Its a simple tool that will help you calculate your footprint within couple of minutes. Its a great website with lot of valuable tools to help you save planet earth. Please feel free to share it with your friends and family.

My score was : ECP 322

                                                                                   Contact Ritu Desai,
                                                                        REALTOR, Ecobroker, ABR,ePRO
                                                                                 at Samson Properties
                                                             Cell: 703-625-4949 or Email:Info@eNOVAHomes.com
                                                    You are interested in purchasing or selling a property in Northern Virginia 
                        Arlington County, Alexandria City, Loudoun County, Fairfax County, Falls Church City & Prince William county.

Yup the summer just started but the shopping is not too far away.  The Virginia sales tax this year is from August 7th to August 9th weekend.

August 7-9, 2009: School Supplies and Clothing. During this three-day period, purchases of certain school supplies, clothing and footwear will be exempt from the Virginia sales tax. Each eligible school supply item must be priced at $20 or less, and each eligible article of clothing and footwear must be priced at $100 or less. For details, visit our School Supplies and Clothing Holiday page.

Click here to check out the Holiday page

Congratulation!! you made a decision to purchase a home. Now the next big decision is where do you want to buy or live. Especially with the crazy Northern Virginia traffic if can be a challenging decision for a family or any individual.

So how do you find the neighborhoor or area you want to live in?

My answer is additional seris of questions for you: How much are you willing to commute?  If you have kids how important are the schools or the neighborhood ammenities? What is your price range?  What are must haves in your home? How long do you plan to stay in the home? How likely you will have relocate for your next assignment? 

You will find more for your money by purchasing a home further away from the beltway but you have to scarifies the commute time. If metro is essential to your commute then lets stick around inside the beltway.

How do I know ensure this is the place I would love to live?

Once you narrow down certain neighborhoods/area andit meets the financial aspect of purchasing, I advise my clients to drive during the rush hour. Visit the neighborhood during different hours. Speak to the neighbors. Some of the condo and/or home owner association will let you attend their meetings.

Online there is lot of information.Check out the local crime and school information.

Don't hestiate to do all your research before you sign on the contract line!

Contact Ritu Desai,
REALTOR, Ecobroker, ABR,ePRO
at Samson Properties
Cell: 703-625-4949 or Email: Info@eNOVAHomes.com
You are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Loudoun County, Fairfax County, Falls Church City, Prince William county.

“I currently own a home which I would like to sell, and then buy another. What is the best sequence of steps in this process?”

Depending on what you are in the market to sell/buy, this question can be answer. Your first step would be get the market analysis from your Realtor. Understand how long it typically takes to sell i.e. Days on the market and the market condition in your neighborhood and the area. Also, if you get a chance go by and check out your competition.

Next big questions is can you afford to purchase before you can sell? I had few families where the home was bit over crowded with their kids and personal belongings. It was advisable & affordable for them to first purchase a larger home and then sell their current home. We staged the home for a quick sell.

Start by talking to your lender and get a prequalification. Some lenders will require a copy of the contract from your primary home inorder to process your loan for new purchase.

Concerning our Real Estate contracts, you can either make the home:

a.     Contingent on Home Sale: which means if your home does not sale you will not purchase your new home. For any contingencies your buyer walks out on you, you can void the contract.

b.     Coinciding settlement: which means if buyers of your home walk away right before settlement, you can either reschedule the settlement or void the contract.

Some may argue that the seller of the new home may not accept a home sale contingency but if they have been on the market for a while and don’t have any potential purchaser for their home it won’t hurt for them to take up the risk and accept your contract.

I personally like using both the home sale & coinciding contingency. What happens once your purchase on your home removes contingencies but run into a personal life-changing situation and cannot come to the settlement table? If you have coinciding contingency you will be covered in the worst-case situation.

Personally having done many dual sided transactions (buy & sell) it takes a good Realtor to pull all the parties together to come to the settlement table. Laying out the strategy and understand each family needs will help this win-win situation.

Contact Ritu Desai,
REALTOR, Ecobroker, ABR,ePRO
at Samson Properties
Cell: 703-625-4949 or Email: Info@eNOVAHomes.com
You are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Loudoun County, Fairfax County, Falls Church City, Prince William county.

If you happen to be in DC visit this week Smithsonian's Folk Festival at the mall. Here are pictures of the environmental friendly roof display. Visit : Smithsonian Folk Festival

Contact Ritu Desai, REALTOR,ABR,ePRO at Samson Realty
Cell: 703-625-4949 or Email: Info@eNOVAHomes.com
You are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Loudoun County, Fairfax County, Falls Church City, Prince William county.

EcoBroker is the premiere green designation program for real estate professionals.

Founded in 2002, EcoBroker is the first and largest green real estate training and communications program in the world.  With members in all 50 United States, Canada, Mexico, the Caribbean, Central America, and New Zealand.

When working with an EcoBroker certified Realtor is gives huge opportunity to benefit clients and the planet. Buildings account for nearly 40 percent of total U.S. energy consumption and 12 percent of water use. (U.S. Green Building Council, September 2007).

With national surveys indicating that 9 out of 10 consumers consider energy efficiency and the environmentally sound aspects of a home to be almost as important as interior finishes, Certified EcoBrokers^® are simply in a better position to serve the savvy green-minded real estate consumer.

VHDA’s Homebuyer Tax Credit Plus Program provides first-time homebuyers an affordable funding source to access their anticipated tax credit for use as downpayment and closing costs.  Reservations for this program will be accepted beginning June 9, 2009.

Program Details

Similar to the FHA Plus Program, the Homebuyer Tax Credit Plus is a combined second mortgage with a VHDA FHA insured first mortgage.  The second mortgage can be up to 5% of sales price or appraised value, which ever is less.  No interest and no payments are due on the second mortgage for the first 12 months of the loan.  This provides the homebuyer sufficient time to receive their federal first-time homebuyer tax credit and use it to repay the loan with no costs or penalty. If the second mortgage is not fully repaid during the first 12 months, the balance will be amortized over the remaining 29 years at the same interest rate as the first mortgage.  If partial repayment is made to the second mortgage during the first 12 months, the loan will be re-amortized at the lower balance for the final 29 years. This will result in a lower monthly payment on the second mortgage.

Eligibility Details

Borrowers must meet VHDA’s mortgage revenue bond First–time homebuyer program guidelines including income and sales price limits. Borrowers must also meet Federal first-time Homebuyer Tax Credit requirements.  As a part of the Federal First-time Homebuyer Tax Credit requirements – all loans must close by November 30, 2009, regardless of the reservation or commitment period allowed by VHDA.

Qualifying Guidelines

Standard FHA qualifying in addition to:

Credit Score:  Minimum 620 (lower middle score of all borrowers).

Collections:    Individual outstanding collections exceeding $250 or cumulative

                        exceeding $1000 must be paid off prior to closing (manual or AUS approvals).

Ratios:            FHA ratios of 31% payment to income / 43% debt to income apply.

DE Underwriters may approve loans up to 38% payment to income / 50% debt to income with loans receiving approve/ eligible scorecard decisions based on documented compensating factors using FHA benchmark guidelines (refer to FHA Handbook  4155.1).

Qualifying Income:  Part time, overtime, commissions and bonus income must be verified for a two year history with focus placed on current level of earnings.

Homeownership Education: Completion of free VHDA class prior to loan approval.

Maximum Mortgage / Minimum Borrower Funds

Like the FHA Plus program, the borrower must obtain a maximum VHDA FHA first mortgage.  The second mortgage must be no more than 5% of the lesser of sales price or appraised value – not to exceed funds required by the borrower for downpayment, closing costs, prepaids and discount points.  Borrower cannot borrow funds in excess of what is needed for closing.  Borrower must have the equivalent of 1% of the sales price documented as their own funds in the transaction or in reserves.  POC items paid by credit cards may not be reimbursed to borrower at closing.

Procedures

Forms and Documents:

All VHDA forms, documents and program disclosure are available in a fillable format on VHDA.com in the Forms and Documents Section under the “Homebuyer Tax Credit Plus” program.

Reservations:  

Reservations will be made on-line.  The second mortgage must be reserved as a separate loan and must be reserved consecutively with the first mortgage.  Lenders will select the “Homebuyer Tax Credit Plus – First” to reserve the first mortgage. Upon completion of the first reservation, lenders will be prompted with a message at the top of the first mortgage confirmation to reserve the second mortgage. “You have reserved a Tax Credit Plus first mortgage. You must reserve the second trust at this time – Click here to enter the second trust Reservation”. 

Pricing Options will be available for the first mortgage.    The second mortgage will have the same rate as the first mortgage but there will be zero origination fee and zero discount points allowed to be charged on all second mortgages.   Reservation fees will only apply to the first mortgage. Do not charge the borrower a reservation fee for the second mortgage.  SPARC reservations are allowed with manual reservations.  Requests for the transfer of existing reservations to the Homebuyer Tax Credit Plus Program must be submitted to Sandy Redd at 804-343-5820. Under no circumstances will the interest rate be lower than the original locked rate unless a minimum of 12 months from the original reservation has expired.

Disclosures: 

The Homebuyer Tax Credit Plus Program Disclosure must be provided to the borrowers at loan application. Lenders must provide a preliminary and final Truth in Lending disclosure for the first and second mortgage.  Charges for the second mortgage may be included in the Good Faith Estimate for the first mortgage. No ancillary fees are allowed to be charged on the second mortgage.

Processing:  

Standard VHDA processing procedures and requirements (Affidavits of Buyer and Seller and 3 years tax returns) apply. Identify the second mortgage in the Source of Downpayment section on the 1003 Loan Application - as “Secondary Financing -Homebuyer Tax Credit Plus”. The second mortgage amount is to be reflected in Details of Transaction as Secondary Financing. Monthly principal and interest payment for the full loan balance at the 29 year repayment term must be included in the Proposed Housing Expense. Declaration “H Down payment Borrowed” must be marked “yes”. The second loan amount must be entered in automated underwriting systems as secondary financing

Underwriting: 

The projected monthly payment on the full loan balance must be included in loan qualifying.  The loan is to be approved in accordance with FHA guidelines in addition to the qualifying guidelines noted previously.  Compensating factors used to grant exceptions to the standard 31%/43% ratios must be clearly identified on the 92900LT- Transmittal Summary. Delegated lenders must complete a “Homebuyer Tax Credit Plus Delegated Approval Notice”. This document provides space for information for both the first and second mortgage.  The “Homebuyer Tax Credit Plus Addendum to Commitment” must be included with the loan commitment on the first mortgage.

LOANS MUST CLOSE BY NOVEMBER 30, 2009

Closing:

The VHDA Delegated Closing Certification and Request for Disbursement (DU 700) has been modified to enable the Closer to request funds for both the first and second mortgage on this document.  The first page of the “Homebuyer Tax Credit Plus Note” prepared for the second mortgage must be submitted to VHDA with the Request for Disbursement.  VHDA will review the Note to ensure the dates and payment amounts are accurate.

Closing Requirements

• Updated Supplemental Instructions Letter to Attorney must be provided to Settlement Agent.
• 1^st  Mortgage Note – FHA Virginia Fixed Note
• 2^nd  Mortgage Note - VHDA “Homebuyer Tax Credit Plus” Note
• Interest rate is the same as on the FHA first mortgage.
• First payment date will be one year following the first payment date on the FHA first mortgage.
• Maturity date will be the same as on the FHA first mortgage.
• Late charge will be the same as on the FHA first loan, which is 4.00%
• 1^st Deed of Trust – FHA Virginia Deed of Trust and Tax Exempt Rider.
• 2^nd Deed of Trust -Virginia Second Mortgage FNMA/FHLMC (Form 3847)
• The following language must appear at the top of the Deed of Trust “THIS DEED OF TRUST SHALL NOT, WITHOUT THE CONSENT OF THE SECURED PARTY HEREUNDER, BE SUBORDINATED UPON THE REFINANCING OF ANY PRIOR MORTGAGE”.
• Maturity date will be the same as on the FHA first Deed of Trust.
• No Riders required on the Second Deed of Trust.
• Truth In Lending: 
• Separate final Truth in Lending must be prepared by the lender for both first and second mortgages.
• HUD-1 Settlement Statement
• Separate HUD-1 not required on the second mortgage. Second mortgage may be shown on page 1 as subordinate financing
• Do not collect origination fee, discount points, per diem interest or ancillary fees on the second mortgage
• Borrower cannot receive funds back at closing in excess of POC items and earnest money deposit verified as borrower’s funds.  POC items paid by credit card may not be reimbursed to borrower at closing.
• Title Insurance
• Not required. 
• Second mortgage must be shown as subordinate financing on the policy for the first mortgage

Post Closing Requirements

FHA first mortgage documents must be submitted in accordance with the Delegated Underwriting Checklist, Closing Document Checklist and Servicing Set Up Checklist.

Second mortgage documents must be submitted in accordance with the Second Loan Closing Document Checklist with the first mortgage submission package.  Submit only those documents required on the Second Loan Closing Checklist.

A separate servicing setup package is required on each loan.  Submit only those documents required on the Servicing Setup Checklists for the first and second loans.

Service Release Premium

Service Release Premiums will not be paid on the Homebuyer Tax Credit Plus Second Mortgage.

Subordination of Second Mortgages for Refinances

In the case of a refinance, VHDA will not subordinate the second mortgage of this program to a new first mortgage.  The first and second mortgage must be paid off simultaneously, if the VHDA loan is refinanced.

Origination Guide

Guidelines for the Homebuyer Tax Credit Plus program will not be included in the VHDA Origination Guide due to the temporary time frame for which the program will be available.