Real Estate near Ft Eustis

2012 (BAH) Basic Allowance for Housing Rates Will Rise in Hampton Roads, VA.

By:  Williamsburg Military Insider

2012 Basic Allowance for Housing rates will rise an average 2 percent next year, here in Hampton Roads, to include, Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.

See the rates

When rates go up, all service members in a given location get the increase. But when rates dip, the military’s “individual rate protection” policy ensures that troops already settled in a location will not see their BAH decrease for as long as they remain in that location, assuming no change in dependency status or a reduction in pay grade.

That policy assures that troops who have signed long-term leases are not penalized if housing costs in their area fall.

BAH rates remain high by historical standards. Until 2005, troops were expected to cover some of their housing costs out of their own pockets. But Congress changed the law, and now the Pentagon gives troops 100 percent of estimated housing costs for their area.

Median rental costs are only one factor in the complex formula officials use to determine BAH rates. It also includes the average utilities costs and renter’s insurance rates. The Pentagon analyzes that data annually for 365 U.S. housing markets, including Alaska and Hawaii.

The Defense Department will pay out a total of about $20 billion in BAH, a slight uptick from last year’s total of about $19 billion. More than 1 million troops receive BAH to cover housing off post or rent in privatized housing complexes on military installations.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com

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Moving to Williamsburg? It is a Buyer’s Market…A Few Tips Before You Get Started.

by: Williamsburgmilitaryinsider.com

Maybe the thought of brown boxes and overflowing moving trucks sends you into hysteria, yet the fact is it’s a buyers’ market. Whether you’re looking for your first home or looking to upsize, at your new PCS location this is the time to take advantage of declining home prices. In addition to affordable home prices, U.S. 30-year fixed-rate mortgages are near an all-time low. This combination makes it the perfect time to buy a home.

Before you load of your household goods, the kids, the dog and every little item you
ever, there are a few things you should know about buying a home.

Understand Your Credit Score

Who would have ever dreamed that three numbers could stand in the way of buying a
home? This score determines whether or not you can get a mortgage and the interest rate, which you pay monthly. Your credit score is a lot like a worn down suitcase. It’s filled with your payment and credit history that you more than likely want to forget. But there’s no hiding it, this suitcase will haunt you as long as you live. Credit scores range from 300 to 850. If you have a score below 700, you may have more trouble finding a lender.

If your credit score isn’t as squeaky clean as you would like it, there are ways to boost those numbers. An obvious way to do this is to pay your bills on time. The quicker you pay off your bills and lower the balance on credit cards can benefit your score. To track your own credit score, visit with a local lender  or go to myFICO.com to see where your credit score
stands.

Be Realistic With What You Can Afford

A qualified mortgage lender will pre-approve you for a certain amount to finance
a home, yet this does not mean go out a buy a home at this price. You may not be able to afford it. Alongside utilities, property taxes, home insurance and possible HOA fees, this price may be too high. Sit down with your family and plan out other expenses involved in owning a home, you do not want to be house poor. You want to be able to enjoy life.

Research Movement in Price

Just because the “For Sale” sign has a listing price, doesn’t mean you’re stuck at that price. Before making any type of offer, have your Realtor research the movement in price. Check out how many times the sale price has been reduced. If the price has been reduced multiple times, you have an eager seller. These sellers are more than likely to accept a lower offer and will want to sell quickly.

Is the Builder Reliable?

If you’re looking into new construction, look for a reputable company, one that has been in business for a few years and has a proven track record. If you are questioning your builder’s credibility, search their name on the BBB, Better Business Bureau, website to see past reviews and the rating on their business practices. During your sit down with your builder for preliminary plans, read everything. Have your Realtor with you to help with the questions.  Don’t be afraid to ask questions, this is your house they are building.

What’s the School District Like?

Although the number of bedrooms and bathrooms play a very important role in making a
home purchase, the school district in which this home is within is just as important. You want your kids to go to a reputable school, and this too will affect re-sale price. Do some research on these schools, kindergarten through high school, check the graduation rates and talk to people in the community. Great Schools.org is a great starting point.

Whether buying a new home is a practical decision for you, you must do your research
and think about all aspects beyond the front door. Take advantage of your realtor’s knowledge and the community. Find something that works for every member of the family and just like a book; never trust a home by its exterior.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 or e-mail me at jenniferhernandez@lizmoore.com

“Upside Down” …Swimming in your Mortgage you are not alone 1 in 4 home mortgages in Hampton Roads are in the same boat.

By: Williamsburg Military Insider

A new report recently released stated that One in four homes with a mortgage in Hampton Roads was “underwater” in the second quarter.  This means 25 percent of owners owed more on their mortgages than what their homes were worth. It’s also called negative equity or being “upside down.”

According to CoreLogic, a California-based research company hat’s up slightly from the first quarter, when 24.1 percent of homeowners with a mortgage were underwater, and up from the second quarter of 2010, when 21.1 percent of homes with a mortgage were in negative equity.

Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of the two. Nearly three-fourths of homeowners in negative equity have higher, above-market interest on their mortgages, the report said. More than 40 percent of borrowers with 125 percent or higher loan-to-value ratios have mortgages with rates at 6 percent or above, compared to 17 percent for borrowers with positive equity, the report said.  Nationally, 22.5 percent of all residential properties with a mortgage were underwater by the end of the second quarter, and another 5 percent had less than 5 percent equity.

“High negative equity is holding back refinancing and sales activity and is a major impediment to the housing market recovery,” Mark Fleming, chief economist with CoreLogic, said in a news release.

More homeowners are finding as property values continue to drop facing negative equity themselves. Nearly three-fourths of homeowners in negative equity have higher, above-market interest on their mortgages, the report said. More than 40 percent of borrowers with 125 percent or higher loan-to-value ratios have mortgages with rates at 6 percent or above, compared to 17 percent for borrowers with positive equity, the report said.

Some borrowers feel trapped; even though interest rates are low, lenders have tightened requirements, making it hard for the consumer in a negative equity situation to take advantage of low rates.  Due to this it keeps borrowers in their adjustable-rate mortgages. Eventually, interest rates will rise, causing more defaults and foreclosures.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 or e-mail me at jenniferhernandez@lizmoore.com

Affordable Housing Incentive First Time Home Buyers In James City County…Williamsburg, VA.

By: Williamsburg Military Insider

James City County’s First-Time Homebuyers Program has several
single family homes for sale in the Ironbound Square Neighborhood. The program offers qualified homebuyers grants for up to 10% of the purchase price for down
payment assistance, forgiven after 10 or 15, years available before Oct 31.  Grants for up to $7500.00 forgiven after five years, are available on a first come, first served basis until the end of the year. Eligible homebuyers must meet credit guidelines and have an
annual household income between approximately $ 38,000.00 and $81,000.00. The
homes range in size from 1,000 to 1,645 square feet, the energy-efficient homes
feature up to four bedrooms and 1 ½ to 2 ½  bathrooms are prices from
$155,000.00-$210,000.00. The office of Housing and Community Development also
offers Homebuyer Counseling and VHDA- approved First-Time Homebuyer Education
classes.  For more information you can contact Housing & Community Development at 757-259-5340 or visit www.jccEgov.com/housing

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763  or e-mail me at jenniferhernandez@lizmoore.com

$5000.00 Grants for First-Time Military Home Buyers

By: Williamsburg Military Insider

Active Duty personal, veterans, retired members of the military, and employees of the U.S. Department of Defense  and the Department of Homeland Security are eligible to apply for up to $5,000.00 in down payment and closing costs in the purchase of a first home.  The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program and says the grants can be applied to a mortgage from any financial institution. More info is at  the Pentagon foundation Website ,  Click  on the ” Dream Makers” Link.

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763  or e-mail me at jenniferhernandez@lizmoore.com

I am Active Duty Military …Why should I get a VA loan over other types?

By: Williamsburg Military Insider

Simply put, a VA Home Loan allows qualified buyers the opportunity to purchase a home with no down payment. There are also no monthly mortgage insurance premiums to pay, limitations on buyer’s closing costs, and an appraisal that informs the buyer of the property value, below are several benefits of a VA Home Loan:

  • Equal opportunity.
  • No down  payment (unless required by the lender or the purchase price is more than  the reasonable value of the property).
  • Buyer informed of reasonable value.
  • Negotiable  interest rate.
  • Ability to  finance the VA funding fee (plus reduced funding fees with a down payment  of at least 5% and exemption for veterans receiving VA compensation).
  • Closing costs  are comparable with other financing types (and may be lower).
  • No mortgage  insurance premiums.
  • An assumable mortgage.
  • Right to prepay without penalty.
  • For homes  inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance  to veteran borrowers in default due to temporary financial difficulty.

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com

Great Time to Buy A Home in Williamsburg, VA… Are You Prepared?

By: Williamsburg Military Insider

If you are planning on looking to buy a home, make sure you come prepared. Beyond getting pre-qualified and selecting a Realtor, you may want to have several resources to hand to help with your search. After helping many clients purchase homes, I have come to realize a system that really helps them in the process. First take with you, your smart phone so that you can take pictures and a notebook to catalog your search results. If your phone can’t take photos, then bring a camera with you. In your notebook, put in the measurements of the large pieces of furniture you have so that you can see if your current furniture will fit in the space. Also, note what is important to you for your new home. You want to do this ahead of time so that you have made your priorities absent of emotional attachments to a particular home. It will help you be less emotionally driven and help prevent you from making an offer on something that really does not meet your needs.

Note your priorities in your notebook by level of importance. If budget is primary, then note that on the top of the list and make sure your Realtor knows that you do not want look at homes much higher than that benchmark. This will help alleviate disappointment. If space is super important, note that too. You do not want to be looking at a three-bedroom home when you will only be able to fit in a four-bedroom.

Most have all have fun finding your new home. 

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 or e-mail me at jenniferhernandez@lizmoore.com

Jennifer’s Pick of The Week…in Williamsburg, VA

I came across a really amazing home today, as I was out showing property. I wanted to share one I just thought was perfect for a family.  Mindful of its lovely setting, the grounds are enhanced with lush landscaping. The absolutely enchanting front porch over looks a tranquil landscape. The eat-in kitchen also has space for a dining table when you need a little more space or when you want to entertain.   I invite you to preview the home on line …which is located in the highly sought after Villages of Westminster.

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com

PCS move to Ft. Eustis or Langley AFB and Questions on the VA Loan Limit and VA Jumbo Loan? What happens if my home purchase is over $417k in Williamsburg?

By: Williamsburg Military Insider

The Department of Veterans Affairs will guaranty a VA home loan for a fully eligible veteran to a maximum of 25%. So if a veteran has full eligibility at $104,250, simply multiply that by (4) and the maximum loan amount with full VA guaranty is $417,000 with $0 down payment.

The majority of counties in the United States fall under this category.  York County and James City County here in Williamsburg fall into this category. The Department of Veterans Affairs has designated what is known as 2011_county_loan_limits where the VA will guaranty the veteran up to 25% of the high cost county limit. For these high cost county loans, the Veteran’s down payment is still $0 up to the higher limit. By definition, any loan greater than $417,000 is categorized as a VA Jumbo Loan.

Calculations for Loans Limits as Set by VA

For counties where the VA maximum limit is $417,000:

  1. Borrower has no money down on the first $417,000.
  2. Borrower pays a 25% down payment only on the amount greater than $417,000.
  3. Borrower pays the funding fee in cash for loan between $417,000 and $1,000,000.
  4. On loan amounts greater than $417,000, the veteran maintains all the benefits of a VA loan.

For counties where the VA maximum limit exceeds $417,000 (known as VA Jumbo Loans):

  1. Borrower has no money down on the maximum amount for the county limit as set by the VA.
  2. Borrower pays a 25% down payment only on the amount greater than the county limit set by the VA.
  3. Borrower pays the funding fee in cash for loan between the amount greater than the county limit set by the VA and $1,000,000.
  4. On loan amounts greater than $417,000, the veteran maintains all the benefits of a VA loan.

Additional Information pertaining to VA Jumbo Loans that exceed county limits set by VA:

  1. Minimum Credit score of 640 required for loans above $650,000.
  2. Manufactured homes are not eligible for the VA Jumbo program.
  3. Funding fees cannot be financed for loans greater than $417,000. They must either be paid in cash by the Veteran or by the Seller.
  4. 2- to 4-unit purchase transactions maximums are $417,000.
  5. The VA Jumbo Program is for Fixed Rate loans only.
  6. Other terms and conditions may apply.

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com

Day 3 : Five Things You Didn’t Know That Could Get Your Home Sold In Williamsburg, VA

By: Williamsburg Military Insider

3. Your dog. The New York Times ran a piece a few months ago about sweet, well-behaved dogs (and cats!) who reportedly helped sell their owners’ Manhattan apartments. In a departure from the conventional wisdom that dogs should be removed and every trace of their presence erased from the home during showings, the article featured several buyers and brokers attesting to their belief that the presence of a particular cat or dog “help[ed] sell a property by making the place seem warmer or more appealing. Definitely consult with your Realtor before you decide to implement leaving your dog at home for showings as part of your plan. Also, would-be buyers or their agents may have allergies your pet could set off.

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 or e-mail me at jenniferhernandez@lizmoore.com