Alvin

Hi Michelle - for a minimum of 5 years - I advise you to buy as well. 1-2 years - rent, 3-4 - maybe, 5+ definitely. Reason being that VB has always had a positive increase in home values throughout any long term period. Even if the market flatlined, and you took out a $300k mortgage, for a 30 year fixed, fully amortized payment at 6.25%, you would owe $279,600 on the balance, and have at least that much in equity. Also realize that the potential tax benefits alone would put money in your pocket annually that you wouldn't get with renting. As long as you get a good deal, and pay down your principal on your mortgage, it should work out. Give me a call to discuss any financing options, I've been in Virginia Beach for over 25+ years, and specialize in all types of loans, especially VA loans!

Thanks,

Alvin Lapitan
Sr Mortgage Specialist
Toll Free: 877-534-7420
alapitan@cavaliermortgage.com - Tue Aug 26 2008, 06:08

Hey M, there's a lot more to it than that. Dependent on the lender, other variables have a variance in rate. There is no clear cut answer on which is better. Though generally FHA rates are better than Conventional. Some lenders also do LPMI (Lender Paid Mortgage Insurance), with an adjustment to rate, and this is usally better than the lower rate with PMI. Other factors to consider - What is your credit score, what is the loan amount, how long do you plan on staying in the house? You are correct in most of your post, FHA requires minimum of 5 yrs MI, whereas PMI you can drop off once you are under 80% LTV. Your lender or broker should really go over in detail your goals, and give you his/her professional expert advice. If you're not fully confident with them, give me a call and I'll get you a proper quote, rate, & term. - Fri Aug 22 2008, 11:32

Hey Sam, you need a more experienced mortgage consultant (like myself!). The previous answers are correct. Give me a call and we can go over some details. I also did a deal a couple months ago for a Dr. Gupta in your area ... any relation? He'll refer you if so.

Thanks,

Alvin Lapitan
Sr. Mortgage Specialist
877-534-7420
alapitan@cavaliermortgage.com - Thu Aug 21 2008, 08:55

Hey Jeff, give me a buzz and we can discuss all the options on a mortgage. Your best options are going to be a FHA or Conventional financing with that down payment. We'll go over price ranges and payment options. If you're working with another company, get a GFE (Good Faith Estimate) from them, and I'm confident I'll be able to beat it out.

Thanks!

Alvin Lapitan
877-534-7420
alapitan@cavaliermortgage.com - Thu Aug 21 2008, 05:46

Hey there Jeff,

I'd enjoy the opportunity to work up some quotes and scenarios for you. Sounds like you've got a very easy deal. We charge no application or upfront fees! No obligation quotes over the phone and email. I'll discuss Conventional and FHA options for you, go over rates, terms, and payment options. We are a Virginia company and members of the BBB. Email or call me at 757-333-9033. - Wed Aug 6 2008, 14:05

Good morning Lisa, I think we're also looking for clarification to better answer your question - are you talking about a community pool or adding one yourself? A nice community pool can only help ... as it will appeal to more buyers. If you are thinking about putting one in (inground pool), it will add value, but only about 25% - 50% of the actual cost. As others said below, it also may eliminate buyers who don't want the hassle of maintenance or liability of having one. I just spent $35k putting a fiberglass pool in January, and it probably only increased my home value by about $15k. Only install one if you plan on being in the hom long term. - Tue Aug 19 2008, 08:11