Contact MargaretDo You Know a Military Family in the Crofton Area?
January 13th, 2012 Categories: Real Estate Information
If you know any Crofton area military families, please share this with them. The information may apply to them or someone they know.
Many military families have avoided severe financial hardship and loss by using the DoD HAP Program when military orders forced them to relocate at a time their home value was less than the outstanding home loan balance In fact, the program had paid 4,825 applicants a total of $725.5 million, as of February 23, 2011, to help fill the gap between the housing debt and home value of military home sellers at the time of sale. Unfortunately, HAP had a backlog of 4,897 eligible applicants at that time.
Holly Petraeus said, in the Stars and Stripes, that “the extra $550 million Congress appropriated to expand HAP has been used and no more military families are getting that special help.“ As head of the Office of Service Member Affairs in the new Consumer Financial Protection Bureau (CFPB), she probably knows what she’s talking about – but I sure hope she’s wrong, and so do the many military families with applications currently pending (not to mention all the “eligible” military families who haven’t yet applied for HAP benefits).
Worrying about financial devastation is the last thing military personnel and their families should be worrying about, and HAP has helped to resolve this concern for many families. I think we all owe it to them to help get out the word that they have an opportunity until January 23, 2012 to comment on the IG report on DoD HAP. Let’s help make the response overwhelming, so the Feds know how many people are impacted by the DoD HAP Program.
If you or someone you know has PCS orders, I’ll help you find out if you’re eligible to use DoD HAP benefits for selling your home in the greater Crofton area. Military personnel who are NOT eligible for HAP can contact me to find out if Fannie Mae’s six month military forbearance program, the Home Affordable Foreclosure Alternative (HAFA), or the VA Compromise Sale may be good options.
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Babies in Bloom at Crofton Library
January 11th, 2012 Categories: Community News
Babies under two are invited to Babies in Bloom on Saturday, January 14, at Crofton Library . It will be a fun half-hour of stories, songs, rhymes and fingerplays for both the babies and their caregivers, designed to stimulate early infant development. There is no cost, plenty of parking… what more could you ask for?
Other events this month include Family Game Day from 2–4 p.m. on Tuesday, January, 24, when school is closed for elementary and middle school students.
Then, on Wednesday, January 25, there will be an e-Reader Workshop at 7 p.m. This is a great opportunity for some expert help learning to use the Kindle, Nook, iPad or other eReader you got for Christmas.
Crofton Library is located at 1681 Riedel Road, Crofton, MD 21114. Regular hours are Monday-Thursday 9–9, Friday and Saturday 9–5, closed on Sundays.
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Bowie Area Year-End Real Estate Closings
January 9th, 2012 Categories: Market Updates
3–Year History of Bowie MD Real Estate Sales
As we begin the new year, it’s always good to reflect for a moment on the year behind us. I like to put that reflection in perspective by comparing it with two previous years:
North Bowie (20715) had 290 closings, the highest number in three years, with 216 in 2010 and 250 in 2009. Hopefully this trend will continue so the inventory of 79 homes currently for sale will drop consistently each month of 2012.
South Bowie (20716) had 201 closings, the lowest number in three years, with 241 in 2010 and 213 in 2009. There are 77 homes for sale in this area, as of 1/5/2012.
West Bowie (20720) enjoyed the highest number of sales in three years, but just barely, with 287 in 2011, 286 in 2010 and 274 in 2009. 101 homes are on the market now in this zipcode.
Southwest Bowie (20721) held its own in 2011, with 268 closings compared to 271 in 2010 and 254 in 2009. There are 86 homes currently for sale in this area of Bowie.
What does all this mean to you?
Home Buyers: With so many homes on the market, you should be able to find a seller who is willing to compromise on price or pay some of your closing costs. With low interest rates still available, condtions are perfect for you to buy your first home or move up to a bigger/better Bowie home.
Home Sellers: It’s still competitive for you, so you will have to entice buyers to your home with special incentives like closing help. Once you get them in the door, your home needs to be in top showing condition. And, of course, nothing sells a home like pricing it right for the market. The bubble years are gone, and there’s no point in waiting for 2005 home prices to return. It’s not likely to happen any time soon.
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8 Ideas for Down Payment and Closing Costs
January 6th, 2012 Categories: Real Estate Information
CROFTON MD REAL ESTATE Q & A
Q. How can I take advantage of today’s great interest rates and home prices to buy a home in the Crofton area, when I can’t sell my current home in Northern Virginia?
A. If your housing needs have changed, welcome to the club. That’s a perfectly normal situation that has motivated home sellers and buyers for decades.
In today’s market, it’s not always easy (or even possible) to sell one residence and use the equity to purchase another. That doesn’t necessarily mean you’re trapped forever in a home that no longer fits your shrinking or growing household… not if you can rent that home for enough to cover your monthly mortgage payment.
Have you considered these other options for your down payment and closing costs?
- VA Financing – Little or no money down for qualified veterans, as well as active duty military. Even if you’ve already used your VA eligibility in the past, you may be able to use it now. My husband and I have used VA several times for refinancing and purchasing.
- FHA Financing – Only 3.5% down for qualified buyers, within the local loan limit. This is very popular in today’s market.
- Closing Help – FHA and VA allow sellers to pay up to six percent towards “actual costs” of the loan. Some Conventional loans allow sellers to pay up to three percent of the borrower’s closing costs. With so many homes on the market, many sellers are willing to do this.
- Retirement Plan – In some cases, you may be able to borrow your own money previously contributed to a retirement plan. Check with your plan administrator to find out if this is possible and to determine any penalties or tax obligations that accompany this action. One of my clients is using this resource to close on his first home in January, and the seller is paying most of his closing costs.
- Life Insurance – You may be able to liquidate the cash value of your life insurance. Check with your insurer to find out if this is an option for you.
- Refinance your current home – Even if you can’t sell your current home in today’s market, you may be able to liquidate some of your equity for down payment and closing on another home by refinancing. For some homeowners, refinancing will lower the payment to improve cash flow, even if you don’t take cash out.
- Relatives – Even if you can’t refinance your current home or use your retirement plan or life insurance for down payment and closing, your parents or another relative may be in a position to do so. It doesn’t hurt to ask.
- Owner Financing – The sellers of some homes on the market may be willing to hold a second trust for all or part of your down payment/closing costs. My mother recently reminded me that she and my dad sold their home with owner financing during a previous real estate meltdown.
Don’t assume you can’t get a Conventional loan with minimal down payment. 95% loans are making a comeback in the marketplace, and some well-qualified buyers are taking advantage of them to avoid the high FHA insurance.
If your housing needs have changed, you aren’t necessarily trapped in your current home by today’s struggling real estate market. This may be perfect timing for you to make a move.
Not certain this is the right time to buy or sell a home? I’ve helped thousands of Maryland home buyers and sellers, and I’d be glad to share my experience with you. Contact me today or click on the computer icon to search for homes at your own pace and convenience. No cost or obligation to you.
Copyright 2012. All rights reserved.
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Community Group Meets Next Week
January 3rd, 2012 Categories: Community News
Did you resolve to become more actively involved in your community in 2012? If so, take note of the following:
- The first meeting of the new year for Greater Crofton Council (GCC) will take place next Tuesday, January 10, at the Village of Waugh Chapel Community Center. This will be an important meeting, since the annual election of officers will take place.
GCC meetings take place the second Tuesday of every month at 7 p.m. The organization represents several communities throughout the greater crofton area, including Patuxent Preserve, Nancarles, Hermitage, Hallmark Woods, Crofton Meadows, Crofton Commons, Coventry I, II, and III, Charing Cross, Manors of Crofton, Crofton Chase, Crofton Village Estates, Crofton Downs, Crofton Mews, Briarleigh, and Crofton Village Town.
If you live in any of these communities, you can count on the GCC to provide a unified voice on crucial local issues, foster community relations, and provide you with the opportunity to meet elected officials and their representatives.
- Crofton Kiwanis will meet the following night, January 11 at 7:30 p.m. in the lower level at the Blue Dolphin Restaurant. All members of the greater Crofton Community are invited to attend, whether or not they are members.
- Crofton Civic Association will meet the following Tuesday, January 17, at 7:30 p.m. at Crofton Elementary School, located on Duke of Kent Street. This is an important meeting for members of the Crofton Special Tax District, because the budget presented to the community will impact the tax amount charged to residents for the STD. Additionally, there will be an update on the rain garden project.
- Crofton Regional Community Center will hold their first general meeting of the new year at 7 p.m. on February 1, at Ledo Restaurant. In addition to updates about the Center, there will be some discussion about final plans for the 2nd Annual Sweetheart’s Ball on February 18 at the Blue Dolphin.
For more information, visit the CRCC website, recently redesigned by Steve Grimaud. The Facebook fan page is at www.facebook.com/theCRCC. Email comments and questions to Donna Doyle at doyle1718@comcast.net.
The Crofton Regional Community Center is a tax-free, non-profit organization formed to open a community center and a skate park in Crofton.
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