Justin Williams - Loan Officer

VHDA is Virginia's State Finance Company which more can be found here in my previous blog.

With the Down Payment Assistance programs being eliminated here shortly, there are very few true 100% loan programs out there.

There is hope though, VHDA has a loan program called FHA PLUS which is VHDA financed and FHA insured designed to help First Time Home-buyers gain home-ownership.

Contact your local mortgage professional who is licensed for VHDA loans. (I am in the Virginia Beach Area and fully licensed)

Here is a quick overview of the loan

• This is a piggyback Combo loan with 2 mortgages. 1st mortgage is 97.75% and 2nd mortgage is at 5%.

• 30 year terms and rate for both mortgages (1st and 2nd)

• First Time Home-buyers only (If you have not had home-ownership in the last 3 years then you qualify)

• No minimum credit score required and flexible credit pricing derived from FHA qualifying!

• 1% of sales price needs to be verified in reserves.

• Household income and sales price limited to chart below

Also there is a way around not being a First Time Home Buyer to take advantage of the VHDA Loan. Certain targeted areas qualifies for a waiver as a First Time Home Buyer.

Follow the link to find if a certain area qualifies Targeted Areas

If you have any more questions regarding about VHDA financing please don't hesitate to call me your local VHDA Expert.

*Update August 1st 2009 - Effective August 1st 2009 all VHDA FHA Plus loans will require a minimum credit score of 620*

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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)

Military Mortgage Progam - VA Loan Quick Tip

When calculating income used to qualify for a VA Mortgage, make sure you are working with a Mortgage Expert that can analyze your income correctly.

Many mortgage professionals fail to calculate the correct income on LES Statements.

A LES statement is a Leave and Earnings statement. This is the best summary of all income.

The 3 main entitlements on the LES are Base Pay, BAS and BAH.

Your Base Pay should NOT BE THE ONLY income to qualify for a house. If just your base pay is used you could lose out on purchasing a higher value.

• BAS can be used to qualify. BAS is Basic Allowance for Subsistance. BAS is meant to offset costs for a member's meals. You can gross this income up by 15% aswell.

• BAH can be used to qualify. BAH is Basic Allowance for Housing. BAH is an allowance to offset the cost of housing when you do not receive government-provided housing. You can gross up this income by 15% too!

More information regarding military pay can be found here http://www.defenselink.mil/militarypay/pay/

Thanks for reading another quick tip by me and hope to see you again!

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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)

This Labor Day Weekend at the Ocean Front on 5th Street in Virginia Beach will bring back a blast from the past.

Here is the line up

Friday August 29th 6:30 PM: Morris Day & The Time (with En Vogue and Bell Biv Devoe)

Saturday August 30th 7 PM: Billy Idol (with The Blackjacks)

Sunday August 31st 6:30 PM: B-52s (with The Motels featuring Martha Davis)

You can buy an all ticket pass for $30 Dollars or buy individual tickets between $15-25 each.

Personally I am attending the Show on Saturday to go see Billy Idol, I am an 80's child and 80's music is my guilty vice.

*Fun Fact* The Character Spike from Buffy the Vampire Slayer show was inspired by Billy Idol's look and attitude.

Have a Great Labor Day Weekend!!

Fresh New Start After A Bankruptcy

Just because you filed for a Chapter 13 Bankruptcy, doesn't mean that all hope is lost.

Yes! You can obtain a Chapter 13 Refinance utilizing a Bankruptcy Buyout putting all your worries behind you.

Nobody is perfect and many homeowners file for a Chapter 13 for a variety of reasons but the bottom line is everyone deserves a second chance and a chance to get a fresh new start.

There are still many programs out there even on Government loans that can help you obtain peace of mind.

The ABC's of the Bankruptcy Buyout

1. Need to have paid your Trustee on time for at least 12 months.
2. You need to obtain permission from the courts to get an "OK" to refinance and buy out your remaining Bankruptcy Balance.
3. Must have equity in your home to payoff your Bankruptcy balance, Closing costs and Attorney fee.
4. Last step, Contact an experienced Mortgage Professional who can help guide you along the way in getting that fresh new start.

The Benefits

• Putting distance quicker from your bankruptcy discharge date to help re-establish your credit. In many cases your FICO scores can raise as much as 60 points after 6 months of your discharge.
• Savings in many cases over $500 dollars a month due to the high payment plan and list of creditors that are outstanding.
• The greatest benefit is PEACE OF MIND, not having to worry that you are still in Bankruptcy and can redirect your focus on rebuilding your credit.

If you have any additional questions regarding a Chapter 13 Bankruptcy Buyout feel free to contact me.

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Just-In-Time's Loans - Mortgage Needs and Advice on Time. (757-228-3668)

Quick Market SnapShot in the 757

As you can see in the Demographic Stats above for the Virginia Beach Area, the numbers has it's Pros and Cons.

Pro

• We are not in a Declining Market compared to the rest of the Nation and even our brothers and sisters up North in Virginia. Having a 0.9 Ratio in foreclosures is pretty tame.
• We are not in a Upside Market compared to the rest of the Nation. The Median LTV is 85% which is excellent in having that emergency equity.

Cons

• 50% Late Payments in the last 12 months. Seems like we are in a bind in trying to keep our payments on time.
• We have a HIGH ratio in ARMS(Adjustable Rate Mortgages) and ARM RESETS very soon. Almost 65% are in ARMS now and almost 42% will reset very soon.

Solution

Let's be proactive in converting your Adjustable Rate Mortgages over to a Fixed term to give you some peace of mind. Most Clients I run across have had already their rate Adjusted and were just putting off refinancing till the last minute or way past the deadline.

I know it's the start of Summer and you have a very busy schedule but don't delay in talking to your Mortgage Specialist in starting the process early so you can make time for your other priorities. By delaying, you can potentially lose out hundreds of dollars each month that you can better use for a much needed vacation or home repairs.

Can't ignore the inevitable, Get yourself into a Fix Rate Loan before it's too late, and then you can have the peace of mind of Enjoying your Summer :)

I know I will be, here's a photo of Alexander On The Bay at sunset.