Are You Looking For a New Home for a GREAT Price?

The Lakes at Brookside, in Warrenton,  are introducing three spectacular new homes.  

They include:  

The Brighton-From $339,990-Offers 3-4 bedrooms and 2-3 baths.

The Ravenna-From $364,990-Offers 2,650-3,838 sq.ft. and up to 5 bedrooms

The Verona-From $379,990-Offers 2,822-4,133 sq.ft.  and up to 6 bedrooms

These homes are a great value and  located in the Gainesville area.   This community features, lakeside living and resort-style amenities which include:

*4 Gorgeous Spring Fed Lakes

*2 Pools and Clubhouse Complexes

*Community Walkways and Trails

*Tennis and Basketball Courts

*Future Lakeside Promenade with Shops    

Please let me know if you have any questions about The Lakes at Brookside.   I am given weekly incentives to pass onto my buyers from new home communities.   Until 1/10/10 Ryan Homes will give new purchasers $10,000 towards options or closing costs!   Certain restrictions do apply, so if you have any questions give me a call.

What You Will NOT Find in Your Lender’s New GFE

*Sales Price

*Earnest Down Payment

*Property Taxes Due at Closing


*Builder/Seller/Realtor Credits

*Cost breakdowns (HUD requires all title fees to be bundled and all origination fees to be bundled as well; some of these are broken down on the new HUD-1)

*Yield spread premium/discount points…..(These are disclosed on the new GFE, but this terminology is not used.     Instead, YSP is called a “credit” and discount points are called a “charge”.

*Prepaid finance charges….This is important because this can help in computing the annual percentage rate.

*Cash to Close.

 All of the above information could typically be found on Good Faith Estimate forms that have been used for the last 30 years.  

The NEW Good Faith Estimate

Beginning January 1, 2010, lenders will be providing new good faith estimates to their borrowers.   The new GFE is another step by the federal government to hold lenders accountable.      

The changes have been designed to make the loan process more transparent for the borrower.  

In short, this new  national  reform should:

*Provide more timely and effective disclosures regarding settlement costs for consumers.  

*Provide a shopping tool for consumers.  

*Restrict or eliminate unjustified increases in settlement costs between the GFE and the HUD-1.  

*Force lenders to better manage and anticipate settlement costs, including third party fees.

*Prohibit intentional low-balling of  good faith estimates.

Federal Housing Administration New Proposals

 *There is talk about raising a buyer’s down-payment from 3.5% to 5%.   Of course, this is just being considered, but this could signal things to come.

 *FHA is also considering lowering allowable seller concession to 3%.   This would be down from 6% which is what’s allowed in today’s market.

 *There is also speculation that the FHA is interested in raising their mortgage premiums.    

Frequently Asked Questions about the Homebuyer Tax Credit

NAR Frequently Asked Questions

Homebuyer Tax Credit Changes

National Association of REALTORS ® Government Affairs Division

500 New Jersey Avenue, NW, Washington DC, 20001

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who

meet all eligibility requirements will qualify for the $6500 credit.


Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a

new home. I have lived in my current home for more than 5 consecutive years and

am within the new income limits. I will go to settlement on November 20. If

President Obama has signed the bill by the time I go to settlement, will I qualify for

the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment

(when the bill is signed). There is no reference to the date of contract for the new credit. The

provision looks solely to the date of purchase, which is generally the date of settlement.


Question: I am a firsttime

homebuyer but was not within the prior income limits at the time I

entered into my contract to purchase on October 30, 2009. I will be covered,

however, by the new income limits. If the new rules have been signed into law by the

time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.

The income limit and other eligibility rules will look to your status as of the date of purchase,

which is the settlement date. So if the new rules have been signed when you go to settlement,

you should be eligible for the credit (or a portion of the credit if you’re within the phaseout



Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I

have found a home with a nonnegotiable

price of $825,000. Will I be able to use any

of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount

above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an

absolute ceiling.


Question: I owned my home for 10 years, but sold it two years ago year and have been renting

since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the

other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you

will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000

and lived there until 2008 when he got a divorce. Whether John has been renting or bought in

the interim, he WOULD INDEED be eligible for the credit because he owned a home and

occupied it as his principal residence for 5 consecutive years out of the last 8 years. The

keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he

did since 3 years doesn’t impact eligibility.


Question: I am an eligible firsttime

homebuyer. I entered into a contract to purchase on

November 1, 2009. Do I have to go to closing before December 1? How does the

extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as

if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30

(or July 1, worst case), the purchaser will be eligible for the credit.