Miller and Rhodes is the worst example of how buyers got burned by not understanding the impact of finance on condo values. The local lenders who offered a limited number of loans also failed to understand the risks.[/caption] 'But the listing agent said that there was condo financing,' they said in a distressed tone. 'For you...but not for your buyer.' Stated in its … [Read more...]
Fannie and Freddie Say ‘Burbs…
The claws of the banking machine started to loosen their grip on credit not all that long ago. People can actually get some money to buy a house. It’s not easy—certainly not like the wild years that led to the crash—but people are getting loans. But the scars of that period remain. Foreclosures are in the rear view mirror, but still not out of site. Everyone knows how to do … [Read more...]
The Downtown Richmond VA Condo Market is Poised for Recovery
Statistically speaking, the Downtown Richmond VA Condo Market is as poised for recovery as any segment in the Metro. We maintain a website at RichmondVaCondos.net that tracks available inventory by market segment and project. It also tracks much of the sales data that is illustrated below. The following screenshot shows overall market inventory count the entire City of … [Read more...]
Current Mortgage Rates for 12.28.10
For an up-to-date rate quote for your particular situation, call Chris Lester, PrimeLending, at …804.767.756630 year conventional fixed – 4.5% + 0 + .7530 year FHA fixed – 4.375% + 0 + .755/1 conventional ARM – 3.125% + 0 + 05/1 FHA ARM – 3.25% + 0 + 0The Week in ReviewYet again we ended the week with mortgage rates higher than the previous. … [Read more...]
Details of the Home Buyer Tax Credit
We get a lot of questions about the home buyer tax credit for both new home buyers and move-up buyers. Here are the details: The Tax Credit will be $8,000 for First Time Homebuyers, and $6,500 for Move-Up Homebuyers. Move-Up buyers will be eligible as long as the home they are leaving has been their principal residence for five or more years. The Tax Credit will … [Read more...]
