CHARLESTON, W.Va. (AP) — The West Virginia Housing Development Fund announced Tuesday a new mortgage program where 280 families can qualify for the fund’s lowest interest rate in its history – 3.5 percent.

The program also includes a 30-year fixed-rate loan with zero percent down payment. The program also offers closing cost assistance loans, said Gov. Joe Manchin and fund Executive Director Joe Hatfield.

Financing for the program comes from the sale of $35 million in bonds and a special bond refunding.

Hatfield called the program a “once-in-a-lifetime opportunity” for first-time home buyers living in the fund’s 20 non-targeted counties. A first-time buyer is someone who hasn’t lived in an owner-occupied house for the past three years.

The counties are Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason, Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood.

The program covers new or existing houses, duplexes, townhouses and new doublewide mobile/manufactured homes. It does not cover new or used single- and used doublewide homes.

Applications will be taken at banks, mortgage brokers and credit unions.

At Coldwell Banker Advantage Real Estate, we are dedicated to providing highly skilled, ethical and caring service. We truly are… A Better Way Home!

Copyright 2010 The Associated Press.

If the latest technology or entertainment options are important in your new home, add the following questions to your buyer’s checklist.

1. Are there enough jacks in every room for cable TV and high-speed Internet hookups?

2. Are there ample telephone extensions or jacks?

3. Is the home pre-wired for home theater or multiroom audio and video? Does it have in-wall speakers?

4. Does the home have a local area network (LAN) for linking computers?

5. Does the home already have wiring for DSL or another high-speed Internet connection?

6. Does the home have multizoning heating and cooling controls with programmable thermostats?

7. Does the home have multiroom lighting controls, window-covering controls, or other home automation features?

8. Is the home wired with multipurpose in-wall wiring that allows for reconfigurations to update services as technology changes?

Make sure you choose a Coldwell Banker Real Estate Professional who will provide top-notch service and meet your unique needs.

1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.

2. What designations do you hold? Designations such as GRI and CRS®, which require that agents take additional, specialized real estate training, are held only by about one-quarter of real estate practitioners.

3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.

4. How many days did it take you to sell the average home? How did that compare to the overall market? The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.

5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.

6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.

7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.

8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.

9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your home.

10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.

11. How will you keep me informed about the progress of my transaction? How frequently? Again, this is not a question with a correct answer, but how you judge the response will reflect your own desires. Do you want updates twice a week or do you prefer not to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?

12. Could you please give me the names and phone numbers of your three most recent clients? Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

At Coldwell Banker Advantage Real Estate, we are dedicated to providing highly skilled, ethical and caring service. We truly are… A Better Way Home!

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

Garage sales can be a great way to get rid of clutter — and earn a little extra cash — before you sell your home. But make sure the timing is right. Garage sales can take on a life of their own, and it might not be the best use of your energy right before putting your home on the market. Follow these tips for a successful sale.

1. Don’t wait until the last minute. You don’t want to be scrambling to hold a garage sale the week before an open house. Depending on how long you’ve lived in the home and how much stuff you have to sell, planning a garage sale can demand a lot of time and energy.

2. Get a permit. Most municipalities will require you to obtain a special permit or license in order to hold a garage sale. The permits are often free or very inexpensive, but still require you to register with the city.

3. See if neighbors want to join in. You can turn your garage sale into a block-wide event and lure more shoppers if you team up with neighbors. However, a permit may be necessary for each home owner, even if it’s a group event.

4. Schedule the sale. Sales on Saturdays and Sundays will generate the most traffic, especially if the weather cooperates. Start the sale early, 8 a.m. or 9 a.m. is best, and be prepared for early birds.

5. Advertise. Place an ad in free classified papers and Web sites, and in your local newspapers. Include the dates, time, and address. Let the public know if certain types of items will be sold, such as baby clothes, furniture, or weightlifting equipment. On the day of the sale, balloons and signs with prominent arrows will help to grab the attention of passersby.

6. Price your goods. Lay out everything that you plan to sell, and attach prices with removable stickers. Remember, garage sales are supposed to be bargains, so try to be objective as you set prices. Assign simple prices to your goods: 50 cents, 3 for $1, $5, $10, etc.

7. If it’s really junk, don’t sell it. Decide what’s worth selling and what’s not. If it’s really garbage, then throw it away. Broken appliances, for example, should be tossed. (Know where a nearby electrical outlet is, in case a customer wants to make sure something works.)

8. Check for mistakes. Make sure that items you want to keep don’t accidentally end up in the garage sale pile.

9. Create an organized display. Lay out your items by category, and display neatly so customers don’t have to dig through boxes.

10. Stock up on bags and newspapers. People who buy many small items will appreciate a bag to carry their goods. Newspapers are handy for wrapping fragile items.

11. Manage your money. Make a trip to the bank to get ample change for your cashbox. Throughout the sale, keep a close eye on your cash; never leave the cashbox unattended. It’s smart to have one person who manages the money throughout the day, keeping a tally of what was purchased and for how much. Keep a calculator nearby.

12. Prepare for your home sale. Donate the remaining stuff or sell it to a resale shop. Now that all of your clutter is cleared out, it’s time to focus on preparing your house for a successful sale!

Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.

For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.

Structure: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.

Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection.

* Doors and windows
* Siding (brick, stone, stucco, vinyl, wood, etc.)
* Driveways/sidewalks
* Attached porches, decks, and balconies

Roofing: A well-maintained roof protects you from rain, snow, and other forces of nature. Take note of the roof’s age, conditions of flashing, roof draining systems (pooling water), buckled shingles, loose gutters and downspouts, skylight, and chimneys.

Plumbing: Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems.

Electrical: Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room.

Heating: The home’s heating system, vent system, flues, and chimneys should be inspected. Look for age of water heater, whether the size is adequate for the house, speed of recovery, and energy rating.

Air Conditioning: Your inspector should describe your home cooling system, its energy source, and inspect the central and through-wall cooling equipment. Consider the age and energy rating of the system.

Interiors: An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects, and other issues. An inspector should take a close look at:

* Walls, ceilings and floors
* Steps, stairways, and railings
* Countertops and cabinets
* Garage doors and garage door systems

Ventilation/insulation: To prevent energy loss, check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be appropriate for the climate. Excess moisture in the home can lead to mold and water damage.

Fireplaces: They’re charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and flue, and describe solid fuel burning appliances.

Source: American Society of Home Inspectors (www.AHSI.org)

Your neighborhood has a big impact on your lifestyle. Follow these steps to find the perfect community to call home.

Is it close to your favorite spots? Make a list of the activities — movies, health club, church, etc. — you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities.

Check out the school district. This is especially important if you have children, but it also can affect resale value. The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, visit schools in the neighborhoods you’re considering. Also, check out www.schoolmatters.com.

Find out if the neighborhood is safe. Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type — such as burglaries or armed robberies — and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?

Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but do mean a more transient population. Do you see vacant businesses or homes that have been for sale for months?

See if you’ll make money. Contact us at Coldwell Banker Advantage Real Estate to get information about price appreciation in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good of an investment your home will be. A Coldwell Banker Advantage Real Estate Agent or the government planning agency also may be able to tell you about planned developments or other changes in the neighborhood — like a new school or highway — that might affect value.

Make personal observations. Once you’ve narrowed your focus to two or three neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet? How does it feel? Pick a warm day if you can and chat with people working or playing outside.

There are many reasons why people continue to rent.   But the primary reason is most people believe they cannot afford to buy a home. The question they should be asking is… “Can I afford not to buy?”

In most cases owning a home is much better than renting. Before signing that rental renewal lease, take into consideration the benefits of owning a home over renting.

Financial Advantages

You might be able to afford more than you think. Often a mortgage payment is less expensive than a rental payment. Plus, you often get more for your money. Where you might be able to afford a small apartment, consider this… for the same amount in a mortgage you will have significantly more space. Rent is guaranteed to go up every year, sometimes significantly. A mortgage, on the other hand, might fluctuate slightly if you have an adjustable rate, but odds are it is going to stay in a similar range, plus or minus.

With rent you are making no long-term investment. You have the right to live there but you are not building investment toward your future. When you own your own home, it is considered a valuable investment and increases your net worth. The longer you own your home, the more equity you put into it. As real estate property appreciates, so will the worth of your home. When you are ready to sell in order to upgrade or move to a different area, you’ll likely make more on your investment.

How much longer do you want to continue paying your landlord’s mortgage?

The Department of Commerce reports that between 1995 and 2007, the average renter accumulated a little over $4,000 in net worth. The average homeowner accumulated $184,400. That translates into $180,000 more, or $1,500 per month. In other words, each month that the average person continues to rent, it costs them $1,500 in lost wealth accumulation. Furthermore, renters are subject to rent increases as well as higher tax rates because they cannot take a mortgage deduction.

Quality of Living

Have you ever thought the plain white walls of your rental space are a looking a bit boring? Good luck in trying to change it though. The landlord will generally not allow any type of significant changes to the property.
In your own home, however, you can customize it to your heart’s content. In fact, making improvements to the home actually increases its value so it’s beneficial to do so. There is a certain amount of pride that goes into home ownership.

Privacy and security are additional benefits in owning your own home. You, and whoever you designate are the only people allowed in your home. You can pull into the garage at your leisure, you can sit in your back yard without being disturbed by the neighbors, you are not required to let a third party into your home without your consent, you can have friends and family over, invite guests to stay and even have a roommate if you so desire all at your freedom.

Owning a home is a big step and a significant financial matter. However, when considering the advantages of owning as opposed to renting, it is really not a difficult decision as to which one is best. There are great financial and quality of living benefits to owning a home.

Many people assume that buying a home is out of financial reach for them. However, they may be able to afford more than they think and it would be beneficial to speak with a Realtor about the advantages of owning. Consider the option of owning before committing to another year of throwing money away on rent.

What Steps Should I Take Next?

First, discover how much you can afford for your new home.  A qualified Realtor at Coldwell Banker Advantage can provide tools to help you determine your home affordability.  You can get started with a simple tool such as a Mortgage Calculator.

Next, determine the area where you would like to live and begin your search with a Realtor’s assistance.  Realtor services are a powerful tool for buyers.  Your Realtor will have a knowledge of the market and what’s available to purchase.  For this reason, it is beneficial to use an agent when searching for properties. They have tools and resources to locate your ideal home. Some properties you may never find without the help of a Realtor.  Click here to get started with our powerful search tools online at ColdwellBankerWV.com

As a buyer, the services of a Realtor will cost you nothing.

We look forward to helping you on your journey from renter to home owner!  Contact us today.  The sooner we get started, the sooner you’ll be enjoying your new home and all the advantages that come with it.

Congresswoman Shelley Moore Capito celebrated the Affordable Housing Program’s (AHP) 20th anniversary with words of huge support for the program.  Capito also highlighted 16 West Virginia banks for helping to bring more than $10 million in housing assistance to the state.

On August 24, 2009, Rep. Capito gathered with nonprofit groups, community leaders, developers, and bankers at the Rea of Hope New Life Apartments, a transitional housing program for women recovering from chemical dependency.

AHP provides private funding for the purchase, building or remodeling of lower-income affordable housing units throughout the Mountain State. Now in it’s 12th year, it has also provided grants to first-time homebuyers for down payment and closing costs.

“Community cooperation is critical when it comes to developing and providing affordable housing,” said Capito. “Programs like this one help make it possible for families across our state to find affordable housing when they need it. And as affordable housing remains a priority in Congress, it’s also critical that our communities play a role in the solution. I applaud the work of the Affordable Housing Program and the Federal Home Loan Bank of Pittsburgh, and look forward to seeing the program’s continued success.”

Since the first AHP funding, $9.7 million has helped create 1,213 units of affordable housing in the state, while another $929,000 in first-time homebuyer grants has helped lower-income families close on 155 homes.  In all, nearly $10.6 million in combined funds has supported 1,368 affordable housing units in West Virginia.

For many people, buying their own home is still the American dream. Yet, it remains out of reach for a lot of people, even though the housing affordability index in many areas of the country is as good as it’s ever been. But if you’re not prepared to buy a house, then the index doesn’t mean a thing to you—except, perhaps, to create a painful sting and a constant reminder that you’re missing out on a good opportunity to buy real estate at lower prices.
What if you’re a first-time buyer or you haven’t owned a home in a while, how do you prepare for what is often the largest purchase you’ll ever make? Buying a home isn’t that difficult but it does require you to make sure that you’re in the right financial (and emotional) position to do it. How do you get there when so many other expenses often take precedence? Simple but not necessarily easy steps can help you position to transition from renter to home owner. It starts with getting familiar with your financial picture. If you are aware of what lenders are looking for before you apply for a loan, you’ll have a greater chance of getting it and it’ll be helpful when you meet with your real estate agent. No time will be wasted looking at homes that aren’t in your price range. You will have a clear-cut idea of what you can afford and then you can confidently look for the most suitable home.
Take a keen look at your budget. This presumes that you have a budget. If not, develop one. You can use numerous software programs to create a budget; many are free, or you can even use a basic spreadsheet. If you’re self-employed, take a look at free online bookkeeping software offered by Outright.com. It can help you track your income and expenses for your business allowing you to create a better recording system to help you save time and money. Review credit history. If you have no idea how your credit looks, then it’s time to give it a review. When you take a look at your credit report, you will be able to see if there are errors or dings from late payments that are negatively affecting your credit score. This gives you a chance to dispute errors or work to clean up your credit before you apply for a home loan. It pays to double check; you just never know what you’ll find.
Redistribute your money. Don’t think of it as cutting back, but rather as moving your money from one place to another. For example, if you’re spending $3 on a specialty coffee five days a week, think about making your java at home and putting that $15 a week into an account that is going to be used to purchase your home. It all adds up and most of the time, we don’t realize how much money a dollar spent here or there can accumulate.
Another way to redistribute money is to examine your insurance policies and consider raising the deductibles. A lot of people want low deductibles in case of a loss or an accident, but you can actually save money and redistribute that money into an account that is set aside for purchasing your home. But some statistics show that the average person files a claim only once every 13 years, according to insurance broker, Michael Rice of Thomas Ward Insurance Group. So raising your deductible from, say, $500 to $1,000 can give you an annual premium savings of 10 to 15 percent. Rice also recommends paying your premium in full if the insurance company offers you a discount to do so; some offer a five percent or more deduction and you won’t be charged administrative fees for periodic billing.
Keep your eye on the goal. Staying focused on the goal of buying a home will help you to remember that cutting costs now will allow you to have what you want in the long run. Our society is accustomed to instantaneous gratification so delaying the reward can be very challenging but well worth it. Owning your own home and, being able to purchase it while in a down market, is an exciting win-win.