• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Time is running out

First of all I am not going to tell you that now is the best time to buy a home. For some it is for others it isn’t but  that’s a much longer discussion.

highlandinsidepages If you are on the fence about buying a home in Williamsburg or Hampton Roads Va realize that the clock is running down on the $8,000 tax credit for first-time home buyers. There is  less than four months to go before the Nov. 30 deadline.

Even though December 1 is still months away, when you add in possible delays to an already lengthy process, those few months start to look like barely enough time to settle a Real Estate transaction. With inspections, negotiations, and new Truth in Lending laws, delays are looking more inevitable than ever.

As a First-time buyer you should also anticipate tighter lending standards that generally don’t allow 100% financing, making you responsible for coming up with enough money prior to closing to meet your required down-payment and closing costs.

What is the Tax Credit for First Time Home Buyers?

Here are two links to the IRS website that asks and then answers all the relevant questions about the tax credit.



The tax credit is for first time home buyers, if you have not owned a home in over 3 years you are a first time home buyer. You can claim up to 10% of the sales price or $8,000 whichever is the lesser.

Can I Use the $8,000 as my Down Payment?

The State of Virginia has a program available through the Virginia Housing Development  Authority ( VHDA) , that will monetize a portion of the $8,000 tax credit. The VHDA. Click here for more information on that program. NOte this is an income restricted program

Home buyers who may need additional information can find answers to frequently asked questions about the tax credit at www.federalhousingtaxcredit.com or

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

<span>%d</span> bloggers like this: