• 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

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 Virginia First Time Home buyers $ 7500 Tax Credit

 It is surprising to me that there has been little discussion in the news of the recent First Time Home buyers credit of $7500 that was signed in to law in July of this year.I have communicated with many home buyers who were unaware of it’s existence. Sad that such a great opportunity is going unnoticed.

Basically the First Time Home buyer tax credit  reduces a home buyer’s tax liability dollar for dollar up to $7,500 for the purchase of a principle residence that closes before July 1, 2009.  The home buyer would claim the credit on their tax return, and it would offset any tax due that year, up to $7,500.  If the did your taxes and don’t owe any taxes you will receive the full $7500 credit/.

Only first time home buyers are eligible (defined as an individual who has not had an ownership interest in a principal residence in the previous 3 years), and and your income cannot exceed $75,000 for an individual and $150,000 for a couple filing a joint return.

This tax credits,  Unlike most others has to be paid back over a period of 15 years, or when the home is sold, assuming there is equity/ proceeds.  The good news is that no interest is due, so in essence it’s a “free” loan.  In theory  a home buyer would repay $502 each year over 15 years, or reduce his or her tax refund by that amount.

Overall it’s a great incentive for qualified purchasers to enjoy a little extra spending money courtesy of Uncle Sam, ( interest free)  either to spruce up a new home or cushion the new house payment.

To further explore the First Time Home Buyer Tax Credit in the Hampton Roads Area of Virginia give me a call ( 757.254.8136) or email John@MrWilliamsburg.com