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Affordable Housing Issues

By Matthew Rathbun

Managing Real Estate Broker with Coldwell Banker Elite

March 19, 2007 01:25 AM

So, I have been doing some digging into Affordable housing options for Caroline and Spotsylvania areas and I have dug up a lot. There are funds from Central Virginia Housing Coalition and from some source lenders in the area. I have also written to local county officials, asking them to take advantage of employee grants that are there. Does anyone else know of options for those who need a little extra help?

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Mario Levesque

Advantage Avenue Real Estate - Wesley Chapel, FL

Tampa Realtor

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Mario

Tampa Realtor , Broker Associate
People's Choice Realty Services, Tampa, Florida

Mar 19, 2007 12:15 PM

Matthew Rathbun

Coldwell Banker Elite - Fredericksburg, VA

ABR/M, CRB, CRS, SRS, ePRO, SFR, GRI

One of the most interesting things I have found with Affordable housing, at least in our area of Caroline, Spotsylvania, Hanover and Fredericksburg is that there are funds available, however the homes must meet a certain standard. Unfortunately the homes that meet the standards are priced higher than the special programs setup to help the consumer. So, buying a "fixer-upper" isn't an option. Some of the requirements of these loans are very cosmetic, such as painting on the inside. Some are more structural, such as roofs must have five years of life left in them. Even once the Home Inspector has done his job, most of these programs require a representative to go back through the house. That's when it becomes more difficult! So, I suppose if you want to assist clients in this field, make sure you're up to speed on what qualifies, so that you don't have to upset your otherwise happy clients when their loan is rejected based on the condition of the house.

Mar 23, 2007 10:45 PM

Affordable Housing Issues

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