Wendy Powers

A lot of people are buying homes in communities with older homes that need to be updated or upgraded. Sometimes buyers do not think about financing those items with a FHA 203k. Most think about just buying the home via a normal FHA loan process and spending money out pocket as they have it. However, the 203K loan allows for estimates and preparing an escrow account for those upgrades as they are done and are already worked into the loan. THis is nice because it reduces out of pocket expenses and also reduces refinances, etc. So, think about all your FHA options.

Areas that may benefit - Fairfax County - Oakton, Mclean, Great Falls, Falls Church, Alexandria, Arlington, and many more.

There are a lot of local and state programs available to people who live in Fairfax County and Loudoun County. Trying to get low downpayment, low cost loans, and no MIP - local/state is the answer. There are so many programs based on positions, incomes, and disabilities.. The loans can help a lot of people get homes. So, do not forget to think about your local Loudoun County and Fairfax county housing departments and the loans available from state/local authorities.

Maryland State Housing just release a new program for homebuyers where they will provide closing support and a list of hundreds of employers will match it. This is really a good idea for motivating people to purchase or upgrade homes in Maryland.

The program provides loans up the FHA limits for an area and have income approvals up to $140,000... I have seen as much as $20,000 in closing assistance from this new program.

Not clear about the new HUD Home Process. THere are 3 different types of HUD properties found on hudhomestore.com. The types are insurable, insurable with escrow, and uninsurable. The insurable and insurable with escrow have a 30 day home owner occupant bid period which starts daily bidding after the 10th day if no bid accepted, but the uninsurable have only a 5 day owner occupant bid period. Uninsurable properties are the most discounted and need the most work. After the owner occupant periods, these are opened typically to all bidders (investors, etc).

HUD properties do not have utilities on. For buyers with ratified bids, each asset management company has a process to turn them on. Buyers and Selling agents need to follow this.

Brokers with NAIDs must register first and then their agents can. The commission for selling brokers is not 5% anymore - you are looking around 3% now.

Make sure to watch hudhomestore.com for the latest information on HUD home availablity not the MLS.

Recently I have noticed an increase demand for buying acreage with old homes in Oak HIll and Herndon VA. It appears lots from 600-900K transform into new home lots from 1.4-1.8K.

Some lots have changed from 1 home on 2 acres to 1 home on 1 acre which opens the area for subdividing and much more. You would have to look at the lot zoning and discuss wtih county. However, some lots are subdividable.

Some have called this area "a Mini-Mclean".