First Time Homebuyers Seminar

Low prices, low interest rates, and the federal tax credits have many people wondering if now is the right time to start thinking about buying their first home. If you are among this group you may be interested in a class for first time home buyers.

It is taking place at the Arlington County Library on March 3. The event, a free educational session to provide information and answer any questions you might have, will take place from 7:00 to 8:15 p.m. The library is located at 1015 North Quincy Street near the Ballston Metro on the Orange Line. The class will take place in the 2nd Floor Meeting Room.

It will cover a recap of the market, current trends, and market stats including days on market, average sales prices, and inventory levels. There will also be a discussion on the home purchase process, the federal tax credit, common pitfalls, financing basics, and a how-to-get-started chechlist.

There will be a specific focus on:

1. local markets (Northern Virginia, D.C., and Montgomery County)
2. Mortgage basics (rates, points, and fees)
3. Financing basics (FHA, conventional, conforming, and "jumbo" loans)
4. Calculating the tax benefits of homeownership
5. Short sale, foreclosure/REO/Bank Owned basics
6. Search tips
7. Fees and closing costs

Again, there is no cost or obligation to attend this class.

$8,000 Federal tax credit for first time Buyers

Just wanted to comment quickly on this part of the stimulus plan. It appears to be creating some urgency with buyers that we have not seen in our market place here in Northern Virginia in a few years. The high lights are, 1. $8,000 tax credit does not have to be paid back. 2. There is an income limit. 3. The house has to be bought between January 1, 2009 and December 1, 2009. Follow the url for all of the additional details. http://www.vhda.com/vhda_com/apps/DocumentLibrary/document_load.asp?docid=2672

Happy House Hunting. Oh Yeah dont forget. Tomorrow is April fools day. Dont let any one get you.