Jeff Thomas
My Posts:
713 S. Lee Street Listing
Click here to learn more about this property: 713 S Lee Street Old - Town Alexandria Kristie Zimmerman
What’s Labor Got to Do with It?
The Impact of the Job Market on the Housing Market Being unemployed, under-employed, or afraid of losing a job is never easy. One of the first things many people do in these situations is batten down the hatches and minimize their spending. Certainly, the last thing on their minds is making a major purchase like a house. It’s just not a commitment that most people are willing to make when they... [Read more]
2012 Is Here
Forecasting What May Be Ahead for Home Loan Rates Fairfax, VA – The good news–despite what the Mayan calendar may say–is that the world probably won’t be coming to an end in 2012. But like 2011, this coming year may bring some significant challenges here in the US and around the world. Read on to learn more about what could be ahead for home loan rates. First, let’s take a minute... [Read more]
New FHA Flipping Regulations
Fairfax, VA – FHA lenders had reason for cheer and mirth at the end of last week. “In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting FHA Commissioner Carol Galante will extend FHA’s temporary waiver of the anti-flipping regulations.” With certain exceptions, FHA regulations prohibit insuring... [Read more]
FHA Loan Limits
Effective Friday, November 18, FHA has raised loan limits to $729,750. Fairfax, VA – You can check individual counties for limits using this link: FHA Loan Limits Fannie & Freddie’s loan limits remain at $625,500! FHA requires 3.5% down with a higher loan limit. Conventional loans, 5% down with a lower loan limit. Does this make sense to you? I guess nothing makes sense these days... [Read more]
The Scoop on Inflation And Its Impact on Home Loan Rates
Fairfax, VA CPI, PPI, PCE…sounds like a nice bowl of alphabet soup. But did you know that what lies behind these letters impacts not only YOU every single day…it also bears a very heavy influence on the direction of home loan rates? So pull up a chair, grab a spoon, and let’s dig in to learn more. First, let’s break down what these letters mean. CPI stands for the “Consumer... [Read more]
Preparing to Buy Again after BK, Short Sale or Foreclosure
Fairfax, VA – You will most likely need to wait. Unless you can find a local program that allows a BK, small bank, or credit union that will hold the mortgage on their books.The BK guidelines have become more strict over the past couple of years since the losses started to mount for FHA, VA and Fannie/Freddie. I have posted the guidelines Government programs first followed by the conventional... [Read more]
What happens to my loan if the government shuts down?
Fairfax, VA – When was the last government shutdown? 1995 was the year. What happened? It was very painful to get through, but no one panicked. And we shouldn’t panic this time. I can assure you 1st Commonwealth Bank of Virginia has prepared all of the loans in our pipeline and we preparing for a worst case scenario, so the disruption will be minimal. If a shutdown would occur, these would... [Read more]
When the property is an FHA “flip”
Fairfax, VA – When the property in question is an FHA flip. Seller has been on title for less than 90 days. If the sales price is 20% or more above seller’s acquisition cost and the increase in value is due to improvements/renovation to the property: 1. The appraiser is required to verify the repairs or work to the property in order to substantiate the increase in value. 2. The seller... [Read more]
I’ve Got 4 Key Questions about Your Home Loan Situation
Fairfax, VA – The start of summer is nearly here, which means things like baseball, hotdogs, and apple pie are on our minds. But that’s not all the arrival of summer means: 2011 is almost halfway over. That makes now the perfect time of year to make sure your home loan is working for you. Here are four questions you should ask yourself about your mortgage…before the temperatures... [Read more]
Property Devastation – Don’t Let It Mean Financial Devastation
Fairfax, Virginia: Last month, the world watched in horror as another tsunami brought immense devastation, this time to Japan. In light of the tragic earthquake and subsequent tsunami, I wanted to discuss a topic that’s important to all homeowners: homeowners insurance. Let’s start with some important questions: Do you know what a typical homeowner’s insurance policy covers? If... [Read more]
It’s a Small World After All
Globalization’s Impact on Home Loan Rates Fairfax, VA – Today we live in a global economy, an interconnected world where goods and capital move freely at lightning speed across countries. The widely accepted view is that globalization not only benefits all countries across the world but lends itself towards the betterment of the economy as a whole. As we have seen, globalization can also... [Read more]
More FHA Changes Are On The Way!
FHA Refinance Changes Fairfax, Virginia: With Mortgagee Letter 11-11, FHA announces changes to refinance transactions. This ML provides guidance on the changes as well as clarification on existing refinance guides and it will be worthwhile to read this ML in its entirety as a refresher. Here are the 8 things you need to know about these clarifications and changes: 1. Borrower must be current on their... [Read more]
More FHA Changes Coming Soon!
Annual MIP Increases February 15, 2011Fairfax, Virginia: With Mortgagee Letter 11-10, FHA announces an increase to the Annual Mortgage Insurance Premium on standard FHA loan programs and a change that affects case numbers.Here are the 7 things you need to know about these changes: 1. These changes are effective April 18th, 2011. 2. The Annual Insurance Premium will increase .25% for standard... [Read more]
What’s Happening With Rates?
Fairfax, Virginia: Mortgage Rates Return To April 2010 Levels Mortgage rates are surging. Over the last week or two, interest rates on 30-year fixed mortgages have increased roughly a .25 percent. This is according to Freddie Mac’s weekly Primary Mortgage Market Survey. It is the largest one week jump in recent history. The national rate for a 30-year fixed rate mortgage now averages 5.05%. ... [Read more]
