Alvin

Hi Michelle, craigslist might be another option...a lot of PM companies are advertising there as well as individuals. How come rent, and not buy in this market? - Tue Oct 7 2008, 12:27

Tough question. I'm sure a Wachovia employee will say to stay with them ... anyone else like myself would say to run! Rates have taken a drop today, from the activity in the past few days. If you're ready, give me a call and we should have you closed in about 2 weeks! Send me their Good Faith Estimate, and I'm 99% sure I can beat it out. As a broker, we have the flexibility of multiple lenders, and individualized commissions. With their GFE in hand, I'll know what I need to beat, to save you some money! We are a Virginia based company and members of the BBB.

Kindest regards,

Alvin Lapitan
Sr. Mortgage Consultant
Cavalier Mortgage Group
Toll Free: 877-534-7420 - Mon Oct 6 2008, 10:01

Hi Dan,

I think I answered your other question about the mortgage side. Being in this business for some time now, I've developed great relationships with agents. It's a great idea to have a "Team" working together in your best interest. I agree with Vicki, and your past experience may have been a good thing. Give me a shout, and we can get it all done for you! As mentioned, we specialize in FHA & VA loans!

Thanks,

Alvin Lapitan
Sr. Mortgage Specialist
Cavalier Mortgage Group
Toll Free: 877-534-7420 - Mon Oct 6 2008, 06:15

It's a very small niche program for rural devlopment & housing, but still offers 100% if you fall into the areas! Also has income limitations..don't get too many of these. - Fri Oct 3 2008, 10:23

Good morning Niaz, hopefully I can answer your questions...

1. (a) - only offered with VA & USDA programs right now - do you qualify? (b)- FHA just increased 10/1/08 to 3.5% down payment requirement

2. PMI varies between lenders, mainly because they use different insurers. FHA has a flat upfront fee on purchases of 1.75% (can be funded into the loan), and an annual fee of 0.50%. Ex. $270k loan x 0.005 = $1350/12 months = $112.50/month.

3. $270k x 3.5% = $9450 required. Can come from a variety of sources - ex. gifts, 401k's, cash assets, + more

4. The mortgage companies generally do not offer closing costs assistance. Those that do (lot of new construction) will make it up somehow, with higher "junk fees" or a much higher rate than you can qualify for. Realize that we almost all offer the same programs, and almost the same rates. You just have to find out which one is willing to do the work at a lower cost. (This describes me!)

5. No one should ever tell you this, if they do, run. At worst, there should be a $1000 tolerance of the GFE and actual settlement costs. It's called an Estimate, because that's what it is. There are too many variables that can change these costs - change in closing date (which alters the interest collected), change in sales price, change in closing cost assistance, change in homeowner's insurance premium, costs of attorney/settlement agents fees, cost/quotes of title insurance, etc...

Niaz, it seems that you are being savvy, and educating yourself very well. If you're looking for a great person to work with, give me a call. I can offer you tons of references, and the best service available. Because a home purchase is generally the single largest investment most people make, you definitely want someone on your side.

Kindest regards,

Alvin Lapitan
Sr. Mortgage Specialist
Cavalier Mortgage Group
Toll Free: 877-534-7420
alapitan@cavaliermortgage.com - Fri Oct 3 2008, 08:15

Hey Dan, Danilo sounds like he's definitely on point. Where you wrote - "I have good reason to believe that this will be my family's final move and would like to be able to own my home again.", also keep in mind that the Hampton Roads area has never had a true decline in property values during the long term. Though most markets have experienced temporary short term decreases, historically the "7 cities" of Hampton Roads (Hampton, Virginia Beach, Norfolk, Suffolk, Chesapeake, Portsmouth, & Newport News) has never had a 5 year period of decreased property values. The best indicator of the future is generally the past. Since you're in the military, VA definitely has the MOST attractive financing options available! Let me know if I can get a Good Faith Estimate out to you.

Thanks,

Alvin Lapitan
Sr. Mortgage Consultant
Toll Free: 877-534-7420
Email: alapitan@cavaliermortgage.com - Thu Oct 2 2008, 06:13

Hi there Dan, and an early welcome to the area! It appears from your question, you are asking them to gauge the negotiating power and experience that the agent you choose may have? I'm not an agent, but a mortgage broker. Although a valid question, I'm not too sure if these figures would be a true measure of an agent's sucess. Experience is a big factor, you definitely probably want someone who does real estate as a full time career, and eliminate those that do 1-3 deals a year. Most homes do sell for less than the listing price, but you also have to measure other variables such as seller concessions. Closing costs assistance and these concessions usually aren't listed or factored in with the final price. If you are looking for financing, I'd enjoy the opportunity to work and earn your business. Being in the business for quite some time, I can also refer you to some experts, whom I have grown to trust. Let me know how I can be of service. You'll love the area! (I've been in Hampton Roads for over 25 years!)

Kindest regards,

Alvin Lapitan
Sr. Mortgage Consultant
Toll Free: 877-534-7420
Email: alapitan@cavaliermortgage.com - Wed Oct 1 2008, 09:53