Shelley Mastro & Mark Mastro

Great loan program for buyers ~ Chip Program~ no money down to buy home.

2011-03-16T16:51:00Z

We just had our usual "Fat Tuesday" office meeting consisting of the regular glazed donuts, danishes and coffee as normal. What I did find new and interesting was the "Chip Program" offered by our local BB&T lender. I knew of the program, but did not know how many people could actually benefit from it. In December I closed a deal with my buyer coming to the table with $500 flat. I was really surprised. He had found the lender and I was not sure of this Chip Program he swore by. It was truly GREAT.

It consisted of 100% LTV Financing with NO PMI and no maximum income limits in certain areas. I thought this was well worth sharing. Make it a great day!

Single Story For Sale in The Reserve At Lake Manassas

2011-03-08T17:18:00Z

• 4,556 sq. ft., 3 bath, 4 bdrm single story - - coming soon

The Reserve At Lake Manassas, Gainesville - Coming Soon!!

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2 1/2 Story For Sale in Warrenton

2010-11-10T00:56:00Z

10.6 acres with 60' round pin

• 3,000 sq. ft., 3 bath, 4 bdrm 2 1/2 story "Loft with spiral stairs" - MLS® $495,000 - Beautiful Cape cod

Warrenton, Fauquier County - Cape sits on a breathtaking lot of 10.60 acres.The quality construction consists of wide plank pine flrs through out,Anderson windows & doors,vaulted ceilings,granite counters,Maple cabinets,huge wrap-around porch,2 stone fp,loft w/spiral stairs,6 burner 5star stove,4 ovens,walk-in shower w/multi-heads.Has 36'x48'outbuilding,4+acres fenced,60'round pin.Too much 2 list ! Next door is 6.5 acres also 4 sale (139,000) has utilities-call!

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Price Reduced on 9678 Routts Hill Rd in Warrenton

2010-11-10T00:56:00Z

Warrenton, Fauquier County - Announcing a price reduction on 9678 Routts Hill Rd, a 3,000 sq. ft., 3 bath, 4 bdrm 2 1/2 story "Loft with spiral stairs". Now MLS® $495,000 - Beautiful Cape cod.

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2 Story For Sale in Clifton

2010-07-14T20:35:00Z

Turnkey home with equine potential

• 2,760 sq. ft., 3 bath, 4 bdrm 2 story "Orig. home from 1880" - MLS® $599,000 - Historic Clifton

Clifton, Fairfax County - ORIGINALY BUILT IN 1880 & CONVERTED INTO A SPACIOUS COLONIAL.HOME SITS ON 3+ACRES(3 1ACRE LOTS ALREADY DIVIDED)GREAT BUILDER OR EQUINE POTENTIAL! ORIGINAL BEAMED CEILINGS & GORGEOUS HARDWOOD FLRS. ENJOY OLD WORLD CHARM W/MODERN DAY UPDATES! GRANIT COUNTERTOPS; VAULTED CEILINGS; SKYLIGTS;LG BATHS;3 FIREPLACES; ANDERSON WINDOWS;FRNT & SIDE PORCH. DECK(S)OFF MST.BED RM & DN RM. SO MUCH TO SEE!

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Price Reduced on 12509 Chapel Road in Clifton

2010-07-14T20:35:00Z

Clifton, Fairfax County - Announcing a price reduction on 12509 Chapel Road, a 2,760 sq. ft.,home on 3+acres 3 bath, 4 bdrm 2 story "Orig. home from 1880". Now MLS® $599,000 - Historic Clifton.

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Congress has passed a bill extending the Homebuyer Tax Credit

2010-07-01T19:38:00Z

I am happy to report that Congress has passed a bill extending the Home buyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and home buyers, and NAR worked closely with members of Congress to make it happen.

The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.

Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.

For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government_Affairs.

Neither of these bills would have passed without your support. Nearly 83,000 REALTORS® responded to our latest Call for Action, sending more than 250,000 letters to Congress asking them to extend the National Flood Insurance Program. I know many of you also raised your voices in support of extending the tax credit deadline.

Barclays Lowers REO Inventory Estimate

2010-05-10T19:26:00Z

Barclays Lowers REO Inventory Estimate

By: Carrie Bay 05/07/2010
A recent study by Barclays Capital says that U.S. lenders are holding fewer foreclosed homes than previously assessed by the research firm. Some are viewing the revised estimate as a testament to the stability that istaking hold in the housing market, but Barclays warns that the industry should expect REO inventories to grow – albeit gradually – over the next couple of years, as banks push more properties through the pipeline and foreclosure alternatives are exhausted.
The firm’s analysts estimate that as of the end of February, 480,000 repossessed homes were held by U.S. lenders, mortgage investors, and the GSEs. As the Wall Street Journal explained, Barclays has acquired more data on mortgages and refined its methods for analyzing foreclosure trends. Under the company’s previous methods, the REO inventory estimate would have come in above 600,000.
The analysts at Barclays say the number of bank-owned properties will continue to rise over the next year and a half, hitting a peak in January 2012 of 536,000.
The research firm says it’s loss mitigation efforts like the Treasury’s Home Affordable Modification Program (HAMP) that are preventing another debilitating flood of foreclosures from hitting the market. Although HAMP and its private sector counterparts are likely simply delaying the inevitable and “prolonging the pain,” as Barclays analysts put it, such programs support a better outcome for the industry than one big market-shattering shock, they say.
Barclays says it will likely take years to work through the current glut of foreclosures. The company calls the foreclosure pipeline “alarmingly large,” with about 5.5 million mortgages either seriously delinquent or already in some stage of foreclosure.
Barclays is expecting to see 1.6 million distressed home sales this year, meaning foreclosure sales or short sales transacted to escape foreclosure. The firm projects another 1.6 million distressed sales in 2011, before the number begins to taper off to 1.5 million in 2012.
The company’s 2010 and 2011 estimates of foreclosure-related sales equate to about 30 percent of all home sales projected for those calendar years. In a “normal” housing market, Barclays analysts say such distressed sales would account for only about 6 percent of total home sales.

Who is Eligible for HAFA?

2010-03-26T14:41:00Z

Most homeowners in facing financial hardship are eligible. As a rule, if a homeowner is eligible for HAMP but cannot pay the mortgage, then he or she is eligible for an assisted short sale through HAFA. However, loans owned or guaranteed through Fannie Mae or Freddie Mac do not qualify. Servicers must consider possible HAMP eligible borrowers for HAFA within 30 calendar days if the borrower has one or more of the following criteria4 :

Does not qualify for a HAMP Trial Period Plan
Does not successfully complete a HAMP Trial Period Plan
Is delinquent on a HAMP modification by missing at least two consecutive payments
Requests a short sale or deed-in-lieu

For a loan to qualify, it must meet the following criteria2:

The property is the borrower's principal residence
The mortgage loan is a first lien mortgage originated on or before January 1, 2009
The mortgage is delinquent or default is reasonably foreseeable
The current unpaid principal balance is equal to or less than $729,750
The borrower's total monthly mortgage payment (as defined in Supplemental Directive 09-015) exceeds 31 percent of the borrower's gross income
The mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac

Details of HAFA

2010-03-26T14:35:00Z

HAFA was introduced to simplify and streamline the short sale process. HAFA accomplishes this in the following ways2:

Compliments HAMP by providing viable alternatives for borrowers who are HAMP-eligible
Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis
Allows the borrower to receive pre-approved short sale terms prior to the property listing
Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement
Requires that borrowers be fully released from future liability for the debt
Uses standard processes, documents and timeframes
Provides financial incentives to borrowers, servicers and investors

HAFA provides financial incentives as follows:

Financial incentives for lenders participating in the program include a $1,000 servicing bonus
Homeowners can receive up to $1,500 in relocation assistance (which, in some cases, may classify as taxable income) after a short sale or deed-in-lieu has been executed
Lenders pay all servicing fees - homeowners suffer zero out-of-pocket expenses

What is HAFA?

2010-03-26T14:31:00Z

The Home Affordable Foreclosure Alternatives (HAFA) Program1 is a government-sponsored initiative led by the US Treasury Department assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu. First introduced November 30, 2009 in Supplemental Directive 09-092 as part of HAMP, HAFA assists eligible homeowners in quickly and effectively implementing short sales by providing financial incentives to lenders that work in conjunction with HAMP to assist homeowners in need. The program was introduced in part with the intent to remove the stigma from short sales and help keep communities from being destroyed through massive foreclosures. HAFA in its current state is only applicable to conventional-type, non-Governmental Serviced Enterprises (non-GSE) mortgages and therefore does not apply to loans owned or guaranteed with Fannie Mae or Freddie Mac. These organizations may have plans to release their own versions of HAFA

The new short-sale rules

2010-03-16T14:19:00Z

What sellers can expect from participating lenders starting in April:

-- Sellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.

-- The bank will set an acceptable value of the home upfront, based on an appraisal or broker's price opinion.

-- Lenders must approve or deny a purchase offer within 10 days of it being submitted.

-- Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven.

-- These mortgage payments will not be shown as late on credit reports.

-- At closing, sellers are entitled to as much as $1,500 from the government to cover relocation expenses.

3 Story For Sale in Lake Manassas

2010-03-02T15:44:00Z

Gated Lake Manassas

• 5,550 sq. ft., 5 bath, 5 bdrm 3 story "Fully Fin. Bsmt" - MLS® $674,900 - Rutledge Model

Lake Manassas, Gainesville - You will love this meticulously maintained luxury home at an amazing price! Gleaming hardwood floors through out main level. "Rutledge" floor plan in award winning gated community*Amenities include paved trails, pool, tennis, tot lot & stocked Lake *Spacious home with separate Living Room, Formal Dining Room, Library & Gourmet Kitchen w/ Granite, two sided Fireplace in Kitchen to Family Room *Wonderful luxurious owner's Suite has Sitting Room, custom Bath with over sized double shower and sunken Jacuzzi tub *Lower level has a projection TV , granite wet bar, Exercise/play Room, fifth bedroom, full bath & game area*Irrigation System with great landscaping & amazing Stone Patio*Wegmans & Stonewall Golf Club in community. The pickiest buyers will be satisfied.

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3 Story For Sale in Broad Run

2010-03-02T15:42:00Z

6,000 +sq ft on 5.4 acres

• 6,141 sq. ft., 4 bath, 4 bdrm 3 story - MLS® $465,000 - Custom Built..

Broad Run, Warrenton - CUSTOM BUILT COLONIAL HOME SITS ON 5.39ACRES OF SCENIC LOT*HOME OFFERS 4BR,3.5BA W/LARGE COUNTRY EAT-IN KIT W/TILE BACKSPLASH, EXTENSIVE CROWN MOULDING THRU-OUT, LIV RM W/BUILT IN BOOKCASES& WIDE PLANK PINE WOOD FLOORING THRU-OUT*WRAP AROUND PORCH AND STONE PATIO**FINISHED LL W/REC RM, FULL KIT, FULL BATH & SEPARATE LAUNDRY RM PLUS FOUR ROOMS*...

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CANT PAY YOUR MORTGAGE...DEED FOR LEASE ANYONE?

2010-01-06T19:57:00Z

Can't pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.

The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it will only add to the mushrooming losses at the company, which has received billions in taxpayer money.

The new "Deed for Lease" program will allow homeowners to transfer title to Fannie Mae and sign a one-year lease, with potential month-to-month extensions after that. It also helps save money because the lender does not need to complete the often lengthy and time-consuming foreclosure process.

The program helps "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.

It also does less harm to the borrower's credit record.

"It shows that you put your best effort to work out a solution," said Gabe del Rio, director of homeownership at Community HousingWorks of San Diego.

However, Mike Himes, director of homeownership services at NeighborWorks Sacramento, said the industry should push harder to modify loans at lower monthly payments. "The preferred option is allowing people to retain ownership," he said.

Fannie Mae executives said the rental program is designed to help delinquent homeowners who don't qualify for a loan modification, but still want to stay in their homes.

To qualify, homeowners have to live in the home as the primary residence and prove that they can afford the market rent, which will be established by the management company running the program. Rents are based on current market rates.

The plan is expected to be particularly attractive in places like Phoenix or Orange County, Calif., where homeowners are stuck paying large mortgage bills on properties that are now worth far less than they originally paid. At the same time, rents have been falling in those areas. So by renting the same house, former homeowners could wind up paying far less every month.

In Orange County, for example, the average monthly rent for all apartments was about $1,450 in September, down nearly 8 percent from a year earlier, according to research firm MPF Research. In Phoenix, the average renter paid about $720, also down about 8 percent from last year.

Still, the effort is likely to attract a relatively small number of homeowners.

In the first nine months of the year, Fannie Mae took ownership of nearly 2,000 properties through a process known as a deed-in-lieu of foreclosure. That pales in comparison to the 90,000 foreclosed properties the company repossessed in the period.

Deed-in-lieu works like the new program, allowing homeowners to turn over title to Fannie Mae, but rather than renting, the owners simply walk away.

While Fannie Mae executives say the company's motives are community-minded, critics say the company is simply gambling that the properties will eventually sell for a higher price. That's folly, says Peter Schiff, president of Euro Pacific Capital in Darien, Conn., and a longtime bearish investor.

"Taxpayers are now going to own all these houses that (Fannie Mae) should have unloaded," he said. "It's going to cost a fortune."

The announcement came as Fannie Mae asked for an additional $15 billion in government aid after posting another big loss in the third quarter. The mortgage finance company, seized by federal regulators in September 2008, posted a quarterly loss of $19.8 billion, including $883 million in dividends paid to the Treasury Department.

Pessimists like Schiff say the recent stability in the housing market is just temporary, and argue that there is a huge backlog of foreclosed homes that haven't gone on the market. Refusing to sell those homes, they say, only prolongs the problem.

But other experts say that Fannie Mae's new policy could make sense, even if prices don't rebound quickly. The company will get rental income while avoiding costly foreclosure expenses.

It will also help to safeguard the homes, which are less likely to be vandalized when occupied.

"There are a whole lot of costs you avoid," said Thomas Lawler, a former Fannie Mae economist. "You don't necessarily have to believe that home prices a year from now will be higher than today."

Fannie Mae's sibling company, Freddie Mac, launched a similar effort in March. That policy, however, requires the foreclosure to be completed and only allows month-to-month leases. Freddie Mac declined to detail how many borrowers have participated.

The two companies purchase loans from banks and sell them to investors. Together, they own or guarantee almost 31 million home loans worth about $5.5 trillion, about half of all U.S. mortgages. They have been badly hurt by the housing bust and have required $111 billion in federal aid since being seized by government regulators 14 months ago.