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Serving The Williamsburg Community: Hospice House and Bacon Street
As real estate agents, our relationship with our city and its surrounding communities is not just professional. In-depth market knowledge and local expertise is necessary in our line of work, and this requires us to know not just home appreciation rates and property sales, but also the events and programs happening in our municipal governments, neighborhoods, schools, and businesses.
But it’s not just about being able to sell luxury homes in Williamsburg, VA. Because of our line of work, real estate professionals are in a great position to serve the community and improve the quality of life for everyone living in the area.
At Coldwell Banker Traditions, this responsibility is doubly felt. We have been providing real estate services in Williamsburg since 1885, and our company identity has always been tied to serving the Williamsburg community.
Earlier this year, we gave financial support to two local organizations whose advocacies we believed in, and whose services and programs helped many members of the community:
Hospice House & Support Care of Williamsburg
Who are they?
The Hospice House of Williamsburg (https://williamsburghospice.org/) was first established as a nonprofit charitable organization in 1982. Primarily run by volunteers, in cooperation with local healthcare providers, the Hospice House provides short-term, high-quality residential care for individuals in the last phases of their lives. They also offer support for patients’ family and friends.
Because of community-wide support and donations, the Hospice House was able to serve over 5,000 individuals in the Historic Triangle and the tidewater area, free of charge. Everyone of all backgrounds has access to their palliative care services, regardless of race, ethnicity, gender and sexual orientation, religion, or income.
What do they do?
The Hospice House focuses on providing comfort and relief for people with life-limiting illnesses. Through personalized hospice and palliative care, they create special opportunities for the patient and their loved ones to strengthen relationships, put affairs in order, and find spiritual peace. The Hospice House also helps the patient through any decisions that they make with their physician about continuing or stopping active treatment.
How can you support them with us?
There are many ways to help the Hospice House continue their mission. You can make a gift online
(https://williamsburghospice.org/donate/) or mail donations to Hospice House & Support Care of Williamsburg, 4445 Powhatan Parkway, Williamsburg VA 23188. You can also sign up as a monthly donor or contribute to their Annual Fund by becoming a member of the Rodgers-Ellis Society and Legacy Society (https://williamsburghospice.org/donate/the-annual-fund/).
The Hospital Hospice also offers engraved brick memorial pavers (https://williamsburghospice.org/memorial-brick-pavers/), which you can purchase to honor the memory of a loved one. These are permanently laid in their Patio of Memories.
Bacon Street Youth and Family Services
Who are they?
Bacon Street (https://baconstreet.org/) first started out as a Drug Action Center on Bacon Avenue in 1971, a safe space that children could go to after school. Despite formally changing its name to Bacon Street Youth and Family Services in 2015, it still retains its original mission of nurturing resiliency and healthier lifestyles among Williamsburg’s youth. Specifically, Bacon Street provides evidence-based behavioral health and substance use services to adolescents, young adults, and their families.
What do they do?
As a social work and counseling agency, Bacon Street provides several programs and treatment services that help those struggling with mental health issues and substance abuse, such as:
Treatment Services (https://baconstreet.org/treatment-services/). Bacon Street offers outpatient clinical behavioral
health services to people aged 10 to 26, including individual and family counseling sessions for substance use and
mental health disorders.
Social Work (Journey Home Project) (https://baconstreet.org/journey-home-project/). The Journey Home Project is Bacon Street’s social work arm, which provides free counseling and case management services for young people and their families who are experiencing housing insecurity and substance abuse.
Prevention Programs (https://baconstreet.org/youth-prevention/). Bacon Street also organizes several school- and
community-based prevention programs to educate and provide young people with tools to avoid substance abuse and practice healthy coping mechanisms in the face of stress and trauma. They also teach evidence-based prevention
strategies to families and various social groups.
How can you support them with us?
Bacon Street is a nonprofit agency, and they rely greatly on volunteers and financial donations. You can give a one-time or recurring gift here (https://baconstreet.org/donate/), which can pay for several counseling sessions, allow a student to attend a Bridges wilderness therapy field trip, or even help a financially struggling family.
The Best Golf Courses In and Around Williamsburg, VA
Williamsburg, VA is a playground for golf aficionados. And if you have yet to fall in love with the sport, the city will make you. Home to some of the best golf courses in the Mid-Atlantic, you will have plenty of opportunities to learn under the tutelage of pros, perfect your swing, and even win a game or two.
Ready to pick your home base? We listed the best golf courses in and around Williamsburg, VA below for you.
1. Golden Horseshoe Golf Club (https://www.colonialwilliamsburghotels.com/golf/)
The undisputed king of golf clubs in Williamsburg, Golden Horseshoe by Colonial Williamsburg Resorts is known to be among the top 100 public golf courses in the country. And you bet that there are several reasons why.
For starters, Golden Horseshoe Golf Club is home to three stunning golf courses. The 18-hole Gold course, which was
recently renovated by Rees Jones, was designed by the master himself, Robert Trent Jones, Sr. It has all the works, from bunkers to water hazards.
Rees Jones also designed his own golf course at Golden Horseshoe: the 18-hole Green course. It was opened in 1991 and takes inspiration from his father’s design sensibilities. It’s a classic parkland course that’s beginner-friendly although just a little longer than the Gold course.
Golden Horseshoe’s third course is the Spotswood, an exciting 9-hole, par-31 course also designed by the senior Jones. Quick and fun, it’s a great course for players of all skill levels, with just the right amount of challenges.
2. Kingsmill Resort (https://www.kingsmill.com/?utm_source=google.com&utm_medium=web)
Kingsmill, one of Williamsburg’s fine neighborhoods, is also home to two excellent 18-hole golf courses, one of which
takes you by the waterfront and the other deeper into local history. If that’s not a unique golfing experience, we don’t
know what is.
The Riverfront course was designed by golf course architect Peter Dye and has hosted many golf superstars since it was opened. Although scenic with its riverfront location, you’ll encounter several challenges here. This is a great course to try if you feel like you’ve leveled up in skill.
The second course, Plantation, is a 6,432-yard, par-72 course designed by Arnold Palmer with Ed Seay. It’s no less
challenging than Riverfront with its water features and ravines. While you wait for your turn, you can admire the historic remains of the 1736 plantation.
If you’re a Full Golf or National Golf member, you’ll have access to a third golf course: Wood. This exclusive parkland-style course was designed by Tom Clark and is recognized as one of the best golf courses in Virginia.
3. Williamsburg National Golf Club (https://wngc.com/)
At Williamsburg National Golf Club, two distinct golf experiences await you courtesy of Jack Nicklaus and Tom Clark. The best part is both are open to the public, but if you want added perks to enjoy, sign up for a club membership. Now, on to the courses…
Jack Nicklaus designed an 18-hole championship golf course named after the historic site that inspired it: Jamestown. Don’t be afraid of this par-72 and nearly 7,000-yard golf course— it’s beginner-friendly and offers just enough challenges to excite more advanced players.
The next course is the Yorktown course, where you’re sure to test your mettle. Classic but with a few modern twists, the course features surfaces different from the Jamestown course, with the back nine offering some of the most exciting plays at Williamsburg National Golf Club.
4. Colonial Heritage Golf Club (https://www.colonialheritageclub.com/)
One of the ideal places to skill up, Colonial Heritage Golf Club offers lots of support to beginners and even more skilled players. If you’re not yet ready for the course, spend some time at the practice facility, which comes complete with a bunker and chipping greens. You can also sign up for golf lessons with Colonial Heritage Golf Club’s Certified PGA golf instructors.
From the practice facility, move on to the 18-hole, par-72 championship golf course designed by Arthur Hills. Covering 175 acres and 6,889 yards, the course has everything: water features, bunkers, and fairways that blend well with the natural topography.
After your game, you’re welcome to relax at the Clubhouse. You can sit for post-golf cocktails at the veranda with your buddies and have a spot of lunch or dinner care of Colonial Heritage Golf Club’s in-house chef and their team. If you’re more of a quick-bites kind of person, there’s a snack bar which is reputed to have the best sandwich in all of
Williamsburg.
Is Williamsburg, VA a Great Place To Retire?
The verdict is in: Williamsburg, VA is a lovely place to retire. And it has been the case for several years. In fact, the city graced CNN Money’s list a couple of times already.
Colonial Williamsburg’s historic 18th century architecture and attractions do little to make would-be retirees feel old. It will only transport you to the past but will make you feel as great and spry as ever. There are plenty of things to do, plus amenities like age-restricted communities and top medical facilities to support their lifestyle.
Retiring soon or looking for a new place to spend the best years of your life? Continue reading to learn why Williamsburg, VA may be your next home.
Where will you live?
When it comes to real estate, you have several options. If independent living is still your thing, you are always welcome to explore Williamsburg, VA real estate. You can live large at choice neighborhoods like Ford’s Colony,
Governor’s Land, Kingsmill, Landfall at Jamestown, and the Vineyards. In anticipation of future needs, you can have your home remodeled to make it more ergonomic and senior-friendly.
You also have the option to live in a retirement community—Williamsburg has several. Some of the best in the area include:
Verena at the Reserve (https://www.trueconnectioncommunities.com/senior-living-communities-virginia/verena-at-the-reserve-senior-living/), a 55+ independent living community ideally located near Colonial Williamsburg. It bagged the gold prize during the 2020 Best of Williamsburg by Virginia Media. Standout features include a tree-filled community, walking paths, a pool area, and an arts and crafts studio. Pets are welcome to stay with you here as well.
Williamsburg Landing (https://www.williamsburglanding.org/), a Life Plan Community nestled in about 137 acres of wooded land in Williamsburg. You can start out living independently, then sign up for assisted living and other services should you need them in the future. Aside from the topnotch care you’ll receive, you’ll also be able to enjoy amenities such as a health club and on-site dining.
Brookdale Chambrel Williamsburg (https://www.brookdale.com/en/communities/brookdale-chambrel-williamsburg.html), which offers both independent and assisted living arrangements. The facility is located at Treyburn Drive and features spacious floor plans, a fitness center, and an outdoor pool, among other amenities. Memory care is also available for residents faced with cognitive challenges.
What kind of amenities will you have access to?
Whether you choose to live in a retirement community or age in place (which means staying in your own home), you should have a good idea of what amenities are available to you. In Williamsburg, one thing you’re sure to have access to is excellent medical care.
On top of the list is Sentara Williamsburg Regional Medical Center (https://www.sentara.com/hampton-roads-virginia/hospitalslocations/locations/sentara-williamsburg-regional-medical-center.aspx), which is recognized as one of the best hospitals in the world (https://www.sentara.com/woodbridge-virginia/aboutus/news/news-articles/newsweek-ranks-two-sentara-hospitals-among-the-worlds-best.aspx). The state-of-the-art hospital has 145 beds and offers a wide range of services, from emergency and maternity to orthopedics, heart, and vascular. It’s also a Certified Primary Stroke Center.
What will you do?
As a retiree, you’ll have plenty of time on your hands. You can fill your days with your hobbies and passions or, if you intend to live in a retirement community, join clubs and organizations that match your interests and lifestyle. If that’s not enough, here are some other activities you can enjoy as a retiree in Williamsburg, VA:
Golf: Tee times will be part of your regular routine with Williamsburg being home to several top golf courses. Some of the 5-star golf facilities in the city include the members-only Golden Horseshoe Golf Club (https://www.colonialwilliamsburghotels.com/golf/), Williamsburg Golf Club (https://williamsburgclub.com/), and
Williamsburg National Golf Club (https://wngc.com/). Furthermore, three of the aforementioned neighborhoods
(specifically Kingsmill, Ford’s Colony, and Governor’s Land) are golf communities.
Outdoor recreation: Plenty of fresh air and long walks in nature will be great for your health. Some of the outdoor
activities you can enjoy in or near Williamsburg include camping, trail riding, hiking, and fishing. If you don’t know
where to go, here are a few recommendations to get you started: Busch Gardens (https://buschgardens.com/williamsburg/), Freedom Park (https://www.visitwilliamsburg.com/attractions/freedom-park), Colonial Parkway (https://www.nps.gov/colo/parkway.htm), and Chickahominy Riverfront Park (https://www.visitwilliamsburg.com/attractions/chickahominy-riverfront-park).
Attend classes for free: If you love learning within the four walls of a classroom (and with other scholars), you can sign up as a non-degree seeking student at The College of William & Mary (https://www.wm.edu/) and join courses organized by Osher Lifelong Learning Institute. Find out more about these learning opportunities here.
(https://www.wm.edu/offices/registrar/studentsandalumni/nds/seniorcitizens/index.php)
Ready to retire in Williamsburg, VA?
Coldwell Banker Traditions is a full-service real estate firm that can help you search Williamsburg, VA real estate for your ideal retirement home.
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
Call Us Today!
Things To Do Before Closing A Home Sale
You’re almost done with your home sale. The end is so close, you can almost taste victory! But before you celebrate the conclusion of this real estate transaction, it’s important to be as eagle-eyed as ever. Several things can happen during closing, and some of these events can threaten to undo the entire home sale.
For your eventual move
Transfer/cancel your utilities and change your address. Weeks before closing day, make sure to transfer utilities to your new residence and cancel the ones you no longer need. Take the time to change your billing address as well—you don’t want any of your mail to pile up in the home after you’ve moved out.
Cancel your insurance policies. Unless it was agreed that you’re going to transfer the policy to the homebuyer, don’t forget to cancel your insurance policy. The best time to do this is once the title has officially been transferred.
Make sure the house is clean. If the homebuyer saw a sparkling-clean house before making an offer, they should open the doors of their new home to find it in more or less the same state as well. If it’s too much work, hire a professional cleaning service to do a deep clean of the property. It also pays to go through the rooms once again and make sure you’ve packed all of your personal belongings.
Unplug and lock. Before you say goodbye to your old home one last time, make sure everything—doors, windows, and other entryways—is locked. Do a final sweep and check if all remaining appliances and home systems have also been unplugged. This is especially important if the home is going to sit vacant for a while.
For the eventual change of ownership
Gather all of the important documents. Don’t wait until the night before the closing date to secure all of the
paperwork you need. Keep everything, from your seller disclosures to the purchase contract, in one place for
safekeeping so that it’s ready come closing day. To be safe, make copies in case something happens in the future.
Prepare a packet. This welcome kit of sorts should contain everything you need to pass to the homebuyer, including all the relevant keys (doors, gas, mailbox, pool, gate—all the works), warranties, manuals (for the appliances and home systems like HVAC and the sprinklers, if applicable), and any receipts you find from contractors as well as appliance and furniture stores.
Place everything inside an envelope and leave it an area that is private but still easy for them to locate such as the
primary bedroom’s closet. You also have the option to hand this packet to the homebuyer on closing day or during the final walkthrough.
Fulfill your end of the bargain. You might have a list of things you agreed to do during the negotiation phase. This may include making some repairs or leaving certain furniture or appliances that are part of the home sale. Whatever it is, make sure you satisfy all the buyer requests at least a few days before the closing date.
Keep yourself available. During escrow, the homebuyer and other parties involved (which may include their agent and their lender), may need to be in contact with you. Keep your phone lines just in case something arises and address requests promptly to avoid any speed bumps.
Be there during the final walkthrough. Leaving a packet of incidentals is definitely helpful to the home’s new owners, but being present in the final walkthrough is just as important. Apart from making sure everything about the home is just as agreed, you can share tips and other information only you, the former homeowner, knows about the property. It’s a kindness that will make the transition easier for you and the homebuyer.
You may be wondering, “Do I have time to do all of this?”
Of course! But it depends on when the closing date is. According to this June 2021 Ellie Mae Origination Insight Report (https://static.elliemae.com/pdf/origination-insight-reports/ICE_OIR_JUNE2021.pdf), it takes an average of 51 days to close a home purchase.
If there are few issues about the sale and the buyer’s mortgage application, you can both agree on a shorter closing period. At the same time, both parties can arrange for a longer closing period if there are several things that need to be done.
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
Call Us Today!
Exploring Colonial Williamsburg
Williamsburg served as the capital of the Virginia colony from 1699 to 1780. Around the turn of the 20th century, John Davison Rockefeller led the restoration of the colonial town to its former glory with the help of William Archer Rutherfoord Goodwin, a rector of Bruton Parish Church in Williamsburg.
Colonial Williamsburg is the largest living museum in the United States, wherein guests can immerse themselves in the day-to-day life and significant events of 18th century America. Visiting the area is a must for American history buffs, especially for those interested in the American Revolution. Tour guides and character actors are scattered around the town reenacting the day-to-day lives of 18th century Americans.
If you happen to be in the area of Williamsburg, VA, make your visit more worthwhile by exploring Colonial Williamsburg.
To help you out, here’s a handy guide on how to prepare for and plan your visit.
Secure your tickets
There are several types of admission options (https://www.colonialwilliamsburg.org/tickets/), and you can choose one that best suits you. There are standard single-day or multi-day tickets with guided tours and performances, and for art enthusiasts, single-day tickets to all the art museums in Colonial Williamsburg. There are also area passes, special event passes, and a ghost tour for extra thrills. Plan your trip by checking out the calendar on the website
(https://www.colonialwilliamsburg.org/) to see which programs and sites are open.
Arrival
Park at the Visitor’s Center where you will buy or confirm your tickets and take a shuttle to the Historic Area. You can also opt to walk if you want to take in the sights at a more leisurely pace. Don’t forget to grab a map so you can plan your itinerary and avoid getting lost. Check out this page (https://www.colonialwilliamsburg.org/update/) for any updates regarding your visit.
Must-see places
To go over all the attractions, it’s best to allot two whole days for exploring Colonial Williamsburg. However, there are enough places to see to make a shorter stay worthwhile.
Here’s where you can go during your day trip:
- The Capitol
You can take a quick 20-minute guided tour around the Williamsburg Capitol and learn about its history. The House of Burgesses of the Virginia colony was situated in the Capitol from 1705 up to 1779. The building itself is a replica, as the original buildings have since burned down.
- Trade shops
Colonial Williamsburg offers numerous trade shops that can be endlessly fascinating to 21st century visitors. These
shops were vital to the beating heart of 18th century Williamsburg. Not all shops are open every day. Shops that are
open for business have flags to identify them and shop assistants outside the establishments to invite visitors in. Explore the armory, the blacksmith, the wig maker, the silversmith, the cabinet shop, the cobbler, the printing press, and the apothecary.
- The Governor’s Palace
The Governor’s Palace in Colonial Williamsburg served as the official residence for the royal governors of the Virginia colony, as well as the first two elected governors of Virginia, Thomas Jefferson and Patrick Henry.
The Peyton Randolph House stands in stark contrast to the elegance of the Governor’s Palace. It shows how the the
average Virginian lived and provides insight into the condition of slaves in colonial Virginia. The Peyton Randolph House includes a guided tour.
On the other hand, a self-guided tour of George Wythe House shows where the law professor lived during the 18th
century. Wythe was one of the signers of the Declaration of Independence and served as Thomas Jefferson’s tutor.
- Fifes and Drums
The Colonial Williamsburg Historic Area comes alive with the sound of the military field music during the performance of the marching Fifes and Drums in their period-accurate red uniforms and black tricons. Make sure to check performance schedules through the Historic Area.
Evening programs
Colonial Williamsburg’s vibrancy doesn’t end at sundown. There are many programs to choose from and to participate in. These include chamber music concerts, ghost tours, and historical interpreter presentations.
Trees Can Increase The Value Of Your Home
There are a lot of ways to increase the value of your home – from revamping your interiors to adding smart home features. Another way to increase value is by having trees on your property.
In a world where temperatures are rising, the demand for properties with lush landscapes and large trees are increasing.
In this article, we talk about how you can improve the value of your property with the addition of trees.
The impact of trees on property value
Homes with trees have a higher average market value by around 7% compared to similar houses without trees. According to Kathleen Wolf, a social scientist at the University of Washington, mature trees in high-income neighborhoods can increase property value by up to 15%(https://www.naturewithin.info/Policy/Hedonics.pdf), while good quality landscaping with healthy trees can increase a home’s value by up to 12%. Ultimately, the price will depend on the value sellers or buyers assign to the presence of trees on the property.
The benefits of trees
Planting trees around your property can afford you privacy from the outside world. Aside from that, they are great for the environment. Having trees in your area can lower temperatures especially on hot summer days. The shade trees provide can impact energy usage and costs.
Depending on how you position your trees around your home, you can save up to 35% in energy consumption annually.
Collectively, if your community has plenty of trees, they can significantly contribute to runoff control and filtration of
particulate matter in the area’s water supply. That’s not all; trees prevent erosion, produce oxygen, provide habitat for wildlife, and improve air quality.
Aside from the environmental impact of trees, they also improve our well being and can lead to lower crime rates. A property with an attractive landscape creates a sense of peace. Communities with well-kept landscapes provide a more conducive environment for living, working, and playing. Aside from helping people relax, trees can block noise by as much as 40% when strategically placed.
Choosing the right trees
The right trees for your property depend on your area’s climate and local ecosystem.
In areas with cooler climates, avoid palm trees and go instead for deciduous trees such as maple, oak, and linden, which can survive cold winters. For areas in warmer climates, magnolias, citrus, palm trees, and frangipanes are suitable.
If the area you’re in tolerates fruit trees, try planting plum or apple trees. Not only do these look amazing when the fruits begin to grow, but you also get to pick fruits right off your yard!
Preventing trees from encroaching your property
While trees provide good privacy and shade from the sun, trees can also encroach your property.
Some species have extensive root systems that can invade your yard and affect plumbing or even your home’s foundation. Trees with large roots include willows and American elm. If left unchecked, these trees can grow sprawling root systems that can impinge on your property’s structures.
Unattended landscaping can also cover up the property, preventing realty photographers and potential buyers from
maximizing curb appeal.
Avoid planting trees close to any structures that could be eroded, such as swimming pools. Place them close enough to your home to be able to provide some shade, but not too close that its roots might ruin your walls.
It is also important to avoid planting trees that are high maintenance, prone to disease, or attract invasive pests. The Arbor Day Foundation’s map (https://www.arborday.org/media/Zones.cfm) of hardiness zones for trees can help you determine which trees are suitable for your region.
Thinking about the long-term look
Once you’ve decided that you want trees on your property, think about the look you want to achieve in five to 10 years’ time. Ask yourself if you can commit to the maintenance involved in growing trees. If your area is prone to strong winds, it’s best to avoid sycamores, which have large branches that can snap and crash to the ground. Consult with a local arborist or reputable landscaper; they will know which trees are best for your home.
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
Call Us Today!
First-Time Homebuyer Programs In Virginia You Should Know
Investing in luxury homes in Williamsburg, VA may appear to be a tough mountain to climb if you’re a first-time homebuyer (https://cbwilliamsburg.com/latest-blog/tips-for-first-time-homebuyers/). But like modern climbing expeditions to Everest, your first home can be a luxury property with the right tools and Realtor by your side.
There are also countless resources that can help you inch closer to your dream home, regardless if it’s considered high-end or not. In Virginia, you may be able to benefit from any of the first-time homebuyer programs below, courtesy of the Virginia Housing Development Authority (VHDA).
What makes a house a luxury home?
Like other residential real estate, luxury homes (https://cbwilliamsburg.com/latest-blog/why-luxury-homes-are-goodinvestments/) come in different shapes and sizes. What makes it stand out from the rest of the housing stock is its price. But that doesn’t mean a luxury home is always priced in the millions.
Location plays an important role in determining which home is high-end. If a property is considerably more expensive than other homes in the market, it is a luxury home. In Williamsburg, VA, where the average market value of homes is $380,171, you can consider homes well above that price to be luxury.
Of course, other factors like the quality of finishings and the amenities play a part, too. But if you want an easy way to determine if you’re looking at a piece of luxury real estate in the market, taking a look at its price relative to the neighborhood takes only minutes.
Down payment assistance grant (DPA)
Down payments can be challenging to make, but VHDA’s down payment assistance grant makes the load easier. If you’re qualified, you can receive up to 2.5% of your first down payment. You can pair this with a Mortgage Credit Certificate (MCC) to lower your monthly housing payments even further.
Requirements:
- You must be a first-time homebuyer
- You should have a credit score of at least 620 (FHA), 660 (Virginia Housing Conventional No Mortgage Insurance), 640 (Virginia Housing Conventional)
- Your household income should not exceed the program limits
(https://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/IncomeSalesPriceLoanLimits.aspx) - Learn more about DPA here. (https://www.vhda.com/Homebuyers/Pages/DownPayment.aspx)
Virginia Housing Conventional
Another solution for your down payment woes is the Virginia Housing Conventional grant. It can lower your down payment to only 3% and, if you also qualify for a DPA grant, just 1%. You can also combine this with MCC and Plus Second Mortgage.
Virginia Housing Conventional can finance up to 97% of your home purchase. Combined with the fact that it requires
mortgage insurance (with discount premiums), this is one of the best programs for first-time buyers—or anybody who wants to “move up.”
Requirements:
- You must have a minimum credit score of 640
Virginia Housing Conventional No Mortgage Insurance (MI)
If you like the benefits of the Virginia Housing Conventional loan but don’t want to get mortgage insurance, here’s your alternative. As its name implies, it doesn’t require you to get one.
Two other things that differentiate it from its with-MI counterpart are the interest rate and the credit score requirement. Since you don’t have to get mortgage insurance, you’ll have to pay higher interest rates. And in order to qualify for this loan, you must have a credit score of at least 660.
Mortgage credit certificates (MCC)
Exclusive for first-time homebuyers, mortgage credit certificates are beneficial if you want to earn tax credits from your home purchase. The credit you receive is equal to 10% of your annual mortgage interest, which means thousands of dollars in savings. This is valid for the rest of your loan’s term so long as you live in the home you bought.
Requirements:
- You must have a commitment with your chosen approved lender
- You must be a first-time homebuyer or haven’t lived in a home you owned within the past three years
- Your household income shouldn’t exceed the income limits
(https://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/IncomeSalesPriceLoanLimits.aspx) - The purchase price of the home you intend to buy should be below the maximum sales price/loan limits
(https://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/IncomeSalesPriceLoanLimits.aspx) (for Williamsburg, it’s $390,000)
Given the sales price/loan limit stipulation, qualifying for a mortgage credit certificate may be challenging if you want to buy a luxury home. That said, this is useful knowledge to have in case your plans change.
You can read more about mortgage credit certificates here.
(https://www.vhda.com/Homebuyers/Pages/mortgagecreditcertificates.aspx)
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
Call Us Today!
Your “Starter Home” Might Last Longer than You Think
New homebuyers often tell their agents that they are looking for their “starter home.” Several factors go into this approach. These are typically younger buyers, often without children. They may be looking for a maintenance-free home, like a condo, or they might assume that starter homes are more budget-friendly. There are plenty of good reasons to buy a home with the assumption that it’s only for a few years, but it’s usually wise to consider the fact that it might be for much longer.
As 2020 demonstrated so clearly, things can change without warning. Homebuyers choosing a small condo with the intention of living in it for only a few years might later find themselves trying to carve out space for children due to
employment challenges or market changes. The good news is that many times— once you add in association fees, taxes, and other costs—an older home that needs updating could be just as economical as a brand-new condo with all the latest design features.
When buying your first home, it’s important to consider how you would manage if you needed to stay longer than expected. An older home might offer a yard where you could expand, or extra rooms which can become bedrooms. These options can give you flexibility as your lifestyle changes over the years.
If you buy your first home with the future in mind, you can protect yourself from the unexpected income changes, real estate price booms, or any other outside influence. Don’t discount the older fixer-upper simply because you plan to move in a few years—plans change, and giving this some prior thought can help you adjust more painlessly in the future.
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
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Looking for a Mortgage? It Might be Time to Review Your Resume
When evaluating a potential borrower, lenders consider a number of factors. You already expect to produce a good FICO score, proof of income, and a reasonable down-payment, but have you reviewed your resume? A crucial aspect of loan approval is your employment and employment history – your resume.
Your employment history provides lenders some insight into your financial stability and income consistency. They want to ensure that you have a steady source of income that will cover your mortgage as well as household essentials. Typically, this involves pay stubs, W-2 forms, and tax returns. They will also verify employment with your human resource department, including hire date. If you have been in the same job for a while, this strengthens your application by reducing the risk the lender assumes in loaning you the money. Sometimes, the lender will need to look closer and ask for more documentation if your employment history reveals potential issues.
Self-Employment
The approval process for self-employed borrowers may be slightly different. Lenders will expect a strong, steady income stream that will be verified with bank statements and tax returns. A company profit and loss statement will
also be requested.
Employment Gaps
Extended, unexplained employment gaps may be a concern for lenders. The key is to explain, and most lenders understand reasonable explanations such as education, caring for a family member, or extended illness.
Changing Industries
Recent changes to your career track or industry can be a red flag to lenders. Remember they are looking for consistency. However, as with other issues, having a strong reason for the change and demonstrating financial stability can alleviate these concerns.
Before you send off your loan package, it’s worth giving your resume a quick review. Proactively offer documentation for anything that seems unusual or that may cause questions. Working with your mortgage professional can help you navigate the process and result in a loan approval.
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Thinking about Refinancing?
Tune in to the radio or watch TV in the evening and you’ll be bombarded with commercials offering incredibly low interest rates to refinance your home. These rates may sound enticing, and you may be wondering if it’s time to refinance your home loan. While refinancing can make financial sense in some situations, not everyone will benefit.
Most people consider refinancing to lower their interest rate. Even a slight change in the interest rate may add up to significant dollars over the life of the loan. When evaluating the new loan, remember to add in any additional costs. Ask if you will be responsible for closing costs or appraisal costs before jumping at a lower rate. The length of the loan is also important to review. Are you restarting the clock on a 30-year mortgage? It’s recommended to not refinance for longer than the years remaining on your current loan.
One great reason to refinance is to eliminate PMI (private mortgage insurance) or convert from a variable-rate loan to a fixed-rate loan. First-time borrowers may have had limited options for the original loan. But now with more equity and perhaps stronger credit, a refinance can put these borrowers into a better loan. A refinance can also offer a way to consolidate higher-interest debt by pulling money from the home to pay off credit cards or car loans.
Refinancing offers are everywhere. It may be a great time to take advantage of lower rates and lock in savings. Remember to consider all the costs associated with a refinance before assuming it’s a good financial decision.
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
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