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Denny Phipps, Realtor


  "Success is measured in service to others."
BUYERS: This is NOT the right time for everyone to buy a home. So, for whom is it right?
*- First time home buyers. Although prices are recovering some value that was previously lost, homes are affordable for a much larger segment of the marketplace as compared to 2004 or 2005. Interest rates remain extremely attractive. Loans guaranteed by the Federal Housing Administration (FHA) and the Veterans Administration (VA) offer low downpayment programs for qualified borrowers.
*- Moving up. AND you want to use your current home as a rental property. For the best terms you will want to offer a 20% down payment but lenders still have some flexibility for buyers who are otherwise qualified. FHA loans only require a 3.5% downpayment on loans up to $729,750. New home builders are offering very attractive incentives.
*- Relocating to the area. If you're moving here to take a new job, choose an area near your employer, within your financial capacity and be resolute. Inventory is diminishing, prices and mortgage interest rates are low, and your relocation package probably has time constraints. Hello!
*- Investors with the capacity to invest 20% down payment. With that size down payment your monthly cash flow will probably cover your expenses while renting. These are broad guidelines; each situation must be analyzed to determine value.
SELLERS: This is NOT the right time for everyone to sell a home. So, for whom is it right?
*- Short sellers. Your adjustable rate mortgage (A.R.M.) has adjusted upward and is beyond your budget. Selling for less than is owed is better than letting the home go to foreclosure. Why? Credit scores are impacted more severely by a foreclosure. Those who sell short can qualify for another mortgage much sooner than those who experience a foreclosure. If this is your situation, let Denny tell you more about how the process works. He has taught other agents how to manage short sales. He will manage yours

(703) 585-8984 Cell
(703) 955-4861 Office
(703) 738-7332 Fax
denny@firstvahomes.com


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