“Instead of finding a big ticket location, Sperity listened to my needs and found what I was looking for. I was never waiting on them for anything. They handled both parts of the transaction, which was incredible,” Doug said. “I was able to sit back and let them run with it.”
Good news for any prospective home buyers who may be worried about their credit score and applying for a home mortgage loan – the Richmond Times Dispatch recently reported that new education classes are now available through Community Housing Partners of Richmond (CHP). The cost? Completely free.
These “Real Estate 101” classes are taught by CHP Housing Counselor, Schirra Hayes, who aims to help those people who are thinking about purchasing a home and have no idea where to begin. The classes are designed to teach new prospective home buyers about the entire home-buying process – from start to finish – and how to stay on track as a responsible homeowner.
The classes are held every Tuesday and Thursday, 5:30 to 8:30 p.m, at Community Housing Partners office building, located at 100 W. Franklin Street.
According to Hayes, home buyers need to make sure their credit file is up to date and in shape, and in taking two sessions of his class, it would qualify first-time home owners for a Virginia Housing Development Authority (VHDA) mortgage application and many other programs.
“Lenders nowadays want to see a really good credit score to circumvent what happened in the mortgage crisis a few years ago,” said Hayes, with Community Housing Partners in Richmond.”
FYI, home buyers must attend both classes – Tuesday and Thursday) to receive a VHDA Home buyer Education Certification to qualify them for a home mortgage.
To learn more about the VHDA or register for a class, contact Hayes at (804) 343-7201, ext. 2035, or email him at firstname.lastname@example.org.
And, of course, if you ever have any questions about finding a home to buy, you can always call Bandazian & Holden at 804-358-5543.
There has been quite a bit of noise lately about payday lenders and their very high (some would say "predatory") interest rates. Last Tuesday, 12/5/06, House Bill 619 was defeated in the Virginia House of Delegates. The purpose of the bill was to repeal the Virginia Payday Loan Act of 2002, which had exempted these payday loans from the maximum interest rate of 36%.
Anyone with a checking account, an ID, and evidence of a job can borrow against their next paycheck, with a "payday loan". The concept is simple enough, and sounds like it does the job exactly as the payday lenders proponents say it does. They say that these loans help people in real financial distress dig themselves out of a hole.
The problem is that the interest rates and the policies are set up such that cause these individuals who borrow this way end up in a downward spiral that is very difficult to break. The opponents of payday lenders say that other options exist for individuals that need to borrow, and that the payday lenders are taking advantage of people that have no choice. Every state around Virginia, has agreed and banned payday lenders with similar legislation — Maryland, North Carolina, and West Virginia.
I am a big believer in allowing market forces to decide what is necessary and what is an unsustainable business model. BUT, there are situations where the public needs to be protected from themselves — and this might be just such a situation.
What does everyone else think about this?
Commercial lending is slowing down a bit (to normal levels), but overall the trend is still upwards. The painstakingly detailed article is on NREI Online.
Below is a reference to John B. Levy & Co., a real estate investment banking firm here based here in Richmond, VA. I like to see locally-based companies referenced in the national media, so kudos to John B. Levy!
Link: Lending is up — again.
Even if CMBS lending in 2006 fails to top 2005’s record performance, volumes remain staggeringly high, according to John B. Levy, principal of John B. Levy & Co., a real estate investment banking firm in Richmond, Va. “We’ve gotten used to such a Herculean growth spike that when it comes back down to just reasonable, it looks like a disappointment,” Levy says. “Maybe growth is leveling off, but it’s leveling off at an incredibly high number.”
We all know that interest rates are rising, between the Fed raising their rates and the overall market slowing down. Every indication is that the housing market is not busting, but it is definitely slowing down.
See below for the USA Today article from yesterday. The general concepts are certainly not news to anyone, but their comparisons to previous highs and lows are interesting.
Freddie Mac, the mortgage company, says rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.80%, from 6.74% last week.
That’s the highest they’ve been since they stood at 6.81% the week of May 24, 2002.