Archives

September 2007

Relief on the way….Help for Buyers AND Sellers

Posted at 4:10 AM, Sep. 20, 2007

With the Fed’s action to reduce interest rates by ½ percent, there is hope that there is an answer to the current crisis affecting many prospective home buyers, homeowners hoping to refinance into more affordable mortgages, those interested in getting home equity lines of credit, and, homeowners facing foreclosure.

Be aware, however, that the Fed’s rate cut of ½ per cent does not necessarily equate to a ½ per cent decrease in mortgage interest rates but these Fed cuts usually do put pressure on rates bringing them down incrementally. In fact, mortgage rates have already been dropping over the last several weeks, perhaps in anticipation of the Fed’s actions.

The new FHASecure program proposed by the Bush administration, which allows FHA to guarantee refinance loans for delinquent borrowers facing interest-rate resets, and risk-based pricing, will allow the FHA to assist up to 700,000 borrowers in the next two years or 240,000 in the remainder of the fiscal year.

As FHA Reforms move forward, if the House and Senate can come to agreement, more buyers can enter the market with no down payment. Under existing FHA guidelines buyers must make a minimum 3% down payment.

The Bush administration says it supports boosting FHA loan limits from $362,000 in high-cost areas to $417,000 and from $200,000 in lower-cost areas to $271,000. Allowing the FHA to back bigger loans would detract from its mission of serving low- and moderate-income families, the administration maintains.

The impact of these changes which will get more buyers into the market can help sellers whose homes are staying on the market because of a diminishing pool of qualified buyers.

Fall Maintenance

Posted at 6:41 AM, Sep. 10, 2007

Indoor Maintenance

Furnace/HVAC Maintenance:   The efficiency of your furnace and air conditioning units, compressors, or air handlers can be affected by any number of factors such as ducts that need cleaning, air filters that need to be changed, etc.  Now is the time to have a professional perform a general maintenance check up.

Don’t forget smoke detectors: It used to be that we were reminded to check batteries in smoke detectors when the time changed back to Standard Time around Halloween.  However in 2007 instead of the end of October, it will be the first Sunday of November.  For more information on safety codes,

So, take some time right now to check the operation of detectors and to change the batteries.   Many localities require a smoke alarm either in or outside each bedroom and on each level so be sure you are in compliance.

Install a carbon monoxide detector:  While you’re at it, you should consider installing a carbon monoxide detector as well, particularly if you have gas appliances, gas furnace, gas water heater, a gas fireplace, or even a wood burning stove or fireplace.  Carbon monoxide is a silent, deadly killer.   More information about carbon monoxide can be found at LowesMoving.com: Safety First: Carbon Monoxide Detector

Get your fireplace cleaned and/or inspected.  Fireplaces can accumulate a build up of soot and creosote which can cause chimney fires if not regularly removed.  You can clean your fireplace yourself but why not have a professional do it and keep all that soot and ash off your hands and living space!  But be careful of chimney sweeps.  Some of them are less than reliable and some have been known to be dishonest.  For your protections, you may want to check the company out first by going to the Better Business Bureau of Central Virginia . 

Outside Maintenance

Check for leaks around doors and windows. When you overlook gaps and spaces around doors and windows you may experience a loss of energy efficiency because heat in the winter and cooling in the summer just seeps out causing your heating and cooking systems to work harder.  Another place where you can lose efficiency is around the outlets and light switches on outside walls.  You can buy foam insulation for these switch plates at any local hardware store.  More information about .winterizing the home can be found at LowesMoving.com: Improvements: VirginiaStaying Warm in Your Home

Clean gutters.   If you don’t have gutter guards or screens then it’s time to clean your gutters of leaves and debris.  Be sure to be sure that the opening between the gutter and the downspout is not blocked.