Virginia Beach Real Estate

Before lending you a large sum of money to purchase a piece of Virginia Beach real estate, it is understandable that your lender will want to know a little bit about you and your ability to pay back the loan.  If you are a first-time homebuyer, or if it has been a while since you last spoke with your lender, it is helpful to be prepared for some of the questions you may be asked and to have some responses in mind.  Below are some general examples of questions you may expect to hear when applying for a home loan:

Employment and income
• Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived – steady salary or irregular income? (if it’s the latter, plan on providing more details so that you get a favorable interest rate)

Outstanding debts

• What recurring debts do you have?
• How much do you pay a month for auto loans?

• Credit cards?
• How much of your monthly pretax income do these debts consume?

Cash reserves and assets
• How much money do you have in the bank?
• How much will be left after you pay your down payment and closing costs?

Down payment
• How much money are you putting down?
• Is this your own money? A gift? A nonprofit agency grant?

Loan purpose
• Is this mortgage for a home buy or refinance?
• If it’s a refinance, do you want to take cash out at closing to pay off other debts?
• If so, how much?

Property use

• Do you plan to live in the house?

• Is it investment property?

Property type

• A condominium?
• A duplex?

In order to get the best possible interest rate and gain the trust of your lender, you will want to be able to prove that you’ve had steady employment (preferably with the same employer or in the same line of work) for two or more years.  You also want to avoid making any major purchases before applying for a loan - if a lender sees that you’ve just purchased an automobile last week, your debt-to-income ratio goes up and your ability to pay down a home loan goes down.  It is preferable to be making a down payment of at least 5% of the sales price with your own money and to prove that you have at least two months’ worth of mortgage payments in the bank; however, there are many programs such as Fannie Mae that require much lower down payments. 

To learn more about investing in Virginia Beach real estate or for a referral to a reputable lender, please call us at 866-222-0158 #550 or visit ButlerTeamHomes.com.  You may also begin searching the MLS!

Also read:

Virginia Beach Real Estate: FHA Frequently Asked Questions
Things You Should Know About Moving To Virginia Beach
Seven Tips For First-time Virginia Beach Homebuyers
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home

1408 Bayberry Court S, Chesapeake VA for Sale

This Chesapeake VA home, located in Bayberry, has room for everyone with over 3300 sf ft with 4 bedroom and 3 baths in the main house and a 1 bedroom 1.5 bath in-law suite. In-law suite includes a fully applianced kitchen, bedroom with walk in closet and a generous living room and dining area.

This house has been totally remodeled within the last four years include a 3 zone heating and air system, vinyl siding , windows and roof. This truly is a move in home with nothing left for you to do but enjoy! The fenced in back yard has an above ground pool and patio with plenty of grassy area for all your outside enjoyment.

For more information about this Chesapeake VA home for sale or Chesapeake and Virginia Beach real estate, visit ButlerTeamHomes.com.

Suffolk, Smithfield & Isle of Wight Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Suffolk, Smithfield & Isle of Wight real estate market activity to see how the spring market is shaping up.

Suffolk, Smithfield & Isle of Wight May 2008 Sales Statistics

Residential sales in Suffolk, Smithfield & Isle of Wight dropped by 53 percent in May compared to May 2007, while the average market time climbed 26 percent, with market times of  107 days vs 85 days. The median sales price decreased 1 percent and the average sale price decreased 3 percent to $307,316.

 What do these statistics mean for Suffolk, Smithfield & Isle of Wight real estate buyers and sellers?

Suffolk, Smithfield & Isle of Wight residential sales have not started to pick up. This is good news for buyers, as sellers remain more negotiable.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Suffolk, Smithfield & Isle of Wight and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Suffolk, Smithfield & Isle of Wight and Virginia Beach homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 

Portsmouth Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Portsmouth real estate market activity to see how the spring market is shaping up.

Portsmouth May 2008 Sales Statistics

Residential sales in Portsmouth dropped by 49 percent in May compared to May 2007, while the average market time remained relatively unchanged, with market times of  57 days vs 58 days. The median sales price increased 14 percent and the average sale price increased 6 percent to $195,657.

What do these statistics mean for Portsmouth real estate buyers and sellers?

Portsmouth residential sales are starting pick up, which is good news for sellers and buyers should get into the market before prices jump even more.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Portsmouth and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

Search all Portsmouth and Virginia Beach real estate homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 

Norfolk Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Norfolk real estate market activity to see how the spring market is shaping up.

Norfolk May 2008 Sales Statistics

Residential sales in Norfolk dropped by 15 percent in May compared to May 2007, causing the average market time to increase 24 percent, from 58 days to 72 days. The median sales price remained the same, while the average sale price decreased 5 percent to $244,396.

What do these statistics mean for Norfolk real estate buyers and sellers?

Norfolk residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Norfolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

Search all Norfolk and Virginia Beach homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.