It has been the fight of their life for first time homebuyers in the Prince William County area. As the 8,000 tax credit has been extended, homes under $200,000 have been snapped by investors so quick, that first time buyers don’t stand a chance. In reference to a blog post by my colleague Erick Blackwelder, "It is a ferocious fight for a new home in PWC." His client saw a home that was on the market for nine hours on a Friday, he decided to write a contract on that Saturday morning after viewing the property. Well guess what, the house already had three contracts at least $50,000 over the list price and one was an all cash offer for $275,000. Well needless to say which contract won, to add insult to injury the homes in PWC that are affordable for first time buyers have in the listing comments, No FHA contracts accepted.
This is unfortunate as a most first time buyers utilize FHA financing number of and why not low to no down payment offers, low rates, low mortgage insurance, and basic credit qualifications than conventional loans. What is the solution or way to win this fight?
NO FHA Contracts Accepted!
If you are a veteran, then by all means use your VA Home Loan or if you are able to purchase using a conventional loan with twenty percent this will not make you a winner of all the fights but at least you can compete for the homes that have no FHA clauses, which are starting to be a great deal of homes in the under $250,000 price range. If the above solutions don’t help your situation, consider purchasing a home near Stafford or Spotsylvania. For a veteran, with an eligible VA home loan, the homes with NO FHA clause are prime real estate as most of their homes have been renovated completely. So veterans and active duty military can purchase a home that is like new, with no down payment, less competition, and rewarding a $8,000 tax credit. Be ready for the fight but with the right team in your corner you can win or at least not get knocked out.
Your Woodbridge FHA/VA Lender!
(703) 497-3936 direct