- No underwater limits: Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.
- Eliminating appraisals and underwriting: Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
- Modified fees: Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.
- Extended deadline: The end date to get a HARP refinance has been extended to Dec. 31, 2013.
- Oct. 24, 2011: President Obama is expected to announce the changes to the HARP program at 5:30 p.m. EDT
- Nov. 15, 2011: Fannie Mae and Freddie Mac will start sending operational instructions to lenders.
- Dec. 1, 2011: Some lenders will begin to take mortgage applications, but it could take additional time for all lenders to incorporate the modified program into their systems.
- Q1 2012: Homeowners with a loan-to-value balance of greater than 125 percent should start to be able to refinance.
- The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to: http://www.FannieMae.com/loanlookup/ or calling 800-7FANNIE (8 a.m. to 8 p.m. ET) https://ww3.FreddieMac.com/corporate/or 800-FREDDIE (8 a.m. to 8 p.m. ET)
- The program will continue to be available for loans with LTVs above 80 percent.
- Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
Certified Investor Agent Specialist (CIAS) Education
I am proud to announce that I have earned the prestigious Certified Investor Agent Specialist™ (CIAS) Designation, having completed extensive training to understand the different real estate investor types, and the investment opportunities, financing options and calculations needed to provide solutions for each. The five real estate investor types include: First-Time Investors, Move-Up Investors, Portfolio Investors, Performance Investors, and Rehab and Resell Investors.
For decades, investing in real estate has proven to be a consistent and stable way for individuals to build wealth, Real estate investment supports a number of industries, including construction, retail and professional services, and is a strong way to energize and increase investment in our local economy.
Over the past 12 months, investment and second-home properties comprised more than $300 billion in sales, representing approximately 27 percent of all residential real estate transactions. In addition, in market conditions affected by mortgage industry challenges, 48 percent of investors made all-cash purchases.
As markets face the challenges of distressed properties and a difficult economy, real estate investors have the opportunity to find productive deals while helping communities stabilize. Investors provide much needed liquidity to the market, decrease vacancy rates, improve neighborhoods, and present solutions for homeowners who need to sell.”
With the CIAS Designation training, I hope to help area residents build wealth through real estate investment, and homeowners facing foreclosure find potential buyers for their properties.
Today, millions of homeowners are either delinquent on their mortgages or in the foreclosure process. One potential solution for homeowners in this situation is a short sale, in which the lien holder accepts a sale price of the home that is less than the mortgage amount owed. Increasingly, real estate investors are facilitating this solution.
When it comes to properties that actually end up in foreclosure, up to 30 percent of them can’t close conventionally. Investors are often the only ones who can buy them.
Please call me so I can help you with your real estate investment goals.
Foreclosure Freeze Is Coming to an End
The big news from last week is that the foreclosure freeze brought on by documentation deficiencies has started to thaw. What this means for homeowners who are delinquent on their mortgage payments is that millions of foreclosures are looming. RealtyTrac estimates that more than 3.5 million homes that belong in foreclosure have been hanging in limbo.
The other significant news that has barely been reported is that while banks’ hands have been tied in moving forward with foreclosures for the past 10 months or so, they were shoring up their short sale infrastructures—creating huge cash incentives for financially strapped homeowners, focusing on efficient approvals, and developing systems for reaching out to CDPE agents to help borrowers navigate a short sale.
The combination of these forces is creating an environment that is more in need of a CDPE agent’s expertise than ever before. Homeowners who are headed toward foreclosure are desperately in need of a financially intervention and no one is more qualified than a CDPE to fill the void.
If you or someone you know needs help, please call right away.
Mortgage Rate Update – 9/2/2011
Mortgage Rate Alert: The Market Appears to Be Steady With No Violent Swings
Today’s Current Rates:
5/1 ARM Year to $417,000 3.125% 0+0
7/1 ARM Year to $417,000 3.375% .25 + 0
30 Year Fixed to $417,000 4.125% 0+0
15 Year Fixed to $417,000 3.250% 0 + 0
FHA 30 Year to $417,000 3.750% 0 + .250
VA 30 Year to $417,000 3.750% 0 + 0
FHA 5/1 ARM to $417,000 3.750% 0 + 0
VA 5/1 ARM to $417,000 3.75% 0 + 0
5/1 ARM Year to $729,750 3.25% 0 + 0
7/1 ARM Year to $729,750 3.75% 0 + 0
30 Year Fixed to $729,750 4.250% 0 + .375
15 Year Fixed to $729,750 3.375% 0 + 0
FHA 30 Year to $729,750 3.875% 0 + 0
VA 30 Year to $819,000 3.875% 0 + 0
FHA 5/1 ARM to $729,750 3.875% 0 + 0
VA 5/1 ARM to $819,000 3.875% 0 + .5
Short Sale Assistance in Fairfax County
The current U.S. housing market and financial crisis have caused tremendous stress and heartache for families across America. If you or someone you know is among the millions today affected by the prospect of foreclosure, understand that you are not alone
Unfortunately, too many homeowners facing foreclosure proceed without the assistance or advice of real estate professionals. Now more than ever, you need to find an advocate for you and your family’s interests, one who is prepared to handle your specific needs.
I am a real estate professional with the Certified Distressed Property Expert (CDPE) Designation and have trained extensively to understand the options, solutions, and effective methods for dealing with homeowners facing hardships. Don’t risk your financial future and the potential sale of your home.
Don’t wait one moment longer! Call me at 703-281-3830 for a confidential interview to find out your options! You can visit my web site at www.JuneRodgers.com.
The annual Viva! Vienna! Festival is almost here. Viva! Vienna! is an much-awaited annual event held on Memorial Day Weekend sponsored by the Vienna Rotary and co-sponsored by the Town of Vienna and the Navy Federal Credit Union to celebrate community spirit with carnival rides, cotton candy, food vendors, and entertainment. The carnival attracts families and children of all ages.
On Saturday, Sunday and Monday of Memorial Day weekend, historic Church Street is closed to traffic from Lawyers Road to Mill Street to allow booths for artisans, food vendors and carnival rides. Local vendors will offer a variety of foods, including barbecue, pizza, hot dogs and hamburgers, Italian sausage and food traditions from around the world. Carnival foods include popcorn, funnel cakes, cotton candy, and kennel corn.
Live entertainment runs all day on the main stage and the children’s stage throughout the weekend.
The carnival will be open Saturday and Sunday 10 am to 10 pm and Monday 10 am – 6 pm. Proceeds from Viva! Vienna! will be used to support local causes and charities.
I plan to be there with my family and my 7-year old grandson and his friends. We look forward to this as marking the beginning of summer fun!
Fairfax County, Virginia is a Great Place to Live
Fairfax County, VA is just across the Potomac River from Washington DC. The county is the largest jurisdiction in the Washington DC area and contains some of its most desirable residential communities in cities such as Fairfax, McLean, Vienna, Oakton, Reston, and Herndon. The range of housing options, dynamic high-tech companies, Fortune 500 company headquarters, world-famous shopping, well educated and affluent residents and cultural amenities make Fairfax County one of the most desirable places to live and work in the United States.
Washingon DC is 10 miles east of Fairfax County and is accessible by metro, train, and auto for government and military personnel. To the west of Fairfax County are Virginia wineries, equestrian countryside, and country properties.
Here are some quick facts:
Population: 1,037,605
Average Household Income: $107,075
Average Commute Time: 31 minutes
Metro Lines: Blue and Orange
Sales Tax: 5%
Employers: Inova Healthcare System, Northrop Grumman, Booz Allen Hamilton, General Dynamics, Capitol One, SAIC, CSC, Freddie Mac, and many more
Military bases: Fort Myer, Bolling Air Force Base, Quantico Marine Corp, Fort Belvoir
Unemployment rate: 4.7%
How to Green Your Home
Remodeling seems to be one the most popular home improvement projects these days. “Green” is the newest buzzword in the building and remodeling community. There are many ways to make your home greener, including increasing energy efficiency, reducing waste, decreasing water usage, lowering indoor air pollution and creating a more sustainable environment.
Here are several ideas that can help make every space of your home, inside and out, more environmentally friendly. Homeowners can do some of these themselves or they can hire professionals to complete them. Although costs for green products tend to be higher upfront than for more traditional items, you will recoup your monetary investment and gain financially as you conserve energy, all the while knowing that you are benefiting the planet.
Living Areas (Living Room, Dining Room, Family Room, Bedrooms, etc.)
1. Add flooring that is easy to clean and repair. It should not emit gases or foster mold or other allergens. It should also be durable, ultimately saving energy that would otherwise be spent creating and transporting replacement materials. This also keeps the original materials out of the landfill.
2. Replace old windows with Energy Star®-qualified ones, and skylights from companies like Marvin® and Anderson®. These products feature advanced technologies such as invisible glass coatings, vacuum-sealed, inert gas-filled spaces between windowpanes, improved framing materials, weather stripping and warm edge spacers. All of this helps keep homes cooler in the summer and warmer in the winter.
3. Use natural materials that are produced locally. This will reduce the energy needed for production and shipping.
4. Use paints, stains and sealants with no, or low, levels of toxins. These materials are durable, cost-effective and are less harmful to human and environmental health than standard items often are. Many stains, sealants and paints contain solvents to improve viscosity and to decrease the time it takes to dry. However, solvents can off-gas for days, or even years, after the paint is applied. This pollutes the air you breathe. Avoid this difficulty as much as possible.
5. Use energy-efficient light bulbs, including light-emitting diodes (LEDs) and compact fluorescent bulbs (CFLs), to conserve energy.
Bathroom and Laundry Room
1. To conserve water, install dual-flush toilets. These may have two buttons instead of a handle, for solid or liquid options. Dual-flush toilets use up to 32% less water than conventional toilets, which consume 25-33% of water in homes or 1.6 gallons per flush.
2. Install low-flow shower valves to conserve water. One downside of these is that, because they utilize less water, they may also compromise the consistency of the temperature. Speak with your plumber about ways to prevent this, including adding thermostatic mixing valves, anti-scald valves or pressure-balancing valves.
3. Install a fan in the bathroom to remove odors, airborne irritants and moisture, which can lead to mold issues. To be truly effective, a fan should remain on for at least 20 minutes after a shower, so consider using a timer to help conserve energy.
Kitchen
1. Use cabinets made of wheat board, bamboo laminate, or with Forest Stewardship Council- (FSC-) certified, pressed-board cases. These renewable resources use fewer toxic adhesives, off-gas less than other materials and improve air quality.
2. For countertops to be considered green, they should be durable, scratch- and stain-resistant and food safe. Countertops that fit these criteria include natural stone, recycled glass tiles, quartz-based polymers and paper composites.
3. Re-surface flooring instead of replacing it to save the energy of creating and transporting replacement materials. This also helps keep products out of the landfill.
4. If you are replacing your cabinets, aim to keep them out of the waste stream. Achieve this by donating them to local re-use centers, such as the Twin Cities Habitat for Humanity ReStore in Minneapolis, by giving them away, or by selling them on free, localized websites such as on Craigslist.com.
Utility Room (Furnace, Electric Box, Water Heater, etc.)
1. Wash your clothes in cold or warm water instead of in hot to conserve energy.
2. Use humidifiers and ventilate well to maintain healthy air quality, especially in green buildings which should be airtight.
3. Insulate ducts throughout your home to cut down on heating and cooling costs.
4. Make sure that heating, ventilation and air conditioning (HVAC) systems are Energy Star®-rated, which indicates that they are more than 90% efficient.
5. Avoid washing dishes by hand or rinsing them before loading the dishwasher. Run the dishwasher when it is full and make sure that it is Energy Star®-rated. This will increase water and energy conservation.
6. Replace your water heaters with on-demand, tankless, or instantaneous water heaters. These are more efficient than traditional tank water heaters, which cycle on-and-off for the entire day, wasting water. It takes the conventional hot water heater time to heat the water that the homeowner will use, and until the water is warm, the heater wastes water. In contrast, tankless hot water heaters provide hot water only as needed and only run for a few minutes each day. They eliminate the substantial energy losses associated with storage water heaters.
Exterior (Surface Materials, Landscaping, Insulation, Roofing, etc.)
1. Use ready-to-install framing for additions to reduce the amount of material used in the building structure. This is a more efficient use of material that helps to improve productivity and reduce costs.
2. Invest in landscaping and tree placement to maximize natural heating and cooling. Deciduous trees can help cool the house in the summer and let sunlight through to help warm the home in the winter.
3. Have your home designed with natural lighting in mind. For instance, install more windows on the south side of your home for natural warmth and light from the sun, which will help you to save on heating and lighting costs.
4. Install the highest efficiency, Energy Star®-rated, heating, ventilation and air-conditioning (HVAC) systems possible, that are within your budget. This will help you to decrease energy usage. Continue a yearly maintenance contract in order to keep the system running efficiently.
Take these steps to contribute in many positive ways to the future of our planet.
Staging Your Home For Success
It’s just not that easy to sell your home these days. Proper Pricing and Condition are critical! Home Staging, the art of making your home look neat, stylish and inviting to a potential home buyer, is the essential first step in selling your home. If your staging is successful you will leave a lasting impression on the home buyers and they will feel they can make your place a home. Let me help you discover where the problems and solutions are for your home staging needs. It may be anything from a little closet thinning and tidying up to a major furniture and design overhaul. Learning simple techniques in home staging can help your home stand out in the crowd.
You don’t have to do it all yourself either. You can find some very talented home stagers and companies that will come in and makeover your whole place. Even if your place is vacant and your stuff is already out of there, home staging professionals can bring in just the right props to make an empty abode look like an inviting home. If it all seems too much, I can help you with your home staging. We can use the furniture and accessories you already have to make the right impression.
Chart courtesy of Sun Gazette
Fairfax County’s unemployment rate for the month of March 2011 stands at 4.6% which is less than half of the 9.5% rate for the United States as a whole. Fairfax County is part of a regional and statewide trend toward an improving jobs picture headed into the spring. Over the past year, unemployment has dropped 1%-3% in nearly all Virginia jurisdictions.
Over the past year, Northern Virginia‘s best employment picture has been found in Alexandria, Arlington, Fairfax County, and Loudoun County.
