Interest Rates on Long-Term Mortgages Near Record Low during 2009

Thirty-year, fixed-rate mortgages moved closer to the all-time low of 4.82 percent reached in May 2009, falling to 4.87 percent the last week of September 2009, according to Freddie Mac.
Home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $200,000 by nearly $134 a month from a year ago, [...]

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VHDA’s Homebuyer Tax Credit Plus Loan Creates Opportunity for First-time Buyers to Enter the Market

 
The numbers do not lie. In fewer than four months, more than 250 borrowers have applied for VHDA’s new Homebuyer Tax Credit Plus mortgage loan. The loan is definitely sparking the interest of potential first-time homebuyers who thought they’d be left out of the current affordable market due to lack of funds for down payment and [...]

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Virginia Real Estate Agents Must Call Miss Utility Prior to Installing a For Sale Sign or Pay $2,500 Fine

REALTORS love their job – there is never a dull moment and there is not much room for ignorance.
The law called Underground Utility Damage Prevention Act requires that Realtors® (and others) must call the Virginia Utility Protection Service — aka Miss Utility — before putting up any sign that involves sticking something in the dirt, other than [...]

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Real Estate Tax Assessments and Current Market Value – Arlington County, Fairfax County, Fauquier County, Loudoun County, Prince William County

Real property tax assessments and current market values are NOT the same thing.
There is a tendency for some home sellers to assume that their home is worth what the tax assessment indicates, which can be a problem in a declining market.
Likewise, home buyers often are erroneously suspicious when the property has a higher listing price than tax [...]

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Volunteer Sign Collection Program in Loudoun County – Public Hearing July 20, 2009

The Loudoun County Board of Supervisors has called for a public input session on the extension of volunteer sign collection program on Monday, July 20th, 2009 at 6:30 p.m. at the Loudoun County Government Center, 1 Harrison Street, SE, first floor, Leesburg, VA.
All potential Home Sellers and Home Buyers are encouraged to attend and voice your [...]

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The Virginia Housing Development Authority, VHDA, Homebuyer Tax Credit Plus – Program Can be Used for Closing Costs, Points, (and Downpayment) on Loans Closed by December 1, 2009

The Virginia Housing Development Authority (VHDA) is launching a new program to allow first time homebuyers to use the Federal First Time Homebuyer $8,000 Tax Credit to finance closing costs, points to lower their interest rate, and downpayment on a VHDA mortgage.  Borrowers can use the Tax Credit for downpayment only if they satissfied the 3.5% FHA [...]

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Title to Real Property in Virginia – Protecting Ownership Rights

The method a purchaser takes the Title to the real estate holdings is of a paramount importance, can have great ramifications in the future, and possibly work against the owner if a wrong title was chosen.
My experience as a REALTOR tells me that TITLE  issues are often under-explained and overlooked. Occasionally homebuyers learn about the possible options [...]

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Alternative Septic Systems Legal in Virginia – Ban Nullified in Loudoun County Unless Expressly Authorized by the General Assembly

 Dulles Area Association of REALTORS (DAAR) of Leesburg helped to raise public awareness to oppose the ban on alternative septic systems imposed by the Loudoun County Board of Supervisors.
 
See my blog, November 2008: Loudoun approved ban on new non-conventional septic systems for five years.
 
In 2008, DAAR worked to reverse the ban by helping to move forward [...]

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Fairfax Public Schools Insist on Drug Free Environment – Birth Control Pills Land 2-Week Suspension

A Fairfax student was suspended for two weeks from school for taking her birth control pills at lunch time. The pills were prescribed by the teen’s doctor and approved by her mother. According to school policies, the student’s pills should have been kept in the school clinic with the nurse.
Fairfax County Schools’ safe and drug-free youth [...]

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Leesburg Town Council Voted to Appeal Water Rate Ruling for the Out-of-Town Users – Circuit Court Judge Thomas D. Horne found the Rates to be “ Unfair, Unreasonable, and Inequitable” on March 6, 2009

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Leesburg Town Council voted unanimously to appeal a March 6, 2009 decision by Circuit Court Judge Thomas D. Horne that found the utility rates for Leesburg’s out-of-towners to be “unfair, unreasonable, and inequitable.”
The Court gave the town 90 days to lower the water surcharge for out-of-town residents by 45.51% and the sewer surcharge by 36.53% [...]

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Don’t Text and Drive in Virginia – Law Effective July 1, 2009

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Effective July 1, 2009, a new law in Virginia prohibits the use of handheld personal communications devices while operating a moving motor vehicle, with a few exceptions. 
 
The law states that it is unlawful for any person to operate a moving motor vehicle on the highways in the Commonwealth of Virginia while using any handheld [...]

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Changes to FHA appraiser eligibility – another built-in layer of protection for home buyers who are using FHA financing

Effective October 1, 2008, FHA will accept new applications only from state-certified appraisers.
No new applications will be accepted from state-licensed appraisers as a result of the Housing and Economic Recovery Act of 2008, signed July 30, 2008. FHA is only accepting applications from state-certified appraisers.
Effective October 1, 2008, licensed appraisers who were approved for [...]

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Effective July 1, 2008, Vested Rights Reform in Virginia

This Act protects property owners from localities that seek to alter past zoning decisions by enacting new zoning ordinances.
For example, if a structure was constructed in accordance with a local government building permit, and the locality issued a certificate of occupancy or use permit, a later zoning ordinance may not remove it for nonconformity with [...]

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New Law as of July 1, 2008 in Virginia, Property Owners’ Association (POA) and Condominium Act

Effective July 1, 2008 there is a new law in Virginia,  Property Owners’ Association (POA) Act and Condominium Act.
This is a long overdue law.  Until now the HOA documents were an important part of the contract – so important that HOA documents alone could make or break the real estate deal.  Sellers, by law, are [...]

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Virginia Property Owners’ Association Act is the LAW in the state of Virginia

The most fundamental right of every Home Buyer is the right to purchase a home that is best suited to their needs and lifestyle, and where they know their Family will be happy.  After all, they are purchasing NOT just a house, they are purchasing a HOME.  This is the minimum of protection that should be [...]

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Short Sale Sellers in Virginia have a legal right to protect their financial information

With the increase in Short Sales beginning in 2007, there was a growing pressure on the listing agents to disclose in the Multiple Listing Service that the Buyer’s offer is contingent on “third party approval” or “lender approval required.”  The short sales often take 30-90 days to close, and the idea behind the “third party approval” disclosure [...]

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Short sale and Foreclosure prevention seminars in Northern Virginia, June 21, 2008

Governors’ Mortgage Clinic Planned In Northern Virginia Next Month
Governor Timothy M. Kaine announced the schedule for a series of free regional mortgage clinics to help Virginians avoid home foreclosure. The clinics will include general foreclosure prevention information, as well as individual foreclosure counseling sessions with certified housing counselors trained in loss mitigation and foreclosure prevention. [...]

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