Error in the Richmond Times Dispatch Reporting on Foreclosures.

Please click on the title to view a Richmond Times Dispatch article explaining an error in reporting foreclosures from my last posting.

Foreclosure article in the Richmond Times Dispatch

Check out the article in the Richmond Times Dispatch today titled "Housing Problem Expands in Region". You can find it online at http://www.timesdispatch.com/rtd/news/local/article/foreo4_20090103-212020/168229/. This article details the foreclosure market in the Richmond area. This is a great opportunity for buyers. The renovation loan as discussed on my posting yesterday can bring new life to these houses and provide affordable homes for buyers.

Wythe

Buy a foreclosure with a Renovation Loan

This year will bring many opportunities for buyers. Buying foreclosures, which are usually distressed properties can be a lucrative investment, but is usually limited to investors with the cash to repair the property. With the FHA 203K loans anyone can purchase a home (at a distressed price) and receive the funds to repair/renovate the house through a FHA lender that offers the 203K program. This is truly a wonderful opportunity for buyers to invest and fix up their own property.

I am dedicating myself to helping interested clients through this procedure. With my help, the buyer will be rewarded with the home of their dreams and these poor abandoned houses will have a life again. It's a win-win for the buyer and the city.

Check out the FHA Website : http://www.fhainfo.com/fha203k.htm

Call me if I can help.

Happy New Year!!!

Happy New Year! I am looking forward to an exciting 2009. I look forward to helping buyer's pick out one of the 10,000 homes that are on the market in the Richmond area. This is the best time to buy a house...there are great interest rates, grants, foreclosures and renovation loans to assist in getting a new house. This opportunity will not last forever, (hard to imagine now) so if you are in the market for a house call your realtor NOW!!

Interest Rates Drop

Mortgage Rates Take a Big Dip This Week
For the week ended Dec. 3, Freddie Mac reported the lowest interest on 30-year fixed home loans since late January.

The rate came in at an average of 5.53 percent, down from 5.97 percent the previous week and 5.96 percent a year ago; while 15-year fixed mortgages settled at 5.33 percent compared to 5.74 percent last week and 5.65 percent in the year-earlier period.

Borrowing costs for short-term loans also were lower, with one-year adjustable-rate mortgages dipping to 5.02 percent from 5.18 percent a week ago and 5.46 percent a year ago.

Five-year hybrid ARMs, meanwhile, fell to 5.77 percent from 5.86 percent last week and 5.75 percent during the same period of last year.

Source: Realty Times (12/05/08)