virginia: FHA Down Payment Assistance Program Alternatives - 10/23/08 08:10 PM
The Bad News…DAPS Going Away The Housing and Economic Recovery Act of 2008 eliminates seller-funded down payment assistance programs (DAPs) as an acceptable source of funds for FHA loans for all lenders. Officially, the Act eliminates seller-funded DAPs on FHA loans with final credit approval issued to the borrower … (30 comments)
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virginia: National Flood Insurance Plan Extends 6 months by Congress - 09/30/08 10:42 PM
The National Flood Insurance Program was developed by congress address both the need for flood insurance and the need to lessen the devastating consequences of flooding.
The program was set to expire today September 30th 2008 but was passed earlier this week for another 6 months by the House of Representatives … (4 comments)
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virginia: First Time Home Buyer Overview and Quick Tips - 09/10/08 02:01 AM
There are some great benefits in being a First Time Home buyer but what exactly defines a First Time Home Buyer and what are the benefits you may ask?
A First Time Home Buyer is considered an applicant who has not have held an ownership interest in a … (6 comments)
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virginia: VHDA 103% Financing FHA Plus Loan - 09/10/08 12:58 AM
VHDA is Virginia's State Finance Company which more can be found here in my previous blog.
With the Down Payment Assistance programs being eliminated here shortly, there are very few true 100% loan programs out there.
There is hope though, VHDA has a loan program called FHA PLUS which … (4 comments)
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virginia: Saying Goodbye to Summer and Going Old School 80's in Virginia Beach - 08/28/08 10:24 PM
This Labor Day Weekend at the Ocean Front on 5th Street in Virginia Beach will bring back a blast from the past.
Here is the line up
Friday August 29th 6:30 PM: Morris Day & The Time (with En Vogue and Bell Biv Devoe)
Saturday August 30th 7 PM: Billy … (8 comments)
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virginia: Its not FHA - Its VHDA: The FHA Alternative in Virginia. - 08/14/08 10:50 PM
What is VHDA?
VHDA stands for Virginia Housing Development Authority. Its Virginia's Mortgage Finance Agency. Most every state has their own Finance Agency.
Mission?
VHDA was created in 1972 by the General Assembly of Virginia to help overcome barriers to affordable housing.
VHDA is not for everyone. The … (8 comments)
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virginia: The Waiting Game Simplified - 08/12/08 11:02 PM
We all hear the lines "Now is the time to buy" "Lock in rates now" "Hurry up, Take Advantage now"
These liners all have the same point in which to bring in a sense of urgency but we do we know the whole picture why its a bad idea to … (13 comments)
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virginia: FHA Quick Savings Tip Regarding Increased MIP Change - 07/31/08 11:19 PM
Risk Based Mortgage Insurance Premiums
July 14 2008 FHA implemented a new system for the Mortgage Insurance Premiums.
FHA Premiums has been normally 1.5% and have now increased up to 2.25% based on credit worthiness.
Money Saving Tip
There is a way to avoid paying the max tier … (2 comments)
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virginia: Positive Spin on Down Payment Assistance Programs Gloom - 07/29/08 07:56 PM
Hud has been playing the Grim Reaper on the Down Payment Assistance Programs lately.
As most are aware the Down Payment Assistance Programs has helped many homeowners in the past acquiring down payment assistance for government loans that required a minimum of 3% down.
Recently HUD has made … (16 comments)
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virginia: Tax Incentive For First Time Home Buyers - 07/28/08 10:17 PM
Great News - Great News - Great News
A new incentive passed by the Housing and Economic Recovery Act of 2008 allows First Time Home Buyers to receive a $7,500 Tax Credit from the purchase of their new home.
From June 1st 2008 - June 1st 2009 will be … (6 comments)
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virginia: 5 Tips in Virginia Beach To Save Money And Enjoy Summer - 07/14/08 06:19 PM
Lets face it, we all can save a little bit more money nowadays with the increase in economy rises but that doesn't mean it will buzzkill our summer.
Here locally in Virginia Beach is just 5 simple tips to save some money and still have fun.
1.) Local … (7 comments)
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virginia: FHA 203k Streamline vs 203k Full Renovation - 06/13/08 10:57 PM
Renovation Lending
The main concept behind these loans a.k.a Rehab, Renovation, 203k and Home Improvement loans is quite simple, clients who wants to finance the costs of home improvements through the mortgage for a purchase or refinance.
Financing the costs of the home improvements through the mortgage can be cheaper than … (14 comments)
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virginia: Ability Camp Fundraiser For Cerebral Palsy June 23rd to August 22nd - 06/13/08 09:26 AM
A client of mine Scott Doverspike, who I known ever since I got in the Mortgage Business 5 years ago, reached out to me asking for assistance in raising funds for his son Tyler.
Tyler was born prematurely with lungs not fully developed. This has caused lack of oxygen reaching … (3 comments)
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virginia: FHA Non-Occupying Co-borrowers Great For Your Children In/After College - 06/04/08 11:13 PM
FHA Mortgage Allows Non-Occupying Co-Borrowers
A Co-Borrower on many Conventional Loans must state that the Co-Borrower occupy the property therefore eliminating parents trying to co-sign on a deal because they want to reside in their current residence.
FHA Mortgages allows a Non-Occupying Co-Borrower to help in homeownership from a … (9 comments)
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virginia: Hello Fresh Start! Goodbye Chapter 13 Bankruptcy - 05/27/08 07:53 PM
Fresh New Start After A Bankruptcy
Just because you filed for a Chapter 13 Bankruptcy, doesn't mean that all hope is lost.
Yes! You can obtain a Chapter 13 Refinance utilizing a Bankruptcy Buyout putting all your worries behind you.
Nobody is perfect and many homeowners file for a … (5 comments)
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virginia: Market Report in Virginia Beach Regarding Mortgage Options - 05/27/08 12:02 AM
Quick Market SnapShot in the 757
As you can see in the Demographic Stats above for the Virginia Beach Area, the numbers has it's Pros and Cons.
Pro
We are not in a Declining Market compared to the rest of the Nation and even our brothers and sisters up … (3 comments)
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virginia: 2600 Heston Road, Virginia Beach, Va 23451 (Gorgeous Waterfront Property) - 04/17/08 07:36 PM
More details available at ZIPVO.com. … (7 comments)
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virginia: Virginia - First State to mandate schools for Internet Safety Classes - 04/11/08 12:03 AM
More children are taking part of social network sites and becoming more internet accustomed ever than before.
Rewind back 10years or so and even thinking about internet safety in classrooms may not seem important but as the internet gap becomes more of a household activity than unknown, the internet safety class should … (3 comments)
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virginia: Running For A Great Cause - 03/19/08 10:58 PM
[Photos Virginia Pilot]
Several thousand participated in the Shamrock Marathon and half-marathon on Sunday in Virginia Beach.
More than 100 runners participated Sunday to honor Mike McGreevy, a Navy SEAL killed in action in Afghanistan in 2005.
McGreevy was an avid runner. So his wife, Laura, organized Team Groove - McGreevy's nickname … (2 comments)
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virginia: Golden Opportunity to buy - 03/19/08 05:35 PM
There's too much negativity in the news about the market and finance, I rarely turn on my TV anymore because of that. My solution is to use RSS feeders to get the news and weed out the negativity and focus on what to bring to the table.
The point is just because … (8 comments)
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