Homes by Jan McPheter

Chinese Aircraft Carrier

2010-04-08T07:16:00.003-04:00

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Chinese Submarines

2010-04-08T07:14:00.000-04:00

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Can you find the Russian Aircraft Carrier and Submarine in Floating Dry Dock?

2010-04-08T06:33:00.004-04:00

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Where is this? The Kola Peninsula in Russia.

HALF OF HOUSEHOLDS PAY NO FED INCOME TAX

2010-04-07T21:59:00.000-04:00

Did you know? Click Here

Chat with Hampton City Manager Thursday 8 April at 11:00 AM

2010-04-07T16:12:00.000-04:00

Chat with the Hampton Thursday April 8th at 11:00 AM. For information "Click Here"

How to send HTML email in Outlook 2007

2010-04-07T08:11:00.003-04:00

Open Microsoft Outlook 2007
1. Under "Tools", "Options, Mail Format...
2. Select compose in this message format ... from the drop down menu, select "HTML"
3. Under Internet Format... Select Convert to HTML format
4. Uncheck the first two options in the HTML format section
5. Place the HTML email to be mailed on your computer destop. If a TXT document, change the extension to HTML
6. Open the document with Internet Explorer, ensure that Outlook 2007 is open and your default email program.
7. On the tool bar of Internet Explorer, select "page", "the Send Page by E-mail"
This should open a new email message in Outlook. Add your names in the BCC area and you are ready to go.

Get a Great Airline Seat

2010-04-05T15:22:00.001-04:00

Nice Landing

2010-04-05T14:45:00.001-04:00

Rear View Mirrors

2010-04-02T08:01:00.005-04:00

Home sales still underwhelming in March according to Commerce Dept.

2010-04-01T06:42:00.000-04:00

Existing home sales dipped 0.6% for February, while new home sales slipped 2.2% to another all-time low (although data only goes back to 1964). Any positives in the new Commerce Department report? Yes. The median sale price of new homes was about 5% above where it was a year ago.

Applications to Purchase Homes Rise

2010-03-25T09:02:00.002-04:00

Mortgage applications for purchases of homes rose 2.7 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey. However, refinancing activity decreased as rates rose.

On an unadjusted basis, mortgage applications increased 2.8 percent. They declined 15 percent compared to the same week a year ago.

The refinance share of mortgage applications decreased 7.1 percent last week. Overall, the bankers’ applications index declined 3.9 percent compared to the previous week.

Here are the average rates:

* 30-year fixed-rate mortgages increased to 5.01 percent from 4.91 percent.
* 15-year fixed-rate mortgages increased to 4.33 percent from 4.24 percent.
* 1-year ARMs remained unchanged at 6.75 percent.

Source: Mortgage Bankers Association (03/24/2010)

New home sales drop 2.2% in February

2010-03-24T14:44:00.000-04:00

Sales of new homes fell unexpectedly to the lowest level on record in February as stormy winter weather kept buyers on the sidelines. The weak results make clear the difficulties facing the housing industry as it tries to recover from the worst slump in decades. Read full story. Click Here

Aircraft Carrier Pitching Deck 2 of 2

2010-03-19T14:42:00.002-04:00

Navy Aircraft Carrier Pitching Deck 1 of 2

2010-03-19T14:28:00.004-04:00

Open House Saturday 20 March, 1-4, 812 Erskine, Hampton

2010-03-18T08:18:00.003-04:00

Open House Sat
20 March 1-4 PM

812 Erskine St., Hampton, VA 23666
| 3 Bedroom, 2.5 Bath, 1979 Sq Ft. |
$269,900

40 Photos

This beautifully maintained home is move-in ready. You will love the downstairs Master with Bath, big open living room and dining room that feature cathedral ceilings and skylights. Situated on a large corner lot with privacy fencing - what's not to love! View all of my listings at www.janmcpheter.com	For more information, please contact:
		Jan McPheter Abbitt Realty Company LLC 757-827-6995 757-329-4714 Cell 757-827-1183 Fax

Information supplied by sellers. Deemed reliable, but not guaranteed.

Are Higher Interest Rates on the Horizon?

2010-03-16T11:45:00.000-04:00

By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer
WASHINGTON – The debate is heating up within the Federal Reserve over how and when to signal that the days of record-low interest rates are numbered.
A rate hike isn't imminent. But at their meeting, which started Tuesday morning, Federal Reserve Chairman Ben Bernanke and his colleagues will likely focus on how to telegraph that higher rates are coming once the economic recovery is more deeply rooted. Eventually, Fed policymakers will need to start bumping up rates to head off inflation.
It will be a challenging maneuver. Fed officials will want to signal a move to higher rates in advance so borrowers and investors aren't jarred. And they will need to send a signal that isn't confusing.
The Fed has held rates at a record low near zero since December 2008. Bernanke and other Fed officials have said low rates are still needed to underpin economic growth.
But they need to decide whether to keep or modify their yearlong pledge to hold rates at record lows for an "extended period." Economists generally think "extended period" means at least six more months.
The Fed could drop that commitment altogether. Or it could pledge to keep rates low only for "some time" or vow to keep "policy accommodative." Or it could change its language in some other way to stress that credit will be tightened when the time is right. Any such step would signal that the days of easy money are fading.
Inside the Fed, debate is intensifying.
Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, has pushed to change the signal. At the Fed's last meeting in late January, Hoenig dissented from the "extended period" pledge. He favored saying rates would stay low for "some time." He thought that would give the Fed more flexibility to start raising rates.
Some economists aren't ruling out a change in language at Tuesday's meeting. An afternoon announcement is expected. Others don't think a change will come until the Fed's next meeting on April 27-28.
"During the Depression, the Fed tightened policy too soon and cut off the recovery before it was self-sufficient," said Joel Naroff, president of Naroff Economic Advisors. "The Fed doesn't want to make that mistake again. I think that they are willing to stay with very easy money longer than they might normally because of all the damage that has been done to the economy."
The recession wiped out 8.4 million jobs. And with companies still wary of ramping up hiring, the unemployment rate — now at 9.7 percent — is likely to stay high.
Even though the jobless rate hasn't budged for two months and companies aren't cutting as many jobs as they did a year ago, hiring is tepid. Consumer and business spending is sufficient to keep the economy growing only modestly. Lending remains tight. And, the housing and commercial real-estate markets are wobbly. A government report out Tuesday showed that housing construction tumbled in February as snowstorms held back activity in some parts of the country.
"Cautiously optimistic is where the Fed is right now," said William Cheney, chief economist at John Hancock. "But it is heavy on the caution and light on the optimism."
That helps explain why the Fed is expected to keep its key rate at a record low Tuesday. It has held its target range for its bank lending rate at zero to 0.25 percent since December 2008. In response, commercial banks' prime lending rate, used to peg rates on certain credit cards and consumer loans, has remained about 3.25 percent — its lowest in decades.
Super-low rates benefit borrowers who qualify for loans and are willing to take on more debt. But they hurt savers. Low rates are especially hard on people living on fixed incomes who are earning measly returns on savings accounts and certificates of deposit.
The Fed could start boosting rates as early as June — if economic growth accelerated. A more likely time is this fall, economists say.
Investors also will be looking to see if the Fed makes any changes to an economic-support program that's lowered mortgage rates and bolstered the housing market. Under that program, the Fed is scheduled to end its mortgage-securities purchases from Fannie Mae and Freddie Mac at the end of this month.
Some analysts fear that once the program ends, mortgage rates could rise. That could weaken the recovery in housing and the overall economy. The Fed has left the door open to extending the program if the economy weakens. To view my listings of available homes visit my website at http://www.janmcpheter.com/
Thank you,
Jan McPheter

Home Buyer Tax Credit

2010-03-15T08:58:00.000-04:00

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

In addition, The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

www.janmcpheter.com

To Double the Odds of Seeing 85: Get a Move On

2010-03-10T21:32:00.001-05:00

When It Comes to Longevity, Regular Exercise May Be the Most Potent Weapon Against Disease
By RON WINSLOW
The leading edge of the baby boom generation turns 65 next year, which means a new milestone looms on the horizon: age 85.

So what do boomers need to do not just to survive to 85, but to live healthy lives into old age and not break the bank at the federal Medicare program?
The most important strategy, according to the latest research to look at the question, is to be physically active in middle age. "If you are fit in mid-life, you double your chance of surviving to 85," says Jarett Berry, a cardiologist at University of Texas Southwestern Medical Center in Dallas. Put another way: If you're not fit in your 50s, your projected life span "is eight years shorter than if you are fit," Dr. Berry says.

Dr. Berry's findings, presented last week in San Francisco at the American Heart Association's annual epidemiology and prevention conference, are based on an analysis of 1,765 men and women who had physical examinations performed during the 1970s and 1980s at the Cooper Institute, the Dallas-based birthplace of the aerobics movement. They are a reminder that despite an array of effective drugs and other medical advances, the front line for most of us in the battle to prevent heart disease and survive into old age lies in adopting healthy living habits.

The report also underscores the importance of physical activity in maintaining overall health: Fitness even trumped smoking cessation in the magnitude of benefit among participants in the study—though not by much. The combination of being physically fit, not smoking and having low blood pressure was a powerful predictor of longevity.

"It's one more piece of data that says we all need to be moving in America," says Emelia Benjamin, professor of medicine and epidemiology at Boston University School of Medicine, who wasn't involved with the study. "It's pretty clear that Americans want to take a pill, but we're all going to be bankrupt unless people start taking on these lifestyle changes."

Certainly it's well established that getting your heart rate up and breaking a sweat on a regular basis is good for your health. But two previous studies didn't find an association between exercise and longevity and a third turned up a relatively modest link.

Establishing a regular workout regimen remains elusive for many of us. "On average, we tend to participate in less physical activity and be less fit each year after about age 30," says Donald M. Lloyd-Jones, a cardiologist at Northwestern University in Chicago and senior investigator on the longevity study.

National guidelines recommended Americans get at least 30 minutes of moderate exercise five times a week or 20 minutes of intense physical activity three times a week to maintain fitness. Twice-weekly weight-training sessions to strengthen muscles are also advised. National health survey data indicate about half of Americans report meeting those guidelines, but Dr. Lloyd-Jones and other experts believe it is far less than that.

People over age 85 are already the fastest growing segment of the U.S. population, reflecting, among other things, a decline in smoking, falling deaths from cardiovascular disease and success against infectious diseases that once took a heavy toll among infants and children.

But aging for many means battles with arthritis, cancer, cardiovascular disease and other chronic and costly maladies. A burgeoning old-age population hobbled by illness would amount to an enormous public health dilemma, with challenges ranging from improving the quality of life of consumers to protecting the solvency of Medicare and other health programs.

Researchers say getting control of a combination of risk factors—including blood pressure, blood sugar, cholesterol, smoking and diet—is emerging as an especially effective way to improve health and extend healthy longevity.
"If you make it to middle age with optimal risk numbers and healthy behavior, you've essentially abolished your risk of cardiovascular disease," says Dr. Lloyd-Jones. "It becomes a fountain of youth for your heart."

Regular exercise results in lower blood pressure, healthier cholesterol and lower blood sugar, Dr. Lloyd-Jones says, thus is an especially potent weapon against disease.

The 1,444 men and 321 women involved in the new survival-to-85-analysis were born before 1921. They were between ages 50 and 69 when had their initial physicals at the Cooper Institute, during which they underwent a special treadmill test to measure their aerobic capacity or cardio-respiratory fitness. Dr. Berry says this objective assessment may help explain why fitness emerged as such a significant factor in predicting longevity; previous studies relied on participants to estimate their physical activity, which they typically overestimate.

Blood pressure, smoking status and cholesterol were among traditional risk factors measured. People were excluded from the study if they had prior history of heart problems or cancer to provide a measure of fitness in the absence of symptomatic disease. The analysis didn't assess whether participants maintained fitness levels after the initial physical, nor did it include information on what medications participants may have been taking.

By 2006, the year by which all participants could reach at least age 85, researchers said 906 or 63% of the men, and 238, or 74% of the women were still alive. Dr. Berry and his colleagues separated the participants into five equal groups according to fitness levels and considered the lowest 20% as non-fit. Men were nearly 1.8 times as likely to reach 85 if they were fit as opposed to non-fit; for women, it was almost 2.2 times as likely.

One of the participants in the study, Ray C. Robbins, 89, who retired as president and chief executive officer of Lennox International Inc., says he spends 30 to 45 minutes on a treadmill most days and another 20 minutes working weights to keep his upper body tuned. "And I don't object to an early-morning walk with my wife once in a while in the neighborhood," he says. He credits the institute's prescription for a regimented exercise routine for helping to keep him in good shape.

Another participant, Don McNelly, 89, Rochester, N.Y. says he has run 744 marathons during his life—though he now "walks" them. He currently walks three to five miles a day at a shopping mall and awaits the arrival of spring in upstate New York when he can return to the local high-school track for his routine.

But such heroics aren't necessary to get fit. In fact, studies suggest the biggest benefit from exercise occurs when people go from a sedentary lifestyle to getting regular moderate exercise. "The biggest bang for your buck is just getting off the couch," Dr. Berry says.

Activities that qualify as moderate intensity exercise include walking at a brisk pace, mowing the lawn with a power mower, ballroom dancing and doubles tennis, according to the American Heart Association and the American College of Sports Medicine. Vigorous exercise options include walking or jogging at 4.5 miles per hour or faster, playing basketball and cross-country skiing.

A HUD Reverse Mortgage Can Be Beneficial

2010-03-01T14:34:00.004-05:00

By: Victoria Belle-Miller

With the prevalence of negative press about the so called disadvantages of HUD reverse mortgages, as well as the news about senior homeowners being scammed by deceptive lenders, many homeowners may have been dissuaded from even researching this type of financing. But, most lenders are not trying to trick their customers. For situations in which a HUD reverse mortgage is the right fit for a homeowner, there are many great benefits offered by this type of financing. The FHA insures most of these loans and it is continually making improvements to the consumer safeguards associated with them.

Benefits of this Type of Financing

If a homeowner determines that this type of loan is the right type of financing for his or her needs, there are multiple benefits they can receive from the loan. The homeowner will not have to make monthly mortgage payments on the loan as long as he or she remains the owner of the home and meets the requirements of the loan. These requirements include staying current on homeowner s insurance, property taxes, and home maintenance or repairs. Once the loan is due to be repaid, the FHA guarantees that the homeowner will never owe more than the value of his or her home as long as they met the aforementioned requirements.

If a homeowner has enough equity in his or her home, the equity can be turned into cash. There are different disbursement options to choose from, including a lump sum, a line of credit, monthly payments, or a customized combination plan. There are no regulations on how homeowners spend the cash they receive. Some homeowners use the cash for medical bills, repayment of other debt, or for personal expenses.

How to Qualify for this Loan

To be eligible for this loan, the borrower must be a homeowner and be at least 62 years old. The home being financed must be a residential property and be the homeowner s primary residence. There are no income or credit score requirements for this loan, so it is easy to qualify compared with other home loans. All potential borrowers are required to participate in HUD reverse mortgage counseling so that they are informed about the requirements of the loan and are certain that that type of financing is the best option for them.

The Future of HUD Reverse Mortgages

In 2010, the FHA expects to insure about $30 billion in HUD reverse mortgages. Because of this, the current administration has requested a $250 million credit subsidy for the reverse mortgage program and an increase to the current mortgage insurance premium from 0.5 to 1.25 . They also want to reduce the principal loan limit for the loans. These changes could affect the cost of the loan, so now is a good time to look into this type of financing.

Current Rates Are Low

Right now is a great time to consider this type of financing while rates are low and before the required mortgage insurance premium increases. This type of financing allows a homeowner to live in his or her home without worrying about making monthly mortgage payments and, if there is sufficient equity, to receive additional funds.

The amount of money a homeowner can receive depends on his or her age, home value and current interest rates. This type of financing can be a great option for senior homeowners who need to finance their homes and still have accessible money each month. Homeowners who feel this is the right type of financing for them can contact a reputable source for more information.

Article From DiD Articles

Dog Grooming

2010-02-25T21:20:00.002-05:00

I found this great site to help with your dog's grooming. Enjoy.
Click Here
www.janmcpheter.com

To Your Health

2010-02-22T19:40:00.000-05:00

High Blood Pressure a Killer. Know what to do.
Click Here

Top Money Websites

2010-02-21T11:19:00.001-05:00

From CNN the Top 20 Money Websites by www.janmcpheter.com

Senate Likely to Extend First-Time Homebuyer Tax Credit, and Add Existing Homeowners

2009-11-04T07:50:00.000-05:00

Washington (CNN) -- Senate leaders have reached a tentative deal to extend the first-time homebuyers' tax credit that was originally passed earlier this year as part of the stimulus bill, Republican and Democratic sources told CNN on Wednesday.

The agreement would extend and expand the credit to include current homeowners who want to move, according to the sources.

The original credit in the stimulus bill is set to expire at the end of November and offers a tax credit of $8,000 to first-time homebuyers.

Senate sources told CNN they have tentatively agreed to extend that $8,000 credit for first-time buyers until the end of April. In addition, they are adding a $6,500 credit for some current homeowners who buy a new residence by then.

To qualify, current homeowners must have lived in their primary residence for five continuous years.

Senators have not agreed on how the tentative deal would come up for a vote, but sources from both parties said they are considering adding the housing credit to a bill that would extend unemployment benefits.

www.janmcpheter.com

Congress Debating the Tax Credit

2009-10-16T19:30:00.000-04:00

Congress is considering expanding and extending the $8,000 first-time homebuyer tax credit, which expires Nov. 30.

More than 1.8 million home buyers will have used the credit by the end of November, including an estimated 355,000 who wouldn’t have bought a home without it, according to the National Association of REALTORS® and other analysts.

Mark Zandi, chief economist for MoodysEconomy.com, is among those in favor of extending the credit. Zandi would also make it available to all homebuyers. "The most fundamental argument for the credit is that nothing works in the economy if housing is falling," Zandi said. "[The credit] is a good insurance policy. It's vital to stem the housing price declines."

Opponents argue that the tax credit is too expensive and doesn’t help enough people.
Extending the credit through the end of 2010 and making it available to single filers earning up to $150,000 and joint filers earning up to $300,000 would cost an estimated $16.7 million. Some in Congress propose using unspent money from the $787 billion stimulus bill to pay for it.

Source: CNNMoney.com, Les Christie (10/14/2009) Visit my website www.janmcpheter.com

Prediction: Homes Sales to Rise 11 Percent

2009-10-16T19:14:00.000-04:00

Sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year, Mortgage Bankers Association Chief Economist Jay Brinkmann predicted in a speech Tuesday at the organization’s annual meeting.

"We still see a concentration in the lower end of the market," Brinkmann said. "The entry level homes are in demand."

Brinkmann also predicted further declines in existing home prices, with the median falling to $164,200 in the first quarter of 2010.

David Stevens, commissioner of the Federal Housing Administration, concurred, adding that mortgage rates will rise to 5.6 percent by the end of 2010, though not enough of an increase to discourage a 12 percent increase in mortgage applications next year.

Source: Associated Press, Alex Veiga (10/13/2009) Visit my website at www.janmcpheter.com

America's Navy

2009-10-06T15:08:00.002-04:00

Hampton Roads Gardeng Guide...Month by Month

2009-10-01T21:17:00.001-04:00

This PDF file was provided by Lorraine Eaton of the Virginian Pilot. Is has some very useful information about what to plant and when. I keep missing the date to plant my fall garden. It is Bay Day's weekend. Enjoy.

Hampton Roads Gardening Guide

Jan McPheter has a New Listing at 528 Rogers Ave, Hampton, VA

2009-09-27T15:34:00.001-04:00

View all of my Listings at www.janmcpheter.com

One of My Listings was in Today's Daily Press

2009-09-24T15:37:00.002-04:00

Jan McPheter...in the News

Lowering Blood Pressure Slideshow: Exercise Tips for Getting Started

2009-09-23T19:03:00.001-04:00

Lowering Blood Pressure Slideshow: Exercise Tips for Getting Started

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Ride in the U2 Spy Plane

2009-09-23T15:39:00.007-04:00

How to Build a Bridge Tunnel

2009-09-23T00:32:00.002-04:00

The three bridge tunnels here in Hampton Roads were built using the immersed sunken tube method of tunnel construction. The immersed sunken tube method involves prefabricating long tube sections, floating them to the site, sinking each in a previously dredged trench, and then covering with backfill.

A structural assembly of steel tubes are prefabricated with both ends temporarily bulkheaded closed. Each section is then towed out and sunk in sand at the bottom of a trench previously dredged in the river floor. After being connected to the previous section by locking pins driven in by divers, the new section is weighted down by surrounding it with concrete. The temporary bulkheads are removed at the just completed connection, the newly placed section is pumped out, permitting work to be done on the inside of the tunnel and the road bed.

The Monitor-Merrimac Bridge-Tunnel was completed in April of 1992. The original Hampton Roads Bridge-Tunnel, now the westbound leg, opened on November 1, 1957; and the eastbound structure opened on June 3, 1976. The Chesapeake Bay Bridge-Tunnel was completed in April of 1964, the and was selected "One of the Seven Engineering Wonders of the Modern World". A parallel crossing opened to four-lane traffic in April of 1999.

Hampton Roads Tide Clock

2009-09-22T23:21:00.002-04:00

MyTideClock.com

Buy a New Home with a Reverse Mortgage

2009-09-21T16:32:00.000-04:00

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Borrower Requirements
You must:

* Be 62 years of age or older

* Own the property outright or have a small mortgage balance

* Occupy the property as your principal residence
* Not be delinquent on any federal debt
* Participate in a consumer information session given by an approved HECM counselor

Mortgage Amount Based On

* Age of the youngest borrower

* Current interest rate
* Lesser of appraised value or the HECM FHA mortgage limit

Financial Requirements

* No income or credit qualifications are required of the borrower
* No repayment as long as the property is your principal residence
* Closing costs may be financed in the mortgage

Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

* Single family home or 1-4 unit home with one unit occupied by the borrower

* HUD-approved condominium
* Manufactured home that meets FHA requirements

How the Program Works

If you are a homeowner age 62 or older and have paid off your mortgage or have only a small mortgage balance remaining, and are currently living in the home, you are eligible to participate in FHA's reverse mortgage program. The program allows you to borrow against the equity in your home.

You can select from five payment plans:

* Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
* Term - equal monthly payments for a fixed period of months selected.
* Line of Credit - unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
* Modified Tenure - combination of line of credit plus scheduled monthly payments for as long as you remain in the home.
* Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

Unlike ordinary home equity loans, a FHA reverse mortgage HECM does not require repayment as long as the home is your principal residence. Lenders recover their principal, plus interest, when the home is sold. The remaining value of the home goes to you or your heirs. You can never owe more than your home's value.

If the sales proceeds are insufficient to pay the amount owed, FHA will pay the lender the amount of the shortfall. FHA collects an insurance premium from all borrowers to provide this coverage.

The amount you can borrow depends on your age, the current interest rate, other loan fees, and the appraised value of your home or FHA's HECM mortgage limit for your area, whichever is less. Generally, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow. If there is more than one owner, the age of the youngest owner is used to determine the amount you can borrow. For an estimate of HECM cash benefits based on your age, home value, and current interest rate, call

Paul Neufeld at (913) 645-7874.

There are no asset or income limitations in order for you to be eligible for a HECM. In addition, there is no limit on the value of homes qualifying for a HECM. The value of your home will be determined by an appraisal. However, the amount that you may borrow is derived from the lower of the appraised value or the FHA HECM mortgage limit of $625,500. You are charged an upfront insurance premium of 2 percent of the maximum claim amount that may be borrowed plus a 0.5 percent annual premium.

HECM Costs

You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.

The HECM loan includes several fees, including an origination fee, closing costs, mortgage insurance premium, interest and servicing fees.

Origination Fee

You will pay an origination fee to compensate the lender for processing your HECM loan. A lender can charge a HECM origination fee up to $2,500 if your home is valued at less than $125,000. If your home is valued at more than $125,000 lenders can charge 2% of the first $200,000 of your home's value plus 1% of the amount over $200,000. HECM origination fees are capped at $6,000.

Closing Costs

Closing costs from third parties can include an appraisal, title search and insurance, surveys, inspections, recording fees, mortgage taxes, credit checks and other fees.

Mortgage Insurance Premium (MIP)

You will incur a cost for HECM insurance. You can finance the mortgage insurance premium (MIP) as part of your loan. You will be charged an upfront MIP at closing which will be 2% of the lesser of your home's value or the FHA HECM mortgage limit for your area. You will also be charged a monthly MIP that equals 0.5% of the mortgage balance.

The HECM insurance guarantees that you will receive expected loan advances and that you will not have to repay the loan for as long as you live in your home. The insurance also guarantees that, if you or your heirs sell your home to repay the loan, your total debt can never be greater than the value of your home.

Servicing Fee

Lenders or their agents provide servicing throughout the life of the HECM. Servicing includes sending you account statements, disbursing loan proceeds and making certain that you keep up with loan requirements such as paying taxes and insurance. HECM lenders may charge a monthly servicing fee of no more than $30 if the loan has an annually adjusting interest rate and $35 if the interest rate adjusts monthly. At loan origination, HECM lenders set aside the servicing fee and deduct the fee from your available funds. Each month the monthly servicing fee is added to your loan balance.

Interest Rate

HECM borrowers can choose an adjustable interest rate or a fixed rate. If you choose an adjustable interest rate, you may choose to have the interest rate adjust monthly or annually. Lenders may not adjust annually adjusted HECMs by more than 2 percentage points per year and not by more than 5 total percentage points over the life of the loan. FHA does not require interest rate caps on monthly adjusted HECMs.

Repaying a HECM

A HECM loan must be repaid in full when you die or sell the home. The loan also becomes due and payable if:

* You do not pay property taxes or hazard insurance or violate other obligations.
* You permanently move to a new principal residence.
* You, or the last borrower, fail to live in the home for 12 months in a row. An example of this situation would be if you (or the last borrower) were to have a 12-month or longer stay in a nursing home.
* You allow the property to deteriorate and do not make necessary repairs.

For more information on Revere Mortgages, Call Paul Neufeld at (913) 645-7874 or visit my website at www.pwneufeld.com

To list your home and find a new one, contact Jan McPheter, Abbitt Realty,
Hampton Roads, www.janmcpheter.com

Time is running out for Hampton Roads First-Time Home Buyers...

2009-09-16T21:02:00.001-04:00

Time is running out for Hampton Roads first time home buyers...

The Government program for the $8000 tax credit will expire on November 30, 2009.

FIRST TIME HOME BUYERS TAX CREDIT INFORMATION

1. Amount of Credit - 10% of purchase price, not to exceed $8,000
2. Eligible Property - Single family residence (principal residence)
3. Not Refundable- Reduces or eliminates income tax liability, will receive refund for unused amount
4. Income Limit - Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
5. First Time Home Buyer - Purchaser and Purchaser's Spouse may not have owned a principal residence in three years previous to purchase
6. Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit
7. Repayment - no repayment for purchases on or after January 1st, 2009 and before December 1st, 2009
8. Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
9. Termination - Program expires on December 1st, 2009
10. Effective date - Effective as of January 1st, 2009

Finding a house takes time but also don't forget that these items require time (usually about 45-60 days)to process a transaction:

1. Finding a Realtor whom you trust and who will best represent you...call me now.
2. Writing an offer
3. Offer acceptance and negotiations
4. Finding a Lender
5. Loan application
6. Survey
7. Inspections
8. Repairs
9. Appraisals
10. And other issues which often come from lenders, title companies etc...

Time is running out. Call Jan at 757-329-0282
www.janmcpheter.com

How is Your Congressman Voting?

2009-09-06T12:57:00.000-04:00

Senator Jim Webb
Senator Mark Warner

To find out how your Senator is voting, click on the link below.
Senate Voting Roll Call Votes

Who is My Representative (based on your Zip Code)

Representative Bobby Scott
Representative Rob Wittman

www.janmcpheter.com

To find out how your Representative is voting, click on the link below.
House of Representatives Roll Call Votes

2009-09-05T08:36:00.000-04:00

Jan McPheter has a new listing at 890 Big Ben Court in Newport News.

Thanks for looking,

Jan McPheter
757-329-4714
www.janmcpheter.com

The Hampton Roads Real Estate Market is Heating Up

2009-08-22T06:00:00.000-04:00

Thanks to the large base of military members here in the Hampton Roads area, we never experienced the sharp decline in housing values found around the country. But there is more good news.

National housing market data for July showed a 7% increase in home sales. This was the fourth straight month home sales have increased. Mortgage rates have held steady in spite of the advance in home sales which is good news for buyers...and don't forget the $8,000 tax credit for first time home buyers is still in effect.

If you are looking to buy a home, please give me a call or visit my website at www.janmcpheter.com

Jan McPheter
Abbitt Realty
(757)-329-4714

Waterview at 112 Hanover, Hampton, VA

2009-08-20T09:54:00.000-04:00

This lovely home has a spectacular water view and is located on a quiet Cul-De-Sac in the Olde Wythe section of Hampton.