Monthly Archives: January 2015

Moving to Western Loudoun

Financing Homes In Loudoun County

Financing homes in Loudoun County is about to become a bit easier and less expensive as a result of new programs announced in the last few weeks by President Obama and Freddie Mac.

The first announcement came from Freddie Mac in December 2014 where they announced a program that would allow for a 3% down payment called the “Freddie Mac Home Possible Advantage“. This program, along with a similar offering from Fannie Mae, gives home buyers a variety of options when purchasing a home with a low down payment (including the existing one with the Federal Housing Administration-FHA). Some highlights of the new program are as follows:

  • Maximum loan-to-value (LTV) ratio of 97 percent and total LTV ratio of 105 percent.
  • The mortgage must be a fixed-rate mortgage secured by a 1-unit property other than a manufactured home.
  • Maximum debt payment-to-income ratio of 43 percent for manually underwritten mortgages.

FHA Insurance Reduced by .5%

Beyond the new down payment option from the FHA, President Obama announced yesterday that the FHA would be reducing their annual mortgage insurance premium from 1.35% to .85%. This change will result in a nine hundred dollar per year savings for the average new borrower.

And, with this additional money in their pocket, borrowers should now be able to afford more house for their money. This will most likely help first time home buyers in places like Loudoun, where the average home price hovers around $460K, thus placing a large upfront and monthly burden for a new homeowner.

Have Questions? We can help!

For many home buyers, financing homes can be scary and a daunting process. The good thing is that when you work with the Bush Realty Group, you get the benefit of a relationship with Mclean Mortgage and Champion Title, to make the finance and closing process an easy one.

If you have any questions regarding these changes, or if you are thinking about buying a new home and want to know what you would qualify for, contact Melissa at Mclean Mortgage or Nicole at Champion Title, and they will be happy to help you navigate these changes.

Special Note:

Since Western Loudoun is considered rural, there are some options through government sponsored programs that might allow for 0% down. Melissa at Mclean Mortgage has details.

Local Events and Businesses, Vineyards

Crushed Cellars Winery in Western Loudoun

Crushed Cellars Winery
Crushed Cellars Winery, Live in Western Loudoun

Yesterday, after finishing a showing for a client interested in purchasing one of Western Loudoun’s vineyards that is for sale, I headed down Route 9, and happened upon Crushed Cellars. After passing the place several times throughout December, I finally made it a point to stop and I was glad I did.

Crushed Cellars Winery Vines
Christmas Colored Vines at Crushed Cellars

Crushed Cellars is a family owned and operated winery in the heart of Virginia’s wine country, in the Waterford Cluster.  Their wines are sold exclusively at the winery and by phone order, so if you haven’t been there, you probably haven’t had a chance to try their wine unless you have had it at a private event.

While I was there, I tried out their 2011 Vidal Blanc, and as someone who does not drink a lot of wine, I found it to be sweet and refreshing (I like sweets, just don’t drink a lot of sweet wine). I then ventured down to the pond just past the vines that they have in front of the building and fed the coy fish that were recently added as something for kids to see when their parents are visiting the winery.

Crushed Cellars Pond
Coy Fish Pond at Crushed Cellars

If you get a chance, go by, try out their wine and say hello to Bob, the owner. He’s a great guy to talk to and he really makes you feel at home. And tell him that we sent you!

Crushed Cellars (Yelp)

37938 Charles Town Pike
Purcellville, Virginia 20132
1-571-374-WINE (9463)
http://www.crushedcellars.com/