Jeff Thomas
My Posts:
Life After Bankruptcy
Fairfax, Virginia – Bankruptcy is an uncomfortable subject for a variety of reasons. I have been talking with clients since the economy and housing crisis began over two years ago about bankruptcy. But because I am in the mortgage business and filing for bankruptcy affects one’s ability to get a mortgage I get tons of calls. The most obvious is the potential havoc it can wreak on your finances.... [Read more]
Market Snap Shot for Fairfax, Virginia
Market Snap Shot for Fairfax, Virginia Mortgage Interest Rates and Local Real Estate By Sigma Research By Tuesday, March 02, 2010 Treasuries and mortgages started weaker this morning with the stock index futures pointing to a nice open in equities at 9:30. No real data this morning, the only thing on the schedule is Feb auto and truck sales that will be out this afternoon. At 9:00 the DJIA... [Read more]
Home Buyer’s Tax Credit About to End
Fairfax, Virginia You’re probably up to your neck by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you’ve already completed your taxes, paid your bill, or are awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer’s Tax Credit.Why? Because now, as you calculate your tax bill or your... [Read more]
Write-offs to Remember
Deductions in the Loan Process For Homeowners in Fairfax, Virginia Write-offs are the government’s way of rewarding taxpayers when they’ve done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget. Fairfax, Virginia homeowners need to make sure they... [Read more]
Time is Running Out for Significant Savings!
The Clock is Ticking! Time is Running Out for Significant Savings! Attention home buyers! Waiting to buy a home could cost you nearly $20,000 or more over a seven-year period if you time your purchase incorrectly. While the actual impact will vary depending on purchase price, the impact will certainly be significant because of stimulus programs scheduled to end in the coming months. Economic... [Read more]
A Box of Life for Valentine’s Day
When we think of Valentine’s Day, we usually think of flowers, a box of chocolates and a romantic dinner with the one we love. Those are very nice ways to show the special people in our lives just how much we love them. But I want to share with you a way that you can show your love, perhaps one you’ve never thought of. But before I do, let me share a couple of stories I have heard over the... [Read more]
Those Who Wait Will Pay Thousands More This Spring
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA). Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board’s... [Read more]
Market Trends
Mr. Market seems to be wanting to move down for the second leg of the correction – I’d expect markets to continue to sell off here on the indexes, and with that will go a further drop in consumer confidence which could weigh heavily on housing in the months ahead. To see the existing housing data, click on Market Trends above.
New Home Search App for the I-Phone
Take your home search mobile – for FREE! The REALTOR.com® iPhone App Instantly access over 4 million homes View listings on an interactive map Share listings via Facebook & Twitter
Homebuyer Tax Credit and IRS Form 5404
Fairfax, Virginia: The Worker, Homeownership, and Business Assistance is the larger bill that included the homebuyer tax credit additions. Taxpayers wanting to take advantage of the first time home buyer credit (up to $8,000) or the new repeat home buyer tax credit (up to $6,500) can now get the revised IRS form 5405 to submit with their 2009 tax filing from the IRS website. Existing northern Virginia... [Read more]
90-Day Seasoning Waiver Expanded
90-Day Seasoning Waiver Expanded Fairfax, Virginia: This update from FHA Virginia Loans was released on Friday January 15th, 2010, as an excerpt from the CFR (Code of Federal Regulations) without a corresponding Mortgagee Letter and contains information about FHA’s policies regarding the waiver of the 90-day seasoning required for sellers. Here are the 6 things you need to know about these changes: 1.... [Read more]
Tribute To Dr. Martin Luther King
Fairfax, Virginia From Dr. Martin Luther King Jr. In honor of Dr. Martin Luther King, I decided to dedicate this post to the incredible speech he gave on August 28, 1963. The speech gives you the opportunity to see compassion, enthusiasm, and the opportunity to inspire others into action, just as Dr. King did during his short time on earth. Here is a portion of Dr. King’s speech. “I Have a Dream”... [Read more]
The Times They Are A Changing
What’s ahead for home loans in 2010 This year could bring significant changes from 2009 for those seeking home loans. Over the last year, home prices fell to 2003 and earlier levels in many parts of the country. In addition, home loan rates declined to the lowest levels on record and this combination led to the highest home affordability levels ever recorded. Here’s a recap of what happened... [Read more]
Interest Rates-When is the best time to lock?
I always advise my clients to lock in their interest rate at the earliest opportunity. Gambling with a client’s interest rate is never advisable. In my business, I have a standardized system in place that we adhere to for all of our clientele. A mortgage loan cannot be closed without locking in a rate, and there are three main elements to take into consideration: • Interest Rate • Points •... [Read more]
Fannie Mae Unveils Underwriting Changes
Vienna, Virginia: Fannie Mae has updated its automated underwriting software recently. The changes are major and could affect how many potential home seekers actually become homeowners. Having a loan underwritten by an actual person are almost non-existent these days. Both Fannie Mae and Freddie Mac feel they are better served using their proprietary software programs. Desktop Underwriter® (DU)... [Read more]
