Markita Woods FHA and VA Loans Woodbridge Mortgage Lender

I am sure you have heard the news about historically low mortgage rates, upside down refinances,FHA Streamline Loans or VA Streamline Refinances...

And I am sure you have asked the question Should I Refinance?

Watch the short video below to make an informed decision about refinancing your mortgage loan.

FHA Loans require a three and a half percent downpayment of the sales price.

There are several acceptable sources of FHA Downpayment. In this week's video tip FHA Mortgage Lender, Markita Woods, answers the question about tax returns and FHA Loans

The FHA Flip Rule is extended until December 31st, 2012. This is excellent news for first time home buyers, sellers, and especially investors.

"Flipping" the practice of buying, renovating, and re-selling property at a significant profit was discouraged by FHA. However, in the current climate these flipped homes are helping our housing market move forward.

The biggest question or concern about "flipped" homes is the value. This short FHA Flip Rule video answers the question for homes bought,renovated, and then sold in less than ninety days.

This morning I read an article at www.Kiplingers.com titled "Finally, a Bottom for Home Prices" by Jerome Idaszak.

In the article the authors states "home prices will continue to bottom into the spring 2012 and recover the lost ground by the end of the year."

This is a very interesting take and I would love to hear the opinion of our local Realtors in the trenches daily.

Altough the article was about home prices the question from the comments, "If the Mortgage Interest Deduction was taken away would owning a home still be more attractive than renting?", is worth exploring.

I suppose it depends on who you ask, but I say ABSOLUTELY...consider the true story of Mr. and Mrs. Johnson (names changed to protect the innocent), two hardworking middle class parents from Woodbridge, Virginia.

The Johnsons, were renters,that decided to move from their three bedroom apartment into a single family home with a two year lease. They were glad to get away from the annoying neighbors running over their heads upstairs and they were very pleased that the neighborhood elementary school had an excellent rating.

The first year all went well at their new residence. They enjoyed the space and comfort of the home and their son was doing very well in the new school. Unfortunately, things took a dramatic turn in year two of the lease.

Unbeknown to the Johnsons the owner was having financial difficulty and had started paying the mortgage late on the property. Let's just say the poop hit the fan, when a foreclosure notice was place on the property door in early January.

The home was eventually foreclosed and sold on the courthouse leaving the Johnsons, devastated and needing to relocate their family abruptly, as the new owner was not looking to be a landlord.

The Johnsons were penalized for simply being renters. I suspect there are plenty more stories like this as people faithfully pay their rent to landlords, with no clue that the landlord is not paying the mortgage for whatever reason.

This story does have a happy ending as the Johnsons purchased a home of their own in Woodbridge, Virginia three months after the above debacle.

So in my opinion, mortgage interest deduction or not, owing a home versus renting a home, wins hands down. Especially when you look at buying a home in Woodbridge, Virginia as shelter, security, and stability for your family. And not as some investment to be flipped, flopped, deducted or whatever....

I am huge supporter of keeping the mortgage interest deduction in place for homeowners, a deduction I am happy to personally have.

But if the mortgage interest deduction went away today I still would prefer buying a home in Woodbridge, Virgina versus Renting, how about you?

Home affordability rates are at all time lows with lower interest rates and home prices, to see if it's better to buy a home in Woodbridge Virginia or rent, please email or call your Woodbridge Mortgage Lender at 703-497-3936 to have a complete Rent vs.Own analysis for your specific situation.

Last week, I received an email from a possible first time buyer in Woodbridge, Virginia with credit issues. Her question was "Is rent to own a good option while restoring credit?"

I share my answer in this week's video tip by your Woodbridge Mortgage Lender.

If unable to view the video click the link "Is Rent to Own a Good Option by Woodbridge Mortgage Lender"

Contact Markita Woods at markita@weststarmortgage.com or 703-497-3936 to run a free Rent vs. Own cost comparison and figure out if Rent to Own is the best option for you.