Friday, October 29, 2010

Realty Times - FHA's Rehabilitation Program

Realty Times - FHA's Rehabilitation Program

This is a good article about the FHA's Section 203(k) loan program.   For a homebuyer (investors are not eligible) seeking a "bargain" home that may need to be completely renovated, this program may offer an option that lets homebuyers finance both the purchase price of the home and the cost of renovation (rehab).  There are restrictions on eligibility, how much can be borrowed, time period for construction, etc. For more information, see the information listed under "Home Improvements -- Federal Loan Programs" on HUD's website:

Wednesday, October 27, 2010

Real Estate Market Statistics for Northern Virginia Association of Realtors® (NVAR) | RBI

Real Estate Market Statistics for Northern Virginia Association of Realtors® (NVAR) RBI

Click the link for the September 2010 summary for Northern Virginia. The good news from the report? The Median Sold price increase from $375,000 in 2009 to $395,000 in 2010, and the average days on market has decreased from 63 in 2009 to 54 in 2010.

Certain member of the armed forces may still be eligible for the 2009 first time homebuyer tax credit

As many people know, the first-time homebuyer credit (otherwise known as the "Homeownership and Business Assistance Act of 2009" as signed into law on 6 Nov 2009, extending and expanding the previous first time homeowner credit) required an eligible individual to have a ratified contract by 30 April 2010, and thus has long since expired for most taxpayers.  However, if you are a member of the armed forces who was assigned overseas for 90 days or more between the dates of 31 Dec 2008 and 1 May 2010, you may have an extra year to qualify for the credit.  According to the IRS website:
"Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. "
Additional details can be found at the IRS website:  First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees