probably know how the process usually works when purchasing a home with a traditional loan. Once the buyer finds the home they want, it's appraised - then inspected. The lender only approves the loan if the property meets the requirements in value AND condition. In the case of foreclosures, usually the appraised value will be much higher than the selling price, mainly because the seller simply needs to get out from under the debt. So...what do you do when the home won't pass inspection?

Unless you have an endless supply of cash lying around...start looking at the next best thing...a Renovation Loan (FHA 203k)!!

In the current market many foreclosures sit on the market in disrepair due to neglect. Those properties are considered poor collateral that lenders would normally they'd prefer not to lend on. However, for Renovation loans the loan is based on the after-repair value (not current value) and includes an escrow account to complete the repairs needed in order to bring the house to a condition that lenders prefer. This means that the current condition of the property is not as important as the condition of the property after the renovation is complete. This provides an outlet to purchase dilapidated properties, many of which have spent extended periods on the market due to the lack of availability to traditional financing, and solves the problem that most lenders face when dealing with property in disrepair. What this means to the home buyer is generally a significant discount to "as-is" value and, quite often, a fantastic deal on the house.

Now, there are 2 types of FHA 203k Renovation loans...how do you know which to choose?

If your repairs DO NOT require structural repairs OR they are less than $35,000, then you would want the loan known as a Streamline FHA 203K. With this loan you will have two draws (cash disbursements) after closing. Generally, the lender will release 50% upfront and 50% when the work is completed. On most of these the lender will require a final inspection to make sure the work is complete, but on some of the more simple renovations you can provide receipts showing materials have been purchased and that will be sufficient.

The other type is for those homes needing structural repair OR they are over $35,000. These are known as full FHA 203K and the process entails a little more effort. Many times, when more extensive repair is involved, it's wise to involve an architect and get architectural drawings so the contractor bids and appraisal are as accurate as possible. A HUD approved 203K consultant will also be assigned to help determine repairs and administer draws.

Essentially Renovation Loan products can establish equity for the future in the home that is being purchased. While the market is low, BUY these homes at a ‘bargain' price, renovate it, and then enjoy the financial rewards it will provide when the market comes back. As the property values recover, your home equity will increase substantially.

We take great joy in helping assemble your renovation team and watch you take advantage of the opportunities today's market has provided. Feel free to call or email anytime & let's get to work!

Cheers!

Josh Perrington - FHA 203k Renovation Sr. Mortgage Planner

Josh@1st-Metropolitan.com | www.1st-Metropolitan.com | 540.904.0842 | Roanoke, VA

Renovation Loans 101 - Your Complete Guide to Understanding FHA 203k Loans

Josh Perrington (Village Bank Mortgage) — Sat, 29 Nov 2008 16:00:13 -0600

If you're reading this, your probably in one of the following stages in your life: Either you currently own a home & want to renovate, you're thinking of buying a "fixer upper" as your home, you want to sell your house & buy a home that needs a little work, or your home is on the market, but it just won't sell!

1^st things 1^st, we can help with all of the above, but let's start by asking:

"What makes a Renovation Loan (FHA 203k) different from a Traditional mortgage?"

A "Traditional Mortgage" is one that the lender only approves based on the current value & condition of the property. If you find a home (foreclosure) that might truly be worth $300,000, but have arranged for a purchase at $210,000 (great deal btw!) the traditional lender will only lend up to the $210,000 your contract price). Now, say it's not a necessary fix, but you want to upgrade the kitchen & add new windows. Even though there is already equity in the property, with a Traditional mortgage you would have to pay for the upgrades with your own money. Common sense may scream "There's $90,000 worth of equity in the property, why can't I just include it in the loan?!?!" The traditional lender doesn't care...your contract price = the max loan amount.

Here's the great part...using the same purchase scenario as above, a Renovation Loan (FHA 203k) WILL allow you to make all of the upgrades AND include them in your loan. A FHA 203k Renovation loan lends based on the AFTER-IMPROVED market value of your upgrades/renovation...not the current value. This changes the game completely!!! Instead of having to bring an extra $40,000 to closing (assuming that's what the kitchen & windows cost), now it's included in the loan and you keep your money in the bank! Let's talk about a few more real world examples...

I own a home, but want to renovate...

Maybe you've been watching a lot of ABC's "Home Extreme Makeover" and want to turn that old 70's kitchen into the new bright, shining, stunning kitchen of 2008. You want to knock a few walls down, replace the flooring with hardwood, new appliances, granite countertops, etc... You have primarily two options. If you already have enough equity in the home, you can simply do what's called a "Cash Out refinance" - which means we refinance the current mortgage and pull enough cash out to pay for the projected renovation...that simple. But, what if you don't have enough equity in the property to pay for the renovation? That's where the FHA 203k comes in... Say your home is currently worth $200,000 and you owe $190,000. You only have $10,000 worth of equity ($200k - $190k) which is not nearly enough to cover the projected $50,000 (example) cost of renovating. But, say the improvements will cause your home's value to skyrocket to $270,000 once they're complete, versus the current value of $200,000. We would lend on the AFTER-IMPROVED value and simply include the cost of renovation with your current mortgage balance for a total loan amount of $240,000 (original balance of $190k + $50k improvements)...and now instead of having $10,000 of equity...you have $30,000 (new value of $270k - new mortgage of $240k)!!

My home's on the market, but it just won't sell...

Often times, when prospective buyers are walking through "Open Houses" or visiting potential new homes they are stalled by the blemishes or older characteristics...even though the property may be wonderful for them. It's difficult for them to maybe see the true potential simply because the windows need to be replaced, or the HVAC system is old, maybe the plumbing needs updated, or even the roof needs replaced - but the current seller may not have the funds needed to make those improvement prior to selling.

Think about your home through the eyes of a new buyer... Are there traits that may need to be updated? If so, have your Realtor partner with an FHA 203k Renovation expert to draft a glimpse of what the property could be like AFTER the improvements, that a prospective buyer may want, are complete. Show them the pot of gold at the end of the rainbow! Educate the buyers that their improvements CAN be included now in their purchase! YOU WOULD BE AMAZED AT HOW MANY REALTORS DO NOT KNOW THIS OPTION EXISTS!!!

I'm thinking of buying a "fixer-upper"...

Now, instead of using out-of-pocket cash to make the improvements, use the Renovation Loan to purchase & allow the equity to work for you!

What can the FHA 203k Renovation Loan be used for?

There is a LONG list of eligible improvements allowed for the 203k. Pretty much, the only things that wouldn't be allowed are luxury items that can't be included as a permanent piece of the property (i.e. 60" Plasma TV's, etc...). But, here are a few that can be included:

Bathroom remodels
New Siding
Attic build-outs
Adding a 2nd floor
Granite countertops
Bedroom Remodels
Upgrading HVAC
Going GREEN! (Solar panels, energy efficient appliances, etc...)
Many, Many, Many MORE!!!!

Now, What's the Loan Process Like?

Apply for Pre-Approval!!!! I honestly can not stress this step enough. I've seen it many times...couples get excited about renovating, they've designed the kitchen, picked out the appliances, selected the contractor...only to then find out they can not be approved. Granted, the requirements are less stringent than a conventional mortgage...but that does not mean everyone will be approved. So please, do yourself a favor & talk with a Mortgage Planner first...plus...I like joining in on the fun of watching you go through the designing process... :)

Here's what needs to happen (preferably in this order):

Call Josh Perrington @ 540.904.0842 or email Josh@1st-Metropolitan.com to Apply for Pre-Approval
On-site consultation with Appraiser, Contractor, & Mortgage Planner
Receive bids & Architectural designs (if needed)
Property Appraised
Loan submitted, underwritten, & conditions cleared
Loan closed & repairs begin
Total Loan Time: 30 - 45 Days!!!!

The process for qualification, approval, and fund disbursement is really quite easy on your part. If you look at the process through the eyes of the lender, it becomes more of a common sense approach than anything else. If you were the lender and planning to give money to a family, you would want to know that someone in that family has a stable job, has shown their ability to pay loans in the past, and has enough resources currently to stay on time with their payments. That's it! Obviously, there are a few other small items that would need to be addressed, but leave that to us...

Wrapping up...

This loan absolutely has the potential to create personal wealth and a huge amount of equity from day one. Even more significant, it gives a sense of hope & renewal to families in an economic environment that does not foster such characteristics at the moment. I'm passionate about helping others turn the house they have...into the home they want!

Feel free to call or email us anytime with questions...we're here to help, and remember, a pre-approval is always free!

Cheers!

Josh Perrington - FHA 203k Renovation Sr. Mortgage Planner

Josh@1st-Metropolitan.com | www.1st-Metropolitan.com | 540.904.0842 | Roanoke, VA

Local Veterans Gather in Roanoke, VA - thanks to 1st Metropolitan Mortgage

Josh Perrington (Village Bank Mortgage) — Wed, 12 Nov 2008 09:26:57 -0600

November 11, 2008
Tales were brewing Tuesday as veterans gathered in Roanoke

Video Gallery

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Tales were brewing Tuesday as veterans gathered in Roanoke (11/11)

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On Tuesday, veterans didn't have to pay for their cups of coffee.

Former Marine Josh Perrington wanted to do something for Veterans Day. So he invited fellow veterans and anyone who wanted to come to the Daily Grind in Roanoke to share stories.

As Perrington re-hashed some of his favorite military memories, the one part of it all he truly misses is the brotherhood. That was why he invited fellow veterans to the coffee shop Tuesday morning to remember and reflect.

The Daily Grind's owners wanted to do their part. On Tuesday, veterans didn't have to pay for their cups of coffee.

1st Metropolitan Mortgage of Roanoke, VA

Specializing in Ensemble (Equity Acceleration) & FHA 203k Renovation

www.1st-Metropolitan.com | 540.904.0842 | Josh@1st-Metropolitan.com

Ensemble Revealed!!

Josh Perrington (Village Bank Mortgage) — Tue, 21 Oct 2008 11:29:55 -0500

en·sem·ble [ahn-sahm-buhl] "all the parts of a thing considered together"

When you think of the word ensemble, what comes to mind? How wonderful it sounds when all the elements of an orchestra come together? The Cello, Piano, Violin, Flute all blending together... Or, would it be how amazing it sounds when three completely different voices come together to form one harmonious chord?

What if...when you hear the word ensemble something new & refreshing comes to mind... Something that gives life back to your slumbering mortgage and gives you a freedom never dreamed possible. Ensemble embodies the beauty of pulling together resources today, to help accomplish your goals for tomorrow.

Your tomorrow...begins today...

The concept is surprisingly simple. Ensemble combines all your checking, home loan and home equity line accounts into one master "loan sweep account" that allows deposited cash to be placed against the loan balance each day in order to save mortgage interest. That's it! This simple change allows you to better leverage your cash flow, potentially saving you thousands in interest over the next decade. And, your funds remain available 24/7, just like with your old checking account today.

- Your income lowers your monthly balance.
- The lower balance saves you interest.
- The saved interest becomes extra principal payment.
- This further lowers your balance, saving more interest.
- This frees up even more money to reduce principal.
- This cycle repeats itself each month, compounding your interest savings
and accelerating the reduction of your debt.

Traditional mortgages make it easy to get into debt; Ensemble gives you - the borrower - the power to reduce your debt more aggressively. Ensemble is able to help reduce debt more quickly, simply by putting all of your personal income to better use.

Mortgage interest typically consumes about half of the average American's net income, for decades at a time. With Ensemble, paying less interest will allow you to reach your financial goals faster. Whether you want to use those interest savings to pay your home loan off sooner, or keep your equity leveraged and reinvest those savings in higher-yielding investments...saving interest...is always in your BEST interest.

Combining your main personal cash management tools into one master account relieves you of the need to track money transfers manually. Once the account in setup, transfers from your loan account happen automatically. So does your interest savings from your positive cash flow. And when you need cash for investments or expenses, it is quickly available via check, electronic transfer, ATM withdrawal, or debit card. Nothing could be simpler!

Discover how the power of your own cash flow could significantly accelerate your home loan's pay down, saving you thousands in interest and getting you free-and-clear of mortgage payments years ahead of schedule, without demanding any change in your current spending habits.

Click here - for your FREE assessment & to learn how Ensemble may benefit you personally. I would love to hear from you!

All the best!

Josh Perrington - 1st Metropolitan Mortgage - Roanoke, VA - 540.904.0842

"Wake your mortgage up...it's time to get to work!"

www.1st-Metropolitan.com | Josh@1st-Metropolitan.com

Has there ever been a better time than now to build equity?

Josh Perrington (Village Bank Mortgage) — Thu, 16 Oct 2008 00:24:46 -0500

Statistics show that less than 3% of all homeowners make any kind of consistent pre-payment on their own.

How does it work?

Easy Equity is an automated bi-weekly payment program that takes the guesswork out of building equity in your home. Every two weeks we will initiate a payment (equal to ½ your normal monthly payment), essentially allowing for one full extra payment towards the principal balance every year. Since there are 52 weeks in a year, you'll end up making 26 half payments, or 13 FULL payments. This additional payment is placed directly towards your loan principal balance, therefore reducing interest charges year after year.

Example:

Let's take look at a mortgage with a principal balance of $150,000, a term of 360 months, and an interest rate of 6%.

· Monthly principal and interest payment = $899.33

· Total Interest Paid During Life of Loan = $173,757

Using the Easy Equity Plan Option

· Bi-Weekly Payment = $449.67

· Total Interest During Life of Loan = $135,294

· The loan is paid off in 24 years, instead of 30, and saves in excess of $38,000!!

It's just that simple!

Would you like more information? Click Here to allow one of our Planners to help...

Josh Perrington

1st Metropolitan Mortgage | Roanoke, VA

www.1st-Metropolitan.com | Josh@1st-Metropolitan.com

Vinton/Roanoke County Veterans Monument - coming soon!!!

Josh Perrington (Village Bank Mortgage) — Mon, 13 Oct 2008 12:43:13 -0500

Area veterans, Vinton town officials and citizens - dedicated to recognizing veterans past & present - wish to honor those who have made and continue to make personal sacrifices for our freedom. Thus was born the idea of an outdoor, freestanding Veterans monument, constructed to pay homage to all veterans from Vinton and Roanoke County. Because of their bravery, we are "the land of the free and home of the brave."

To meet the needs of this construction project, the Vinton Vision Committee is reaching out to the community, businesses, and individuals to help provide financial support for the building of the Veterans Monument.

Ways to Give -

DEAR CITIZENS:

The Vinton/Roanoke County Veterans Monument Committee would like to extend to the public an opportunity to be part of an exciting historical endeavor. This opportunity is to honor veterans that gave the ultimate sacrifice of their own lives and also to honor "those who serve and those who have served" our country from World War II to the present.

The chosen design proposal is called "High Ground." A star-shaped walkway will surround and lead to the main part of the monument structure. This walk are will have a brick cobblestone effect to help highlight the elegence of the memorial itself.

The brick style pavers are available for individual purchase in honor of a deceased veteran, someone who serves or has served, or a person one would like to recognize for any reason.

Thank you for considering a donation to the Vinton/Roanoke County Veterans Monument. Please feel free to contact Candye Ann Peters, Assistant Campaign Director, at 540.525.8449 or Mary Beth Layman, Town of Vinton, at 540.983.0613

"We're extremely proud to help raise the funds needed to complete this project for the Vinton & Roanoke County residents. Portions of our proceeds will continue to be contributed until the monument is complete!" - Josh Perrington

1st Metropolitan Mortgage, Roanoke, VA 24018

www.1st-Metropolitan.com | Josh@1st-Metropolitan.com

"Specializing in Roanoke area FHA Refinances along with our exclusive Ensemble equity program."

100% Financing still here!!!

Josh Perrington (Village Bank Mortgage) — Thu, 09 Oct 2008 15:58:28 -0500

Your clients can still be able to purchase their home and not break the bank financing it! With a variety of loan features and benefits available - including up to 100% financing, a Rural Housing mortgage loan may be the perfect mortgage product for your clients.

Here's more information about our Rural Housing loan program and how it works:

A 30-year fixed rate mortgage loan for 1-unit primary residence properties
Up to 100% LTV (loan-to-value) allowed based on the appraised value
Up to 6% seller contributions allowed
No minimum contribution from the borrower's own funds required
Borrowers can finance closing costs into the loan amount up to the maximum LTV amount
No monthly mortgage insurance payments required!

Here to help...and fell free to call/email if you have questions.

Warmest regards,

Josh Perrington - 1st Metropolitan Mortgage, Branch Manager

www.1st-Metropolitan.com | Josh@1st-Metropolitan.com | 540.904.0842

Ensemble - Another Success!!

Josh Perrington (Village Bank Mortgage) — Thu, 09 Oct 2008 06:58:28 -0500

In the midst of true market turmoil, Ensemble is a "swift breath of fresh air" says Bobby (Roanoke, VA). With home values declining in most parts of our great nation, there's never been a better time than now to concentrate on eliminating our debts as a society!

Ensemble combines all your checking, savings, and mortgage into one master "loan sweep account" that allows deposited cash to be placed against the loan balance each day in order to save mortgage interest. That's it! This simple change allows you to better leverage your cash flow, potentially saving you thousands in interest over the next decade. And, your funds remain available 24/7, just like with your old checking account today.

The best part? By simply combining your accounts with Ensemble, we are able to dramatically reduce our client's normal payoff period & slash interest! Take our most recent client success for example:

10/8/08 - M.C. (Roanoke, VA)

Current Debts:

Mortgage: $202,000 @ 5.5% 30 yr fixed

Credit Cards: $24,340 @ 11%

Home Value: $320,000

Ensemble:

New Mortgage: $227,000 (Combining old mortgage & consumer debt)

Ensemble Payoff = 6.8 YEARS!! vs 30yrs...

Saving in excess of $220,000 in interest assuming an average Ensemble APR of 6.48%!

All the while still having 100% access to his funds!!

Feel free to Email Me if you would like more info or would like to see your results!!

Until next time!

Josh Perrington - 1^st Metropolitan Mortgage

Roanoke, VA | www.1st-Metropolitan.com | Josh@1st-Metropolitan.com | 540.904.0842

Fun with Flip!

Josh Perrington (Village Bank Mortgage) — Mon, 01 Sep 2008 09:02:20 -0500

We finally got a Flip video!!! If you don't know what a Flip is, check it out - it's seriously the easiest video camera we've ever owned! It stores 60 mins worth of video & you can upload segments directly to YouTube, etc...

Here's a video I shot this weekend of my girls...enjoy!

What is...ensemble?

Josh Perrington (Village Bank Mortgage) — Wed, 27 Aug 2008 05:10:47 -0500

en·sem·ble [ahn-sahm-buhl] "all the parts of a thing considered together"

Your tomorrow...begins today...

Click here - for your FREE assessment & to learn how Ensemble may benefit you personally. I would love to hear from you!

All the best!

Josh Perrington - 1st Metropolitan Mortgage - Roanoke, VA - 540.904.0842

"Wake your mortgage up...it's time to get to work!"

www.1st-Metropolitan.com | Josh@1st-Metropolitan.com

Yes Virginia...there IS a Santa Clause!

Josh Perrington (Village Bank Mortgage) — Tue, 26 Aug 2008 11:07:24 -0500

...and he has come early this year!!

With CMG's Home Ownership Accelerator (HOA) being temporarily taken off the market, many financial planners & mortgage planners were/are at a complete loss. Recently I've had conversations with many of our referral partners and have heard comments like the following:

"Finally, we found an investment vehicle worth recommending...now it's gone!"

"It honestly feels like someone just pulled the rug out from under my clients...I can't believe the Accelerator is off the market!"

Before I bring Santa into the picture, let's recap what the Accelerator is & why it's so powerful:

In a nutshell... When attacking debt, or building equity, or going to war for that matter...doesn't it make sense to pull all of your available resources (that may be less productive in their current environment) together to focus on the common goal? That's exactly what the Home Ownership Accelerator has been able to do extraordinarily well. It allows a client to pull their checking account, savings accounts, and mortgage account into one large vehicle that's proven to be beyond effective. The majority of all of my clients who are now in the Accelerator are on track to pay their home of in roughly 5 yrs versus their old 30 year mortgage!! That's not common though and it just speaks to our clients financial backgrounds. The nationwide average is having clients payoff in less than 13 yrs...still phenomenal!

- Your income lowers your monthly balance.
- The lower balance saves you interest.
- The saved interest becomes extra principal payment.
- This further lowers your balance, saving more interest.
- This frees up even more money to reduce principal.
- This cycle repeats itself each month, compounding your interest savings
and accelerating the reduction of your debt.

Sounds great right? Unless you remember reading earlier that HOA is now off the market! THIS IS WHERE SANTA COMES IN!!!

We received word a few weeks ago that HOA is temporarily off the market...so what happens to my clients and all of the other clients who were in process? Santa has come early and he's brought gifts!! The biggest gift (everyone wants the biggest present 1^st) is called "Ensemble". Ensemble acts, feels, and operates just like HOA!! The best part...the investment is no where near that of the HOA!

In recent weeks, HOA was requiring clients to invest upwards of 5% of the loan amount...that's correct..5%! Let's do the math, on a loan amount of $250,000...that's $12,500 in discount point & origination our clients would need to pay! Look, I love HOA, but how long will it take an average client to recoup that $12,500 in equity or principle reduction?!?!?

Ensemble, in many cases, requires $0 towards discount/origination & even if it requires 1% - it would STILL save the client $10,000 in closing costs that can now go DIRECTLY towards principle!!

So...why bring Santa into the picture? Because Ensemble is truly a gift in today's economy or, at least, how that economy is being perceived. With this gift, we now have the opportunity to help out clients nationwide be able to...

- BUILD EQUITY FASTER

- TRULY BECOME DEBT FREE

- INCREASE INVESTMENT OPTIONS

and...NOT HAVE TO CHARGE MORE, JUST TO SHOW THEM HOW TO PAY IT OFF!

There's more to come, but if you would like info faster - click here - I would love to hear from you!

All the best!

Josh Perrington

1^st Metropolitan Mortgage

Roanoke, VA

540.904.0842

Attention Roanoke, VA

Josh Perrington (Village Bank Mortgage) — Mon, 14 Jul 2008 09:31:46 -0500

Office Bryan Lawrence is a Roanoke City police officer who was assaulted on May 10 while trying to arrest a suspect. The attack left Lawrence paralyzed and he is struggling to recover.

Hello to all!

Chick-Fil-A Restaurants throughout the Valley will be hosting a benefit on Thursday, July 17, 2008 from 5pm to 9pm ("Spirit Night") to raise money for Officer Bryan Lawrence and his family to help them through this difficult time of rehabilitation. Chick-Fil-A will be donating 10% of all total sales during this time period to Officer Lawrence. They are requesting that this message gets out to the entire law enforcement community around the Valley. So whether you are working or off-duty and need a place to eat dinner, stop by any of the four locations to join them in supporting Officer Lawrence and his family.

Please spread the message around to fellow co-workers and neighboring agencies. Thanks!!!

Chick-Fil-A Locations are:

Valley View Mall (inside)

Valley View Mall (outside stand-alone restaurant) Tanglewood Mall (inside) Hunting Hills Location beside Home Depot

1515 Longview Rd - Roanoke, VA For Sale By Owner

Josh Perrington (Village Bank Mortgage) — Thu, 26 Jun 2008 16:40:53 -0500

5 bdrms,5 bath, garage, fireplc,basemnt,

SW ROANOKE COUNTY - Strawberry Mountain Custom-built home of 5500 sq.ft. on cul-de-sac on 2+ acres. 5 BR, 5 BA, formal DR & LR, large EIK w/ corian countertops & custom cabinets. FR w/ vaulted ceilings, skylights, gas FP. Large rec room, media room w/ surround sound and gas FP. Guest room, office & storage. Central vac, intercom, dual zone HVAC. HW floors, ceramic tile and carpet. Huge MBA w/ vaulted ceiling, separate vanities & jacuzzis, paladium window. Alarm system. Hidden Valley schools. Spectacular view, private level back yard, expansive deck with hot tub.

Financing Offered by: Josh Perrington 1st Metropolitan Mortgage Roanoke, VA 540.904.0842 Josh@1st-Metropolitan.com

Homes By Owner of Roanoke (Roanoke, VA's premier for sale by owner service)

See my for sale by owner property at homesbyowner.com/25694

One of our very own...

Josh Perrington (Village Bank Mortgage) — Thu, 26 Jun 2008 15:41:19 -0500

...featured on BeneathTheCover.com - congrats Paula!!

Put Away the Doodads & Stick with the Basics

By BNI & Referral Institute - Jun 26 , 2008

by Paula Frazier

I must admit that I'm definitely not technologically savvy, even though I used to invest a pretty penny into making sure I had the latest and greatest toys and that I kinda-sorta knew how to use them. I ‘test drove' some gadgets before some folks even knew they existed.

For instance, I had a phone that gave me Internet access, sent/received emails, and beamed Excel/Word documents to others of its kind. It would even call people on its own, without me knowing. Apparently there was some kind of voice command that I was accidentally activating. I can only imagine the conversations some people must have heard! Sooo I gave it to my husband. Now it calls me without his knowledge. Very handy! Read More...

Roanoke StarCam has arrived!!

Josh Perrington (Village Bank Mortgage) — Thu, 12 Jun 2008 10:41:01 -0500

For all you reality TV show fans... Welcome - Roanoke, VA's newest addition...the Roanoke StarCam!! By going to www.RoanokeVA.gov/starcam we can now see what's happening at the Star in real time! It's auto-refreshing every 15 seconds but if you're as impatient as I am...you can click the link to refresh faster...

Enjoy!

Josh Perrington - 1st Metropolitan Mortgage

Roanoke, VA | www.1st-Metropolitan.com

FHA Renovation - Roanoke, VA

Josh Perrington (Village Bank Mortgage) — Mon, 09 Jun 2008 14:42:38 -0500

That's right! We're now offering FHA 203k renovation loans for both Purchases & Refinances. We've all been there... We fall in love with a house & everything's perfect - except it needs a new roof, windows, etc... and the Sellers aren't willing to repair b/c they've lost equity (profit) in their property. THAT'S JUST FINE - for the right borrowers, you can now include the costs of those repairs with your mortgage and close on time! So don't let the market scare you...there is repair money for you - you just have to find it and...I think you just did!

Give Josh Perrington, our Roanoke Renovation Specialist, a call or email and he will be happy to answer your questions. Direct: 540.904.0842 or Josh@1st-Metropolitan.com | www.1st-Metropolitan.com

2174 Lake Retreat Huddleston, VA - For Sale By Owner

Josh Perrington (Village Bank Mortgage) — Mon, 09 Jun 2008 10:12:34 -0500

4 bdrms,3 bath, garage, fireplc,basemnt,

Never lived in 4 br, 3 full baths, 2 car garage. New 2007. Live on the 8th fairway in beautiful Mariner's Landing at Smith Mountain Lake. Gorgeous views of the mountains, water and golf course. Almost 5400 Sq Ft under roof. That is just $90.17/sq ft. 3804 Sq Ft has been finished with you in mind. Hardie-plank siding and stone exterior, stainless steel top of the line GE appliances, Gas log fireplace, Hardwood flooring, granite counter tops, whirlpool tub and much more. It even has a built in desk between the spacious laundry room and the designer kitchen. Tons of room in the finished lower level for a bar/play room or make that media room you have always wanted. Pleanty of room in the unfinished portion of the lower level for all of your projects. All of the rooms in this beautiful home are oversized, allowing you and your family plenty of room to spread out. There is a community pool and tennis courts, fitness center, walking trails and an 18 hole championship golf course. Boat lifts are available for you as a member of the Mariner's community. Contact Bob Holden at 520-390-3159. Please notice the area code is 520 not 540. More pictures available on request.

Financing Offered by: Josh Perrington 1st Metropolitan Mortgage Roanoke, VA 540.904.0842 Josh@1st-Metropolitan.com

See my for sale by owner home at homesbyowner.com/79984