K J Mehmood Roanoke Real Estate

• 2,700 sq. ft. single story - MLS® $179,950 - Priced Below Market Value

Melrose, Roanoke  -  Excellent location for your business. Great corner lot. Currently one side of the building is leased to 2 Brothers Deli. Leased for $1100.00 per month. Other half is vacant . New owner can run own business from the un-rented half. Priced below market value. Bring offers.

Property information

• 2,408 sq. ft., 3 bath, 4 bdrm bi-level "Lower level can be In-Law suite " - MLS® $219,950 - Large Level Lot

Salem, Virginia Beach  -  Large corner lot, oversize detached garage Salem location.Well-maintained Split-Foyer with possible separate In-Law suite downstairs.Bring offers.
Private Remarks: Pool will pass ''As Is'' Front walkway will be repaired before closing.
Directions: COLORADO TO KIMBALL TO 602 ON LEFT GREAT CORNER LOT.
Call (540) 309-3998 ) OR (540) 309-4023 for personal Tour.

Property information

Roanoke City, Roanoke  -  Announcing a price reduction on 1805 Peters Creek RD NW, a 15,832 sq. ft., 2 bath single story. Now MLS® $329,950 - Corner Lot.

Property information

September 2011
Su	Mo	Tu	We	Th	Fr	Sa
28	29	30	31	1	2	3
4	5	6	7	8	9	10
11	12	13	14	15	16	17
18	19	20	21	22	23	24
25	26	27	28	29	30	1
2	3	4	5	6	7	8

North Roanoke County, Roanoke County  -  We invite everyone to visit our open house at 7518 NEW BARRENS CT on September 18 from 2:00 PM to 4:00 PM.

Property information

Troutville, Daleville  -  Announcing a price reduction on 110 Palmer TRL, a 1,248 sq. ft., 2 bath, 3 bdrm ranch. Now MLS® $159,950 - Priced Below Tax Assessme.

Property information

Are you planning to get married and buy a home in Colorado, but wonder where your down payment funds will come from?

FHA has a Bridal Registry program where the money you receive as a wedding present can be used towards your down payment. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Then your friends and family are able to make gift payments into an interest bearing account on your behalf.

It's a win win! Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan.

Bridal Registry Guidelines

Bridal Registry Accounts were originally introduced in 1996, but still remain a little known fact when it comes to down payment assistance. The misunderstanding of how this program works might be the fact that it was originally only allowed by banks. Soon after, FHA modified the program and offered new flexible options and the opportunity for the newlywed to set up the account at any bank. Plus, newlyweds are now able to make deposits on their own from the gifts they receive.

Here's how it works in 3 simple steps:

• You will open a savings account at your bank prior to the wedding
• Friends and family will be given the banking information where the gifts will be deposited
• All of the gift funds can go towards the FHA required 3.5% down payment
• Anyone with an interest in the purchase cannot be party to the gift funds (i.e. realtor)
• There is no requirement that you be married prior to closing on your new home

Another huge advantage is that there are no gift letters or other documentation required other than proof of your savings account named "bridal registry account." It's that simple!

Improve Your Credit Score Before Searching for a Home

By Paige Tepping

RISMEDIA, September 8, 2010--Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home.

According to the experts at Buy-and-Sell-House-Fast.com, the following tips will help you improve your credit and should be taken before you begin your home search.

The first critical step in taking care of your credit is to check your credit report. Unfortunately, many people fail to take this all important first step. Instead, they wait until they have applied for a mortgage loan to find out from the lender that there are problems with their credit scores.

By checking your credit score before you apply for a mortgage loan, you gain the opportunity to find out if there are problems which you can correct and discrepancies that need to be removed. When you check your credit report, make sure you check all three of the national credit reporting agencies: Experian, Trans-Union and EquiFax.

Review your credit report carefully for items that may be erroneous. If you believe that an item on your credit report is reported in error, you have the right to contest it. To do so, you will need to contact the credit reporting agency and explain why you believe the item is inaccurate. Supporting documentation such as receipts and cancelled checks can help your claim. Alternatively, you can engage a credit report repair services firm to fix your credit report.

If there are derogatory items on your credit report that are accurate but which could cause problems in your loan application, you cannot have them removed; however, you can take positive steps to counteract them. In the event that you have missed payments in the past, take steps now to get your bills current. Even if it means tapping into money that you might be planning to use for a down payment, it is essential that you get your accounts current and keep them that way. Begin by immediately making your payments on time. There is nothing which can lower your credit score more quickly than late payments. Ideally, make an attempt to begin sending in your payments a few days ahead of time to make sure they arrive on time and you do not have any more late payments on your record. If necessary, begin taking advantage of electronic payments in order to make sure your payments are made on time. Over time, this can make significant difference.

Keep in mind that eradicating all of your credit balances is really not the solution. In fact, credit can be your friend when you are looking to make a big purchase such as a home. The key is to make sure your credit is positive, not negative. Toward that end, avoid actually closing out your accounts. Instead, make an effort to pay down your balances and keep them paid down well below the minimum or completely paid off, but do not close the account. When your lender runs your credit to make a decision on your mortgage application, he or she will want to see that you have had a long credit management history.

After reviewing your credit history, if you see that most, if not all of your credit cards are maxed out or nearly maxed out, it is time to sit down and plan an aggressive strategy for paying some of them down. One of the critical factors that often determine your ability to be approved for a mortgage loan is your debt to income ratio. In addition, high credit card balances can drag down your credit score. Therefore, it is important to look at paying off some of your balances.

It is generally better to begin with your highest-rate balances first. Many consumers are tempted to move around balances when they receive an offer from another bank that is good; however, before you do this, remember that the worst thing you can do when you are trying to make a major purchase is to open new accounts.

By following these guidelines, you can improve your credit score and improve your chances of being approved for your home mortgage loan.

Abrupt Pause in Home-Upgrade Program Leaves Projects Incomplete

By Tiffany Hsu

RISMEDIA, August 27, 2010--(MCT)--A popular program that allows homeowners to tap low-interest government financing to install energy-efficient solar panels, windows and insulation has stalled, leaving tens of thousands of green improvement projects across the country in limbo.

Most local and state governments stopped providing the funds after federal regulators warned that the so-called Property Assessed Clean Energy program, or PACE, posed "unusual and difficult" financial risk and that homeowners who participate in the program may by violating their mortgage terms and face foreclosure.

The quagmire has left many green-oriented home improvement companies in a lurch, causing them to scrap projects that they say could have created thousands of jobs and helped draw investors. Some have simply given up on the program altogether.

"The way it shut down was really painful for us, because we lost a lot of business we had been counting on," said Matt Golden, president of Recurve Inc. of San Francisco. "We don't have the jobs to put these people to work, and that's a calamity in the long run."

More than a dozen Recurve home projects worth more than a quarter of a million dollars are at risk, now that the city of San Francisco's program is on hold. Golden had to give up plans to hire up to four people a month.

"It resulted in one of the worst months we have ever had," he said.

Homeowners Evelyne Michaut, 36, and Leel Peesapati, 39, had finalized preparations to retrofit their 1950s San Francisco home when PACE — and their $50,000 funding package — came to a standstill. They had to scale back plans for a floor heating system, garage-to-attic insulation and top-notch energy-efficient windows.

Michaut and Peesapati reluctantly settled on the only other financing option they could find: a second mortgage.

"We were counting on the money, but had the rug pulled out from under us," Peesapati said. "Had we known that this would have fallen through, we would have gone down a completely different path."

When it was launched, the program was hailed as an innovative way to create jobs and bolster environmentally friendly home improvements.

Vice President Joe Biden heralded the program in April and announced that the federal government would pump $452 million in stimulus funds for eco-friendly building upgrades.

PACE, according to supporters, could create thousands of jobs while saving homeowners thousands of dollars in energy savings.

The California Energy Commission funneled $110 million in federal stimulus funds into PACE and similar programs.

Thousands of properties have used tens of millions of dollars for improvements since Cisco DeVries, then an assistant to the mayor of Berkeley, Calif., conceived the program there in 2006.

Most of the energy-efficiency upgrades are financed using bonds issued by local governments and are paid back through tax assessments on the property, sometimes over two decades. The liens are attached to the house, not the borrower.

But critics said PACE's financing mechanism is better suited for building sewage networks, underground power lines and other public infrastructure projects that benefit entire communities.

The program also raised red flags for the Federal Housing Finance Agency, which said in July that PACE was too risky, especially in a shaky housing market.

Lenders were alarmed by a provision that required PACE funds to be paid back before a mortgage in a foreclosure.

The agency told lenders that they could tighten lending standards for entire communities that continued to sign up for PACE, which could require borrowers to make higher down payments and make it more difficult to get a mortgage.

The agency regulates mortgage finance giants Fannie Mae and Freddie Mac, which were seized by the federal government after the economic meltdown in 2008.

Now, PACE advocates are scrambling to keep the momentum going for eco-friendly upgrades but are torn about whether to do it by reviving PACE or moving on to other funding alternatives.

"Virtually all the (PACE) programs around the country have ground to a complete stop," said DeVries, now president of Renewable Funding of Oakland, Calif., which helps set up energy-efficiency programs. "There are other financing solutions, but PACE was uniquely powerful in getting people over the mental hurdle and into the door."

Several lawsuits have been filed against the federal housing agency, and Congress is considering legislation that would force the agency to support the program.

Some governments, such as California's Sonoma County, are pressing ahead with the PACE program despite the potential backlash from lenders.

This month the California Energy Commission began considering new ways to fund home energy improvements after it canceled plans to pump an additional $30 million into PACE statewide.

Several cities and counties around California had programs in progress, and at least another dozen — including Los Angeles and San Diego counties — were poised to launch projects that are now on hold.

"The FHFA statement was a mistake, and the timing was damaging," said Karen Douglas, chairwoman of the state's energy commission. "But if we didn't move forward then financing would continue to be a barrier to energy upgrades for Californians."

One option could be following the lead of Portland, Ore., which recently launched a 500-home pilot program that allows homeowners to pay off green home improvements in installments through their utility bills.

"PACE had administrative challenges and was really kind of cumbersome," said Aaron Berg, chief financial officer of Clean Energy Works Oregon Inc., which is administering the city's energy efficiency projects. "We need to continue to innovate here."

(c) 2010, Los Angeles Times.
Distributed by McClatchy-Tribune Information Services.