Contact me @ 757.879.5830 or angelasellsva@yahoo.com
Monday, May 23, 2011
Updated Condo reduced to $80,000!
Contact me @ 757.879.5830 or angelasellsva@yahoo.com
Tuesday, April 13, 2010
20% down payment a better deal than 3.5% down?
A common misconception amongst first-time homebuyers is that you must have that 20% down payment to even consider buying a house. It's a part of the popular imagination, the young couple saving and borrowing a good chunk of money before they even begin looking for their first home, and perhaps borrowing the rest from from mom and dad. Well, times have changed. In my two years as an agent, I've sold 15 homes, and not one of the buyers of those homes has used a conventional loan - the only type of loan that requires a 20% downpayment. In fact, I have seen only one offer come in with conventional loan financing.
The reason the conventional loan is mostly used by investors these days? FHA loans, which used to require 3% down, still require only 3.5% down. And for active duty and separated military members, spouses, and widows, the VA loan offers even more savings - 0, yes ZERO down. FHA & VA loans are great for the first-time homebuyer as well as anyone wanting to purchase without dipping into (or accumulating) a hefty nest egg. This way, any money that you have saved can still be set aside for a rainy day or used for repairs, maintenance, and upkeep of your home.
I was working on a net sheet for a buyer and was just surfing the web for the date the Mortgage Insurance Premium (MIP) went up from 1.75% to 2.25% on FHA loans. This amount, $5,625 on a $250,000 house, can be financed into the loan. I came across an article on bankrate.com that explores the idea that "home mortgage borrowers with good credit and the funds for a larger down payment may be better served by a conventional loan than an FHA-insured loan," basically because conventional loans do not require the mortgage insurance that an FHA loan does. *While VA loans do not require private mortgage insurance, there is a corresponding fee, which can also be paid up front *or* financed: the VA funding fee, 2.15% of the loan amount for 1st time users. I summarized some of the article's key points below.
Benefits of an FHA loan:
The reason the conventional loan is mostly used by investors these days? FHA loans, which used to require 3% down, still require only 3.5% down. And for active duty and separated military members, spouses, and widows, the VA loan offers even more savings - 0, yes ZERO down. FHA & VA loans are great for the first-time homebuyer as well as anyone wanting to purchase without dipping into (or accumulating) a hefty nest egg. This way, any money that you have saved can still be set aside for a rainy day or used for repairs, maintenance, and upkeep of your home.
I was working on a net sheet for a buyer and was just surfing the web for the date the Mortgage Insurance Premium (MIP) went up from 1.75% to 2.25% on FHA loans. This amount, $5,625 on a $250,000 house, can be financed into the loan. I came across an article on bankrate.com that explores the idea that "home mortgage borrowers with good credit and the funds for a larger down payment may be better served by a conventional loan than an FHA-insured loan," basically because conventional loans do not require the mortgage insurance that an FHA loan does. *While VA loans do not require private mortgage insurance, there is a corresponding fee, which can also be paid up front *or* financed: the VA funding fee, 2.15% of the loan amount for 1st time users. I summarized some of the article's key points below.
Benefits of an FHA loan:
- great for borrowers with less than stellar credit (most mortgage companies are looking for a 620)
- great for borrowers who want or need to put less than 20% down
- great for borrowers with higher debt-to-income ratios
- borrowers can petition to have their mortgage insurance eliminated after a five-year history of on-time payments
- borrower can avoid paying the upfront mortgage insurance and possibly the monthly mortgage insurance
- borrowers can petition to have their mortgage insurance eliminated after two years of on-time payments
- *not mentioned in article: borrowers have less limitations on what type of property they buy - a fixer-upper or condo with a high investor ratio may require "Cash Only," or conventional funding.
Thursday, February 25, 2010
Peninsula Warrior
Whether you are military or civilian, check out the Peninsula Warrior, the Joint Base Langley-Eustis newspaper, for area news. There's an Air Force (Langley) edition, and an Army (Ft. Eustis) edition.
Home » Community » Cities
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Hampton Roads: Virginia’s Best-Kept Secret
By Devon Hubbard Sorlie, Military Newspapers of Virginia
Welcome to Hampton Roads! Whether the military brought you here or you just decided to follow your heart, you’re now living in a diverse metropolis that’s home to many great people, places and things to do.
First, however, a little explaining may be in order. Just what does Hampton Roads mean? At first glance, one might assume it’s about the traffic-snarling mass of Interstate highways and the fender-bending on and off ramps that criss-cross the area. But actually the “Roads” in Hampton Roads refers to water, an old nautical term that describes a harbor waterway that allows ships to safely reach its port. There’s more on the history of the area ON WHATEVER PAGE HISTORY IS ON.
The area used to be referred to as Tidewater, and then there are those who remember when Virginia Beach was Princess Anne County and there was no Chesapeake. Just like everything else in life, Hampton Roads has evolved to suit nearly everyone’s desire in a rather compact geographical zone.
While Hampton Roads ranks among the tops when it comes to traffic jams (you can’t seem to go anywhere without crossing a bridge or tunnel), it’s best to remember the delights at the end of the destination rather than the headaches of getting there.
At the end of the traffic rainbow is a plethora of parks, beaches, bays lakes and rivers that can provide virtually every water sport your heart desires. There’s the entire gambit of shopping that runs from big box discount stores to pricey, high-end specialty shops. There’s a restaurant that will suit every taste and appetite as well.
Into sports? There’s plenty of that as well. While Hampton Roads may not have its own major league sports team, there’s the Norfolk Tides AAA baseball team, just steps away from being in the major leagues. What’s great about the minor leagues? The games are cheaper to attend and the players play their hearts out.
History buffs may spend every weekend exploring this area, which includes the Battle of Great Bridge in Chesapeake, the burning of Norfolk during the Revolutionary War, the surrender of the British in Yorktown and the Battle of the Ironclads during the Civil War. It all started 400 years ago when the first English pilgrims landed here and settled Jamestown in 1607. Colonial Williamsburg is reflective of our country several decades after that first arrival.
But perhaps best of all is the world-class museums, art galleries, theaters, opera house and other performing arts venues we enjoy in Hampton Roads. The Virginia Symphony calls Hampton Roads home and every spring the Virginia Arts Festival brings talent from all over the world to the area for nearly a month of great music, dance, art and fun. Popular music artists have several places in Hampton Roads to rock the house.
Since Hampton Roads is a transient area, don’t feel bad about being the new kid on the block. Chances are that another “newbie” will be moving in somewhere nearby very soon. With such a high percentage of military in the area, people come and go, but somehow they all want to come back. Hampton Roads is always near the top for requested assignments by service members.
Whether you are military, or just a civilian, we hope you find this guide useful. We’ve packed it full of information to help make life just a little bit easier. It’s never easy to move to a new area, so we’ve tried to ease the stress.
We’ve included information on military support centers, MWR facilities, childcare, jobs, housing, education, shopping, pets, radio and TV stations and local cultural attractions.
Getting Settled is brimming with information, but don’t feel like you have to read it all in one sitting. Put it on your coffee table and read it at your leisure, or put it on our bookshelf and use it as a reference.
Just remember, don’t be shocked to find you have to go west on I-64 in order to get to the Oceanfront at Virginia Beach.
Home » Community » Cities
cfc | Getting Settled | Going Ashore | Cities | Schools | Calendar | Yellow Pages Photo Gallery
Hampton Roads: Virginia’s Best-Kept Secret
By Devon Hubbard Sorlie, Military Newspapers of Virginia
Welcome to Hampton Roads! Whether the military brought you here or you just decided to follow your heart, you’re now living in a diverse metropolis that’s home to many great people, places and things to do.
First, however, a little explaining may be in order. Just what does Hampton Roads mean? At first glance, one might assume it’s about the traffic-snarling mass of Interstate highways and the fender-bending on and off ramps that criss-cross the area. But actually the “Roads” in Hampton Roads refers to water, an old nautical term that describes a harbor waterway that allows ships to safely reach its port. There’s more on the history of the area ON WHATEVER PAGE HISTORY IS ON.The area used to be referred to as Tidewater, and then there are those who remember when Virginia Beach was Princess Anne County and there was no Chesapeake. Just like everything else in life, Hampton Roads has evolved to suit nearly everyone’s desire in a rather compact geographical zone.
While Hampton Roads ranks among the tops when it comes to traffic jams (you can’t seem to go anywhere without crossing a bridge or tunnel), it’s best to remember the delights at the end of the destination rather than the headaches of getting there.
At the end of the traffic rainbow is a plethora of parks, beaches, bays lakes and rivers that can provide virtually every water sport your heart desires. There’s the entire gambit of shopping that runs from big box discount stores to pricey, high-end specialty shops. There’s a restaurant that will suit every taste and appetite as well.
Into sports? There’s plenty of that as well. While Hampton Roads may not have its own major league sports team, there’s the Norfolk Tides AAA baseball team, just steps away from being in the major leagues. What’s great about the minor leagues? The games are cheaper to attend and the players play their hearts out.
History buffs may spend every weekend exploring this area, which includes the Battle of Great Bridge in Chesapeake, the burning of Norfolk during the Revolutionary War, the surrender of the British in Yorktown and the Battle of the Ironclads during the Civil War. It all started 400 years ago when the first English pilgrims landed here and settled Jamestown in 1607. Colonial Williamsburg is reflective of our country several decades after that first arrival.
But perhaps best of all is the world-class museums, art galleries, theaters, opera house and other performing arts venues we enjoy in Hampton Roads. The Virginia Symphony calls Hampton Roads home and every spring the Virginia Arts Festival brings talent from all over the world to the area for nearly a month of great music, dance, art and fun. Popular music artists have several places in Hampton Roads to rock the house.
Since Hampton Roads is a transient area, don’t feel bad about being the new kid on the block. Chances are that another “newbie” will be moving in somewhere nearby very soon. With such a high percentage of military in the area, people come and go, but somehow they all want to come back. Hampton Roads is always near the top for requested assignments by service members.
Whether you are military, or just a civilian, we hope you find this guide useful. We’ve packed it full of information to help make life just a little bit easier. It’s never easy to move to a new area, so we’ve tried to ease the stress.
We’ve included information on military support centers, MWR facilities, childcare, jobs, housing, education, shopping, pets, radio and TV stations and local cultural attractions.
Getting Settled is brimming with information, but don’t feel like you have to read it all in one sitting. Put it on your coffee table and read it at your leisure, or put it on our bookshelf and use it as a reference.
Just remember, don’t be shocked to find you have to go west on I-64 in order to get to the Oceanfront at Virginia Beach.
Friday, December 18, 2009
Lake Christopher - VA Beach
We had an informational session on short sales at our main office in the Kempsville area of VA Beach on Wednesday. It was a beautiful crisp day, and traffic was backed up in both directions coming through the tunnel - in the opposite direction from the one I was traveling in. So I had a nice drive. Afterwards, I drove through a nearby neighborhood, checking things out. In addition to the many waterfront properties along the bay, the ocean, or the many creeks and other bodies of water that feed into these larger bodies, Hampton Roads has quite a few lakefront communities. 
You can access the Lake Christopher neighborhood from Kempsville Rd. or Indian River Rd. I noticed what seemed like quite a few for sale signs, but what I noticed even more was the beauty and accessibility of the lake. There are eight homes on the market in Lake Christopher. They range from 1,500 to 2,500 square feet and were built between 1975 and 1983. List prices range from the high 200's to the low 300's. As far as communities built around a lake, this has got to be one of the most lovely I've seen. 
I love the contemporary style of these homes, and the accessibility of the 63 acre lake - there are three parks and a beach alongside it, and swimming, fishing, and boating are allowed. There are a dock and playgrounds. Great community!
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