Real estate blog entries tagged with first time home buyer by Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor (Samson Properties)

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first time home buyer: Snow|Rain-Learn Hidden Defects About the Home BEST TIME to Buy - 01/25/24 08:07 AM

Hey there, future homeowner! Did you know that right now is the perfect time to make your dream home a reality? Let me break it down for you in simple terms.
1. Sunshine and Snow MeltImagine a sunny day, and you can already picture your ideal home. Where there's green, the snow has melted, revealing the sunny spots. Even on a cloudy day, you'll know which part of the house is bathed in sunlight.
2. Avoiding Basement SurprisesAs the snow disappears, it's the best time to check for potential basement issues. No one wants a flooded basement, right? Sniff around – if you … (2 comments)

first time home buyer: FAQ #4: Rates are so High, Should I Wait to Buy the Right Home? - 03/21/23 07:30 AM

Are you thinking about buying a new home but feel like rates are too high? It's a common concern among homebuyers, but the truth is that waiting for the right moment may not always be the best strategy. In our industry, we have a saying that you should "date the rate and marry the house." What does that mean? Essentially, it means that you should accept the interest rate you are offered and buy the home you want, rather than waiting for rates to drop.
But before you make any decisions, it's essential to consider your financial situation carefully. Make sure you're … (1 comments)

first time home buyer: FAQ #5: How Low of an Offer Can I Make in a Home? #homebuying - 03/16/23 08:29 AM

If you're a homebuyer in Northern Virginia, you likely have a lot of questions about the process, including how low of an offer you can make on a home. While there's no one-size-fits-all answer to this question, there are a few factors to consider that can help you make an informed decision.
What type of property are you buying?
As mentioned, the type of property you're looking to purchase can have a big impact on how low of an offer you can make. In a condo market where the inventory is higher and the market is softer, you may have more leverage to … (1 comments)

first time home buyer: Afraid of buying today? Here's why you shouldn't worry. - 11/29/22 05:08 AM

There's always going to be a million reasons why not to buy a home - whether the rates are too high, too much competition, prices are on the roof, the dog eating the offer letter earlier this morning, and so much more.
However, you have to understand that real estate investments are for the long haul - which helps build a financial and wealth stability in your portfolio. Sure, some rates and prices can be a bit higher than your liking, but taking care of that property in the long run can give you a high yield in the next few years … (6 comments)

first time home buyer: CLOSED! Another Rental Client Satisfied - Ashburn, VA 20148 - 09/13/22 01:09 PM

Closed! 🎉
Rental can be a tricky transaction. Even though the rental market is strong, and we received multiple applications and an influx of showings we had more rejections than acceptance during the pre-screening process. Why? 🤔
✔️Calculating the debt to income
✔️Timeline
✔️Lease terms
✔️Employment or source of income
✔️Criminal history
✔️Credit history
✔️Other Background checks
and so on.
To attract a right applicant marketing strategies that these landlords find the right tenants for their beautiful homes.
… (2 comments)

first time home buyer: Real Estate Mid Week Market Report | December 16 - 12/16/21 12:13 PM

Hello there! It's time for another Real Estate Mid Week Market Report. You may be wondering, what's going on in the dc metro area housing market?
Short answer - a lot of momentum! I know you heard the big news on December 1st, which is the increase in conforming loan limit. This is a great news, especially in the DC Metro market.
Interest rate has been the story for a lot of us, and a lot of buyers and sellers have expressed their concerns. I've spoken with my local lenders and they all said that the interest rate will be a roller coaster … (1 comments)

first time home buyer: Real Estate Alphabet Soup: V for Voiding the Contract - 11/01/21 10:20 AM

Happy Monday, everyone! It is time for another Real Estate Alphabet Soup episode today. Are there terms and contingencies that you're not comfortable in working with when it comes to buying or even selling a home? Then today's episode is for you.
V for Voiding the ContractIf in an event you have a contingency and you are not satisfied with it, say, home inspection, you can give a notice. This is where voiding the contract comes into play.
The seller can also give you a notice if you're contingent on financing and you have passed the timeline. So it is a one party … (0 comments)

first time home buyer: Real Estate Alphabet Soup: G for Gov't Back Incentives - 10/08/21 02:23 PM

Happy Friday! Real Estate Alphabet Soup is back with another load of steaming knowledge for all home buyers and sellers. We're now at letter G, and we now talk about the incentives provided by the government.
G for Government Backed Incentives for First Time Home BuyersDo you know that there are actually a lot of options for our first time home buyers? It doesn't matter where you are located in the DMV area, as there are grounds, buy down interest rates, and down payment assistance for our first time home buyers.
There are, of course, some requirements and qualifications for it and a … (0 comments)

first time home buyer: Fannie Mae Loan Level Price Adjuster Changes - 01/14/11 12:12 AM

For a while lot of buzzzz was going around about convention loans being more expensive and new changes coming around for buyers in Virginia and around the country. So finally they are here. I think this makes FHA more attractive options for lot of buyers who are in lower credit score brackets.

Fannie Mae announced last week it's new Loan Level Price Adjustments for (LLPA) for all loans that are Rate Locked on and after Monday January 17th. The revised Level Price Adjustments will also apply to conventional conforming loans locked prior to January 17th that request a rate lock … (1 comments)

first time home buyer: Subprime Mortgages-What it means for you - 03/19/07 02:22 PM

We have heard various bubbles burst for past decade from stock, oil to real estate. Now the buzz word is lending industry and its mortgages. Banks and mortgage companies would sharply scale back lending to two groups: subprime and "Alt-A" borrowers. Consumers with low income and/or spotty credit histories are considered subprime borrowers, while Alt-A borrowers are typically those who fall short of being prime because they lack adequate income documentation.
Fannie Mae and Freddie Mac are issuing new loan guidelines. They are moving away from 100% financing, and limited income documentation loans, and high loan to value investment loans. So many of … (0 comments)

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