Homes - Valley Real Estate Guide - September 2018 by Northern Virginia Daily

Homes - Valley Real Estate Guide - September 2018

The Northern Virginia Daily

Homes - Valley Real Estate Guide - September 2018

BEASLEY REALTY 146 South Main Street, Woodstock, VA 22664 540-459-2123 • www.ERABeasley.com

EQUAL HOUSING

EACH OFFICE INDEPENDENTLY OWNED AND OPERATED • Licensed in Virginia

OPPORTUNITY

We have been involved with the buying and selling of homes in Shenandoah County and adjacent areas for over 46 years. Since inception, we have been an important part of the local community and we will continue to serve all of the area’s real estate needs for years to come. Our staff members are high caliber professionals with extensive experience and knowledge about our local real estate market. Whether you are buying, selling, relocating to the Valley, another state or country we’ve got you covered through our contacts nationwide.

Scott Baber 664-8908

Mike Beasley 325-2123

Allison Thorpe 335-8201

Paul McCarus 335-3900

Dave Shalap 481-0966

Cheryl Shalap 336-5763

Phil Stoneburner 325-4218

Pam Baber 664-8957

Delores Rutz 975-0496

Susan Phelan 631-4073

Erik Thorpe 333-5406

David Uhl 325-5098

Patty Murden 325-5829

PHOTO SIMILAR

D-11 Spring Hollow Estates just west of Woodstock this spacious 4 BR Colonial with LR, DR, generous eat-in kitchen with counter for 6, family room with fpl, lg rear deck great for entertaining, full bsmt with game room (Man Cave), laundry on 1st floor, 2 car garage. Beautifully situated on 1.6 partially wooded acres. Bring your rocking chair and enjoy the peace and quiet on front porch. $310,000

C-25 Unique Historic Building in Downtown Mount Jackson, beautiful mountain views, large wrap around porch, Great Rental Income with this charming 1885 building converted to 5 apartments all with separate heat, electric and water meters. Off-street parking. Owner lives in one unit and rents the rest. Steady cash flow, low vacancy rate, ideal for the beginning investor or to add to your portfolio. $325,000

M-08 3 bedroom, 2 bath house under construction in beautiful Woodstock. Conveniently located to shopping, food and other downtown amenities. So if you’re looking for a home to make your own then call today while you still have time to customize the interior and exterior of this home. Hurry because it won’t be on the market long before someone makes this their dream home. $319,000

D-12 Spacious one level living. This Ranch offers 3 bedrooms, 2 full baths, dining room, living room, family room with fireplace, island kitchen with breakfast bar, 2 storage buildings and more on 1.74 acres. Master bedroom with walk-in closet and master bath with separate tub and shower. Great location with easy access to I-81. Call today for an appointment. $154,900

D-09 Large Commercial Property with convenient in town location. Zoned I-1. Could be used for multiple uses. Frame Building is Circa mid 1800’s and rich with Civil War History. Property borders Railroad and has access to potential Rail Trail. Kitchen and Bathroom facilities are available. Frame building has three phase wiring and brick building has 220 wiring. This is a very unique property. $219,000

R-03 Very nice 3 bedroom 1.5 bath town home in Edinburg with fenced back yard, eat-in kitchen, living room, laundry space for stackable, close to I-81, walk to County Library or town park with swimming pool, playground, tennis & basketball courts, baseball field, picnic pavilions and more. Pretty Mountain Views! $132,900

Download our mobile app for searching on the go: HTTPS://WWW.ERA.COM/APP/2248 Text BEASLEY to 35620 for listings near you!

Homes - Valley Real Estate Guide - September 2018

Credit score key to qualifying for home loan By Ashley Miller For The Northern Virginia Daily

check your credit, we typically pull all three credit reports from each bureau.”

Elizabeth Lewis, home loan adviser with CBM Mortgage, breaks down the importance of understanding what a credit score is and how it plays a role in buying a new home.

When applying for a home mortgage, Lewis said, they drop the lowest and highest credit scores, using the middle number.

“For many home buyers, knowing what kind of shape your credit score is in can give you an idea of whether you’ll qualify for a loan and then what kind of interest rate you’ll pay,” Lewis said. What is a credit score? “A credit score is a three-digit number that banks and lenders use to decide whether they’ll approve you for a loan or credit card,” Lewis said. “It shows us the consumers creditworthiness and the repayment of debt.” Credit reports show information on bill payment history, loans, current debt and other financial data. They also show employment, residence and whether the individual has been sued, arrested, or filed for bankruptcy in the past. “It’s important to check your credit report regularly to ensure that your information and financial accounts are being accurately reported on,” Lewis said. “And also, to ensure that no fraudulent accounts or strange activities are occurring.” Credit scores are calculated based on payment history, balances outstanding, length of credit history, applications for new credit and types of credit, like mortgages, car loans or credit cards, Credit score categories “Credit scores are broken into five categories,” Lewis said. “750 and above is excellent, 700 to 749 is good, 650 to 699 is fair, 550 to 649 is poor, and 550 and below is bad.” Credit reporting agencies “There are three major credit bureaus: Equifax, TransUnion and Experian,” Lewis said. “When creditors and lenders

“It’s typically the most accurate,” she said. Lewis said it's vital to understand that each bureau considers only the data that is reported to that bureau. Minimum credit to buy a home Lewis said there isn’t a magical number that ensures a mortgage loan. In fact, they can change quite often depending on the economy. Lewis also said that the minimum score also depends on what type of loan the home buyer applies for. “Lenders will also look at employment and yearly income to make sure that you are able to make payments on time each month,” she said. “We also want to see if you have a steady source of income coming in.” Poor or no credit Lewis said she often has customers who learn they have poor or no credit. “It’s actually more common than you may realize,” she said. “It’s not impossible to buy a home with little to no or bad credit. It just means we have to put in a little more work.” For individuals looking to buy a home with no credit, Lewis suggests approaching a bank and learning about their inhouse credit cards or apply for a gas card. “Starting out small is the best way to start acquiring good credit without going overboard,” she said. “Having a small amount of good credit is more beneficial than having too much bad credit.” For individuals looking to buy a home who have poor credit, Lewis suggests always reviewing the three credit reports. “Mistakes can happen,” she said. “But in the end, the only major fix is time.”

The Northern Virginia Daily

Homes - Valley Real Estate Guide - September 2018

ucing d o r pP

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A rare opportunity to own the lovingly restored Browntown Church. Quality abounds in the craftsmanship of this gorgeous c1890 church. Beautiful full time residence or vacation home. Minutes from national park, hiking, and the river. From your jetted tub in the expansive owners suite, you can relax to the babbling of Gooney Run Creek just outside your window & steps from the home.

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• The Cook Team has experience successfully working with buyer, sellers, renters & landlords, and Investors who are looking for commercial, residential, land and investment properties. They answer their phone! Call today! • Jessica Cook, ABR, MCNE, AHWD, MRP, VHDA certified Military Relocation Professional 2018 BRAR~Secretary/Treasurer Chairman’s Award Recipient, BRAR - 2014 President’s Award Recipient, BRAR - 2015, 2016, 2017 • Believes in “giving back” through Phoenix Project as Board member, Sponsors Habitat for Humanity Warren County and supports Least of These Haiti, Triple “H” Therapy, Humane Society of Warren County, KW Cares, and KW Kids Can.

Jessica and Brad, your Local Real Estate Professionals j.cook@kw.com

j-cook.kw.com

540.335.1675

703.330.2222

Homes - Valley Real Estate Guide - September 2018

Buying a home does not have to be a scary event By Ashley Miller For The Northern Virginia Daily Jill Edlich, “Jersey Jill, the Jersey Girl with the Southern Charm” agent with RE/MAX Roots, received her license four years ago because, as she said, she loves to help people buy and sell their homes. “Buying a home doesn’t have to be a scary event,” Edlich said. “I walk my clients through every step of the way from beginning to end. Doing your homework and preparing months in advance of deciding to purchase is best.” Edlich shared her five tips for homebuyers to make the purchase of their home easier and less worrisome. “Having these kinds of conversations is key to making the flow of purchasing a home run smoothly,” she said. 1. “The first thing I tell my clients is that they should first check their credit. The homebuyer’s credit score is one of the most important factors when it comes to qualifying for a loan these days. Doing a little damage control can go a long way. Make sure there are no mistakes on the report, unpaid accounts, or collection accounts. Repairing damaged credit takes time. Six months before you are thinking about purchasing, you should try to begin the repair process or earlier. “ 2. “It’s good to track your spending for a few months and see where your money is going. Knowing your monthly cash flow is key. You should also understand that if you are self-employed or straight commission, you may have a more difficult time getting a loan than others. General rule of thumb is being able to track at least two years’

worth of earnings history to provide to the lender.” 3. “As a homebuyer, you should be able to document income and taxes. Lenders will ask that you provide at least two recent pay stubs, two years’ worth of W2s, two months of bank statements. Getting all your paperwork in order saves time when it comes time to sit down and talk to the lender.” 4. “As a first-time home buyer, you really should have somewhat of an idea of what you can afford. Calculating your debt to income ratio and factoring in a down payment will give you an idea of how much home you can afford to purchase and what your monthly payments will be. There’s an old standard that says that no more than 28 percent of your gross monthly income be devoted your housing costs, which is called your frontend ratio. The back-end ratio shows what portion of income covers all monthly debt obligations.” 5. “Figuring out your down payment is also important. Some loans require one, some don’t. There are programs that can assist buyers if they have qualifying incomes and situations. It’s best to ask friends, family, and even your realtor, who they would recommend. It’s OK to shop around. Buying a home is a big investment. It takes time to do the preparing.” “I tell my clients that once all these tasks are being accomplished, any big purchases, personal loans, or credit cards should not be done,” she said. “Buying the new furniture for the home you’d like to purchase should be delayed until after you have obtained the loan. Any changes to credit can hinder or stall your chances of obtaining a loan. “

The Northern Virginia Daily

Homes - Valley Real Estate Guide - September 2018

The Northern Virginia Daily