The Q Blog

Tuesday, January 29, 2013

Paul Goodloe McIntire's Belmont Park Legacy

His name and contributions surround us, but few outside of Charlottesville Historians know just how much of an impact that Paul Goodloe McIntire had on the shape of the city. Born in 1860 in the City of Charlottesville, McIntire attended the University of Virginia for only one semester before leaving in 1880 for Chicago "...to earn some money." He worked first as a coffee salesman (Barista's of the city should puff out their chest at that!) and later as a stockbroker. He then moved to New York City where he bought a seat on the New York Stock Exchange and between the years of 1901 and 1921 amassed a fortune. Never forgetting his home town he used his wealth to beautify the city, purchasing land to become parks and adding sculptures for all of Charlottesville's residents to enjoy.

Just some of his notable gifts include the Statues located in Lee and Jackson parks - parks placed on land that he purchased and donated to the city for this purpose. One of his donations that any traveler or resident will recognize is the statue of Meriweather Lewis, George Rogers Clark and Sacajawea that stands at the intersection of Ridge and McIntire Roads at the primary traffic gateway to the Downtown Pedestrian Mall. Another statue of Lewis and Clark stands at the intersection of Jefferson Park Avenue and West Main Street; a gift he made to the University of Virginia.

In addition to Lee and Jackson Park, McIntire also gifted the land that has become Washington, McIntire and Belmont parks. Homeowners in Belmont note Belmont Park to be one of the finest parks in the City of Charlottesville.

The 3.1 acres of Belmont Park is bounded Stonehenge Avenue, Rialto Street and Druid Avenue. The park contains a full basketball court, benches, swing set, playground equipment, large Oak Trees for Shade and a courtyard with shelter for outdoor concerts. When driving by Belmont Park, Residents and visitors alike have their attention drawn to the latest addition, the "spray ground" that allows children to enjoy an afternoon playing in the various water spouts while staying cool. The spray ground is operated by touchpad, recycles the water it uses and is open from 9am to 8pm during summer months.

From UVA dropout, to coffee salesman to philanthropist, McIntire's is a story that could easily be repeated today and Belmont Homeowners enjoy the legacy of his generosity to this day.

For more information on Charlottesville City parks and trails, CLICK HERE

For more information on Paul Goodloe McIntire, CLICK HERE

If you are looking to -
Buy a home in Belmont or the City of Charlottesville
Sell your Charlottesville Home
Or have other questions about Real Estate
Please click the links above or contact me directly

Quinton Beckham
Keller Williams Realty
434.242.6212
www.select-homes-charlottesville.com

Sunday, January 27, 2013

Will 20% Soon be the New Minimum Down Payment?

Several government agencies are reviewing data to determine what will be the minimum down payment required under the new Qualified Residential Mortgage (QRM) guidelines scheduled to be revealed in the next few months. In the original Mortgage Market Note issued by the FHFA, it was suggested that loan-to-value (the percentage of the overall purchase price that was being borrowed) was a major factor in determining if a loan would default:

"For most origination years, requirements for borrower credit score and loan-to-value ratio are the factors that most reduce the ever-90-day delinquency rate of mortgages acquired by the Enterprises that would have met the proposed QRM standards"

The note then went on to make the following proposal:

"An LTV ratio qualified residential mortgage must meet a minimum LTV ratio that varies according to the purpose for which the mortgage was originated. For home purchase mortgages, rate and term refinances, and cash-out refinances, the LTV ratios are 80, 75 and 70 percent"

For the complete article, click here: http://www.kcmblog.com/2013/01/23/will-20-soon-be-the-minimum-down-payment-on-a-home/

Basically, the note suggested that a 20% down payment should be the new guideline for Qualified Residential Mortgages. Now, no one can know for sure what the final requirements will be. Bloomberg reported last week:

"The six regulators drafting the separate QRM rule, including the Department of Housing and Urban Development, The Office of the Comptroller of the Currency and Securities and Exchange Commission, must decide whether to include such a requirement - and whether to make it less than the 20% they originally proposed."

What could these new regulations mean for the average home buyer? Certainly there is a growing portion of the Charlottesville Area Home Buying population for whom a requirement of 20% down payment could, unintentionally, lock them out of homeownership as a whole. More and more of those who are approaching Real Estate Agents to buy a home are those who are renting. As rents have climbed dramatically over the last few years, this has seriously impacted the average Charlottesvillian's ability to set aside money month after month in pursuit of that often elusive down payment. Their first and best method to take advantage of the currently reasonable home prices and excellent mortgage rates is to seek out a Mortgage program that allows them to own a home for only 3-5% down.

Should the new QRM guidelines require a 20% down payment on what would be a very large percentage of mortgages, we could see a slowing of the Real Estate market as a large portion of potential buyers are trapped in rentals that are costing a larger portion of their monthly incomes.
For now, this has not happened and we can hope that the regulators will keep in mind that much of America can not put away a 20% down without the tax advantages of homeownership.

What does this mean to someone seeking to Buy a Charlottesville Home? Don't wait until the market changes, home prices go up or mortgage rates rise. Meet with a qualified Real Estate agent and get a check on your finances, credit scores, housing needs and determine if you can get out of the rent trap.

What could this mean to someone seeking to Sell their Charlottesville Home were it to go through? Certainly, nearly every offer has some request for the seller to cover a portion of the closing costs, generally 1-3%. Expect to see those become necessary in order to get cash strapped buyers through the mortgage process and qualified for a loan. For those wanting to upgrade their homes or needing to sell property at all, the market continues to have many opportunities to attract buyers and a mortgage structure that is attractive to a larger percentage of home seekers than ever before - waiting too long to put your home on the market could see those buyers dry up and create a market that has fewers buyers, who are more sought after.

If you are wanting to:

Find out if you can Own a Home in Charlottesville
Buy a Home in Charlottesville
Sell your Charlottesville Home

Please contact me, I want to help!

Quinton Beckham
Keller Williams Realty
434.242.6212
www.buyorsellhomescharlottesville.com
www.select-homes-charlottesville.com

Friday, January 25, 2013

Mortgage Lingo got you feeling lost? Here's some help

I can well remember when I first started in college back in... well, let's not say how long ago that was, it was more than a little while... when I first started learning all the terms I would have to know to be in healthcare and not look like an idiot it felt like I was having to learn a second language. And in some ways, I was. It took years to sling those words and phrases and initials around like a pro. I am still of the belief that those words and abbreviations exist in healthcare so that your doctor can talk about you, right in front of you, without you knowing what he is saying.

Frequently, sitting across from a loan officer feels exactly the same way. They throw around words and abbreviations and phrases like they are talking about breakfast cereal and we smile and nod, afraid they will think we are not financially savvy and then walk away not really sure what the heck it was they said. This can make the pre-approval process a frightening thing, as though we are being asked to lay out the most private details of our life so that someone can judge us. It can be a very daunting process to go through, especially if it is your first time or you aren't sure that you will qualify. So, to give you a chance to speak the language like a pro and, more importantly, really understand what they are talking about - I give you the Glossary of Mortgage Terms!

For the complete glossary from The Mortgage Professor, click here.

Some of my personal favorites:

JUMBO MORTGAGE
Though at first glance you might think that this is a mortgage that comes with large fries and bucket of coca-cola, it is, in fact, not. Jumbo mortgages are those mortgages whose total amount are higher than what Fannie Mae or Freddie Mac are allowed to purchase. Though there are some exceptions to these rules, generally these are homes that need to be purchased with conventional loans.

MAXIMUM LOCK
Though this sounds like some action-adventure movie, it is, in fact, a very important thing for potential home buyers to know. When purchasing a home you and the lender "lock-in" the interest rate according to the prevailing rate at the time the home goes under contract. As everyone who has purchased a home recently knows, your expected date to close and the actual you close can be extremely different. The maximum lock is the longest period of time that a lender is willing to "lock in" that particular interest rate for you. Good stuff to know as a purchaser.

NOHO
No, this is not the next up and coming neighborhood in Manhattan. This is Lender speak for someone who does not have the finances currently to become a Homeowner. Mainly, they are living paycheck to paycheck and therefore are too great a risk. I have to admit, I have been a NOHO at certain points in my life. If you think you are a NOHO, contact me so that I can set you up with people can help you to get out of that rut and into better credit, financial health and out of NOHO status.

PAYMENT SHOCK

This is one of my personal favorites. I tend to have payment shock every time I half-fill my small hand carried basket at Whole Foods and then get to the register and see that my small stock of specialty items has reached a triple digit price tag. But in mortgage speak, Payment Shock is generally referring to sudden increases in ARM payments that surprise homeowners when whatever index the ARM is tied to climbs dramatically in a short period of time. Though not something many people have been afraid of lately, this is still something that can occur when interest only mortgages finally convert to including principal.

SWING LOAN
No, this is not some tawdry loan hanging out in hot tubs and seeking to flirt with properties that already have a mortgage of their own. Rather this is loan that banks sometimes offer to help homeowners who are seeking to switch homes but need the proceeds from the sale of their current loan to close on their new home who are needing to close on the new home and their current home hasn't closed yet. Also referred to as "bridge-loans" as they bridge the gap between the two closing dates.

I hope that this may have shed some light on "Mortgage Speak" for you and even, perhaps, generated a chuckle or two.

If you are looking to Purchase a Home in the Greater Charlottesville Area, Sell a Home in the Greater Charlottesville Area or Invest in Real Estate - I would very much like to be the agent that helps you in this endeavor. Please check out my website www.select-homes-charlottesville.com or click on the embedded links for more information and resources for sellers and buyers.

Quinton Beckham
Keller Williams Realty
434.242.6212
www.select-homes-charlottesville.com
www.buyorsellhomescharlottesville.com

Thursday, January 24, 2013

'Homer" Sells Home to "Moe"

On the lighter side of Real Estate news, the Los Angeles Times reports that Dan Castellaneta who does the voice for Homer Simpson on "The Simpsons" sold his home to Hank Azaria, who voices Simpsons' bartender Moe.

His Pacific Palisades home sold for $5.5 million, following a $200,000 price reduction prior to Azaria purchasing it. There was no mention of whether or not there was free beer or the settling of old bar tabs as a part of the sale.

For the full article, click here: http://marquee.blogs.cnn.com/2011/09/22/simpsons-real-estate-deal-homer-sells-home-to-moe/?iref=allsearch

Castellaneta and his wife Deb Lacusta - a television writer herself - have lived in the 4,414 square foot, 4 bedroom, 3 1/2 bathroom home for five years.

I doubt very much that this will have any impact on anyone who is looking to Buy a Home in Charlottesville or Sell a Home in Charlottesville. However, having been a fan of the Simpsons going back many years, I could not help myself and had to include this in my blog somewhere.

Should you wish to sell or buy in the Greater Charlottesville Area, please feel free to contact me for assistance. I promise, I will not try to mimic any voice from the Simpsons...

CLICK HERE to see homes for sale in the Rugby Neighborhood of Charlottesville.

Quinton Beckham
Keller Williams Realty
434.242.6212
www.select-homes-charlottesville.com

Harvard Report on Belief in Homeownership by Age Group

And it looks something like this....

Looking to....

Buy a home in Charlottesville?

Sell a Home in Charlottesville?

Click on the links above to get more information from my website or call me.

Quinton Beckham

Keller Williams Realty

434.242.6212

www.buyorsellhomescharlottesville.com

www.select-homes-charlottesvile.com

Fresh Market Opens in Charlottesville on February 6th.

On Wednesday February 6th, Fresh Market will open its doors at its newest location in the Albemarle Square Shopping Center. With over 23,800 square feet of shopping space it will include such services as a bakery, full service meat counter, and a large produce department with an organic section. Of note will be its partnership with the Thomas Jefferson Food Bank with regular donations of food. With the recent and popular opening of Trader Joe's at Stonefield, this added grocer provides more choices for the surrounding neighborhoods and increased competition for such long time notables as Whole Foods and Foods of all Nations. Quinton Beckham Keller Williams Realty 434.242.6212 www.select-homes-charlottesville.com www.buyorsellhomescharlottesville.com