For the first time homebuyer all of the aspects of the home buying process are new.  One of the points that you need to understand is the earnest money deposit.

Earnest money is money put down by the purchaser when they make an offer on a home.  You will need to set aside some money to have for the earnest money deposit when you make an offer on a home. The purpose of the earnest money deposit is to demonstrate the seriousness of the purchaser's intentions to the seller.  The amount is often between 1-5% of the purchase price, but this can vary with local customs.  The more money that is put down the more serious the seller will feel that the buyer is.  When the offer is accepted the earnest money deposit will become part of the downpayment or closing costs.  If the offer is rejected the earnest money will be returned to the buyer.  However if the purchaser defaults on the contract the earnest money may be forfeited.

If you are a first time homebuyer considering a purchase of a Charlottesville home, I would be hapy to go over the home buying process with you.  I would love to help you find the perfect home.

Click here to search all of the Charlottesville and Central Virginia homes on the market.

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, VA
434 960-0161
Charlottesville Homes
Charlottesville Real Estate Talk
Licensed to sell real estate in Virginia

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For first time homebuyers involved in their purchase of a Charlottesville Virginia home there is so much to understand about the homebuying process.  One of the things that you may ask about is mortgage insurance.

Mortgage insurance is an insurance policy that protects mortgage lenders if a borrower defaults on their home mortgage.  It is required in cases where a borrower's downpayment is less than 20% of the purchase price.

Like any other insurance policy mortgage insurance involves the payemnt of a premium and protects the mortage lender against loss.  Mortgage insusrance will be included in the monthly mortgage payment.  If the borrower defaults on the loan and the lender is forced to foreclose on the property, the lender may file a claim with the mortgage insurer for a portion of the total losses.

If you have questions about the home buying process, contact me.  I would be happy to speak with you about what is involved in buying a home.  Helping buyers get into the home of their dreams is my favorite thing to do.

Search all of the Charlottesville and Central Virginia homes on the market.

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Many people who are beginning to look for a Charlottesville, Virginia home are confused about the difference between loan pre-qualification and pre-approval.

Pre-qualification is a simple process to help determine how much money you will be elegible to borrow.  After you are pre-qualified you will  have an idea of what price range home you should be looking at.  Most real estate agents will ask if you are pre-qualified when they begin working with you.  That way they will know what price range of homes to show you.  You don't want to start out looking at homes only to find out later that you cannot afford the home that you have your heart set on. 

You may get pre-qualified over the phone.  All that is necessary is to tell a lender the amount of your income, what debts you have and how much of a down payment you can afford.  Then the lender will give you an approximate figure of what you could spend on a home.  You are not obligated to the lender.

The pre-approval process is a more formal process and involves the actual verification of funds by the lender.  You will have to provide the mortgage professional with all of the financial records necessary for applying for a loan and you will go through a preliminary approval process.  The only thing that is different from an actual loan application is that you are not supplying a sales contract for a specific property.  The advantage of obtaining pre-approval is that it gives you a definate figure of how much house you can afford.  In addition when you present an offer on a home it shows the seller that you are serious about purchasing.

Therefore before you begin looking at specific homes, it is a good idea to speak with a lender and get prequalified or pre-approved.  Make sure that the home you fall in love with is the home that you can afford.

When you are ready to start looking for the perfect Charlottesville home or Central Virginia horse farm, give me a call.  I would love to help you find your dream home.

Or perform your own search of Charlottesville homes.

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  The First Time Home Buyer Tax Credit offers a great incentive for first time home buyers to purchase a new home at this time.  This tax credit is part of the Housing and Ecconomic Recovery Act of 2008.

The combination of the tax credit, the large inventory of homes currently on the Charlottesville real estate market, and low interest rates all make this the perfect opportunity for first time home buyers to get a great deal.  A first time home buyer is defined as a homebuyer who has not owned a home in the past year.

This tax credit consists of the following points:

• The tax credit is only for first time homebuyers.
• The maximum credit available is $7,500.
• The credit is only available for homes purchased on or after April 9, 2008 and before July 1, 2009.
• To qualify for full credit you must be a single taxpayer with an income up to $75,000 or a married couple with an income up to $150,000.
• The tax credit is like an interest-free loan and must be repaid over 15 years

The Charlottesville, Virginia home market has a large selection of homes for first time homebuyers to choose from.  If you are a first time homebuyer, I would be happy to hel you with your search for the perfect home.

For more information on the First Time Home Buyer Tax Credit click here.

Perform your own search of Charlottesville and Albemarle homes.

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Sunday, September 28 is Family Day at the Foxfield Races.  The fall steeplechase meet at the Foxfield Steeplechase course is always focused on families.  There is the same exciting steeplechase racing as you find at the spring race, but the spectator activities are focused on families. 

In addition to the thrill of watching the beautiful thoroughbred horses race over jumps, there are additional activities of interest to the entire family.  These include the Jack Russell Terrier Races, a walk of the race course, pony rides, sky divers, the Albemarle Pipe & Drum Corps, and a parade of the Farmington Beagles.  Don't miss the Foxden Children's Activities Tent.

The beneficiary of the Foxfield Fall Races is Kid Pan Alley.

Tickets and parking are only sold in advance.  For information or to buy tickets call 434 293-9501 or go to the Foxfield website.

The Foxfield Race Course is located on Garth Road just a few miles west of Charlottesville, Virginia.  While you are in town for the races, take the opportunity to tour the scenic Virginia countryside.  If you are interested in finding the perfect Albemarle horse farm or Charlottesville country home, I would love to show you what is currently available.  

Click here to perform your own search of Central Virginia homes. 

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