This year, VHDA’s leading lender partners helped provide affordable housing to over 4,175 Virginians in every corner of the state.

Suntrust Mortgage Inc.

National City Mortgage

C&F Mortgage Corporation

TowneBank Mortgage

Prosperity Mortgage Company

BB&T

Wachovia Mortgage Corporation

Wells Fargo Home Mortgage

Resource Mortgage

Home Loan Corporation

Once you have been pre-approved by a lender in Northern Virginia, you can begin searching for new homes or MLS homes. When you are ready to take a look, contact us for the showing instructions and receive a Realtor rebate up to 2% cash back to home buyers for any real estate in Northern Virginia! Don’t miss out on this great first time home buyer incentive!

If you enjoyed this post, make sure you subscribe to my RSS feed!

Everyone can agree that the weather has been bizarre and unpredictable recently in the DC metropolitan area. With the change in temperature varying so frequently, it is hard to decide whether or not to keep your air conditioning on, windows open, or heat blasting. Winter is right around the corner and keeping the heat inside is everyone’s main focus.

Here are five things every homeowner can do now to cut energy bills this winter.

Bust out the caulk gun and fortify the weather-stripping. Probably one of the most boring tasks, but well worth it. Something to bang out in a few hours on the weekend. Air leaks around windows and doors, in particular, can be huge energy wasters. These leaks are easy and inexpensive to fix. Other common trouble spots include outdoor faucets, dryer vents, and vents for bathroom and kitchen fans.

The ole switcheroo. Shorter days mean increased need for lighting. As bulbs go out in your home, replace them with compact fluorescent bulbs, which use 75% less energy than their incandescent counterparts. As a bonus, they also last up to 10 times as long, so you’ll make fewer trips up and down the stepladder to replace them.

Invest in a programmable thermostat. Why heat the house when no one is in it? By allowing you to sync the heating and cooling systems with your daily and weekly habits, an Energy Star programmable thermostat can save you about $150 in the first year of operation. Most models sell for less than $100, so the return on your investment is quick. Pick one that’s easy to use.

It’s time to dump the old washer. Get a new one with the Energy Star rating and save more than $100 a year on utilities, compared with a washer made before 2004. Qualifying washers use 40 percent less energy than standard washers and about half as much water. But you can hang on to the old dryer until it expires — most dryers use similar amounts of energy and none has earned the Energy Star rating.

Make the phone call. A professional inspector can pinpoint the energy wasters in your home and suggest the most cost-effective improvements. That can be especially helpful if you’ve already covered the obvious points of energy waste. In the VA, MD & DC area, expect to pay several hundred dollars for the inspection and report. To find leaks, the inspector will perform what’s called a “blower door test,” in which a big, calibrated fan is sealed into an outside door. When it’s turned on, the effect is like having a 20 mile per hour wind huffing, puffing, trying to blow into the house.

If you enjoyed this post, make sure you subscribe to my RSS feed!

Last week we talked about getting into your first home and depending on your age and current situation I have outlined several different ways to make this work.

1. Getting a second job: Now this method isn’t for everyone but if you have a strong work ethic and an understanding of the benefits of home ownership this may be for you.

2. Roommates: This one isn’t for everyone either. Roommates if not selected carefully, can be a problem as opposed to a benefit. If they don’t clean up after themselves or pay their portion of the bills, there can be problems. However, if they are reliable people, they can help pay your mortgage as well as help around the house; ex: watch your children, pets, or work on projects around the house that add value (equity).

3. Loan from family: Most parents and grandparents want to see their children/ grandchildren succeed in life. It may be hard for you to ask but you will never know unless you ask. Now as for ammunition to help when asking, they will be able to share the appreciation in the property as well as help their children/ grandchildren on their way to a better future. Your parents could buy the property and charge you rent. When it is sold you two split the appreciation. With the help of a land trust you could get the tax benefit. One thing you don’t want to do is keep paying someone you don’t know each month and never get anything in return for it in the future.

4. Government grants: The Federal Government wants you to buy a house and they have programs set up to help first time homeowners get into a house. Contact HUD (Housing and Urban Development) and FHA (Federal Housing Administration) for more information.

A home is more than just a financial asset- it’s a place to live and raise children; it’s a plan for the future; it’s an investment. Make the choice now to secure a better future.

If you enjoyed this post, make sure you subscribe to my RSS feed!

J.D. Power and Associates asked new-home buyers how satisfied they were with their overall experience. Here’s how home builders ranked for new homes in Virginia, Maryland and Washington, DC.

Van Metre Homes 127
Centex Homes 123
Del Webb 116
Drees Custom 116
Lennar Homes 114
Ryland Homes 114
Winchester Homes 114
Pulte Homes 111
U.S. market average 111
K. Hovnanian 108

Before you visit at any of these builders’ new home communities in person, contact us to receive a Realtor rebate up to 2% cash back to home buyers for any new construction homes (there’s no catch!). It doesn’t cost you any more money whether or not you have a Realtor representing you on the purchase. However, you will actually pay more if you buy alone– without a HomeZill agent, since you will not receive the 2% rebate (plus HomeZill will negotiate the best price for you). Don’t miss out on this great first time home buyer incentive!

If you enjoyed this post, make sure you subscribe to my RSS feed!

If you are a renter wondering when you will ever be able to own a home, I have good news for you- the time is now. Between a large inventory of homes and interest rates still low, you can buy a house you could not afford for the last few years for a reasonable price. If you do your due diligence (research), you may be able to find a home that needs what we refer to in the industry as, lipstick or minor repairs. Repairs such as paint, carpet, minor upgrades and a good cleaning, can take thousands off of the asking price. A low purchase price coupled with sweat equity(doing the work yourself and saving thousands) can get you into your fist home for a payment that you can afford (your current rental payment). The benefits are endless but summed up with, the savings of the tax benefit and the pride of owning your first home. Oh and by the way when the market turns around you can sell for a profit. Below is a chart designed to help you see the difference between renting at $1500/month vs. owning a $300,000 home for 5 years with a mortgage payment, including taxes, of $1,995/month.

Buying Analysis
Based on the information provided for a 5 year period:
You will pay a monthly PI (Principal and Interest) payment of: $1,995.00
You will gain a tax advantage of: $28,601.00
You will gain an equity appreciation of: $38,892.00
Totaling a net value gain of: $67,494.00
Selling the home in 5 years will incur closing costs of: ($9,936.00)
Giving you a total net benefit of ownership of: $57,557.00

Rental Analysis
Based on the information provided for a 5 year period:
If you chose to buy you would have paid home buying expenses of: $119,754.00
You will pay rental expenses of: ($98,393.00)
Giving a difference of: $21,360.00
Investing the average yearly difference of $4,272.00 for 5 years at %8 yields: $27,067.00

Final Analysis
Because your Total Benefit of Ownership of $57,557.00 is GREATER than your investment yield of $27,067.00, it would be in your best interest to BUY this home rather than to RENT it.
________________________________________
The results shown above should be used only for informational purposes. The accuracy of these results is not guaranteed. If you seek additional help or explanation, please refer to your loan officer.

If you enjoyed this post, make sure you subscribe to my RSS feed!

Great news spreads like wildfire. Fortunately for HomeZill, gossip has been spreading rapidly through Northern Virginia real estate. Not only are first time home buyers using the website to search for homes, but other real estate agents are using the site to search homes for even THEIR clients. We were recently contacted by a Realtor from a pretty large brokerage who wanted to commend us on putting together such a great home search- which he uses almost everyday for HIS clients. Naturally, the first thing that came to mind was to think–why is he using our site instead of the MLS?. I then thought to myself–go ahead and use our site, because eventually the word will spread and buyers will realize that they can search homes themselves… and after browsing through the site, they will see the value in using a HomeZill Re/Max agent.

One of my clients asked me the other day, “Why are people who want to buy right now holding back?” My response to that was, “They’re unaware about the current buyer’s market.” I cannot stress enough the fact that there is SO MUCH inventory on the market and many sellers and builders are really flexible on their prices. At HomeZill, we find the best deals (including foreclosures and short sales) and have negotiated the best prices for our clients. Not only do our home buyers get a great deal after we negotiate, but we also rebate them up to 2% cash back of the home price. On average, our clients are receiving a $10,000 Realtor commission rebate to use however their lender allows them to!

If you think our home search is great now, just wait and see what’s in store! Through our feedback tool, we’ve been getting a lot of great ideas for additional features on HomeZill.com from HomeZill’ers like you! Some FRESH features will soon be added to make the home search even better… Get ready for some monumental implementations!

If you enjoyed this post, make sure you subscribe to my RSS feed!