South Riding homes for sale $600000 to $700000.  Searching for great homes in northern VA at a reasonable price?  You should be looking at homes for sale in the South Riding subdivision that are priced at $600K to $700K.  You can get a lot of home for the money, and South Riding subdivision is located in close in Loudoun County Virginia off Route 70 West just over the Fairfax County line.  South Riding is just 26 miles west of Washington DC, and just south of Dulles International Airport and 3 miles west of Route 28.  South Riding is an incredible place to live.  As a Toll Brothers master planned community and subdivision development, South Riding has every thing to offer today’s home buyer.  As a planned development, South Riding offers new homes, resale homes, town homes, single family detached homes, and some condos.  It is a fully contained swim, tennis, golf subdivision and community with police, fire, elementary, middle and high schools, shopping, restaurants, a Home Depot, and all located within the community!  What are you waiting for?  Start looking at homes for sale in South Riding for reasonably priced $600K – $700K now!

South Riding Homes for Sale $600000 to $700000

THE ABC’S OF HOME FINANCING 

By Rob Suling

There are four major items in reviewing a loan file for approval:

CREDIT…what is your credit score?  Are there things to fix before you can buy?

Everyone assumes that the SCORE is the sole determiner in getting a loan.  However, the credit score is only the “Borrowers’ credit history for dummies”.  The report tells the full story.  Good originators look at the entire credit report to see what story it is telling.  A lower score with 1 and only blemish can be worked around but a higher score with a history of non-consistent payment, will not be approved.  Underwriters look for the underlying story.  What happened?  Why did it happen?  If it was a fluke scenario generally underwriters try not to hold it against a borrower.

EMPLOYMENT…does job hopping hurt?  How long do I have to be employed before I can buy?

Employment is a very important piece in the puzzle in today’s mortgage puzzle.  Where 1 in 11 are unemployed, banks have become very concerned about job stability.  If a prospective borrower stops one job and there is a 30 day gap in employment, most lenders will require they be on the new job for at least 6 months before the income is useable.  Most lenders will also require at least 30 days of paystubs if someone has recently moved employers, however, there are some exceptions.  This is also the number one reason lenders today do not issue commitment letters.

ASSETS…Is a gift my money?  How long do I have to have the money in the account?  What is seasoning and what are reserves?

On each application, we go through every page of every asset account we receive and the borrower must explain any deposits into the accounts that are not payroll.  This is a Federal Requirement and any unexplained deposits are to be reported to OFAC (Office of Foreign Asset Control).  Most outside deposits come from gift monies from relatives but not all loans allow for gift funds.  Many times this can be explained by borrowers simply moving funds from one account to another, but we have to paper trail all movement.  This one issue probably occupies at least 20% of a loan processor’s day. 

DTI/INCOME…How much can I buy?  What is counted in DTI?  How do they calculate my income?

Another major component of qualifying a borrower is calculating any business expenses from their most recent Federal Tax Returns.  Any business expenses claimed on a borrower(s) personal Federal Tax returns will directly impact their gross income.  For example:  If a borrower(s) annual income is $60,000.00 and they claim $20,000.00 in business expenses, the borrowers useable qualifying income now becomes $40,000.00.  Some lenders even apply this logic with Married Couples Filing Jointly.  Assume Mr. Smith takes a loss on a joint return.  Assume Mr. Smith is not on the loan.  This loss is held against Mrs. Smith as she tries to purchase a home, even though it is her husband’s loss it is claimed on taxes as their loss.  Additionally, part time income/2^nd jobs can only be used if there is a history, generally 2 years, of working in that position.  The same is true for both self employed, commissioned, and bonus income.

HAVING SAID ALL OF THIS, PLEASE CONTACT ME DIRECTLY.  SCENARIOS HAVE MANY VARIANCES BASED ON SPECIFICS SO PLEASE CALL WITH ANY QUESTIONS.  JUST WANTED YOU ALL TO KNOW WHAT OBSTACLES WE FACE AS WE APPROVE THOSE LOANS.

Buying a home is an exciting time!  Make sure you proceed with the mortgage that is right for you!  What works for your neighbor may not work for you!  These are all questions that a mortgage professional should gladly answer for you.

CALL ME ANYTIME!
 

Search listings of townhouses for sale in the Amberlea in South Riding. South Riding is an incredible planned swim, tennis and golf enclave of South Riding.  The Amberleas at South Riding are located off route 50 just across the Fairfax / Loudoun County line in the South Riding Subdivision. Here you can find 3-level townhomes, and garage brick townhomes for sale in Chantilly VA in Loudoun County.

If you are interested in buying or selling a luxury new townhomes in the Amberlea at South Riding, please do not hesitate to contact us! It will be our pleasure to assist you as your Loudoun County VA Realtors.

Amberlea at South Riding Townhomes for Sale

Chantilly VA 20152 Fairfax County VA real estate statistics for closed home sales, pending sales, average sold prices, days on market, active Chantilly VA MLS home listings, and more for homes listed and sold in Chantilly VA. If you are buying or selling a home or real estate in Chantilly VA 20152 in Loudoun County VA, then what is occurring in real estate trend right now is of critical importance to you, and will most likely impact you directly.  The amount of Chantilly VA active MLS listed homes for sale, recent average home solds, and sold prices will directly affect your home’s value and worth.  For more information, feel free to contact us.  It would be our pleasure to assist you as your Chantilly VA real estate agents.

South Riding VA Listing Agents. 

South Riding VA Listing Agents for South Riding homeowners planning on selling a home or real estate in the South Riding subdivision in Chantilly VA. Choosing the right listing agent with experience is critical when selling a home in South Riding VA these days. Times are very different than just a few years ago, and some agents are desparet and will just tell you what you want to hear! You need to think this through!   It is a smart thing when listing a homes for sale in South Riding that you hire an experienced real estate agent that has the knowledge to assist you getting your home sold. Anyone can list a home, but in this market equals money when you need to sell it or rent it! 

South Riding VA Home Sellers

Planning to Sell Your Home in the South Riding area? Is it a good time to sell it?  Should I rent it out first and maybe the market will be better next year?  What are the homes selling for in your neighborhood? At what price are homes in South Riding really selling for after concessions? How can I get the best price when selling a home in South Riding? If you are planning to sell your home in these trying times, you are going to need an agent that has a track record of results! Anyone can list a home, but if you want the right results, then you’ll need the best South Riding real estate agents! You’ll need experienced South Riding real estate agents. For more information about selling a home in South Riding please feel free to contact us!

Chantilly VA home buyers. Whether you are buying a home out of choice or necessity there are several questions you must ask yourself before proceeding further in when buying a home. The first few home buyer questions asked will require specific answers that will define your home buying search. What must the home you are buying have? What style of the home are you looking for, what are the numbers of beds, baths, the appointed must have features, and what location do you really need are all critical in this answer. The next question is how much will the home cost that you are buying in Chantilly VA, and do you think you can really afford it? This is a very in depth question because not only does it deal with the cost to acquire the home, and close on it, but also include the long term payments, and the maintenance costs of that property. The next question is do you qualify to buy that home? Do you have either the cash to buy it outright, the income to qualify and get a loan, the required down payment, and the funds necessary for closing the home? Lenders are much stricter today than just a few years ago so you will need a decent credit score, a source of funds, and / or a demonstrated verifiable income. Not to worry, sometimes there are programs out there that can make the home buying process very affordable even over the long term. A lower down payment, and some seller assistance or seller paid closing costs will help you greatly. As experienced Chantilly VA buyers agents we can assist you in buying a home in the Chantilly VA area.

Chantilly VA Home Buyers Tax Benefits of Buying A Home

The United States IRS allows you to deduct mortgage interest on your home for the year the interest is paid. So if you have an amortized loan, an ARM or even and interest only loan the good news is that each month’s payment usually has interest paid as part of each monthly loan payment. At the end of the year, you will usually receive a statement from your lender showing you how much interest was paid on your mortgage loan for that year for tax purposes both Federal and state. This is a very substantial subsidy of home ownership.

Also, if you’ve owned and occupied this home in Chantilly VA as your principal residence for at least two of the past five years you can sell the home and keep up to $500,000 profit on the sale of that home and pay no federal income tax if you are married – and if you are single you are allowed up to $250,000 tax free. This is allowed every 2 years.

There are many advantages for homeownership, and for more information speak to your tax accountant, tax advisor, or contact us about buying a home in Chantilly VA.

SOUTH RIDING HOMES FOR SALE UPDATE

South Riding Homes update for August 01, 2011. The South Riding subdivision in Chantilly VA is a planned golf, swim community in Chantilly VA 20152 in Loudoun County . South Riding is a planned new homes community with swim, tennis, basketball courts, walking and bicycle paths, tot lots, recreation and golf community that was developed by Toll Brothers in Chantilly VA. Contained within the South Riding community are schools, shopping, super markets, dining, Home Depot, places of worship, a community center, dining, shops and public services.

Here is a quick snap shot of single family detached homes for sale in South Riding as of Monday August 1, 2011.

There are currently 30 MLS listings for South Riding Homes for Sale as of this post 8/01/2011

• 37 Active listings for South Riding Homes for Sale $799,999 / $339,900 (Hi /Lo)
• 0 Cntg/ Ko listings for South Riding Homes for Sale –/–(Hi /Lo)
• 12 Cntg/No Ko listings for South Riding Homes for Sale  $775,000 / $385,000 (Hi /Lo)
• 11 Contract listings for South Riding Homes for Sale $607,995  / $415,000(Hi /Lo)

The following is an interactive automatically updated homes sales chart for Chantilly VA 20152 1 year monthly homes sales in Loudoun County VA. 

Chantilly VA 20152 Market Activity Comparison Chart

Chantilly VA 20152

Selling a home is never about guess work and nor should it be if you are looking to buy a home in Chantilly VA 20152.  Chantilly VA home prices, homes sales, town homes, and price trends are always important to pay attention to.  Zip code 20152 is located in Loudoun County VA – Chantilly VA.  It is also where the subdivision South Riding is located.  The statistics below are the most recent and were published on April 10 2011 for homes sales in March 2011.  The homes sold statistics for Chantilly VA  listed in the chart below are very interesting.  Compared to the same time frame last year, total  dollar volume is down, prices are up, but sales are down.  The days on market compared to last year are basically a wash.  Not really much of a change at at.

Chantilly VA Home Sales March 2011