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…
One of the most important roles as a realtor is to set expectations for rental clients with regards to
Availability
Budget
Turn-around
Space
Some of the biggest shocks to renters include:
Having pets drastically reduces what's available. Large pets narrow the selection even further
Expecting a landlord to keep a rental vacant for over a month greatly reduces your chance of getting the unit
Short term leases (less than a year) cost a landlord substantially, both due to lost income from vacancy and the cost of restoring and finding a new renter
If you've looked at a half a dozen units and everything is way off the mark, then things are very unlikely to improve.
As a realtor it's important to convey this information. As a renter it's important that your realize that ignoring your realtor's advice will quickly land you without a realtor. No one likes to be ignored, but more importantly your realtor doesn't want to waste your time and the realtor's time chasing possibilities that will never happen.
Once you know what you need and you have a good idea of the basic features that you are looking for, it is time to turn to our website. The website is designed to give you a good idea of the cost and type of properties available in {Location_Name} and help you identify potential rental properties. This should hopefully take the frustration out of the search by enabling you to eliminate properties that do not meet your needs or budget. [Read more about rental agents.]
Nesbitt Realty never makes any money from your loan. This frees us to make the most objective recommendation possible.
FHA 203K Loan - Eligible Property
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?
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?
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?
Dillon Lee
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?
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.
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…
Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.
Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.
Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.
Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.
Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.
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…
Home buyers want energy efficiency, according to a new study released by the National Association of Home Builders titled, “What Home Buyers Really Want.” Four of the top-ranked home features involve saving energy.
For example, 94 percent of buyers surveyed say they want energy-star rated appliances. Ninety-one percent said they want the whole home to boast an energy-star rating. What’s more, 89 percent said they wanted energy-star rated windows and 88 percent desire ceiling fans, according to the survey.
Home buyers are also paying more attention to the laundry room in homes. Fifty-seven percent consider a laundry room “essential” in a home and nearly every home buyer surveyed say they want one in their home.
Organization is also big for home buyers. All ranking high on their wish-lists: A linen closet in the bathroom, space in the garage to put sports equipment and gardening tools, and a walk-in pantry in the kitchen.
Meanwhile, what do buyers show little preference for? About 43 percent say they do not want a two-story family room, and 38 percent say they don’t want a two-story entry foyer. More buyers view these open spaces as less energy efficient, so they’re no longer as highly rated.
Source: “What Do Home Buyers Really Want?” RISMedia (March 3, 2013)
6 Important Things That Most Home Buyers Regret Overlooking
It was the perfect home—until it wasn’t. Sadly a great number of buyers swoon over a home in Arlington, only to realize shortly after moving in that they overlooked something major, causing them serious buyers remorse.
Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene
If you're thinking of buying a newly-built condo or new house, you probably already know that every new development will have its own sales staff. These people are often friendly, helpful and very knowledgeable about the new development. However, these folks work to sell this property only, because the sale staff works for the builder.…
In the Commonwealth of Virginia (and in other states) the buyer must be allowed an opportunity to review the condo docs. From the time the condo docs are delivered, the buyer has 3 days to cancel the contract without cause, other than to say the condo docs contained information which caused the cancellation. The buyer doesn't have to explain why or what the problem was.
Recently a client of mine was buying a condo and when he received the documents, the condo docs said that the unit did not pass architectural review. The problem was that the client had made changes to his unit without first seeking permission of the association and then never had the changes inspected.
The change that the seller made? The seller had installed an overhead microwave and changed a cabinet without seeking any approval from the association. This was indeed a minor change. Furthermore, the seller claimed that he didn't actually make the change. It was his claim that a previous owner made that change and that the seller had NEVER read his condo docs.
My client, the buyer, was a very above-board and by-the-book type of character. It was his position that if this guy "hid this fact" who knows how much else he withheld? Even if he believed the seller's story (he did not) then it would show that this is a very inattentive owner. My client canceled the contract based on condo docs.
At another location and with another buyer and seller, the property went under contract and the seller did not deliver the condo docs, because the seller didn't have condo docs. The seller didn't have the condo docs because the seller didn't order his condo docs. The selling agent explains that the law allows for 14 days for the delivery of condo docs. I replied, "That's why you order docs when you list." Because if you allow 14 days for preparation and 2 days for delivery and then 3 days for review, then the buyer can cancel the sale 22 days after the contract is signed.
Here are the lessons for sellers:
Order you condo docs when you list your condo for sale.
Review your condo docs to make sure that your condo doesn't have any defects according to the association.
Have your agent deliver your condo docs PROMPTLY once your contract is ratified.
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…
Society of Military Engineers is located in Old Town Alexandria VA
The Society of American Military Engineers (SAME), the premier professional military engineering association in the United States, unites architecture, engineering, construction (A/E/C), facility management and environmental entities and individuals in the public and private sectors to prepare for—and overcome—natural and manmade disasters, and to improve security at home and abroad.
Headquartered in Alexandria, Va., SAME provides its more than 27,000 members extensive opportunities for training, education and professional development through a robust offering of conferences, workshops, networking events and publications. With a membership that includes recent service academy graduates and retired flag officers, project managers and corporate executives, Department of Defense civilians, private-sector experts and everyone in between, SAME is bridging the gaps between critical stakeholders to advance the field of military engineering and help secure our nation. -
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…
Nesbitt Realty is licensed in Virginia.Virginia House Bill 2313 which recently was approved by the Virginia General Assembly. Among other provisions, each designed to facilitate statewide transportation funding, the Virginia Grantor's tax charged to all Sellers of real property will increase from $1 per thousand (in the greater of the sales price or assessed value) to $3.50 per thousand. Consider this a pyrrhic victory, as the original proposal called for an increase to $5 per thousand. Unlike a number of years, this Bill will not be struck down as unconstitutional. This change will take effect July 1, 2013, and should be factored into your seller's net sheets for all transactions sent to record on or after that date.
Alexandria Residents To Benefit From Emergency Rental Assistance Program
Residents in Alexandria who are facing financial hardship due to the coronavirus crisis can benefit from the COVID-19 Emergency Rent Relief Assistance Program recently launched by the City.
Alexandria Opens Temporary Drop Off Site For Collection Of Yard Waste
Reisdents of Alexandria will now be required to drop off their yard waste at a temporary drop off site set up by the City. Due to concerns of the coronavirus the City was forced to suspend the collection of garbage as it seeks to protect employees from the risk of the virus.
Amazon Makes Donation To Alexandria And Greater Washington In Fight Against COVID-19
Amazon has provided assistance to the City of Alexandria and the Greater Washington area through a monetary donation of $1mil. The $1 million donation will aid in the emergency COVID-19 response funds which will benefit four local community foundations.
Increase in Real Estate Tax To Be Approved By Alexandria City Council
The Alexandria City Council has voted for a real estate tax rate increase to $1.155 per $100 of assessed value from the current $1.13 which would represent an increase of 2.5 cent.
Port Potomac is a great neighborhood with easy access to Quantico, Rt. 1 and the Mark Train
Renters of single-family homes are twenty-five percent more likely than apartment tenants to stay in their current homes fives years or longer, according to a new survey by Opinion Research Corporation. The finding suggests that “demand for single-family homes, the fastest growing rental category, will be more stable than multi-family demand,” according to the survey findings.
Renters also say they plan to become home owners one day, particularly among single-family tenants. Sixty percent of single-family renters and 44 percent of apartment renters say they plan to become home owners within the next five years.
“The near term interest in becoming home owners among single-family tenants reflects the new roles single-family rentals are fulfilling as a stepping stone to home ownership for first-time buyers and as a sanctuary for large numbers of families displaced by foreclosures but who plan to buy again when they can afford to do so,” according to the survey results.
The survey also found that single-family renters make more money and are twice as likely to have children as apartment renters, according to the survey. The survey found that the median income of a single-family renter is $75,000 to $100,000 compared to $50,000-$75,000 for apartment dwellers. Single-family renters also tend to be older, with the majority aged 35 to 44, compared to 14 to 34 among apartment dwellers.
Source: Opinion Research Corporation
