Thinking about renovating or landscaping? Or in the process of doing so?

You won't want to miss this year's Vermont Home & Garden Show! A treasured Vermont tradition, you will find hundreds of vendors and exhibits including how-to demos and renovation, building and landscaping experts presenting on the most recent innovations in products and services.

A very fun and lively event, the Vermont Home & Garden show features live music, presentations and seminars across 3 interconnected buildings at the Champlain Valley Expo Center. Though this year's vendors have yet to be announced, last year's vendors included leaders in the Home and Garden industries like Aerus Electrolux, All Season Siding, Avalon Pools & Spas, Green Mountain Lighting Designs, Home Depot, Vista Curbing, Vermont Concrete Cutting and Window World along with associated vendors like Vermont Magazine, Girl Scouts and Habitat for Humanity. And of course you can't forget the show's main sponsor, Curtis Lumber.

Come join the fun!

 

2012 Vermont Home & Garden Show

April 20, 21, & 22, 2012

Cost: $6 per person ($5 with coupon)

Show Hours: Friday 12-8, Saturday 10-8 and Sunday 10-5

 

 

 

 

Thinking about applying for a home loan? Running to the closest bank is not your only option. Within conventional financing there are many options and outside of that, there is also VA (Veterans Affairs) and FHA (Federal Housing Administration) mortgage support. And that doesn't even include all of the government assistance programs out there! Here's some helpful tips.

Conventional Financing

Conventional financing allows you to tailor your loan to your needs and interests. One option is fixed rate (FRM), which means the interest rate will remain the same throughout the life of the loan. This is also called a "conventional mortgage". The alternative is an adjustable rate mortgage (ARMS) which adjusts to the national economy. These usually start with better rates than fixed rate mortgages to compensate the borrower for taking a greater risk. Then there are hybrid FRM/ARM mortgages where the loan can be converted from one form to another after a certain period of time.

Another personal stamp you can put on a loan is its length. The standard length for a loan is 30 years but reducing it to 15 years will substantially lower the amount of interest you will be paying while only slightly increasing the amount of the loan payment. You can also choose an accelerated payment program, which allows you to make payments bi-weekly instead of monthly, reducing the life of the loan as well as the amount of interest paid overall.

Lastly, you can enlist a family member or friend to participate in a buy-down whereby they help reduced your mortgage payments by paying some portion of them for you in the initial years of the loan. This can help you buy a house you might not otherwise have been able to afford.

Conventional financing usually has requirements for credit scores, income and minimum down payments of between 5 and 20 percent. Keep in mind you will need excellent credit to qualify for the best rates but you will face fewer hurdles than you would going with VA, FHA or government assistance programs.

VA Financing

A VA home loan is one backed by the U.S. Department of Veterans Affairs. It has unique qualifications and  advantages. To qualify you must meet one of the following requirements: o Have served 181 days during peacetime (Active Duty) o Have served 90 days during war time (Active Duty) o Have served 6 years in the Reserves or National Guard o You are the spouse of a service member who was killed in the line of duty

 

 

The benefits are that you can purchase a home with no money down, the only stipulations being that the purchase price doesn't exceed the appraised value and the seller will pay the closing costs. The VA guarantees the entitlement to a loan from a private lender, it does not itself loan out the money. Because of this, the veteran will still need to qualify based on income and credit score. The veteran also has the restriction of not being able to refinance and VA charges an upfront fee ranging from 2.15 to 2.4 percent, which helps pay for the cost of the VA loan and can be rolled into the loan or paid by the seller. However, a VA loan is a great option for qualified veterans because it allows them to purchase a house without any upfront costs.

FHA Financing

A FHA home loan is one backed by the Federal Housing Administration, which provides support to the borrower should they default on the loan. This added insurance allows the lender to loan more funds than they normally would to the buyer. Because of this, FHA loans are ideal for people with poor credit, moderate debt-to-income ratios and for people who do not have a lot of money for a down payment. Stipulations of FHA backing require the borrower to make a minimum 3.5 percent down payment and there are limits to how much they can borrow. However, this down payment rate is still much lower than is usually required with conventional financing, there is no minimum credit score requirement (though the lender may still uphold their guidelines), and being backed by the FHA usually means that lender will give consideration to the overall picture of  the borrower's credit as opposed  to singularly relying on automated underwriting software.

Special Circumstances

Certain personal circumstances can impact your loan application and are things you should discuss with your loan officer up front. These are:

• Being self -employed
• Being employed by a relative
• Claiming any of the following forms of income: social security payments, retirement payments, or welfare or disability income
• Being unemployed or a full-time student
• Owning savings bonds

Read what will be required of you for each situation

Down Payment Resource

Still looking for another option for assistance with a home loan? Down Payment Resource is a collection of all government funded buyer assistance programs. It identifies properties that are eligible for these programs through the Multiple Listing Service, a database of properties on the market (excluding for sale by owner properties unless the seller hires a Realtor to list it), and provides the guidelines for the borrower to qualify. This service is currently only available through Realtors so contact Geri Reilly to learn more.

With interest rates down and so many assistance programs available to homebuyers, it's a great time to find the home of your dreams. When you're ready, contact your friends at Geri Reilly Real Estate, we'll be happy to help!

 

Some helpful links:

 

For more information about a VA home loan go to http://www.benefits.va.gov/homeloans/

For more information on a FHA loan go to http://www.fha.com/

For more information on Down Payment Resource go to http://www.workforce-resource.com/

For more information on various types of mortgages and loan programs we recommend contacting The Mortgage Guys at Spruce Mortgage: http://www.vermontmortgageguys.com

 

Sad but true: It is again time to say goodbye to summer's nurturing embrace. Though it's easy to get caught up in all the fall has to offer - leaf peeping, cider festivals, corn mazes, and so much more - it is important not to waste the opportunity to prepare your home before more challenging winter weather sets in. Here are a few simple things you can do right now.

Check Your Heating System

Though still only a distant memory, the time will come when you will need this to be in tip top shape! Have a heating and cooling specialist inspect your filters - they probably need changing - and vents if you use gas heat. Clogged vents could mean carbon monoxide poisoning down the road. Furnaces can also pose a carbon monoxide threat so have them inspected to prevent this as well as to be sure they will be ready for action when those chilly nights hit. Baseboard heating systems need to be checked as well, and if you plan to go away for part of the winter be sure to perform an injection of anti-freeze solution to prevent freezing when they are not in use.

Prepare Your Lawn

Cold winter months mean your lawn won't be getting the attention it needs, so make up for it by fertilizing, aerating and mowing now. Bare patches should be overseeded from now until mid-October, and attack that weed problem before the first frost to have a more manageable lawn come spring. Also be sure to trim back trees that could potentially fall on your roof when weighted down with all that snow!

 

 

Mind Your Pipes

Bursting pipes is one of the most frustrating and common winter weather struggles. Insulate any exposed plumbing pipes and drain your air conditioning pipes. Shut off the water valve to your AC if possible.

Insulate For Warmth

To prevent high heating costs use weatherstripping around your windows and doors. Switch out screens for storm windows or even take this opportunity to buy new energy efficient windows or install premium insulation and claim a tax credit.

Inspect Your Roof

It may be perilous but now is the time to catch that loose shingle or small crack, which can lead to water leaks once the harsh weather hits. Prevent more costly repairs down the road by giving your roof a semi-annual once over.

The moral of the story is that employing simple preventative measures now can save you a lot of unnecessary spending and headaches as we inevitably enter the harsher winter months. Now is the perfect time to address potential issues so you can enjoy the beautiful fall scenery and greet winter worry-free!