1st Dominion Realty

Not long ago I mentioned a new development in the mortgage loan industry: the Qualified Mortgage and Qualified Residential Mortgage (QM and QRM). At that time the regulatory body creating the new regulations, which will affect a borrower’s ability to get a mortgage loan that is backed by Fannie Mae and Freddie Mac, was still in the process of drawing up the new regulations. They are further along now. This link to an article published by the National Association of Realtors talks more about QR and QRM:

http://realtormag.realtor.org/daily-news/2012/10/26/qm-qrm-lock-in-tight-loan-standards 

How’s the local Real Estate market doing? In a nutshell, it’s doing pretty good and expected to get better. You may have seen this article in the Daily Progress. If not, here is a link to it:

http://www.dailyprogress.com/news/business/article_a31cc114-4cf8-5091-b95e-1c2ae932f5c5.html

For help and inquiries about real estate in the Charlottesville and the Piedmont area of Virginia, contact me!  I look forward to hearing from you.