head_left_image

Insiders Guide-Have Financing Trends Really Changed In Fairfax County?

The rumors continue to fly that during the HOT market sellers were not accepting VA or FHA loans due to tougher appraisals and inspections.  So I decided to take a look through some data in the MRIS to see if the rumors be supported by the data.

The first caveat to the data is that the accuracy of the data in the MRIS is up to the listing agent to enter when a sale is complete.  With that in mind the following data compares the month of February from 2006-2009.  Unfortunately the data was not available to make a five year analysis.

 

Type of Financing 2009 2008 2007 2006
Conventional 539 415 960 910
FHA 45 221 6 9
VA 26 71 8 10
CASH 27 104 26 33
Owner Financing 0 0 0 1
Assumption 57 39 28 24
Other 10 3 11 22
Total 704 853 1039 1009


It was surprising to see for this one month comparison that February 2008 was when Fairfax County saw the largest number of FHA and VA loans used to purchase homes.  The total sales volume is not that much lower in February 2009 so the difference could be considered significant.  However you can see that in 2006 and 2007 when sales volume were at their highest point that FHA and VA loans were significantly lower than conventional financing.

The numbers did support the "rumors" that the easiest way to buy a home a few years ago was with conventional financing.  It was surprise not to see more FHA or VA loans this year.  With the lowest interest rates that we have seen in years if buying a new home is in your future give the Cindy Jones team a call at 703-346-2213.  We can look at what is the right loan program for you to take advantage of lower prices and lower rates.  No hassle, no pressure, just straight talk about whether now is the right time for you to buy a new home.

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

Comment balloon 6 commentsCindy Jones • March 21 2009 07:10AM

Comments

Interesting stats and very interesting how cash buyers peaked in 2008... I have had 2 recent cash buyers and a third looking now. Cash is King!

your friend in Charlottesville Virginia!

Posted by Charles McDonald, REALTOR®, Blogger, Principal Broker®, Owner (Charlottesville Real Estate Solutions) over 9 years ago

Hi Cindy: Very Interesting - 539 Conventional vs 71 Gov''y for 2009 - Wow quite a change from 2008 stats. I wouldn't think Conventional and Gov't would be that far apart. I love to look at stats. Thanks for bringing this up to us.

Posted by Gwenn Tanvas NMLS# 274839, The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE (AMEC Home Loans | NMLS# 150953) over 9 years ago

Hi Cindy, Good and interesting post. Thanks for sharing. Keep posting best.

Best - Sash

Posted by Sasha Miletic - Windsor Real Estate (RE/MAX Preferred Realty Ltd.) over 9 years ago

Charles-I had two cash transactions at the end of 2008.  I was surprised that the VA & FHA numbers were so low.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Gwenn-I could understand the low percentage of VA & FHA in 2006 & 2007 but wonder if this year it has been that buyers couldn't get VA & FHA loans on the foreclosures they were trying to buy.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Sasha-thanks for stopping by.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

This blog does not allow anonymous comments