Monday, July 31, 2017

Pro's, and Con's, of Buying New Construction

If you’ve been shopping the Richmond Real Estate Market you’ve probably find yourself a little frustrated. There is a higher demand for housing than there are houses themselves. This is due to a number of things: there is a growing job market, people from surrouding metropolitan areas are moving to Richmond, the cost of living is reasonable and it is centrally located in Virginia. This makes Richmond an attractive place for people to move to. Fortunately, builders throughout Central Virginia have taken notice to this problem and they are proactively building to accomodate the housing demand. 


- It comes with a warranty so there won’t be a lot of out of pocket expenses if something breaks down
- No previous tenants, so you get a fresh start in a new home, everything will be brand new
- Most people in the neighborhood will be homeowners, at least for the first few years there won’t be a lot of rental properties
- In most cases you get to pick certain components of your home, such as: hardwood floors, additional bedrooms or bathrooms, finishes, etc. 


- There is no way to see the finished home, the model home can provide an insight but not a definite design
- Sometimes your home might be finished before others, so you might have to deal with construction in your neighborhood
- There probably won’t be much room for negotiation
- Most houses will have a uniform look, at least on the outside, which depending who you ask may or not may be a good a good thing

This list doesn’t cover all the Pro’s and Con’s, but it does cover some of the most important ones. 

If you don’t know how to get started in the process of buying new construction, make sure to give me a call, because the very first thing you’ll want to do is get pre-approved. This way, you’ll know exactly which kind of new construction you can afford and you’ll be ready to make a purchase when the time comes. 

Friday, July 14, 2017

Grants Available for 1st Time Home Buyers in Virginia

VHDA is pleased to announce a special allocation of funding available to eligible first time homebuyers financing with either of VHDA’s Fannie Mae Programs.

Assistance in the amount of $1500 provided towards the borrowers closing costs (including prepaids and upfront MI) – not toward downpayment

This is a grant – no deed of trust – no repayment required

Funding is limited – funding available for 150 purchases transactions – first come first serve

We anticipate funds will be utilized very quickly

Lower income limits – lower income limits apply (limits are lower than the VHDA grant program see attached limits)

Limited time – loans must close by October 17, 2017

Closing Costs assistance may be used in conjunction with VHDA’s DPA Grant and MCCs

Borrowers may not receive cash back at closing

Lenders may offer the closing costs assistance to borrowers currently locked with a VHDA Fannie Mae loan

- Chesterfield, Hanover, and Henrico income limit is $62,960, Richmond City is $62,960.