South Roanoke, VA Real Estate News

By Damon Gettier, Broker/Owner ABRM, GRI, CDPE
(Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert)
The 1st Time Home Buyer Tax Credit has been extended!  Great News for Roanoke Virginia Home Buyers.  The first time Home Buyer Tax Credit has not only been extended but it has been expanded.  The old tax credit only applied to first time home buyers.  The definition of first time home buyer was defined as someone who had not owned a home in the past three years. There were income limits that did not affect most of the first time home buyers in the Roanoke Virginia area but those income limits have been raised with this new extension. The new tax credit has been extended till April 30, 2009.  This extension is somewhat different than the current tax credit in that you must have a ratified contract by April 30, 2010 and you must close that loan by June 30, 2010. The expansion of the tax c...
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By JASON BIALEK, VP of Mortgage Lending NMLS#210454
(Guaranteed Rate NMLS#2611)
Prequalification is the first step in obtaining mortgage financing. A potential borrower answers a few questions to provide the mortgage officer with a quick snapshot of the borrower's income, existing debt, accumulated savings.  The potential borrower then gives permission to the loan officer to run a credit report and begin to determine what loans a good fit for the client. However, there are literally thousands of loan programs available. It is important for the loan professional to know the long-term financial objectives of the prospective homeowner.  Preapproval is a written documentation that proves the borrower has full support of the lender. It means the form 1003 Uniform Residential Loan Application has been completed and reviewed by an underwriter. Based on the borrower's inco...
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