Julie Nesbitt is an ABR who has served buyers in some of Alexandria’s most exclusive neighborhoods. She is a top producing agent who has listed and sold property in Northern Virginia. In addition to helping folks buy, sell and rent property in Northern Virginia, Julie is the primary administrator of the property management services performed by Nesbitt Realty and Condo Alexandria. Call Julie at (703)765-0300.
Nesbitt Realty never makes any money from your loan. This frees us to make the most objective recommendation possible.
To be eligible for the FHA 203k mortgage loan, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.
Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place.
In addition to typical home improvement loan projects, the FHA 203-k mortgage loan program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.
An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation.
health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.
What is the minimum amount of repairs required on a FHA 203k home improvement loan?
Huntington is in Alexandria 22303
There is a minimum $5,000 requirement of eligible home improvement loan projects on the existing structure of the property. Minor or cosmetic repairs may be included after meeting the first $5,000 worth of repairs.
What are some of the repairs that qualify for the first $5,000?
Structural alterations and reconstruction: (Repair or replacement of structural damage, chimney repair, additions to the structure, installation of additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites);
Elimination of health and safety hazards;
Changes for aesthetic appeal:
(New siding, adding a dormer, covered porch, attached garage);
Air Conditioning or replacement:
(plumbing, heating, air conditioning and electrical systems);
Installation of well, septic system or connection to public utilities;
Roofing, Gutter Downspouts, Flooring, Tiling and carpeting;
Major landscape and site improvement;
Improvements to improve accessibility and functions for the disabled.
What are the qualifications to be able to obtain a FHA 203-k loan?
Columbia Terr is in Arlington 22204
The qualifications requirements are the same as a typical FHA mortgage loan. The only additional item that the borrower needs is either enough cash reserved to pay for materials and labor until they are reimbursed through a draw, or a credit card with an adequate available balance. If there is to be a contractor involved, the contractor may choose to cover these costs.
The interest rate on a typical FHA 203k mortgage loan is a little higher than a standard FHA or conventional 30/15-year fixed-rate loan. The cash requirements are the same as an FHA loan, 3 percent to 5 percent, which is less than a typical conventional loan. There are a couple of additional fees which pertain to the construction aspects of the FHA 203k loan.
Can I pick my own contractor to do the work?
Amin & Will in Lowes
You may decide on your own contractor, and they should be brought into the process in the beginning stage of the loan process. Check out the credentials of the contractor thoroughly, making sure he is knowledgeable in all aspects of rehabilitation work.
The home improvements or repairs need not be made before moving into the property, depending on how extensive the repairs are and whether the house is habitable while the repairs are being made. The home improvement loan provides the ability to include up to 6 months of mortgage payments in the improvement escrow, should you not be able to occupy the property and have to pay rent during rehabilitation.
Can the FHA 203k loan be used to improve a condominium unit?
Templeton Of Alexandria is in Alexandria 22304
Yes, however, condominium rehabilitation is subject to the following conditions:
Owner/occupant and qualified non-profit borrowers only;
Rehabilitation is limited only to the interior of the unit. Mortgage proceeds are not to be used for the rehabilitation of exteriors or other areas which are the responsibility of the condominium association, except for the installation of firewalls in the attic for the unit;
Only the lesser of five units per condominium association, or 25 percent of the total number of units, can be undergoing rehabilitation at any one time;
The maximum mortgage amount cannot exceed 100 percent of after-improved value. After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units.
By law, FHA 203k loans can only be used to rehabilitate units in one-to-four unit structures. However, this does not mean that the condominium project, as a whole, can only have four units or that all individual structures must be detached. Example: A project might consist of six buildings each containing four units, for a total of 24 units in the project and, thus, be eligible for an FHA 203k loan. Likewise, a project could contain a row of more than four attached townhouses and be eligible for a FHA 203k loan because HUD considers each townhouse as one structure, provided each unit is separated by a 1 1/2 hour firewall (from foundation up to the roof). Similar to a project with a condominium unit with a mortgage insured under Section 234(c) of the National Housing Act, the condominium project must be approved by HUD prior to the closing of any individual mortgages on the condominium units.
For more information or to set up an appointment call Julie at (703)765-0300.
Nesbitt Realty can help you buy and sell real estate in Potomac River.
From homes along the Potomac, to homes around Lake Fairfax, there are many homes in Northern Virginia with pleasant and in some cases spectacular views of the water. Below is a list of some of the finest of these homes.
There are many types of condominiums. Some condos look like houses or townhouses; most look like high-rises or garden-style apartments. Even though a condo can look look like a townhouse or house, owning a condo differs from owing a fee simple property in many ways. There are aspects of condo living that some may view as advantages or disadvantages, and you should be aware of these before you buy.
Nothern Virginia Condo Experts
Here are a few basic benefits and considerations of condo living to help you make your decision.
The City
Busy folk who love being close to the action often choose a condominium because condo developments most often occur in the city. In the Carlyle District, in Arlington and places like Skyline Square, land is at a premium. But in all these examples, your condo is well served by public transportation. These condos are also close to the culture and opportunities of the city.
Of course the downside to being in town is that you're in the city---that means traffic, hustle and bustle and other disadvantages of living downtown. For example, the USPTO is crawling with people during rush hour. Crystal City
is a pass-thru for many many commuters. Most homes and townhomes have a lawn or yard of some kind, but few condo owners have a yard or personal green space.
Community Living
A condominium owner is part of a community. The community lifestyle has many advantages. For example, the owner of a condo can leave things on a whim. There is no yard to worry about, and the building is secure. Neighbors and condo staff will watch the property while you're on travel or vacation. Most condos in Alexandria, Arlington, Crystal City and Falls Church have security features such as buzzers, a concierge or a guard service. If you travel often for business or pleasure (or if this is a second home), there are no worries while you're out of pocket. Many condos have clubs, activities and the opportunity to socialize with neighbors.
But, shared walls and common areas mean that you are more likely to hear your neighbors. If you need your home to be a hideaway where you can escape from people, you have to deal with the fact that you might encounter neighbors in the hallway. Nosy neighbors are found everywhere, but it's a lot easier for them to keep tabs on you as you come and go in a condo. The community will set standards and make decisions about common areas. For example, many condo association have rules about pets so that the common areas are not over-run with pets and pet debris.
The Association
You can take part in the decision making (by voting or by being a board member), but you must abide by the rules of the community. As you may know, condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows.
Every unit owner is a member of the condo association, which also has an elected board. The association serves to enforce bylaws, handles maintenance and repair issues, etc.Because the condo association is made up of homeowners rather than property-management professionals, the association may be weak and inefficient. Most associations oversee a paid management firm.
Also, if you want to make renovations to your unit or rent your unit out, you may have to get approval from the condo association.This purpose of this oversight is most usually designed to make sure that you don't remove any load bearing walls or short circuit community electricity.
Maintenance
Homeowners have a lot to worry about, but condo owners on the other hand ...
Think of Nesbitt Realty for condos and condominiums in Northern VA
Condo owners generally don't mow lawns. They don't clean gutters. They don't even have to hire or pay landscapers. In a condominium someone else takes care of the exterior, the common areas, the snow removal and more. For example, someone else makes sure there's money enough to pay for the new roof.
Of course, that service comes at a price: the monthly condo fees. The association collects these fees to pay for maintenance and repair of the common areas. All homeowners pay for maintenance, but the owner of a single family residence can save money by mowing his own lawn. The owner of a single family home can defer payment a little longer if money is tight. Of course, by aggregating the fees of maintenance, condominium owners often have enough money to pay for amenities that are not common in a single family residence. For example, a swimming pool is pretty standard in a condo.
Affordability
Some condos in Northern Virginia list are every bit as expensive as single family houses elsewhere. Condos in Crystal City, condos in Arlington and condos in Alexandria (especially in the Carlyle District) can be quite pricey. But some condos are surprisingly affordable. This makes a great option for first-time buyers and singles who may find single-family houses unaffordable. Condominiums are more sensitive to trends in the real estate market than single-family homes. Now that the prices have dropped there are some tremendous bargains for shoppers.
Amenities.
Most condominium developments offer a range of amenities in the common areas. It's pretty standard in Northern Virginia to have access to a swimming pool, gym or tennis courts in most condo complexes.
Condominiums are found in all shapes, sizes, prices and types. Are you looking for a high-rise condo, a mid-rise or a garden-style condo? Maybe you'd prefer a townhouse?
The term "garden-style" condo usually refers to a condominium residence in a building that has less than three stories. Most garden-style condos have balconies or patios for each residence. Many garden-style condos have a main entrance that opens to a common-area hallway. Additional common areas include the green space and "gardens" surrounding the structures. If you're interested in garden-style condos you'll have a lot of options in Northern Virginia.
From the suburban feel of Kingstowne to the central location of Bolling Brook from the vintage charm of Belle View to the chic feel of Carlyle Square, are just some of the many Northern Virginia condominium communities we feature.
Mid-rise condos are taller than garden-style condos, but smaller than high-rise condos. Mid-rise condos in Northern Virginia are 5 to 8 stories tall and are generally found close to or inside the Beltway.
High-rise condos have more than 9 floors. They are generally found inside the Beltway and are often located near Metro stations, public transportation, or major commuter traffic arteries like I-395.
Moving to a condo has different risks from moving into a single family home. Movers working in common areas need liability and workman's compensation insurance. Often, casual labor type movers do not have insurance--exposing the association to nearly unlimited risk from personal injury claims either from owners, tenants or the movers!
The only way to protect the condo association is to make sure each and every mover provides a Certificate of Insurance. Licensed legitimate moving companies provide these document frequently--they are provided by their insurance carrier free of charge. Associations, LLC's, Corporations and REIT's can be named as additional insured on the Certificate. It should take no more than a few hours for a professional moving company to provide this document.
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Julie Nesbitt
Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
While condition of the unit is critical, a common mistake is to confuse the age of the building with the current state. There can be no substitute for an on-site examination.
Condominiums are found in all shapes, sizes, prices and types. Are you looking for a high-rise condo, a mid-rise or a garden-style condo? Maybe you'd prefer a townhouse?
The term "garden-style" condo usually refers to a condominium residence in a building that has less than three stories. Most garden-style condos have balconies or patios for each residence. Many garden-style condos have a main entrance that opens to a common-area hallway. Additional common areas include the green space and "gardens" surrounding the structures. If you're interested in garden-style condos you'll have a lot of options in Northern Virginia.
From the suburban feel of Kingstowne to the central location of Bolling Brook from the vintage charm of Belle View to the chic feel of Carlyle Square, are just some of the many Northern Virginia condominium communities we feature.
Mid-rise condos are taller than garden-style condos, but smaller than high-rise condos. Mid-rise condos in Northern Virginia are 5 to 8 stories tall and are generally found close to or inside the Beltway.
High-rise condos have more than 9 floors. They are generally found inside the Beltway and are often located near Metro stations, public transportation, or major commuter traffic arteries like I-395.
Contact a Realtor to write your contract.
When you've finally picked out the condo, house or townhouse that interests you, it's time to write the offer. Together with proof of Earnest Money, and lender approval, I'll present the offer to the selling agent.
Presenting an offer is a little bit more involved than simply faxing paperwork to the listing agent and then waiting for a response. It is important to get the offer over as quickly as possible. Bargains (in any market) don't last long. Then I call the listing agent to let them know the offer has been sent.
When appropriate, I follow up in the conversation by sharing appropriate details with the listing agent. For example:
I can give the selling agent some personal background about my clients and what they are looking for. I can explain why they are qualified to buy or how many homes my client has looked at. In some cases, it's appropriate to tell seller what the buyers appreciate about the home.
I sometimes provide the sellers with a comparative market analysis to show the sellers the rationale behind the offer we are making.
Of course, it's my job to explain and review all of the major details of the offer;
Wooster Mercer Lofts
contingent or non-contingent,
inspections,
date of closing,etc.
and of course, price.
When necessary I discuss a brief timeline outlining the expected milestones between the offer and settlement.
Would you like to have roommates? Do you have a wife and plan to start a family? These are questions to consider before taking the step towards home ownership. Depending on your circumstances you might prefer a 2 bedroom condo in Courthouse, instead of a 1,000,000 home in Mount Vernon.
Location and Atmosphere
Northern Virginia has a vast array of neighborhoods. For example, Arlington has a bustling metropolitan scene that is just a few metro stops away from DC. On the opposite end of the spectrum, there is Woodbridge, which is a quieter small town type of area, which attracts commuters. Alexandria is a nice middle ground in between the two aforementioned neighborhoods. Alexandria has plenty of nightlife, restaurants, and shopping in a variety of neighborhoods like Old Town, West End, and Fairfax County.
Type
Condo? Townhome? Single family home? Each of these homes has their own advantages and disadvantages. Condos are nice because some include amenities, like a pool, fitness center, or dry cleaner, all conveniently located in the condo community. Some may prefer a home, because there aren’t any condominium fees.
Commitment
A mortgage is a long term commitment. It is important to factor in job security when preparing to purchase a home. For those who end up having to leave the area, whether it is temporary or permanent, there is the option of hiring a property manager so that you can rent out your home and collect rent on it while you’re gone.
Credit Score
To be considered a serious buyer, the first step to buying a home is to get pre approved. Getting pre approved can speed up the home buying process. One way to improve your credit score is to always pay your bills on time. Another way to build your credit is to open a credit card and use it monthly and pay it on time.
For more information or to set up an appointment call Julie at (703)765-0300.
This is a bit tongue in cheek, but there is some wisdom in this little video.
For more information or to set up an appointment call Julie at (703)765-0300.
If you want to live in close proximity to the Potomac River and the George Washington Parkway, it's tough to beat Villamay. Homes here are larger, mostly brick and they are sited on lots that are generally in excess of 15,000 sqft. Many of these homes, particularly those on Park Terrace have excellent views of the Potomac, overlooking the Parkway and beyond to Maryland.
When you are looking to buy or rent a home, a licensed real estate agent provides a variety of unique skills and connections to ensure you get a much better home.
First and foremost a Realtor brings security. People know what they want in a home, but very few people realize the litany of potential pitfalls that can ruin your new nest.
Second, a Realtor brings diversity. Unless you're going to limit your selection to public listings, and kiss good-bye some of the best homes in the market, then you need a Realtor to grant you access.
Third, a Realtor brings you economy. Whether buying or selling, no-one has access to market information to the degree a Realtor does. This ensures that you're not overspending on your new home, or underselling your old one.
Finally, a Realtor brings you peace of mind. The process of finding a new home, or someone to buy or rent your existing home can be daunting. Challenges from financing, to proper title transfer, to negotiating your price require attention to detail, and can be very stressful, and time consuming if not handled properly.
To learn more about how a licensed real estate agent can assist you contact us.
How much you can 
