A Quick Reminder

Effective for case numbers assigned on or after April 1, 2013, the new MIP rate for FHA 30 Year Fixed with max financing will increase to 135 bps (currently 125 bps)

Effective with all case numbers assigned on or after 6/3/2013, any mortgage involving an original principal obligation (excluding financed UFMIP) with an LTV greater than 90 percent, FHA will assess the annual MIP until the end of the mortgage term.

The Good News

If you have a buyer planning to use FHA financing it would be prudent for that purchaser to make a decision before the end of March. 

We also have a 3% Down NO MI program that will help your clients avoid Mortgage Insurance altogether!  Give your Village Bank Mortgage loan officer a call today for more details.

*  All VBMC programs are subject to change and borrower qualification.  Please contact your VBMC Loan originator for more details.  ML 13-04

Oh, by the way, if you happen to be in the Northern Virginia area be sure to call our affiliate company:

Phone 703-368-9248

VBMC is pleased to announce our new allotment of grant funds is now available for 2013!  We are offering some great new programs this year including:

• Enhanced Grant Program*
  • First-time and Non-First-time Homebuyers
  • Up to $5,000
• Foreclosure Grant Program*
  • Up to $15,000 for purchasing qualifying properties
• Veterans Grant Program*
  • Up to $7,500 for Homebuyers that are currently serving or have served in any branch of the U.S. military, or their surviving spouses
  • Up to  $10,000 for Homebuyers that are currently serving or have served in an overseas military intervention for any branch of the U.S. military, or their surviving spouses
  • No borrower contribution required

*  All Grant programs are subject to change and borrower qualification.  Please contact your VBMC Loan originator for more details.

Oh, by the way, if you happen to be in the Northern Virginia area be sure to call our affiliate company:

Phone 703-368-9248

Congress has once again extended legislation that makes mortgage insurance tax deductible for many Americans. The new legislation was made retroactive to January 1, 2012, and ensures the tax deductibility of mortgage insurance on purchase and refinance loans for qualified borrowers through December 31, 2013.  Please contact your Village Bank Mortgage Loan Originator to see how this could impact you.**

Keep in mind, we are offering many new programs in 2013 for those looking to purchase a new home or refinance their existing home.  These include:

• Grant Programs* (for downpayment and closing cost assistance)
• Refi Programs* (FHA, Conventional, VA, VHDA and for homes that have lost value)

Give us a call today to explore your options!

*All Refinance and Grant programs are subject to change and borrower qualification.  Please contact your VBMC Loan originator for more details. **VBMC does not provide tax advice.  Please check with your CPA for tax-related information.

Oh, by the way, if you happen to be in the Northern Virginia area be sure to call our affiliate company:

Phone 703-368-9248

For years we have been proud of our motto, “You’re a neighbor, not a number!”  It is reflected in all that we do.  However, after reviewing the Customer Satisfaction Surveys from 2012, if you were a number, it would be 98%!  With the Industry Average at 76.1%*, we are overwhelmed!

 Ok, 98% is a ratio of a couple numbers, but it represents our commitment to each and every borrower who calls, emails or submits an application.  In the midst of all the changes in the lending industry, all the new regulations, to have our customers honor us with such high marks is very humbling.

 “On a scale of 1 to 10 I’d give my loan officer a 12. Excellent job.”  Rodney

“Always a pleasure working with Village Bank Mortgage.  Very easy to work with and always professional.”  Rory

“Words can’t express how grateful I am for the personal attention I received, as well as the professional service.”  David

We would like to thank all of our customers for making 2012 such a great year!  We enter into 2013 with a renewed commitment to serve you even better.  We have our eyes on 99%!

*(according to J.D. Power and Associates 2012 US Primary Mortgage Origination Satisfaction Study)

Oh, by the way, if you happen to be in the Northern Virginia area be sure to call our affiliate company:

Phone 703-368-9248

“All of which is to say that, despite the uncertainties still surrounding this real estate recovery, chances are good that we’re headed to higher ground in a majority of American real estate markets. At least, that’s the way I tend to read all of this.”

by: Bill Fisher

We are happy to announce that FHLB has extended our allotment of grant funds for 2012!  This means we have more down payment assistance to offer!  Please give us a call today if you have any questions regarding our various grant programs.

Efficiency comes with a price—sometimes the price is too high!  Please don’t get us wrong, we seek out the most efficient methods of communicating with and providing services for our clients.  But what we refuse to do is to allow an “efficiency” to seperate us from the one-on-one relationship our clients have grown to expect from Village Bank Mortgage!  

That is why we have  rejected the recent mortgage industry trend to create “processing centers” where loans are herded into large, impersonal staging areas, placed on an assembly line and whisked through a “one size fits all” system.  This might be more efficient, but the relationship with the borrower is lost in the process!  That is something we will not do.

At Village Bank Mortgage, we pride ourselves in the fact that all of our processors and underwriters are in-house.  This means our borrowers and Loan Officers have a personal connection with their loan from beginning to end!  It also means we can take the time needed to thoroughly explore our borrower’s situation so we can “custom fit” their mortgage to their needs.  Some may call this old fashioned or out-dated, but from the number of repeat clients and client referrals we receive, we are convinced it is the best way of doing business!  

So if you, or someone you know, are looking for a mortgage lender who will take the time necessary to “custom-fit” the perfect mortgage or refinance for your situation, please give us a call today at (804) 330-9800 or by email at info@villagebankmortgage.com.

Oh, by the way, if you happen to be in the Northern Virginia area be sure to call our affiliate company:

Phone 703-368-9248

At Village Bank Mortgage, taking an active role in our local community is just part of our genetic makeup.  We believe a strong local community is the best foundation for success.  But we are also aware that our local community is only one part of the big picture.  Governmental policies are being drafted everyday that affect our clients, both realtors and homeowners.  To ensure that you have an advocate who will give voice to your interests and concerns, we aggressively pursue avenues that will allow us to stand in the gap on your behalf.  

One way we accomplish this is through our commitment to organizations like the VMLA.  

The Virginia Mortgage Lenders Association (VMLA) is a trade association composed of mortgage lenders, brokers and affiliated industry associates. The association is dedicated to the preservation and improvement of the mortgage lending system. The VMLA Board of Directors encourages its members to use sound and ethical business practices in the making, marketing and servicing of mortgage loans. We promise to keep our members informed of changes in mortgage laws and pending legislation that affect the real estate and mortgage business.

In fact, Village Bank Mortgage has had the honor of holding the office of President for the last two years:

Current VMLA President Rob Heltzel

 Past VMLA President Jerry Mabry

  We are grateful to be part of this community and we will continue to do our part to ensure that the rights of our homeowners are always protected.