Archive for January, 2018

Looking To Renovate?

Tuesday, January 30th, 2018

Atlantic Bay Mortgage group is excited to announce a VA Renovation Loan.  This VA renovation loan may be the right loan option for qualified veterans looking to make home renovations. This loan allows active duty and retired service members to bundle renovation costs into a new or existing VA home loan. With a VA Renovation Loan, borrowers can make the changes they want, with one loan, one rate, and one monthly payment. The VA Renovation Loan allows borrowers to make home renovations, repairs, or improvements totaling up to $35,000. Your loan amount will be based on the appraised value of your home after improvements have been made. Repairs must start within 30 days of closing and take no more than 3 months to complete. The loan product is not applicable for major renovations, but rather intended for upgrades to your new or existing home.

VA RENOVATION LOAN HIGHLIGHTS:
* Minimum credit score: 640 (purchase) 660 (refinance)
* No monthly mortgage insurance needed
* No down payment required
* Renovations up to $35,000 with a $5,000 minimum repair amount
* Must be primary, owner-occupied residence
* For purchase or refinance (no streamline)
* Renovation costs are financed into your VA loan
* Borrower must use a licensed general contractor
For more information about this loan program or to discuss which loan option is best for you, give me a call… Bill Duggan, Atlantic Bay Mortgage Group,  757-615-5172 or billduggan@atlanticbay.com

In the News for Buyers and Sellers

Monday, January 29th, 2018
It’s Cold Outside, but Sales are Warm!
The end of the year numbers are in for 2017, and they continue to show a positive trend for sellers.  The number that sellers care the most about, the median sale price across Hampton Roads, was $230,000 for 2017 which is up roughly 2.2% from 2016, according to numbers from the Real Estate Information Network (our local MLS).  More exciting for sellers is that the number of homes for sale has declined for 29 straight months when comparing year over year numbers (December 2017 to December 2016).  December 2017’s supply of homes for sale was down to 3.90 months.  An average market is between 5 and 7 months, and average days on market for homes across Hampton Roads dropped to 87 days in 2017.  The average days on market was 108 in 2016.
While we don’t have a crystal ball, 2018 is looking like a year in which the average sale price for houses should continue to drift upwards.  Demand is very strong in the $150,000 to $300,000 price range.  In fact, we have several buyers looking that can’t find what they want.  If you are thinking about selling give us a call (Lee: 757-726-SOLD (7653) or Harry: 757-434-9084).
by: Lee Cross



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