What's A Picture Worth In Real Estate Sales? Facebook Thinks Pictures Are Worth $1 Billion!
You've probably seen the news. Facebook bought Instagram for $1 Billion. Now this is company that has 12 employees that was started in 2010 and has no revenue. So what's worth $1 Billion. Instagram allows pictures to be shared on a number of social networking services.
Why is this important in real estate? With more and more people starting their home searches online it's important to present the home for sale in the best possible light. And this is done with pictures.
Earlier this year using pictures online was discussed on The Today Show. I don't agree that you have to spend $300 - $400 for pictures. I've seen some excellent pictures and videos that were done by real estate agents with inexpensive digital cameras.
Single Property Websites that feature a home for sale are a great way to let potential buyers see a home. Below is a sample of the web site system I use to help sell homes. These sites are available to real estate agents and For Sale by Owner properties.
Click on Sample Site or the picture below to see my demonstration Single Property Website.
Another good use of pictures in a video featuring the property for sale. Here's one I did recently for a home in Bethesda, MD.
So, what to thing the value of a picture is worth in the sales of real estate? You know Facebook's betting their worth $1 Billion!
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
Thinking of Buying a New Home? Why Wait? Residential Real Estate Is Ready to Recover!
The news in residential real estate hasn't been good for the past few years but things are starting to change.
If you've been sitting on the sidelines thinking about buying a new home now may be the time to jump into the game.
A recent article on CNBC.com was titled D.C. Housing Market One of the Strongest. The article states "Kevin McManus wanted to sell his North Arlington, Va., home back in January, but his real estate agent suggested he wait until spring. McManus listed the home on March 13th, and it sold seven days later — right on the vernal equinox.
"The D.C. Metro-area housing market is slowly improving with rising sales activity and stabilizing prices," says Jonathan Miller, a real estate appraiser and consultant. "The sharp drop in inventory over the last six months and rise in contracts has helped keep prices firm."
The median price of an area home was up 6 percent in February from a year ago to $317,900, according to Miller, who puts out a monthly report. That's about twice the price of the national median existing home and is the biggest year-over-year gain for the corresponding period in 2007-08.
Pending home sales were up in February from sales in February 2011 while the active inventory has decreased during the same period.
"We have seen a steady increase of consumers testing the waters of the housing market, thanks to increases in median sale price, quickly selling homes and historically low interest rates," says Jeffrey S. Detwiler, president and CEO of Long and Foster. "These dynamics continue to drive positive momentum in the residential real estate market throughout Washington, D.C."
The Street.com is also seeing improvement in the residential real estate market. In a article titled Residential Real Estate Is Ready to Recover "The housing market's shadow inventory of unsold homes is starting to clear, certain areas of the country are experiencing signs of more robust activity, and, despite low levels of new-home production (based on historical data), homebuilders are even regaining pricing power in several geographic regions."
The article went on to say "Stated simply, the U.S. residential real estate market is about to launch a broad and sustainable multiyear recovery. And, from my perch, the share price strength in housing-related equities is telling the real story of an improving and self-sustaining home market that could continue through the balance of this decade."
Here are 7 reasons stated in the article to expect a durable recovery (in demand, activity/transactions and in prices) in the U.S. housing market:
Housing affordability is at a multi-decade high.
Reflecting normal U.S. demographic trends (household formations of 1 million-plus per year) and a low level of 2008-2012 new-home production, there is plenty of pent-up demand ready to be unleashed.
As rental prices have risen and as home prices have fallen, the economics of home ownership has improved.
We have seen a decisive improvement in the jobs market.
Mortgage rates are at historic lows.
Housing surveys have turned positive.
Confidence is improving.
The Washington DC area was ranked in the Top Ten U.S. Cities Where Homes Sell the Fastest.
The "Perfect Storm" in real estate with a combination of low home prices and low interest rates in slowly coming to and end. The cost to purchase and home is going to rise.
If you've been sitting on the fence, isn't it time to jump off and get into the game?
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
With the temperature rising and the school year drawing to a close, parents across the nation are starting to think about summertime plans.
Military families can get a head start on their planning today by applying for the National Military Family Association’s Operation Purple Summer Camp program. The nonprofit organization launched this free program nine years ago to support military children, ages 7 to 17, dealing with the stress of war.
The weeklong camps are open to military children of all ranks and services, both active and reserve. Officials will give priority to children who meet the association’s deployment criteria and have never attended an Operation Purple camp. Families should submit their application by midnight EDT on April 19. To find out more about the camps and to make application go to: 2012 Operation Purple Camps.
The goal of the Operation Purple camp program is to give military children tools to help deal with the stresses that result from a parent’s deployment, through a memorable camp experience in a “purple” environment.
At Operation Purple camps, military children experience an exciting week of outdoor fun and adventure.
This summer children will attend an Operation Purple camp at one of 16 locations in 14 states: Alaska, California, Connecticut, Florida, Hawaii, Indiana, North Carolina, New York, Oregon, Pennsylvania, Tennessee, Texas, Washington and West Virginia.
The Operation Purple program was created in 2004 in response to the call from military parents to "help us help our kids." The mission of the Operation Purple program is to empower military children and their families to develop and maintain healthy and connected relationships, in spite of the current military environment. We do this through a variety of means, including the healing and holistic aspect of the natural world. The program is joint or "purple"— and open to children and families of active duty, National Guard or Reserve service members from the Army, Navy, Air Force, Marine Corps, Coast Guard, or the Commissioned Corps of the US Public Health Service and NOAA.
Since its creation in 2004, the Operation Purple program has grown to serve approximately 45,000 military children and teens. The Operation Purple program also includes family retreats at national parks and specialized family camps geared to address the needs of children and families of our nation’s wounded service members.
"Defending the Blue Line has experienced tremendous success by providing equipment for the kids, grants to help pay their association fees, summer hockey camps and NHL game tickets so the whole family can go enjoy a pro-game before or after a deployment," says President and Founder of Defending the Blue Line, Army Sgt. Shane Hudella.
Named after the line that marks the start of the defensive zone in hockey, "Defending The Blue Line" was created in 2009 by a group of active duty soldiers.
The program helps military families offset the expensive costs of having their children in a hockey program while their mom or dad is overseas.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Buying A Home? Here Are Some Videos That Will Help You!
There are a lot of steps in the home buying process. Below are videos on Shopping For A Home, Shopping For A Home Loan and Closing The Deal.
Shopping For A Home
Shopping For A Home Loan
Closing The Deal
If have questions about the home buying process or about mortgage loans check out the other pages on the website or contact me.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Is Your Computer Slow? | Are You Having Problems Updating Java?
A few weeks ago I had a virus problem so I downloaded an updated version of Norton 360 to cure the virus. My desktop computer had also been running slow. It's almost 3 years old and I started looking into a new computer.
I do a lot of webinars on the GoToWebinar platform. Recently when I went to sign on it kept prompting me to update JAVA. I was not able to get the updated download completed.
I thought the problem may have been caused by the new Norton install so I decided to uninstall JAVA on the computer and start with a fresh install. I ran into a problem. The Windows uninstall program wouldn't let me uninstall JAVA.
So I went to that secret site known as Google and searched for uninstall software. After looking at several options I decided to try IObit Uninstaller 2. It got good reviews and best of all it was FREE.
The IObit Uninstaller 2 not only uninstalled JAVA but it also went deep into the bowels of my computer and uninstalled a lot of trash associated with JAVA that had build up over the years. To be on the safe side I shut down the computer and rebooted it.
After rebooting I deleted the previous version of JAVA in my download folder and installed a fresh copy of JAVA. The install went smoothly with no problems. Again, to be on the safe side I shut down the computer and rebooted it.
Now here's where the surprise came in. All of a sudden the computer was running fast again. It seems all the trash from the old versions of JAVA had been slowing it down. The thought of buying a new computer went out the window.
And, today I went to a webinar on GoToWebinar. I had no problems getting signed in.
I repeated the above steps with my laptop and had the same results.
So, if your computers been running slow and/or your having problems with JAVA see if this cure will work for you.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
The beautiful 6 bedroom home for sale in Bethesda can now be yours. Imagine Maryland living at it's finest. The landscaped back yard, gourmet kitchen and sauna make this home in Bethesda perfect for you. The schools in the Bethesda area are some of the best around. Click on the web site below to see all the features at 6017 Cairn Terrace Bethesda MD 20817. Or if you would like to schedule a showing of this 6 bedroom home for sale in Bethesda, please call Jane Fairweather at 301-530-4663.
STUNNING MASTERPIECE! 6 Bedroom, 7.5 Bath Contemporary in Bethesda, MD. New construction with soaring ceilings, columns and lots of light! Open floor plan, 3 gas fireplaces, gourmet kitchen with Silestone and high-end appliances, media room, Sauna, elevator, walk-ins, luxurious baths, 2 laundry rooms and built-in Aquarium. The property has a patio with a waterfall, beautiful landscaping and a 2-car garage. NOTHING LIKE IT, MUST SEE! Estimated property tax and non-tax charges 1st fiscal year of ownership: $5,590.
HARP - Home Affordable Refinance Program Is Almost Ready To Help Homeowners Who Are Underwater With Their Mortgages
What HARP 2.0 Means for Homeowners
The government touted its Home Affordable Refinance Program (HARP) as a way to get the crumbling housing market on the road to a quick recovery and provide much-needed relief to struggling homeowners. Launched in March 2009, HAMP was supposed to help millions of homeowners get out from mortgages that were worth more than the house-- but to date, critics say it has fallen short of expectations. Now the government has refined the program, known as HARP 2.0, in an effort to assist the millions that need a lower mortgage bill.
“HARP has been around for a couple of years but hasn’t been that helpful to that many people,” says Bob Walters, chief economist at Quicken Loans. Many people that needed the help couldn’t qualify, he adds.
To qualify under the original HARP program, your loan-to-value ratio had to be less than 125%-- but for many struggling homeowners, their home value fell significantly below that, freezing them out of HARP. To be eligible for HARP 2.0, people need to have a home valued at less than their mortgage, and the loan has to be with Fannie Mae or Freddie Mac. The mortgage has to be in good standing, and homeowners need to have a good payment history for the last 12 months. The new HARP program will expire at the end of 2013.
To be eligible for the HARP program, your mortgage must be held by either Fannie Mae or Freddie Mac. To "look up" your mortgage, check the Fannie Mae or the Freddie Mac eligibility sites.
The original HARP program was geared toward the five biggest loan servicers Citigroup, Wells Fargo, Bank of America, Ally Financial and JPMorgan Chase, which limited the amount of loans that could get refinanced, according to Walters. This new plan includes mortgage companies across the country; these new servicers can now qualify a borrower for a HARP loan even if the borrower’s previous loan had mortgage insurance attached to it. According to Walters, this process was extremely difficult for non-servicers in the past. Mortgage insurers, which have to sign off on a refinancing for customers that have mortgage insurance, are currently working with lenders to develop a process that lets the mortgage provider and the insurer share information to streamline the process. When that happens, Walters says more people will see HARP loans get approved.
In December as part of HARP 2.0, pricing changes went into effect that lowered the costs to HARP borrowers. Coming in March, borrowers with loan values exceeding 125% will also be eligible for HARP. While in theory the loan to value could be unlimited, Walters says companies are still going to be cautious about lending to people with high loan to value ratios even though Fannie Mae and Freddie Mac are taking on the risk. “There’s been so many defaults and nobody wants to foreclose,” says Walters.
The government is also hoping to make the approval processes quicker by eliminating, in many cases, the need for an appraisal.
For homeowners with a service provider that doesn’t offer the HARP program don’t give up.
“If you get an unsatisfactory answer don’t stop, call someone else,” says Walters. “People shouldn’t assume the first no means they can’t get help.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
How To Get Free Tax Preparation and Filing For Military Members?
It's tax season again. Did you know there's free help for military members in the preparation and filing of their tax returns?
The military's tax assistance program processes more than 200,000 returns each year, Army Maj. John Johnson, director of the Defense Department's Armed Forces Tax Council, said during an interview with Pentagon Channel and American Forces Press Service reporters.
"It is just one of the benefits military people have," Johnson said of the program. Participants can visit their installation tax center for free assistance in filling out tax returns, he said, or access the Military OneSource Web site, www.militaryonesource.com.
"You can log on there, online, and also file for free," Johnson said of the Web site. The online tax-filing system on Military OneSource is closed to military retirees, however.
The is part of the H & R Block At Home® program. To get the free tax return preparation you must to start your return from the Military OneSource H&R Block At Home® link. Once you click the link you will be required to log in to Military OneSource. From the login page you will be directed to a site containing additional information on tax preparation, including the link to the Military OneSource free H&R Block At Home® service.
Through the Military OneSource program, you can complete, save and file your 2011 Federal and up to three State returns online for free with the H&R Block At Home® tool.
If you have questions about this tax service or about preparing your own tax returns, please call 1-800-342-9647 and ask to speak with a Military OneSource tax consultant. Trained tax consultants are available 7 days a week from 7 a.m. to 11 p.m., EST.
You can also get free tax service at most major military bases through the Volunteer Income Tax Assistance (VITA) program. Participating VITA sites provide free tax advice, tax preparation, and assistance to military members and their families. Most importantly, they are trained and equipped to address military specific tax issues such as non-taxable military income, tax-free zones, tax deadline extensions for military members, out of state residency issues, and more. To top it off, the work is usually signed off on by a CPA before it is filed.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
What's In The President's Plan To Help Responsible Homeowners and Heal The Housing Market?
I make my living in the housing industry. The whole country has suffered the past few years because of the problems created by the mortgage mess. The housing industry is still struggling to get back on it's feet.
In his State of the Union address and in subsequent speeches President Obama has been talking about his "Blueprint for an America Built to Last."
I got a copy of the plan to see what it is all about. To see a copy click on:
While I want as much as anyone for the housing market to come back reading the plan I have to wonder if it's a plan for recovery or a political document to help with getting elected.
A big talking point has been the Homeowner Bill of Rights.
The first two points are:
Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out.
In 2009 the government designed and mandated that the lending industry use the current Good Faith Estimate now given to borrowers. I took hours of classes learning to complete it correctly and real estate agents took hours of classes learning the new HUD1 form. I'd welcome a simple form but blaming the industry for the current confusion is just wrong.
Full disclosure of fees and penalties.
It seems they don't know they also passed legislation holding lenders responsible for the fees that are disclosed to a borrower at application. A lender is financially responsible for under disclosingfees (even fees they don't control) including those charged by title companies and state and count recording fees. Anyone who has been to a settlement is familiar with "Charges That Cannot Increase, Charges That in Total Cannot Increase More Than 10% and Charges That Can Change."
The plan also calls for Moving the Market to Provide a Full Year of Forbearance for Borrowers Looking for Work.
Now don't get me wrong. This crisis has created a lot of pain for a lot of people and they need help. But is letting them not pay their mortgage for a year a solution to the problem or are we "kicking the can down the road" for someone else to worry about.
Who hasn't heard Congress and the President rail against the abusive loans that caused the crisis. (A side note: all the loan types weren't bad. They just got to liberal in underwriting and approving them)
The plan calls for Providing Non-GSE Borrowers Access to Simple, Low-Cost Refinancing. It has been proposed that "The refinancing program will be open to all non-GSE borrowers with standard (non-jumbo) loans who have been keeping up with their mortgage payments. The program will be operated through the FHA."
Simple and straightforward eligibility criteria. Any borrower with a loan that is not currently guaranteed by the GSEs can qualify if they meet the following criteria:
* They are current on their mortgage: Borrowers will need to have been current on their loan for the past 6 months and have missed no more that one payment in the 6 months prior. (Sounds reasonable to me.)
* They meet a minimum credit score. Borrowers must have a current FICO score of 580 to be eligible. Approximately 9 in 10 borrowers will have a credit score adequate to meet that requirement. (If you want to get a new loan most loan programs want a minimum 640 FICO score. By meeting certain criteria you can lower the FICO score to 620.)
Streamlined application process: "To determine a borrower's eligibility a lender need only confirm that the borrower is employed." (Sound's like the no-doc or no-income loan they have said were bad and don't allow any more.) "Those who are not employed may be eligible if they meet other requirements and present limited credit risk." (I'd love to know what those requirements will be.)
The program will be funded by "Creating a separate fund for new streamlined refinancing program. This will help FHA better track and manage the risk involved and ensure that it has no effect on the operation of the existing Mutual Mortgage Insurance (MMI) fund." (So were taking loans that were made in the private sector and giving them a government guarantee and if they lose money well take it out of the left pocket instead of the right pocket? To me a loss is a loss)
Now to pay for the program the Refinancing Plan Will Be Fully Paid For By a Portion of Fee on Largest Financial Institutions: The Administration estimates the cost of its refinancing plan will be in the range of $5 to $10 billion, depending on exact parameters and take-up. The cost will be fully offset by using a portion of the President's proposed Financial Crisis Responsibility Fee, which imposes a fee on the largest financial institutions based on their size and the riskiness of their activities - ensuring that the program does not add a dome to the deficit. (And do you thing "the largest financial institutions" are going to absorb that fee or is it more likely to be passed on to all consumers through higher fees and other cost. Are you aware the "Two month tax holiday passed in December is being paid with higher fees being charged by Fannie Mae, Freddie Mac and FHA. The new fees will be in effect for 10 years to pay for a 2 month thx holiday.)
I've been getting a lot of questions about HARP2 refinancing program which was announced in November. It's my understanding that the automated engines used to underwrite these loans will be ready in mid-March. I still an waiting to get details of what the requirements will be.
I'd love to hear your feedback on the proposed Plan To Help Responsible Homeowners and Heal The Housing Market.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Prices and Affordability – Is Now The Time To Consider Buying A New Home?
There's been a lot of news over the past several years concerning problems in the housing market, the mortgage industry and the economy. There still a lot of concern about when the market will turn around and start to recover.
I've been saying for the past 6 months or so that we have been in the "Perfect Storm" to buy a home with the combination of low home prices and low interest rates. It seems that the storm is starting to subside. Home prices in many markets are starting to show appreciation.
A recent report on CNC it was reported that the National Association of Realtors (NAR) Pending Home Index jumped 7.3% in November after jumping after jumping 10.4% in October. (See the news clip below)
A recent issue of "Housing Predictor" has an article titled "Home Affordability Reaches 1971 Level". The article stated "Homes are more affordable to purchase than they have been since 1971 as a result of falling home prices, according to the U.S. 1970s House Department of Housing and Urban Development (HUD). Despite record low mortgage rates, the downward trend in home values is sustained in the majority of the U.S." It went on to say "With interest rates at historically low levels and markets across the country beginning to improve, homeownership is within reach of more households,” said Bob Nielsen, chairman of the National Association of Home Builders."
HSH.com has identified 5 Cities Poised For a Housing Pop. The Washington, DC metropolitan area is included in the list. For the Washington area the site says "A favorite large metro of Fox’s, the Washington, D.C. metro area encompasses two states (Maryland and Virginia) as well as the District of Columbia. With a median home price of $294,800, some experts believe home prices may drop by a percentage point or two in 2011. Expect small price gains--a percentage point or two--in 2012. Key to this metro is that the economy is driven by the federal government, which seems poised for continued growth. Unemployment in the metro is a very low 5.4 percent. The one negative: a cost of living that is well above the national average."
Moneyland.Time.com also looks at the Washington, DC metropolitan area in favorable terms. There recent post "The Real Estate Market that Defies the Trends" said "But in Washington, D.C., housing prices are up a smidgen (0.3%) from the previous month. More importantly, year-over-year prices have risen by 1.3%, a continuation of a happy trend in which prices increased by 2.6% from the year before that. When comparing housing markets in America’s big cities, D.C. appears to be having the strongest and steadiest recovery."
In an earlier article Moneyland.Time.com says that "Home Affordability Near Highest Level in 20 Years" The article states "As a result, families earning the median income of $64,200 could afford 72.9% of the homes sold in the third quarter. (Another reason I like this statistic is that it’s calculated using actual sales prices of new and existing homes, not list prices). That 72.9% is in real contrast with the way things looked five years ago during the boom, when the number dipped to 40.4%. Housing market bulls read the current high affordability number as a sign that there is buying power to bring the real estate market out of its slump, at least at current prices."
Last June Kiplinger.com wrote an article titled "Who Benefits From Affordable Homes?" The article stated "For many young adults, I believe this will turn out to have been a good time to buy a house or condo." It went on to say "But for many young adults who intend to stay put for several years, have good prospects of employment security and can qualify for a plain-vanilla fixed- rate mortgage, I believe this will turn out to have been a good time to buy a house or condo. And if the young home buyers are handy with tools and can find a fixer-upper at a great price, so much the better."
You might find the video Purchasing Power vs. Home Prices interesting:
And rents aren't getting any cheaper. According to USA Today "Apartment Rents Heading Higher for 3rd Year in a Row." According to the article "Apartment rents are expected to jump again this year as the U.S. economy creates more jobs and demand for rental housing grows. A 2012 increase would make the third straight year of rising rents. More annual increases are expected as apartment builders hustle to catch up with demand.
Here's a look at what CNBC.com has to say in a post titled "Renter Nation Rages On As New Reality". "Higher quality properties in the most desirable locations posted rent gains in excess of 5-10 percent, while class B/C properties, catering to lower income tenants, found it relatively more difficult to raise rents,” notes Victor Calanog, head of research at Reis.
Nowhere is that more evident than in the Washington, DC metro area where rents are way up across the city, and developers are rushing to erect new multi-family buildings and rehab old ones."
It went on to say "“Everybody wants to be in DC,” beams Richard Key, district manager for Camden Property Trust, one of the largest publicly traded multifamily REITs in the nation. “Whereas in other markets there are deals, when you get to DC area, all the REITs want to be here, and so we're all competing for the same piece of land, and that's driving the price up. That is really is a challenge for us.”
Key is convinced that there has been a fundamental shift in attitudes toward home ownership that will last for several more years. He is not concerned that the pendulum will swing back to buying, just as all that new rental stock hits the market around 2014. Camden has seen rents on its DC properties rise over 5 percent in just the past year.
So, are you thinking about buying your first home or moving up to a new home and have been waiting to see the bottom? Now may be a good time to jump off the fence and get into the game!
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Did you hear anything in the news about how the Payroll Tax Cut was going to be paid for? Probably not.
Guess where the money to pay for the tax cut is coming from? If you guessed the housing and mortgage industry and specifically people borrowing money through Fannie Mae (Fannie), Freddie Mac (Freddie) and the Federal Housing Administration (FHA) you would be right.
As everyone knows the housing market has been struggling. This new legislation has imposed what is in essence a tax on every borrower who gets a loan that is guaranteed through Fannie, Freddie or FHA.
In an article titled Washington Wades Deeper into Housing Bloomberg Businessweek said that "An 11th-hour extension of the payroll tax cut, signed into law on Dec. 23, will for the first time divert funds from Fannie Mae (FNMA) and Freddie Mac (FMCC), the two mortgage finance companies under U.S. conservatorship, to pay for general government expenses."
Here's a recent recent commentary by Brian Stevens and Frank Garay of THINKBIGWORKSMALL:
Effectively, that means that all Conforming loans will increase almost 0.125% in interest rate. With FHA you will see and increase in the Mortgage Insurance Premium (MIP). It could be in the monthly MIP, Upfront MIP or both.
It's been estimated that it will require 10 years of the increase in rates to pay for the two months of benefits provided by this "Payroll Holiday."
So, the temporary decrease in the payroll tax was supposed to help the middle income American taxpayer. Looks to me like the government just dipped there hands in their pockets without telling them. And whens the last time you saw a temporary increase in fees get rescinded. It seems once they get on the books they never go away!
I'd like to know what you think. Please comment below.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
I was reading Facebook earlier today and noticed my friend Johnny Holliday had posted a "Like" to something called Gube. Made me curious so I did a little research.
So what is Gube? It's an iPhone and iPad application that provides parents with a catalog of pre-screened, moderated, and safe yet fun YouTube videos. Designed and developed by parents of toddlers for parents with young children.
There have been several blogs written about Gube. You can find one titled Gube Gives Kids a Safer YouTube on the Hawaii Blog.
What do you think about Gube? I'd appreciate your comments below.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Can A New Monitor Make A Difference? You Bet It Can!
I've upgraded computers over the years but have kept the same 18" NEC MultiSync LCD monitor. I thought about upgrading but never did it.
My daughter Angela who uses the computer from time to time thought it was time for an upgrade so for Christmas she bought me a 23" HP LED monitor. It was easy to install and the difference is unbelievable. It easier to read and looking at pictures and videos is a whole new experience. I can increase the size (Control +) and see and read much easier and not lose content on the edges of the screen. No more squinting at the screen.
A little bit about monitors:
LED and LCD monitors are based on the same basic technology for image display, but differ in the kind of backlighting used. While LCD monitors use cold cathode fluorescent lamps for backlighting, LED monitors use light emitting diodes. This is the prime difference between the two display technologies. So LED monitors are in actuality, a type of LCD monitors, or an improvement over them.
LCD displays have to rely on external lighting, as their display is created through manipulation of light, passing through polarized liquid crystals. The backlighting affects picture quality substantially and light shed by LEDs offers superior picture quality, compared to LCDs.
LED monitors are also a lot softer on the eyes than LCD monitors which make them popular choices for people who work for long hours (I certainly do) on their desktop computers. Their power consumption is as much as 40% less than conventional LCD monitors. They are also a lot more eco-friendly, because mercury is not used in their production. LEDs last longer than cold cathode fluorescent lamps, with little reduction in their power output over time, which makes these monitors long-lasting.
Here's a short video showing some differences between LCDs and LEDs.
So, don't be like me and squint at an old monitor, upgrade, you'll be glad you did!
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
It's New Year's so I thought I'd do a little research on coffee. Thanks to Wikipedia for the information.
Coffee is a brewed beverage with a dark, acidic flavor prepared from the roasted seeds of the coffee plant, colloquially called coffee beans. The beans are found in coffee cherries, which grow on trees cultivated in over 70 countries, primarily in equatorial Latin America, Southeast Asia, South Asia and Africa. Coffee can have a stimulating effect on humans due to its caffeine content. It is one of the most-consumed beverages in the world.
Coffee berries, which contain the coffee seeds or "beans", are produced by several species of small evergreen bush of the genus Coffea. The two most commonly grown are the highly regarded Coffea arabica, and the "robusta" form of the hardier Coffea canephora. The latter is resistant to the devastating coffee leaf rust (Hemileia vastatrix). Once ripe, coffee berries are picked, processed, and dried. The seeds are then roasted to varying degrees, depending on the desired flavor. They are then ground and brewed to create coffee. Coffee can be prepared and presented in a variety of ways.
And now for the video: "Coffee, The Greatest Addiction Ever".
Have a great and prosperous 2012.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Where Do I Find Information About VA Mortgage Loans?
With all the conflicts that have happened since 9/11 there are now more people eligible for VA mortgage loans. Where do you go to get your questions answered about VA mortgage loans?
A logical place to start is VA.gov. This is the web site maintained by the United States Department of Veterans Affairs. The site has lot of information but it can be challenging to find answers to specific questions. Another option is to use a sites specifically targeted to VA mortgage loans such as DCMilitaryVALoans.com.
The most basic question that needs to be answered is "Am I eligible for a VA mortgage loan?" Here are a couple of places to look:
Another important question is "How much can I borrow?" VA loan limits vary if different parts of the country. To find out how much you can borrow in your are go to:
So, "What does a VA Loan cost?" You can borrow up to 100% of the purchase price with a VA mortgage loan. VA loans don't have mortgage insurance but do have a VA Funding Fee. The fee is determined by a number of factors including the down payment, how you qualified for a VA loan and the number of times you have used your VA mortgage loan benefit. In certain cases you may be exempt from paying the VA Funding Fee. You can find information about the VA Funding Fee at:
Before qualifying for a VA loan, veterans and active duty military personnel must first obtain a Certificate of Eligibility. A Certificate of Eligibility is one of the first important steps in the VA loan process. The U.S. Department of Veterans Affairs put in place certain protocols for acquiring a COE that can make obtaining the document simple and straightforward. To find information or get your Certificate of Eligibility go to:
You can buy a home without a down payment - as long as the sales price doesn’t exceed the appraised value. (Of course, you have to qualify in terms of income and credit.)
You won’t need to buy private mortgage insurance.
VA rules limit the amount you can be charged for closing costs.
Closing costs may be paid by the seller. (You should keep this in mind when negotiating the sales price.)
The lender can’t charge you a penalty fee if you pay the loan off early.
VA may be able to provide you some assistance if you run into difficulty making payments.
You don’t have to be a first-time homebuyer.
You can reuse the benefit.
VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
In just a few easy steps, you can create a personalized video from Santa Claus for your children, friends, family members or colleagues by providing a few little details about the person.
New Portable North Pole 2011: the elves' machine will help Santa decide whether or not you were good!
It's easy to do and only takes a few minutes. Be sure to have some pictures you want in the video ready to upload.
You can also schedule to have a birthday greeting sent.
Here's a preview done by my good friend Scott in Michigan.
Have a Great Holiday Season
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
VA Changes Loan Limits For 2012. They Will Be Lower In Some Areas
The method to calculate loan limits for VA loans will change in 2012. Loan limits for counties in the contiguous US will range from $417,000 to a possible maximum of $625,500, depending on the median county price. In Hawaii, Guam, Alaska and US Virgin Islands limits will range from $625,500 to a possible maximum of $938,250. It's possible Congress may pass legislation affecting the way our limits are calculated and if so we will post any changes on this website. We expect that any changes would result in slight increases to some limits - but no decreases. Please note that "loan limit" is the maximum loan a lender can make and still receive a 25 percent guaranty, provided the veteran has sufficient entitlement. There is no maximum loan amount so lenders can make loans in excess of these "limits" if they choose, although they will not receive a 25 guaranty.
REMEMBER: The total loan amount, including the VA funding fee, must be below these limits. The VA funding fee is typically financed, which means that it is rolled into the loan amount. So, if you are an active duty, first time VA loan user shopping for a home while trying to stay under the $625,500 limit, you must have a purchase price of under $612,334 (when adding the 2.15% funding fee, the final loan amount is $625,499).
Some of the decreases in VA Loan Limits are significant. In parts of California the maximum loan is dropping from $1,000,000 to $625,000. In Nantucket, MA the loan limit is dropping from $1,094,625 to $625,000. In the Washington, DC and some surrounding Maryland and Virginia counties the VA Loan Limit is falling from $818,750 to $625,500. Baltimore City and some Baltimore area counties aren't seeing aa large a drop falling from $500,000 to $494.500.
Remember, if your county isn't on the VA County Loan Limits list, the maximum VA loan is $417,000. To view the current limits go to VA County Loan Limits.
Earlier this year congress lowered the FHA loan limits and then passed legislation raising them to there previous levels. We will watch and see if congress restores the old limits for VA Loans.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Seventeen metropolitan areas reported price declines since August, excluding the New York, Portland and Washington, D.C. areas. In the New York and Portland areas, prices edged up 0.1 percent. Prices rose 1.2 percent in the Washington, D.C., area. “Detroit and Washington DC posted positive annual rates of change and also saw an improvement in these rates compared to August" says David M. Blitzer, Chairman of the Index Committee at S&P Indices.
In a speech Tuesday at the Federal Reserve Bank of San Francisco, Federal Reserve Vice Chair Janet L. Yellen called for more housing stimulus. "A sharp downturn in housing was at the core of the previous recession, and this sector continues to weigh on the recovery," she said. "I see a strong case for additional policies to foster more rapid recovery in the housing sector." There has been speculation that this could partially come in the form of lower mortgage interest rates with the Federal Reserve purchasing mortgage backed securities.
Jim Cramer, a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites, asked "Has Housing Finally Bottomed?" concludes "In other words, it could at last be happening -- and not a moment too soon."
So, are housing prices finally starting to bottom out? If your in the Washington, DC metropolitan area the anwser appears to be yes.
At least in the Washington DC area we appear to have the "Perfect Storm" in real estate with a combination of low housing prices and low interest rates. Are you thinking about purchasing a new home? Act now before the storm subsides!
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Ways To Celebrate The Holidays In The Maryland Metropolitan Area?
We have now gotten past Thanksgiving and it is time to celebrate the holidays. There are many options. Listed below are a few you may enjoy!
Gaithersburg Winter Lights Festival
Pretend your car is Sana's sleigh and ride through the Gaithersburg Winter Lights Festival. You'll find 3.5 miles of more than 380 illuminated vignettes and 65 animated displays that transform Seneca Creek State Park into Winter Woods, Teddy Bear Land, Victorian Village, the North Pole and Penguin Cove. This
16th annual show runs from December 2nd through December 31st. (closed December 25th) Sunday through Thursday: 6 - 9 p.m., Friday and Saturday 6 -10 p.m. (Closing December 24th and December 31st at 9 p.m. www.gaithersburgmd.gov/wingerlights
Symphony of Lights in Columbia, MD
At the Symphony of Lights in Columbia, MD you can chose the way that you experience Symphony Woods' 70 larger-than-life animated and stationaary light creations, In addition to the traditional drive-through option (November 21st - January 1st 6 -10 p.m. - closed December 31st for the Midnight a 7 New Years Eve fireworks display and festivities), you can enjoy a Group Walk Through the Lights - Mondays & Wednesdays ONLY, November 28 - December 21 / 4:30 - 5:45 p.m. Perfect for youth groups, scout groups, school groups and more! Experience the Symphony of Lights in a group setting by taking a 1.4 mile stroll through the light displays and make this your group’s holiday tradition. *Registration Required!* Please call 410-740-7840 for reservations, the Blinkin Binkies 1.4 mile walk especially of the little ones (Thursday, December 8th 4:30 - 5:45 p.m.) or the Tail Lights - Back by popular demand! Treat yourself and your dog to a walk through the 1.4 mile Symphony of Lights. It’s a wonderful way to enjoy the holiday season and to make this dog friendly walk your families new holiday tradition. (Tuesday, December 13th 4:30 - 5:45 p.m.)
ICE! at the National Harbor's Gaylord National Resort
This year's ICE! at the National Harbor's Garlord National Resost Dreamworks' "Merry Madagascar." Dozens of attisans have migrated from Harbin, China, to carve the elaborate dispaly of the Dreamworks' holiday TV special from two million pounds of ice. It takes them nearly a month of working 12-hour shifts to transform Gaylord National Resort's 15,000-square-foot refrigerated tent into an ice spectaci;ar. Open Friday, November 18th - Sunday,January 8th. See Calendar for hours and costs.
Brookside's Garden of Lights
The Garden of Lights. Visualize close to one million twinkling colorful lights shaped in imaginative displays throughout the gardens. Enjoy the four seasons illuminated as giant summer sunflowers, autumn leaves, winter snowflakes, spring flowers, rain showers, and more. Walk along the easily accessible paths and you’ll see what sets this light show apart from others; it’s the hundreds of wrapped trees and shrubs, beautifully lighted gazebos, cascading fountains, and the individually formed displays in the shapes of blooming flowers and wild animals. Look for moving displays such as a flock of geese, or an 11 foot giraffe covered with 9,000 lights. Open every night except closed on December 24 & 25, and January 2-5. Open New Year’s Eve until 10 p.m. with last car admitted at 9:30pm. Hours: Weekdays: 5:30 to 9:00 p.m. with the last car admitted at 8:30 p.m Weekends (Friday – Sunday) 5:30 to 10:00 p.m. with the last car admitted at 9:30 p.m.
The Annual Festival of Lights
The Annual Festival of Lights is held on the grounds of the Church of Jesus Christ of Latter-Day Saints Washington. D.C.Temple. The display includes more than 500,000 lights 16 decorated Christmas trees, an international creche exhibit and a life size outdoor nativity scene. There are nightly musical performances. All events are free.
Shadracks's Christmas Wonderland as Adventure Park
Christmas Wonderland at Adventure Park in New Market presents the world’s largest drive-through and fully synchronized LED Christmas light and music show. Hundreds of thousands of lights have been programmed to perform in sync with a selection of Christmas music. No less than 1600 channels simultaneously direct What Shadrack calls “an orchestra of lights.” After driving through the show, get your photo taken with Santa (weekends) and enjoy hot chocolate, s’mores, kettle corn and other holiday treats inside Adventure Park’s main building. Nov. 18, 2011 through Jan. 8, 2012; dusk to 10 p.m., including holidays.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
May your stuffing be tasty May your turkey plump, May your potatoes and gravy Have nary a lump. May your yams be delicious And your pies take the prize, And may your Thanksgiving dinner Stay off your thighs! ~Author Unknown
What Is The Housing Affordability Index and Why Should It Matter To You?
First, let me say that I think we are in the "Perfect Storm" for real estate with a combination of low real estate prices and near record low mortgage interest rates.
The Housing Affordability Index measures the ability of a typical family to make payments on a median price home. Housing affordability during the third quarter of 2011 hovered near its highest levels nationwide in the more than 20 years it has been measured, according to data complied from the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
This data is supported by an last years report that the Beacon Economics' new Beacon Economics Home Affordability Index found that in August homes were at their most affordable level since data became available (1969). Beacon Economics developed the Beacon Economics Home Affordability Index based on the percentage of income an average family would need in order to make mortgage payments on an average priced home.
"Home affordability has reached an historic high," says Beacon Economics Founding Principal Christopher Thornberg. "Nationwide, prices are down approximately 25% from their peak, and mortgage financing rates are at all-time lows." Moreover, the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction, according to Thornberg.
"While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us," adds Beacon Economics Research Manager Jordan G. Levine. "We expect prices to stabilize around current levels and likely be higher in the next twelve months."
Thornberg agrees. "Although there could be some modest volatility over the next several months, our research indicates the housing market is at or near the bottom," he says.
The Beacon Economics Home Affordability Index is intended to help homebuyers and policymakers alike understand the current state of the market.
So what does this all mean? If your a first time homebuyer you haven't seen homes this affordable in over 20 years. If you are currently a homeowner and have been thinking about moving up this is a great time to do it. If your looking for a second home do it now before both home prices and interest rates start to rise.
I've been assisting more buyers with second homes in the past few months than I've in the past few years. I'm currently doing mortgage loans for second homes in Maryland, Delaware and Florida.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
US Lawmakers have voted to Restore Higher FHA Loan Limits. This is especially important in high cost areas where the loan limits were reduced to $625,500 on October 1st. The limits are being restored to the previous level of $729,750 in high cost areas. To find the FHA loan limits in your area go to FHA Mortgage Limits.
“Restoring the higher loan limits for the FHA will provide homeowners and homeboys with safe and affordable financing, while providing a much-needed boost to housing markets all around the country,” James W. Tobin, chief lobbyist for the National Association of Home Builders, wrote in a Nov. 16 letter to Speaker John Boehner, an Ohio Republican.
Loan limits for loans sold to Fannie Mae and Freddie Mac were not included in this legislation. Loan limits for conventional loans remain at the reduced level of $625,000. To see the current conventional loan limits in your area go to: Conventional Loan Limits. (see Maximum Loan Limits that Apply to Loans Acquired in Calendar Year 2011 and Originated after 9/30/2011 or Prior to 7/1/2007)
VA Loan Limits were also not effected by this legislation. The current loan limits for VA loans run though 12/31/11. VA loans limits are set by area. The current maximum VA loan is $1,094,625. To find out the loan limits in your area go to: VA Loan Limits.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
The video says it all. It was a special Veterans Day for a Montgomery Village, MD family.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
Daylight Saving Time comes on Saturday, November 6th this year. This is the time of the year when you set you clocks backward (not forward) and "gain" an hours sleep.
If you like me your still a little confused because the fall change for Daylight Savings Time used to occur in October. The Energy Policy Act of 2005 extended the Daylight Saving Time (DST) period by starting DST several weeks earlier (second Sunday in March) and ending it one week later (first Sunday in November).
Not all U.S. states and territories observe the confusing daylight saving time ritual. The federal government does not require those in Arizona, Hawaii, Puerto Rico, the Virgin Islands, American Samoa, Guam, and the Northern Mariana Islands to change their clocks.
Anyway, here is a fun video explaining this phenomenon that confounds us all every year:
So there you have it. Is it clear now? Don't forget to "fall back" Saturday at 2:00 am.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878 Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
Downtown Disney Resorts Wants To Know “Why Are You Proud To Be A Military Family” and Give Away (2) All Expense Paid Vacations
Downtown Disney Resort Area Hotels, Airtran Airways and Walt Disney World® want to salute our military families by giving away two trips to Walt Disney World in Orlando Florida.
So - Who is eligible to win?
Families of active and retired U.S. military personnel who are stationed anywhere in the world.
How can you enter?
Write an essay (no more than 300 words) or create a video (90 seconds) stating why you're proud to be a military family. Be serious, humorous or as creative as you like. (Since video is the in medium I think a creative video would be good.)
What do the winning entries receive?
Two military families will win:
7-day/6-night accommodations at one of Downtown Disney Resort Area Hotels for the military service person and up to three of his or her immediate family members. (Black-out dates and restrictions may apply)
Free domestic airfare to Orlando via AirTran Airways airfares** for the military service person and up to three of his or her immediate family members. (Airfare is only included for non-Florida residents within the continental U.S.)
Round-trip ground transportation from Orlando International Airport to the host hotel provided by Mears Transportation.
4 Free three-day Disney Magic Your Way® based tickets with the Park Hopper® option
4 Free tickets to DisneyQuest® Indoor Interactive Theme Park
Complimentary breakfast and dinner at the hotel each day for the military service person and up to three of his or her immediate family members
Essays and videos (uploaded to YouTube) must be submitted to the Downtown Disney Resort Area Hotels website and must be received by 2 p.m. on November 18, 2011. Winners will be announced on the website by December 9, 2011.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
In the article Kenneth Harney points out the following facts:
91 percent of its borrowers make zero down payments.
Loan amounts go well into the jumbo range — to $1 million and sometimes above, even with little or nothing down.
Credit standards are flexible and generous. Underwriting rules encourage loan officers to look for ways to approve applications rather than to reject them.
Mortgage originations are up — almost triple what they were just three years ago — and are on track this year to exceed 2010’s volume. The rest of the loan industry, by contrast, is down by anywhere from 25 percent to 30 percent.
You may ask "What are the benefits of a VA Mortgage Loan?
No down payment required in most instances
Large loan amounts - Over $1 million in some areas of the country
No minimum credit scores but your credit history will be evaluated
Flexible credit and underwriting standards
No monthly mortgage insurance. VA has a one time funding fee as low as 1.25% with a 10% down payment. The one time funding fee for no down payment loans starts at 2.15%. Disabled veterans don't pay the VA Funding Fee
The VA allows sellers to pay a large portion and in some cases all the the veterans closing costs and prepaid items. In some cases the seller can also pay of the veterans current debt. This means a veteran can purchase a home with no cash required.
So, where do you go if you have questions. Visit www.DCMilitaryVALoans.com or simply give me a call.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions. Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
Is Buying A Home Really Cheaper Than Renting? The Answer Will Surprise You!
With all the problems the economy has had in the past few years, one piece of good news has surfaced for those wanting to buy a home. In 74% of of the country's 50 largest cities buying was cheaper than renting in July. This was reported by the real estate web site Trulia.
On August 16th CNNMoney posted an article online titled "Buying is cheaper than renting in most U.S. cities." The article stated that "Home prices have taken such a beating and demand for rental units has increased so much that it's now cheaper to buy a two-bedroom home than to rent one in most major U.S. cities." It went onto say "In addition to a continuing decline in home prices, rock-bottom interest rates have added a lot of weight to the buy side of the scale. The overnight average rate for a 30-year fixed was just 4.19% on Monday, according to Bankrate.com. A 15-year fixed averaged just 3.43%."
Forbes online recently had an article titled "U.S. Cities Where Buyers Do Better Than Renters." According to Forbes "The dynamics of buying vs. renting are unlikely to tip back to favor renting in any hurry. Analysts who track the real estate investment trusts (REITs) that own and operate apartment buildings have noted the overbuilding of single-family homes last decade that led to insufficient inventory of multi-family dwellings. Turnover rates for apartment REITs are at record-low levels Raymond James analyst Buck Horne said in an interview last month and that means that in many high-demand areas rents will be on the rise."
The table below summarizes the results for April 2011. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 24 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com Are you thinking about buying a home? Shouldn't you get started now?
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
So what is a IRRRL? It's the term used to refinance a VA Loan to lower the interest rate or switch from an Adjustable Rate Loan to a Fixed Rate Loan. IRRRL is short for Interest Rate Reduction Refinancing Loan.
VA does not require that an appraisal be or credit information be completed. But in today's economy with house values having dropped in many parts of the country and many people struggling the lender may require both an appraisal and credit check be completed.
The IRRRL must always be a fixed rate loan. It can be for a 30 or 15 year term. The payment on the new loan must be less than the current payment unless the loan is being refinanced from an ARM to a fixed rate or the new loan term has shorter term than the current loan.
You may choose any lender that handles VA Loans to assist you with your IRRRL. There is no requirement that you go with the lender collecting your payments or the lender that originally did your loan.
The IRRRL loan can include the existing loan balance, allowable fees and charges, up to $6,000 of energy efficiency improvements and the VA Funding Fee (May be waived in some ciricumstances.)
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
The economy has been showing signs of weakness causing the Dow Jones Industrial Average to plummet in the past few days. Part of the reason for the fall is the concern over the jobless figures which have not shown signs of getting better.
One of the effects of the downturn is stock prices has been to reduce long term interest rates. Mortgage interest rates are now dropping towards record low levels. The question is how low will they go. And will the mortgage interest rates stay low for very long? In the past year they have hit low levels only to rebound quickly.
If you are looking to buy a home it looks like we have the "perfect storm" in the real estate market with a combination of low housing prices and low interest rates. The Commerce Times published an article title "No Time Like the Present to Look Into Residential Real Estate." The article concludes "All of the above having been said, now might be a great time to purchase some residential property. If you have reasonable hope in the future, think about what you property could possibly be worth 10 or 20 years from now. In retrospect, you might have made yourself quite a deal."
If you own your home and are thinking about refinancing is this a good time? Here's what theadvertiser.com, A Gannett Company, has to say recently in an article titles "Is it a good time to refinance?" "Despite doom-and-gloom reporting, not every homeowner in the U.S. has negative equity right now. And with interest rates still hovering near record lows, those with equity are likely asking themselves whether it's a good time to refinance. Well, is it? Let's take a look:" The article concludes "So even if your equity is pretty low, there are options. The point is, with rates this low, it's a good time to sit down and discuss whether refinancing would improve your loan situation. We all know that rates are fleeting and what's here today may be gone tomorrow. Contact your local Realtor or mortgage banker for more information."
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
The wars going on in Iraq and Afghanistan have created a lot more Veterans. One of the Veterans greatest benefits is the VA Mortgage Loan. The VA Loan allows a Veteran to purchase a home with no down payment and the seller can contribute to the closing costs.
Unlike other types of loans such as Conventional and FHA the VA loan does not have private mortgage insurance or a monthly MIP fee. VA Loans do have a one time fee that in most cases can be financed into the loan known as the VA Funding Fee.
The fee varies from 0.50% to 3.30% depending on whether you are/were regular military or the reserves / national guard, the purpose of the loan, the size of the down payment or loan-to-value, and whether it's a first time or subsequent use. Despite what a lot of people have heard or think the VA Loan benefit can be used over and over again and under certain circumstances you can have two VA Loans at the same time.
Can the VA Funding Fee be waived. Yes, in certain circumstances. Reasons to waive the fee include Veterans receiving VA compensation for service-connected disabilities, Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay, and Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
The maximum VA Loan varies by location. In most areas the maximum VA Loan is $417,000 but can go as high as $1,094,625. In the Washington, DC area the maximium loan is $818,750. In the Baltimore, MD area the limit is $500,000. To see the limit in your area go to VA Loan Limits.
You can get answers to your VA Loan questions such as Interest Rate Reduction Refinances (IRRRLs), Refinancing VA Loans, Proof Of Service Requirements, Pre-Loan Questions, and Eligibility Questions by visiting DCMilitaryVALoans.com .
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
There's an old saying in real estate that it's about Location, Location, Location. This is especially true right now. While the national S&P/Case-Shiller Home Price Indices showed prices fell year-to-year in the latest survey the housing market rebounded in the Washington, DC area showing a 4% increase in the past year.
With interest rates still low but expected to rise as we move forward now is the time to buy to get the best deals and keep the mortgage payment down. Moving forward higher prices and interest rates could make it harder to qualify for a home. Analysts say home prices are at the most affordable level we've seen in a long time.
Robert Shiller, an economics professor at Yale University and co-creator of the S&P/Case-Shiller home-price index, talks about U.S. home prices, and the outlook for the housing market and the economy. To see his recent interview on Bloomberg click on the video below.
The table below summarizes the results for April 2011. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 24 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com
What do you think about the housing market in the Washington, DC area?
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
Have you made an application for a mortgage loan recently and all of a sudden your getting mail and/or phone calls about mortgage loans? You are being contacted because of something called a Trigger Lead.
What is a Trigger Lead and how did they get your private information? A Trigger Lead is generated when you apply for a mortgage loan and a credit report is requested by the company you applied with. Your name, telephone number and other information might be sold to other lenders by the credit bureau as part of a "trigger lead" program. This is where the mail and phone calls come from. The lender might call and say they are affiliated with a credit bureau or give some other red-flag reason for calling. Some unscrupulous loan officers have been known to make it sound as if they’re calling about your application in order to lure you into revealing personal information such as your social security number (which the credit bureaus can’t sell.)
Believe it or not there’s no law against the practice of credit bureaus selling your contact information to other lenders. Some even think it encourages competition.
If your like most people you don't want your personal information being sold. So what can you do?
You can opt out form Trigger Leads. Keep in mind if you are going to apply for a mortgage you'll need to opt out 5 days in advance. You can opt out on the web at www.optoutprescreen.com. There are two options on the site. One is to opt out for 5 years. This can be done completely online. The other is to opt out permanently. This is started online and requires you to complete a form and then print and mail it. You can also op out by phone. Per the web site "All Opt-Out requests must be submitted through this website or through our toll-free telephone number, 888-567-8688."
Did you find this information useful or helpful? If you did please comment below.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
One of the most common things heard from Veterans is “I don’t know what benefits I qualify for.” VA.gov can be somewhat tough to navigate and there are many websites that promote bad or inaccurate information about Veterans benefits. Small wonder that many Veterans have questions about what they’re entitled to after leaving the service.
To help answer some of the questions Veterans may have, the Federal Benefits For Veterans, Dependents and Survivors Booklet (2011 Edition) is available online in PDF format. Topics include health care benefits, education and training, home loan guarantees and burial benefits. The introduction page gives some general information and a hefty list of acronyms that you should find useful. A directory of phone numbers and websites is also helpful.
Do you have questions or need information about VA Loans? Go to DCMilitaryVALoans.com
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878 Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
Want Some Tips For Keeping In Touch With Your Clients and Prospects Easily?
I was reading a post the other day on the LinkedIn Active/Rain Group. The question was "What are your ideas on post closing follow up with buyers and sellers? How often and for how many years?"
Andy Zoda commented "I'd say forever, though I haven't always done as well with this as I'd like over the last 11 years. Email systems are what I primarily use now, though I do feel I need to add a mailing proponent to my mix." Lisa Kolb said "I stay in touch until they say otherwise.(Which has never happened). I use direct mail and email touches."
For the past few months I've been using a program called Happy Grasshopper. Unlike traditional e-newsletters, the messages sent by Happy Grasshopper are designed as conversation starters, help you build relationships and help you get referrals. You simply edit and/or approve the messages before they are sent. They are delivered from your email address and all replies go directly into your inbox.
Even if your using other contact systems I think it's worth trying out. I've incorporated with some other systems I use. To try it click on Happy Grasshopper.
This system is good for all kinds of businesses to keep you in front of your customers and prospects.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
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February 2, 2012
Downtown Disney Resort Area Hotels, Airtran Airways and Walt Disney World® want to salute our military families by giving away two trips to Walt Disney World in Orlando Florida. 
