We felt it important to make our purchaser clients aware of three important events that will affect purchasers this spring:

1.  The Fed has announced an end to buying mortgage debt effective April 1, 2010.  By their own estimate, they expect interest rates to jump by at least 3/4 % immediately upon cessation of the debt purchases. This has the obvious impact of increasing monthly payments and making qualifications more challenging.  I suspect that loan applicants will be able to buy the rate down with a discount point, but that of course will increase the cash required at closing.  While we can't be sure, this could signal the beginning of the upward trend everyone has been predicting for some time. 

2.  The home buyer tax credit ($8000 for first time, $6500 for repeat buyers) was extended into the spring.  To qualify for the credit, you must have a ratified contract no later than April 30th, 2010, and be settled no later than June 30th, 2010.   Of course there are other qualification restrictions as well, but we wanted to get those dates out to you. 

3.  The new Housing and Urban Development rules went into effect on Jan 1, 2010.  Without going into too much detail, the intent is to give loan applicants more transparency and clarity in their loan product and process.  It appears to be a good thing.  However, there are some quirks in the system that could cause delays in settlement.  Here's the take away.   Your choice of lenders is always critical, but even more so during this transition.  You should only consider someone who has a hands on, service oriented approach to their practice.   Furthermore, VR SAM is recommending to all purchasers to plan their move in several days after their scheduled settlement until this system has the kinks worked out. 

Numbers 1 and 2 above are a clear signal that the government wants to get out of the business of artificially propping up the housing market and let it stand on it's own. 

Obviously many folks will accelerate their purchases to take advantage of the low interest rates and tax credits and that is  likely to create a backlog with both lenders and settlement companies.  We recommend you plan to settle no earlier than 30 days after your contract is ratified.

OK, the intent is not to discourage nor to urge you to move any faster on a purchase than makes sense.  A purchase decision is simply too big to rush.  However, we felt these data points were extremely important and wanted to make sure you had as much knowledge as possible moving ahead. 

Of course, we always enjoy hearing from our clients and your calls and emails are always welcome. 

Joe, Deb, Jim and Laura

What Makes VR SAM® Different?

“VR SAM® has been there” and experienced more Military moves than we care to remember.  But we do “remember” the “Good and Not so Good “ Realtor experiences and we believe our Military Family clients deserve the Very Best!

We believe in the mission our Military Families support and are grateful for the opportunity to do our part with top quality relocation Realtor services.

VR SAM® offers our purchaser clients an industry leading credit from our commission at settlement. 

VR SAM® offers our seller clients extremely competitive listing rates, and listing options to save them even more money.

Contact VR SAM® today and experience the difference!    homesformilitary@vrsam.com   877 878-7726  

Veteran Realty Serving America’s Military, Inc., VR SAM®,  is a partnership of retired Military Officers and Spouses, all Military Realtors, serving Military Families purchasing or selling homes in the Northern Virginia region including Fairfax County, Prince William County, Loudoun County, Fauquier County, Stafford County, Arlington, and Alexandria,  Many of our purchaser clients are PCSing to the Pentagon, NRO, Fort Belvoir, Fort Meyer, Anacostia, Bolling AFB, Andrews AFB, Navy Yard, Quantico, Coast Guard Headquarters, and other NOVA military installations.   VR SAM also serves a large number of defense contractor employees and Federal Employees from the FBI, NCIS, CIA and other agencies.  Call VR SAM today to learn about our industry leading purchaser client credit and competitive listing programs and rates. 

VR SAM is affiliated with Jobin Realty Manassas, 9327 Main Street, Manassas, VA 20110.   703 365-9090