• 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

Frst time home buyer tax credit $7500 for Williamsburg Va home buyers

Update : Monday 7/28/2008

At long last the Omnibus Housing Bill has been approved by both the House and the Senate and should be on the President’s desk today.  It is probable to be signed into law before mid-week. Below is a refined list of key provisions you should be aware.

 

1.  Raises FHA required investment to 3.5 percent from current 3 percent.

 

2. Abolishes seller funded down payment assistance on FHA loans that are not credit approved by September 30, 2008. ( i.e. Ameridream, Etc.)

 

3. Abolishes FHA risk based MIP pricing for case numbers ordered on or after October 1, 2008.

 

4. Gives FHA the ability to greatly streamline FHA condo approval provisions.

 

5. Provides $7500 tax credit for qualified first time homebuyers on homes purchased between April 9, 2008 and July 1, 2009

 

6. Upon expiration of the temporary loan limits that were put in place earlier this year under the Economic Stimulus Act:  (1) the Fannie/Freddie floor will remain at $417,000 and the FHA floor will remain at $271,050  (2) the Fannie/Freddie and FHA loan limit in higher cost areas will be the lower of 115% of area median home price or a cap of 150% of the Fannie/Freddie floor which calculates to a $625,500 cap.

 

The applicable aspects of this are the widest reaching housing legislation passed in recent memory.  We should have more clarification and confirmation later in the week.

 

 

If this bill passes the Senate there will be a $7500 tax credit for first time home buyers in the WIlliamsburg, James City, New Kent, York, Gloucester County areas.

Stay tuned for a blog posting later this week when it passes the Senate !

Approved by the House on Wednesday the housing bill  would provide tax credits of up to $7,500 for first-time home buyers and help an estimated 400,000 strapped homeowners avoid foreclosure.

The measure also would prop up troubled mortgage giants Fannie Mae and Freddie Mac, by giving the Treasury Department the ability to extend them an unlimited line of credit and buy up some of their stock, if necessary. The two companies back or own nearly half of the nation’s mortgage debt.

Hours before the vote, President Bush dropped his opposition to a provision offering $3.9 billion in block grants to help local communities devastated by foreclosures. With the White House’s support, the bill is likely to pass the Senate and become law this week.

A spokeswoman for Milwaukee Mayor Tom Barrett said the city intends to apply for some of the block grant money.

The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure nervous financial markets about the health of Fannie Mae and Freddie Mac.

The bill includes a program to help financially distressed homeowners refinance mortgages under better terms, by encouraging lenders to voluntarily restructure those mortgages. Lenders would agree to take less, and borrowers would agree to split any profits from the eventual sale of their home with the government. Borrowers could not get a second mortgage for five years.

The Congressional Budget Office estimates the program would cover about 400,000 homeowners with mortgages totaling $68 billion.

The bill also would include:

A $7,500 tax credit for first-time home buyers. The centerpiece of the bill to help stimulate housing and the economy is a temporary, The tax credit can be used for any  home purchased between April 9, 2008 and July 1, 2009. It is expected to spur home sales, eliminate excess inventory and bring otherwise qualified home buyers back into the market.
 

–A $500 to $1,000 deduction for 2008 property taxes for people who don’t itemize deductions on their tax returns.
–Higher limits, up to $625,000, on mortgages insured through Fannie and Freddie. A temporary limit of $729,750 until Dec. 31 would remain in place.

The backing for Fannie and Freddie is “a massively important provision” because it will help to restore confidence to the mortgage market, which has been buffeted by a large number of defaults, said Joe Murray, director of political and government affairs for Wisconsin Realtors Association in Madison.

Congressional analysts estimate that a rescue of the mortgage giants could cost $25 billion, and perhaps more, but they predict there is a better than even chance it will not be needed.

Murray said the other parts of the bill aimed at providing direct help for homeowners and potential buyers also will help the market.

Details of how the $3.9 billion in block grants would be distributed were not immediately available, but the city of Milwaukee already is planning how to use the money, said Eileen Force, press secretary for Mayor Barrett. Barrett was out of town on a family vacation Wednesday.

Among the city’s objectives for the money would be increasing the percentage of foreclosed properties that are sustained as primary residences, reducing the share of evictions that are foreclosure-related, and lowering the number of vacant properties, Force said in an e-mail.

U.S. Rep. Gwen Moore (D-Wis.), who represents Milwaukee, said she was pleased with the bill.

“The legislation provides the tools necessary to our local governments to address the blight of widespread foreclosure (and) it also gives working and low-income families access to affordable and sustainable housing,” she said in a statement.

But U.S. Rep. Paul Ryan (R-Wis.), whose district includes southern parts of Milwaukee County, voted against the measure, saying he objected to its provisions to stabilize Fannie and Freddie.

“This bailout plan aggravates the fundamental problem that led us here: Fannie and Freddie remain for-profit corporations but still enjoy a federal guarantee at the taxpayers’ expense against any risk of loss,” he said in a statement. “To force Americans already struggling to make ends meet to take on this risk is a dangerous precedent.”

Wisconsin’s delegation voted along party lines, with Democrats Moore, Tammy Baldwin, Steve Kagen, Ron Kind and David Obey voting in support, and Republicans Ryan, Tom Petri and Jim Sensenbrenner opposed.

In all, 45 House Republicans voted in favor of the bill.

The legislation gives Treasury Secretary Henry Paulson power to inject capital into Fannie and Freddie and provides for a federal agency to insure refinanced home loans. Paulson overcame opposition to the bill within his own party, such as that expressed by Ryan.

Democrats were more supportive.

“This is the most important piece of housing legislation in a generation,” Senate Banking Committee Chairman Christopher Dodd (D-Conn.) told reporters in Washington.

Senate Majority Leader Harry Reid (D-Nev.) said earlier he aimed to get it through the Senate by the end of the day. The bill is “a very good piece of legislation,” he said. Sen. Jim DeMint (R-S.C.) threatened to delay that schedule if he can’t amend the legislation, his spokesman Wesley Denton said.

Rep. Barney Frank , helped steer the bill after backing Paulson’s call for the emergency measures for Fannie and Freddie, which would last through 2009.

Lawmakers, intent on limiting any losses to taxpayers, tied the potential aid to the federal debt limit. Still, they also raised that ceiling to $10.6 trillion from the current $9.815 trillion in the bill.

Washington-based Fannie and McLean, Va.-based Freddie own or guarantee about half of the $12 trillion of U.S. home loans outstanding. The companies face mounting losses stemming from the collapse of the subprime market.

Automakers, manufacturers and other companies that qualify for the tax credits would benefit by as much as $30 million for making the investments this year.

Lawmakers said automakers could benefit from the tax changes as well as airlines; manufacturers such as Goodyear Tire and Rubber Co. and Owens-Illinois Inc.; and energy companies such as CMS Energy Corp., Arch Coal Inc., and Murray Energy Corp.

Reacting to the passing of this legislation, Speaker Nancy Pelosi said, “The bill the House takes up today, if enacted, will represent the most far-reaching reform of our nation’s federal housing finance system in a generation…Owning a home is an essential part of the American Dream. It’s not only about what it means to individuals, it is what it means to the community, putting down roots. It is what it means to the economy as we take an interest in our homes and make them habitable. By expanding homeownership opportunities and protecting families against foreclosure, we are helping keep the American dream of owning a home alive. By restoring confidence in the housing market, our economy can begin to grow and create jobs for the American people again.”

What’s more, the National Association of Realtors® President Dick Gaylord,  said, “Realtors® are in the business of building communities, and our 1.2 million members understand that this legislation will go a long way in helping people buy and keep their homes,” said NAR President Dick Gaylord, a broker with in Long Beach, Calif. “We look forward to prompt Senate action to finalize this bill, helping ensure that every American who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it. This bill must get to the president quickly, and we urge him to act immediately to sign it into law.”

“The $7,500 tax credit for first-time home buyers is a needed stimulus for a weak housing market,” said Gaylord. “This bill would extend the tax credit availability through June 2009, which would have a further positive effect on the housing market.

Williamsburg Va Liberty Ridge New Development Estate Lots

 Liberty Ridge a  new 550-acre community in Williamsburg has now been officially launched. 

Liberty Ridge features an enviable location, just ten minutes from Colonial Williamsburg and Interstate 64. East West is sculpting the beautiful, heavily wooded terrain into 138 large estate sized homesites ranging in size from three to nine acres. The grand main entrance, located on Centerville Road, will reflect the colonial history of surrounding Williamsburg and James City County.

 Liberty Ridge is a beautiful property blessed with rolling terrain and an extensive canopy of mature hardwood trees. With every detail of the land plan we have painstakingly attempted to preserve the trees and the natural environment. Liberty Ridge will truly blend in and complement the rural nature of James City County. 

Residents and visitors to Liberty Ridge will feel as if they are in a countryside setting. The estate-size homesites and meticulous attention to the preservation of the environment will give residents a feeling of being nicely removed from the hustle and bustle, yet conveniently located within the dynamic Williamsburg community. The homesites, which start at $250,000, are now available for purchase.

 

The home designs in Liberty Ridge will pay homage to the past. Featured builders will create distinctive custom homes reminiscent of home styles from the past, such as English Cottage, Craftsman Cottage, timeless Traditionals, Georgians, classic American and European architectural styles. Along with new home designs, we will showcase many Southern classic designs which have become so popular in the southeast. There will be an emphasis on Water Smart landscape planning and exterior architectural details. Stone and hardiplank siding will be featured, as will traditional brick exteriors. The larger homesites will enable homeowners to have quality ‘dream homes’ built with high-end custom features, such as three and four-car garages. It will be the perfect opportunity for people to create their own private retreat within a community.” 

Plans for Liberty Ridge include  a resort-style pool, residents’ clubhouse, playground for the kids and two community parks for social and picnic gatherings. In addition, more than three miles of community walking and biking trail systems will provide opportunities for residents to explore the natural beauty of the land. And with the county’s 689-acre Freedom Park next door, Liberty Ridge homeowners can add mountain biking and hiking to their list of pastimes for enjoying the great outdoors. 

 Liberty Ridge will appeal to a variety of buyers desiring large homesites in a master-planned community. Whether future homeowners are local buyers or new residents to the area, they will enjoy the proximity of Liberty Ridge to Colonial Williamsburg. 

  The developer has successfully developed 35 communities across seven states, including six award-winning Hampton Roads communities: Founders Pointe and Eagle Harbor in Isle of Wight County; The Riverfront in Northern Suffolk; Gatling Pointe and Gatling Pointe South in Smithfield; and Riverwatch in Gloucester. Most recently, The Riverfront was named as the first and sole inductee in the Tidewater Builders Association Community Hall of Fame. Since 1972, East West has been known for innovative land planning, an unwavering commitment to the environment and for building communities offering year-round, resort-style living. 

 

 For further information about Liberty Ridge or real estate , homes, communities, lots in Williamsburg, James City, New Kent or York County Virginia  contact:

John Womeldorf/ REALTOR

Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrBurg.com website

 

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

 

Williamsburg Real Estate Resource. Search for Homes & Land for sale in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

CLICK HERE FOR Real Estate Home Search  Tidewater Hampton Roads Va 

 

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

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Williamsburg Va real estate search

 

 

50+ reasons to live/ move/ retire/ relocate to Williamsburg Virginia

Williamsburg York County Virginia Real EstateVoted one of the Top 5 Best places to retire by Money Magazine  Click here for article
Good neighbor passes to Colonial Williamsburg    Click here of info
Grand Illumination at Christmas  Click here for info
Great Wolf Lodge  Info
Farmers Market on Duke on Gloucester    Info
The Kimball Theater    Info
Williamsburg Regional Library Concert series 
 Dewey Decibel Concert Series
Williamsburg/ James City County School System
Colonial Parkway from Jamestown to Yorktown
Williamsburg Winery
/ Wedmore Place
Dinner at Chownings Tavern   Shields Tavern   Christiana Campbells Tavern  The Fat Canary    Blue Talon
Desert at the Trellis ” Death by Chocolate

Capital to Capital Bicycle Trail
Muscarelle Museum of Art
Golf at Golden Horseshoe Golf Club, Williamsburg National, Stonehouse, Kiskiak, etc 17 Local Courses
First Night Williamsburg
Historic Jamestown. Jamestown Settlement
Working out at James City County Recreation Center
Grocery Shopping at Ukrops, The Fresh Market
Brewster’s Ice Cream, Sno To Go, Rita’s Italian Ice, Cold Stone Creamery, Maggie Moo’s
SUMMER BREEZE CONCERT SERIES Concerts on Duke of Gloucester Street
Shopping at Prime Outlets, Market Square, Williamsburg Pottery
Bush Neck Farm – Pick-your-own strawberries, apples, blueberries, asparagus, sweet corn, peaches, pumpkins.
Pumpkinville at Halloween
Busch Gardens Seasons Passes “Hallo-Scream”
Water Country
The Plantations along Rt 5 , Shirley, Sherwood, Berkley etc.
Williamsburg Ale Werks Williamsburg’s only Microbrewery
William & Mary Football/ Tailgate Parties in the Fall
Mountain Bike Trails Freedom Park, New Quarter Park York River State Park
Kayaking/ paddle boats at Chickahominy Riverfront Park, Waller Mill Park and Little Creek Reservoir
Concerts at the newly renovated amphitheater at William & Mary
Paul’s Deli, Greenleafe Cafe
The wonderful playground Kidsburg/ Mid County Park
Skate Park at JCC Rec Center
New Town and it’s wonderful shops and restaurants
Phi Beta Kappa Hall – Performing Arts Series
Ewell Hall, Department of Music – Performing Arts Series
Christopher Wren Society
Virginia Symphony Orchestra, Classics at St. Bede Concert Series
The Virginia Arts Festival presents performances by the world’s top-flight artists in classical music, dance, theatre and jazz.
The Williamsburg Symphonia, Classical Music Series
Virginia Shakespeare Festival @ W&M
Abby Aldrich Rockefeller Folk Art Museum
Dewitt Wallace Decorative Arts Museum
Aromas Coffeehouse
An Occasion for the Arts
Colonial Polo Cup

Tavern Ghost Walks in Colonial Williamsburg
“Revolutionary City,”
Spend the night in a Colonial Home in Williamsburg
4th of July fireworks at Busch Gardens and Colonial Williamsburg
The Spa of Colonial Williamsburg
McCormick-Nagelsen Tennis Center
Spending the night at the Williamsburg Inn or Lodge
Youth Sports Teams: Baseball, Soccer, Lacrosse, Swimming, Football, Volleyball, Wrestling, Karate, Ballet, etc.
WISC (Williamsburg Indoor Sports Center)
Blueberry pancakes at Chickahominy House
Christmas Parade in Colonial Williamsburg
Tide Radio and WBACH radio stations
William & Mary College”The second Oldest College in the U.S.
Kingsmill, Fords Colony, Governors Land, Stonehouse, Greensprings, Colonial Heritage neighborhoods all with wonderful golf facilities.

Yankee Candle Factory Outlet

The Crab Races at Berrets

Bruton Parish Church  “Where Jefferson, Washington and Adams worshipped ”

LPGA Michelob ULTRA Open Golf Tournament

For further information about real estate in Williamsburg, James City, New Kent or York County Virginia  contact:

John Womeldorf/ REALTOR

Liz Moore & Associates 757 254 8136

www.MrBurg.com website 
www.MrTidewater.com/   website 

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land for sale in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

CLICK HERE FOR Real Estate Home Search  Tidewater Hampton Roads Va 

 

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

 Page copy protected against web site content infringement by Copyscape

Williamsburg Va real estate search

 

 

 

 What’s My Home Worth ?  Click here to find out.

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