• 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

First Time Home Buyer Club-James City County

james city county home buyer clubOn Thursday, November 29, at 6 pm, James City County Housing and Community Development Office will hold an Orientation for the upcoming 2013 Homebuyer Club at the Liz Moore Realty Office at 5350 Discovery Park Blvd in New Town. The Homebuyer Club is a year-long program which will help members prepare for homeownership. The Orientation will provide detailed information to help attendees determine whether they will benefit from joining the Club.

During the year Club members will learn about: Developing a Spending Plan & Saving Goals, Calculating the Income Needed for Homeownership, Understanding Credit and Your Credit Score, Working with a Real Estate Agent and Lender, and Learning about Insurance and the Loan Closing.

imageMonthly classes will be offered on the following evenings from 6-7:30 pm January 10, February 12, March 14, April 11, May 9, June 13, July 11, August 8, September 12, October 10, November 14, December 12. The Orientation and monthly classes will be held at the Liz Moore Realty Office in New Town. The classes are free and open to area residents. Space is limited and registration is required for the Orientation. To register of for more information, call 757-259-5340.

Its Official The First Time Home Buyer Tax Credit is EXTENDED !

The government has extended and expanded the tax credit for first-time buyers. You now have until April 30, 2010 to sign a contract and qualify. And starting November 7, many existing home owners also qualify.

Am I eligible?

If you have not owned a home in the past three years, you may qualify. That’s right, even if you or your spouse owned a home more than three years ago, you are still considered first-time homebuyers and may qualify for the tax credit.

Existing homeowners thinking about buying a new home  also be eligible for an up to $6,500 tax credit.
(For details, visit FederalHousingTaxCredit.com.)

Am I entitled to the full $8,000 home-buying tax credit?

It depends on your modified adjusted gross income (MAGI) and current eligibility.

How does the home-buying tax credit work?

It is a direct tax credit that reduces the amount of taxes you owe. It’s different from a tax deduction, which only reduces the amount of your income that is subject to tax.

If your eligible tax credit is more than what you owe in taxes, the balance will be refunded to you. (See an example scenario at FederalHousingTaxCredit.com.)

This is not a loan. You do not have to repay this tax credit.

How long does the program last?

The federal home-buying tax credit applies to homes contracted for sale by 04/30/10 and closed on by 06/30/10.

For additional details on the federal home-buying tax credit, visit FederalHousingTaxCredit.com.

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Home Buyer Tax Credit extension pending

This just in from  NAR the UI bill including the homebuyer tax credit extension and expansion has passed the House by a vote of 403-12 after passing the Senate last night 98-0.

The new provisions take effect as soon as President Obama signs the bill, which is expected  before the weekend.

Here are a few FAQ about the new Tax Credit provisions

Continue reading

VA Free Home Ownership Education Classes- VHDA

After living in an apartment in Hampton for several years, Genea did some simple math and realized how much she had been spending on rent. "I couldn’t believe how much money I was throwing away each year – I knew I had to do something," she said.

VHDA Free Class

That "something" came in the form of a Virginia Housing Development Authority homeownership education class she read about in her local newspaper. Genea jumped at the opportunity.

As a full-time accounts receivable professional for a local non-profit organization, Genea was pleased to find a class time that fit her schedule. She was even more impressed with the knowledgeable VHDA instructor. "My instructor was wonderful," said Genea. "The most beneficial information dealt with the role of the lender and the importance of a person’s creditworthiness. At the end of the class, it all fit together like a puzzle."

After completing the class, Genea qualified for a VHDA home loan. She remembers the exact date that she closed on her property. "I purchased my home on October 23, 2008," she said. "This class was worth my time because it changed my life – VHDA provided a great gift to the community by sponsoring this course."

VHDA homeownership education classes cover topics including credit issues, personal finances, home inspections, the role of lenders and real estate agents, and the closing process. In addition to helping people understand the home buying process, the completion of a homeownership education class is now required of all borrowers before applying for a VHDA home loan.

"Are you interested in taking a free VHDA Homeownership Class? Sign up for an in-person or online class at http://www.vhdafreeclass.com.

Watch this first person testimonial about the VHDA Homeownership Class

FHA finalizes bridge loan program for the $8000 first time homebuyers tax credit, allowing use of the credit towards closing costs

From the HUD Website:

Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation’s housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today’s action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

To explore financing options for real estate in Hampton Roads or Williamsburg VA  contact: John@MrWilliamsburg.com

Home Buyer’s Down Payment FAQs

With today’s combination of lower home prices, some of the lowest interest rates the industry has ever offered, and the $8000 tax incentive for first-time buyers, buying a home has never been so attractive. The only real hurdle left for many Americans is coming up with a down payment. With this in mind, we’ve put together some of the most frequently asked questions we get about down payments in today’s market in the Hampton Roads and Williamsburg Va areas.

Q. Are there any no-down payment programs left?
Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.
A USDA Guaranteed Loan is a government-insured, 100% purchase loan. This means there is no down payment required if you – and the house you intend to buy – qualify for the program. Not all areas qualify, but you’d be surprised at how many neighborhoods in your area do. There are income and other limitations, but if coming up with a down payment is challenging, you might want to consider this program.
If you or your spouse is a military veteran, you may qualify for a 100% financed loan from the US Department of Veterans Affairs. More than 29 million veterans and service personnel qualify for this service benefit. Give us a call to find out if you’re one of them.
Q. Are there any other government-insured programs that can help someone struggling with a down payment?
Yes. In 1965, the federal government created the FHA loan programs to encourage homeownership throughout the country. FHA-insured mortgages offer many benefits, including a minimum down payment of 3.5%. FHA-insured loans have grown in popularity recently due to the seller’s ability to pay closing costs up to 6% and a temporary increase in loan limits up to $729,750 in certain high-cost areas, which allows more potential buyers to utilize this program.
Q. May I use a gift from family members as part of my down payment?
Yes. In many cases, immediate family can provide monetary gifts to be used as a down payment. There are restrictions of course, and strict documentation will be required, but we will gladly walk you through the finer details of this process. Be sure to mention this option when you’re filling out an application with us.
Q. May I use funds from my IRA for my down payment?
Yes. First-time home buyers can use funds from an IRA under certain circumstances for a down payment. The rules regarding this option, however, can be complicated, especially with a Roth IRA, and it’s important to understand any and all tax implications before tapping into these accounts. Please talk to your tax professional before making any decisions. If you don’t have one, we’ll gladly refer you to one we work with on a regular basis.
Q. May I use the $8,000 tax credit as my down payment?
No. At the time of the writing of this article, qualified first-time home buyers do not have direct access to the $8,000 credit to use as a down payment. In May, HUD officials made an announcement to the contrary, but statements backing the announcement were quickly withdrawn from the HUD website. This doesn’t mean that HUD and lawmakers will not allow this in the future. We’re following this issue closely and will let you know if anything changes. Just keep reading our newsletters and other materials we send to you or give us a call and we’ll let you know if any progress has been made.

To explore loan options, monthly payments, etc for mortgage loans in the Williamsburg VA and Hampton Roads areas contact Nina Efird with Suntrust Mortgage.

Nina brings more than 20 years of experience to her clients. With her vast experience in real estate and mortgages, she has the unique ability to understand the expectations and needs of all parties involved in the mortgage financing process. Nina is known throughout the community for her ability to quickly identify and match each individual’s goals with the appropriate loan products and ensure that her clients’ needs and expectations are met.
http://www.suntrustmortgage.com/loanofficer.asp?nefird

Click here to see if you or your home qualifies for USDA Rural Development Program. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1

The government is handing out money… but there’s a deadline !

$8000 Tax Credit

By now, you’ve heard about the new Tax Credit passed by Congress for first-time Hampton Roads and Williamsburg VA home buyers.

But did you also know…

  • You must purchase and close on your new home by December 1, 2009
  • The credit also applies to those who have not owned a home in the past 3 years
  • This credit does not have to be repaid
  • If you wait too long, you may lose this opportunity!

A record 844,000 prospective homebuyers visited the National Association of Home Builders’ FederalHousingTaxCredit.com Web site in February to learn about the new $8,000 tax credit for first-time homebuyers that was enacted last month as part of the landmark $787 billion economic stimulus package.
Find out more at  www.FederalHousingTaxCredit.com

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Uncle Sam wants to give you $8000

But only if you meet the following criteria.

Up to an $8,000 home-buying incentive from the U.S. Government plus  low interest rates from our prefered lenders when you buy now. 

First question, Are you eligible?

Answer: If you have not owned a home in the past three years, you may qualify. (That’s right, even if you or your spouse owned a home more than three years ago, you are still considered first-time homebuyers and may qualify for the incentive.)

Am I entitled to the full $8,000 home-buying incentive?
It depends on your modified adjusted gross income (MAGI).

How does the home-buying incentive work?
It is a direct tax credit that reduces the amount of taxes you owe. It’s different from a tax deduction, which only reduces the amount of your income that is subject to tax.

If your eligible tax credit is more than what you owe in taxes, the balance will be refunded to you. (See an example scenario at FederalHousingTaxCredit.com

How long does the program last?
The federal home-buying incentive applies to homes purchased (closed) on or after January 1, 2009, and before December 1, 2009.

The tax credit can be claimed on your 2008 or 2009 tax return.

For additional details on the federal home-buying incentive, visit FederalHousingTaxCredit.com

Want to explore what your monthly payment would be ? email John@MrWilliamsburg.com for further information

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Home Buyer Workshop in York County Va

York County’s Division of Housing and Neighborhood Revitalization is offering a Virginia Housing Development Authority home ownership education workshop on Saturday, Nov. 22 from 9 a.m. – 4 p.m. in the Community Services Conference Room located at 224 Ballard Street, Yorktown, Virginia, 23690.
The workshop will cover personal finances, credit reports and credit issues, the role of the lender, your relationship with a real estate agent, the Fair Housing Act of Virginia, home inspections, loan closing and home maintenance.

 


To register for this workshop, or for more information, call Tracy Pierce at 757-890-3885.

This update brought to you by Mr Williamsburg.com / Realtor/ John Womeldorf

A Realtor living / working in the Hampton Roads/ Tidewater area of Virginia.

You can reach me at 757 254 8136

Email John@MrWilliamsburg.com

 

 

Waiving rights when buying property Hampton Roads Real Estate FAQ

Brian, can a home buyer waive their rights under the

 

Virginia Property Owner’s Association Act?

In a word, no. Va. Code § 55-509.4, which sets forth the Act’s

contract disclosure requirements and rights of cancellation, says:

Read the rest of the answer here lytle law-letter-10-27-08

Lytle Law is a general practice law firm located in Newport News, Virginia. From two office locations on the Virginia Peninsula we serve clients and try cases across the Commonwealth including the Peninsula, Newport News, Hampton, Williamsburg, James City and York County areas. Lytle Law has the experience and ability to satisfy nearly all of a client’s legal needs, and where we believe we need help we will either associate appropriate counsel or provide a referral. www.LytleLaw.com

Brian Lytle is the president of Lytle Title www.LytleTitle.com Lytle Title & Escrow, LLC a Virginia licensed, insured, and bonded real estate settlement company doing business as Lytle Title. With offices in Newport News and WIlliamsburg, Virginia,  primarily serving the Virginia Peninsula (Hampton, Newport News, York County,Poquoson, James City County and Williamsburg), but we also regularly serve surrounding areas, to include New Kent, West Point, Suffolk, Isle of Wight, Gloucester and the greater Tidewater and Hampton Roads areas of Virginia.

Brian D. Lytle, Esq., Lytle Law, P.C. www.lytlelaw.com  Reprinted with permission of the author. 

 The law may have changed since this article was written and published so caution is advised.

I have posted this article as a local REALTOR living and working in the Williamsburg Va area. I would be happy to assist you in buying or selling a  home there.  Click this link to search all real estate ,homes, condos town homes ,new and resale  currently for sale in New Town/ James City County Williamsburg VA

Click here to search all other real estate/ homes, condos ,townhomes, land for sale in the Williamsburg, James City, New Kent or York County Virginia

Click here to search for real estate,land,homes,condomiuns, town homes, commercial, in any of the following areas through the REIN MLS Database ( real estate information network) Chesapeake, Gloucester, Emporia, Greenvile, Hampton, Isle of Wight, Mathews,  Newport News, Norfolk, Northampton,  Poquoson, Portsmouth, Smithfield, Southampton, Suffolk, Sussex, Surry, VA Beach, York, Yorktown, Virginia

Click here to search real estate, land, homes, condos, town homes, commercial in the following counties of North Carolina Camden, Chowan, Currituck, Dare, Elizabeth City, Gates, Hertford, Moyock, Pasquotank, Perquimans using the REIN MLS Database

contact: John Womeldorf/ REALTOR

Liz Moore & Associates

757 254 8136

John@MrWilliamsburg.com email

www.MrWilliamsburg.com/ website

www.MrBurg.com website

www.MrTidewater.com/ website

www.MrVaBeach.com/ website

 

My other area Real Estate and Information Blogs for Hampton Roads/ Tidewater/ Williamsburg Virignia and surrounding areas

Williamsburg Real Estate Blog II

Williamsburg Real Estate Blog

Williamsburg Happenings/ Events Blog

 

Williamsburg Va real estate search

 Page copy protected against web site content infringement by Copyscape

  

 

VHDA Home Ownership Classes for First Time Home Buyers in Hampton Roads Virginia

 

You can see the full schedule here vhda

Are you interested in becoming a homeowner but don’t know where to begin? The Virginia Housing Development Authority and local nonprofits are offering free home ownership education classes throughout November in the Hampton Roads region.

Homeownership education classes cover topics including credit issues, personal finances, home inspections and the role of lenders and real estate agents. To become eligible for VHDA loans, borrowers must complete VHDA’s Home ownership Class. Attend one of the many free sessions below to learn about the advantages of home ownership.

Upcoming classes will be held in Chesapeake, Newport News, Portsmouth, Hampton, VA Beach and Yorktown Virginia

You can find out more about VHDA here

 

Hampton Roads Real Estate New Home Promotions Free Water, Gas , Electricity for Five Years

Local home builder in Hampton Roads Virginia offers an amazing promotion. ( THIS IS NOT A GIMMICK )  If you buy a home from them in any of their participating home communities in VA Beach, Suffolk, or Portsmouth VA The builder will pay ALL OF YOU UTILITY BILLS FOR FIVE YEARS. YES YOU HEARD THAT CORRECTLY . BUILDER WILL PAY YOUR ELECTRIC , GAS AND WATER BILLS FOR THE FIRST FIVE YEARS OF HOME OWNERSHIP !

Of course there are limitations and restrictions.

This offer may not be combined with any other incentive including closing cost assistance. This offer is contingent upon the use the builder’s  preferred lender, Tidewater Mortgage. This offer is only good for single family homes in the following communities in Hampton Roads/ Tidewater VA :

New Port at Victory in Portsmouth, VA,  (  a traditional neighborhood design that provides its residents with a variety of classic home styles in a lifestyle-oriented, new-home community. It is designed to give residents a sense of home in an up-and-coming area.) 

 Rosecrest  at West Neck ,Centrally located in Virginia Beach, Virginia, it is one of the first age-qualified active adult communities (55 years and better) in the area offering homes with first floor living priced from the high $300,000’s.

Highland Green,  The neighborhood features three distinctive models and a close proximity to Bennett’s Creek Park, new schools, new shopping, in Suffolk , Virginia Homes start in the high $200,000’s .

 

Graystone Reserve  conveniently located in Suffolk Virginia . Graystone  Reserve  features playgrounds, walking trails and picnic areas scattered among large, wooded home sites. Offering seven innovative floor plans. Homes at Graystone currently start in the $300,000’s

Parkside,  Complete with a clubhouse, pool, cabana building, playground, picnic area, lakes, walking trails, and gazebos, don’t miss your chance to be a part of this exciting community. The clubhouse features a fitness center, great room and fully operational kitchen, creating the ultimate place to get together with family and friends or escape to take time for yourself Whether you’re looking for the exciting, the peaceful, or the innocent side of life, Parkside at Bennett’s Creek is the place for you. This community is centrally located between the flourishing downtown of Suffolk and Newport News and the booming downtown of Norfolk. Only minutes away is the new Harbour View Station Town Center, consisting of retail shops, offices, restaurants, and the 16-screen Grande Cinemas. Up-coming, right down the street will be the Bennett’s Creek Shopping Center, new school, and library. 

Nichols Park 3-story, Condominiums Prices from the high $200,000’s located in Va Beach VA at Lexington.  The community ( Lexington ) offers Natural lakes, plenty of wooded space, walking trails, and a secluded pool and cabana surrounded by woods and privacy.

 

Bluegrass Park. Condominiums at Lexington in Virginia Beach Va. Models range in size from 2100 sq feet to 2245 square feet. Prices start in the high $200,000’s for these 3 level condos.

 

 

 

This offer expires November 1, 2008 and is not retroactive..

York County Virginia Free Homeowner Workshop on Thursday, Sept. 25

Free Homeowner Workshop on Thursday, Sept. 25  

Freddie Mac, BB&T Bank and the York County Virginia Department of Community Services/Housing Division are partnering to sponsor a “Get the Facts: Dispelling the Myths of Homeownership” workshop.

The future home buyer workshop is to be held Thursday, Sept. 25, 2008 from 6:30 – 8:00 p.m. at the Yorktown Library, 8500 George Washington Memorial Hwy (Rt. 17), in Yorktown, VA.

Attend this free “Get the Facts” workshop to learn what it takes to become a homeowner. There will be no confusing jargon, no fine print and no sales pitch, just the information you need to better understand your path to homeownership.

For more information, contact the York County Housing and Neighborhood Revitalization Division of the Department of Community Services at 757-890-3885.