Eunice Waller, Working Together, We Can Do Great Things

WHAT IS A FHA 203(K) LOAN?



Are you looking or have you found a home that is a "fixer upper"... you know a home that you really like but it needs work? But now you are thinking you just don't have the money for the down payment and the money to make the repairs? Well, the FHA 203(k) loan might just be the right loan for you. This program will allow you, the borrower to include the repair and improvement costs into the loan amount on either a purchase or refinance with a one time closing. The funds for the repairs and improvements are held in an escrow account, and are released when the work is completed. The mortgage amount is based on the projected value of the completed project. FHA has made this loan easier and faster to close than ever before.

Now you know that you have options when you find the perfect home that needs repair.

And as always, if you or someone you know is considering a move, I can help you find the home you are looking for...it's what I do!

Here are The Advantages of a FHA 203(k) Loan ...

It can be for Purchase or Refinance
Standard FHA Down payment
Finance up to 6 months mortgage payments
Special HUD down payment programs
An FHA assumable mortgage
One-to-Four Family Dwellings
Repair and improvement work is completed after your loan closes


Eunice Waller

Prudential Simpson & Associates

540-842-1061 direct

http://www.fredericksburghomesource.com/

http://eunicewaller.blogspot.com/2010/11/what-is-fha-203-k-loan.html

"NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"

11/29/2010

Real Estate Assessments


As I have been going about my travels in Locust Grove Va for the past few days I have noticed the county assessment car so I thought I would give you a more indepth explaination about real estate assessment.

A real estate assessment is conducted periodically by your local government to assign a value to your home for taxation purposes. An assessment isn't the same as a private appraisal, and the assessed value of your home isn't necessarily how much you could sell it for today. Real estate assessment notices are mailed to homeowners every two to three years, depending on where you live.

Your notice will include some information about your property, such as lot size or a legal description as well as the assessed value of your house and land. Some additional details like the number of bedrooms or date of construction can often be found in the property listing on your local government's website. Your property tax bill will usually be calculated by multiplying your home's assessed value by the local tax rate, which will vary from town to town or county to county.

If you think your home's assessment is higher than it should be, challenge it immediately. The clock starts ticking as soon as the notice goes out. You generally have less than 30 days to respond but the procedure is usually outlined on the back of the notice.

If you want to know your homes current market value I would be happy to provide you with a Market Analysis.

Eunice Waller

Prudential Simpson & Assoc.

540-842-1061

http://www.fredericksburghomesource.com/


http://eunicewaller.blogspot.com/

Monday, March 15, 2010

FHA is Changing

FHA is Changing

If you or someone you know is considering a FHA loan, here is a rundown of what changing in April.

1. Increased mortgage insurance, aka private mortgage insurance which is paid over the life of the loan, will increase from 1.75% to 2.25%.
2. Homebuyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores less than 580 will be required to put down at least 10%.
3. Reduced seller concessions from 6% to 3%. Basically what this means is the person selling the home will now only be able to offer the homebuyers 3% to help defray closings cost.

The bottom line is that the changes will impact some homebuyers more than others.

And as usual, if you or someone you know is considering a move, I can help. It's what I do!


NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"

Eunice Waller
Prudential Simpson & Associates


http://www.fredericksburghomesource.com/
http://eunicewaller.blogspot.com/
http://www.trulia.com/blog/eunice_waller
http://activerain.com/blogs/therightagent

Friday, March 12, 2010

Get Ready To Spring Forward




I would like to remind you this Sunday, March 14th is the Time Change Sunday.

Don't forget to "Spring Forward " and set your clocks ahead 1 hour BEFORE you go to bed Saturday night!


It's a great time to change the batteries in your smoke detector(s) at the same time you are changing the time on all of your clocks.

And as usual, if you or someone you know is considering a move, I can help, it's what I do!

Eunice Waller
Prudential Simpson & Associates

http://www.fredericksburghomesource.com

http://eunicewaller.blogspot.com

NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"

Thursday, March 4, 2010

March's 15 Point Home Checkup List


Believe it or not, spring is just around the corner! We've had record snowfalls this winter, so inspecting your home is really important! Here's a 15 point checkup checklist for March.

• Check all exterior fascia and trim for deterioration or ice damage.
• While you're checking the outside of your house, check for cracks or holes in siding or foundation walls.
• Check the drainage around your home.
• Check for damage to your roof, gutters and downspouts.
• Replace your furnace filter(s).
• Clean the kitchen exhaust hood and air filter
• Always, Always, Always have a multi-purpose fire extinguisher accessible in the kitchen.
• Clean your clothes dryer exhaust duct and damper. Clean under the dryer.
• Make sure the light bulbs in all your fixtures are the correct wattage.
• Protect all your electrical appliances from power surges.
• Prepare and practice a severe weather or emergency drill with your family.
• Repair all cracked, broken or uneven driveways and walks to help provide a level walking surface.
• Check the shutoff valve at each plumbing fixture to make sure they function. Don't forget the washing machine.
• Replace all extension cords that have become brittle, worn or damaged
• Change batteries, inspect and dust the covers of your smoke and carbon monoxide alarms.
  

You should try to repair any damage now before it gets worse.

And as usual, If you or someone you know is considering a move, I can help you. It's what I do!


NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"

Eunice Waller
Prudential Simpson & Associates
www.FredericksburgHomeSource.com

http://eunicewaller.blogspot.com/2010/03/marchs-15-point-home-checkup-list.html