Listen Up Home Buyers Advice & Tips from True Buyer Agents

Dave Nichols a loan originator with NBKC Bank licensed in 50 states & the District talks with host, Victoria Ray Henderson. 

NMLS #409631 NMLS #662630

First-time home buyer programs

Down payment assistance options

:57 focus of the podcast is educating home buyers

1:08 what is the lowest down payment option?

1:54 What is a Fannie Mae 3% option?

2:58 How important is a credit score?

3:19 620 credit score may not qualify for a 3% down payment

4:11 What is the debt-to-income ratio and why does it matter?

5:04 what is private mortgage insurance?

5:47 FHA program is more expensive than conventional financing

7:00 when you apply for a loan, the lender examines how much of a risk you are as a buyer

7:48 720 credit score? A lender may compare FHA and conventional financing to see what works best for the home buyer

8:22 What are points? A point is 1% of the loan amount.

Should I buy down the interest rate by paying points?

8:54 What is par?

9:50 Full explanation of buying down points

10:31 What factors into the ability to pay down points?

12:31 First step is understanding what goes into your monthly mortgage payment

14:00 can refinance in a year or so be an option?

15:120 Fannie Mae and Freddie Mac are making changes to the way they guide lenders regarding loan-level pricing adjustments
 

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Skip Cobb opened Revolutionary Mortgage Company in 1988. Based in Maryland, Revolutionary Mortgage Company provides conventional, FHA, VA, USDA, and jumbo loans. We are licensed in Maryland, Virginia, D.C., West Virginia, Delaware, and Florida.  Skip talks with Victoria Ray Henderson on Listen Up Home Buyers! The only podcast offering advice & tips from exclusive buyer agents. 

1:00 What is the purpose of Fannie Mae & Freddie Mac

1:20 Two programs we will talk about are the Freddie Mac Borrow Smart Program linked to Home Possible and the new Fannie Mae Purchase Plus program – both are down payment assistance programs. 

1:33 Are they available in all 50 states?

2:00 Fannie Mae Purchase Plus program

2:43 How do the programs work? How do home buyers qualify?

3:04 Restricted income

3:26 Borrow Smart and Purchase Plus minority census areas

4:11 It is property driven meaning only some properties will qualify for these loans

4:50 Links to Freddie Mac & Fannie Mae websites for more information

5:00 $5000 max for the Fannie Mae program includes thousands of properties

6:10 Fannie Mae program is not income limited

6:45 You may qualify if you currently live in the minority census area

7:00 Home Possible Program details

7:47 Do your homework! Investigate what programs you may qualify for in your area

9:18 Your exclusive buyer's agent should be answering all your questions and advocating on your behalf 100% of the time

10:23 Online education courses are required for some programs

11:23 Skip Cobb provides details of the lender letter which is sent to the listing agent with the contract offer

Skip Cobb Company NMLS: 213201
Skip Cobb NMLS: 211493

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Meet Glenn Grutta the owner of Vector Home Inspections in Massachusetts. Glenn talks with host, Victoria Ray Henderson the owner & broker of HomeBuyer Brokerage on Listen Up Home Buyers! 

:33 One of the biggest challenges to doing a home inspection in winter is getting to the property to do the inspection

:52 when snow is on the ground, how do you evaluate the perimeter of the home?

1:20 start with the the interior of the house to keep the property neater

2:00 snow on the roof limits the visual but there are clues

2:15 lines on the roof indicate heat loss in the home

2:45 the lines you see on the roof are the actual rafters

This indicates the need for better insulation

3:13 icicles and ice dams on a house

3:38 ice dams are often associated with water in the house but that’s not the entire story

4:15 in the attic, look at the nails in the roof for signs of heat los

4:40 in the winter the inspector spends more time in the attic so evaluate the roof

5:00 newer homes have better insulation than old houses and less likely to have ice dams

6:08 heat cables, what are they?

7:13 advice for home owners in the winter
7:50 look for pipes exposed to the weather

8:03 what to do with water pickets

8:30 plumbing on exterior walls, what to do

9:07 home ownership is doing visual maintenance
9:45 look for clues while doing an exterior walkthrough

10:04 most homes are not graded properly

You want a positive grade to the dirt

11:03 remember, water is your enemy as a home owner or home buyer

11:39 create your own history in a home

12:30 weather patterns have changed and there is more water sitting on properties which can cause issues for the home.   

12:50 sit with a house before major remodeling projects
14:00 winter time is an opportunity to check the windows

14:32 make a list of your concerns and don’t be afraid to ask questions

15:03 as a home buyer, who inspects the house is your decision. Choose a home inspector who communicates well

15:45 interview your home inspector

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Mortgage giants Fannie Mae and Freddie Mac raise loan limits for 2023 Meet Ramez Fahmy a mortgage lender with Caliber Home Loans. He explains what is happening in the housing market in December 2022 and what is in store for 2023.

Victoria Ray Henderson is the owner & broker of HomeBuyer Brokerage serving Washington DC, Maryland & Virginia

:49  Who are Freddie Mac and Fannie Mae

1:00 They are the largest purchaser of mortgages in the country

1:20 largest purchasers of mortgages in the country

2:04 What is a conforming or conventional Loan?

2:24 Home Ready and Home Possible are programs available for home buyers

3:00 Why are Fannie Mae and Freddie Mac raising the loan limits?

3:47 conforming loans have gone up to $726,200

4:07 High-cost areas have higher loan limits 150% higher than other areas

4:24 DC Metro area high balance loans are available up to 1 million 89 thousand dollar loan meaning you could do this with only 5% down payment

4:45 What are the risks for a home buyer?

5:10 important to consult with a mortgage professional to know what you are comfortable spending for a monthly mortgage. Not just what you qualify for but what you are comfortable with each month

6:20 Be forthcoming with the lender regarding your monthly costs

7: 24 How do you see the raising of the loan limits impacting the market?

8:08 Biggest increase seen in a long time percentage wise

8:30 Have a frank conversation with a lender who can talk you through this process

8:51 Portfolio loans

9:35 Seeing more private loans in this market like adjustable rate mortgage programs

10:00 30-year fixed mortgages have been the norm but more buyers are considering ARMS and other options

10:27 What Chairman Powell said yesterday

10:55 downturn in mortgage rates

11:15 adjustable rate mortgages are often done with the intent to refinance in the next 12 -24 months

11:43 Sensational headlines don’t always match what is actually happening in the market

12:15 Reacting to headlines-avoid the herd mentality

12:50 Market conditions today as compared to a year ago

13:33 rates are higher today than a year ago but many buyers are using a temporary buy down

14:51 Meet with a lender and develop your plan of action

Learn how to navigate these market conditions

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Entomologist, Kenton Sumpter with the Maryland Department of Agriculture's Plant Protection and Weed Management, Spotted Lanternfly Program is our guest on Listen Up Home Buyers! He offers is knowledge and expertise on the spotted lantern fly and how to manage the spread of this invasive insect.

:37 What is the spotted lantern fly and why should we care?

:44 invasive insects were found in Pennsylvania first and encompasses the midAtlantic region and found in Michigan

1:14 agricultural threat and a public nuisance

2:12 they land on people, annoying and secreet honeydew

2:50 they can cause mold to grow with what they secrete

3:03 this sooty mold is common but these insects secrete honeydew which causes this type of mold to grow

4:44 What action is recommended when you see a spotted lantern fly?

5:13 Spotted lantern fly swarm in September and October when they are laying their eggs before the winter

5:49 The spotted lantern fly is usually on a plant called the tree of heaven which is an invasive plant

6:30 What residents should do? Maintain sanitary vehicles, and check your cars before you drive.

7:32 Make a good faith effort to not bring the spotted lantern fly with you when you drive

8:20 no stopping the infestation, we can slow it

8:33 A cold winter would freeze them out but short of that, they are here to stay

8:57 Don’t spray chemicals to combat lantern flies you’ll kill the good bugs too

9:30 Be cautious that you don’t kill off the good insects

10:02 praying mantis may help but not the big green type as they are invasive insects native to China. The Carolina praying mantis is a good choice

10:30 spiders and other native insects are good

11:53 spotted lantern flys stay in groups

12:12 Females are huge in September and October as they are full of eggs

12:40 Landscape level pests so they don’t build nests

13:00 Eat vines, garden plants, 70-100 plant species that they will eat.

13:30 Recap-when you see the lantern fly, report where you find them but not if you are in Cecil and Harford counties or Hagerstown Maryland

14:10 Go to MDA spotted lantern fly or Maryland Department of Agriculture to learn more

15:26 [email protected] with questions, concerns, quarantines, permits, and more

15:43 moving regulated articles from/to the spotted lantern fly area, you’ll need a permit

17:29 We’ll have to co-exist with the spotted lantern fly

See pictures and more information on the spotted lantern fly on the following websites:

Maryland Department of Agriculture

 USDA Animal and Plant Health Inspection Services 

Department of Agriculture and Markets NY State
 

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Introduction of Jeffrey Jackson the Deputy Assistant Administrator for the Federal Insurance Directorate within the Federal Insurance and Mitigation Administration (FIMA) at FEMA the Federal Emergency Management Agency (FEMA). Mr. Jackson leads flood insurance operations for the National Flood Insurance Program (NFIP) at FEMA. 

:52 FEMA’s top priority is education

1:05 Everyone is at risk of flooding. Flood is the most common natural disaster in America

1:15 98% of counties in America flooded to some degree last year. Where it rains, it can flood.

1:32 updating the way we price insurance, rate insurance policies

1:42 Last year, insurance policies changed for the first time in the history of the program based on the individual risk of your property

2:10 Houston is a prime example of climate change

3:10 First-time buyers need to learn about the community and where the property of interest sits within the neighborhood

3:48 Your homeowner's insurance does not always include flood -call your insurance agent to learn about flood insurance

4:30 Based on the characteristics of the home, how likely your property is to flood, giving homeowners transparency of their risk

5:03 FEMA would love for everyone to have flood insurance. Every home is at risk of flood

6:20 If you don’t have flood insurance, borrowing funds or home equity loans is the option

6:57 Mitigation, there are things to do to lower your risk

7:39 Kentucky-heartbreaking to see what flooding has done to communities 1-2% of the residents had flood insurance

8:41 Insurance puts you on a better trajectory for recovery

8:55 After a disaster, one in four small businesses never comes back

9:20 FEMA affordability program working with Congress so they can consider passing affordability legislation

10:21 Victoria shares a story about looking at a property in Riverdale Maryland

11:08 What do the letters on the FEMA Map mean?

11:19 V zones are coastal high risk A zones are river and high risk but you can’t just look at a map and make an informed decision

12:00 40% of all FEMA claims come from outside the high-risk area

12:35 the FEMA maps are a snapshot in time

12:47 If you’re close to a high-risk zone, chances are you will be at risk even if the rating is X or considered low risk for flooding

13:35 Home buyers, look at the FEMA map to see the flood rating of the property of interest. Also, contact an insurance agent to understand the real risk (if you are next to a high-risk area)

14:00 Encourage informed buyers! There is much to learn but the flood risk of a property should be on the list

15:30 How to move ahead if you want to purchase a home in a high-risk flood area

15:54 Floodsmart.gov is the place to start learning about flood insurance and mitigation

16:30 Elevating a home can make a difference

17:02 Before you purchase a home, gather all the information available to make an informed decision

18:01 Know your risk before you buy and have a plan in place for flood loss

19:36 Be wary of people who want you to look past information regarding flood

20:15 FEMA sees how much climate change is impacting our country

21:00 Not just rivers and coast, flood risk is impacted by rain, mudslides and the more development the flood risk goes up

21:30 We need to up our IQ on flood risk

22:45 Flood insurance policies issued by the National Flood Insurance programs

23:21 The higher the price, the more at risk you are of flood

23:30 Low-risk properties flood every single day

FEMA links for more information

• Flood Insurance | FEMA.gov
• FEMA Flood Map Service Center | Welcome!
• FloodSmart | Welcome to the NFIP | FloodSmart
• FloodSmart | Why Buy Flood Insurance?
• FloodSmart | How Are Flood Insurance Rates Determined?
• FloodSmart | Flood Preparation and What To Do After A Flood

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Victoria Ray Henderson, the host of Listen Up Home Buyers! Talks with Peter Parente. Peter is a Settlement and Business Development Officer with Stewart Title working out of the Washington, D.C. office. Follow Peter's Instagram is @titlepartnerpete

1:03 What does a title company do?

1:15 The buyer has the right to choose the title company

1:35 What are escrow funds?

1:58 Second portion of the escrow funds

2:28 How do you evaluate settlement offices?

3:21 Look up who will be the insurer

3:43 Why should a buyer consider owners' policy insurance?

4:25 An example of a situation where owners title insurance may be necessary

5:00 Another example of where owners' title insurance was used

5:30 What is lenders' title insurance?

6:08 How should you evaluate settlement charges?

7:12 In the loan estimate, everything should be disclosed upfront

7:43 When shopping lenders, the title fees will be included in the estimates

8:10 What is a boundary survey?

8:40 What is a location drawing?

9:12 Flood insurance

9:30 Stewart Title is an option for buyers

As Stewart can close in all 50 states

10:11 Peter Parente is a settlement office and does marketing for buyer agents

11:15 Peter shares a personal experience of living in the Netherlands

12:10 How to properly wire funds for closing

To avoid wire fraud

13:00 Always check with the lender and/or title company regarding wiring funds

13:44 @titlepartnerpete on Instagram

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Tim Rohde is the Vice President of Tomato Electric serving homeowners in Northern Virginia, Washington DC and Maryland. Victoria Ray Henderson is a real estate broker in the Greater Washington DC area and the host of Listen Up Home Buyers! 

 :47 what to look for when first walking up to the house

1:03 the electrical panel

1:47 is the wiring in good condition

2:21 Where does public service begin?

3:06 What is the public electric company's responsibility?

4:27 Red flags to look for when touring a home

4:32 the two-prong receptacle

4:46 why ground a receptacle?

5:26 Why have GFIs in the kitchen in the bathroom?

6:45 Identify the type of wiring in the home

6:50 What is GFI protection?

8:00 Are there time periods when certain wiring was used in home construction?

9:12 Red flags when examining an electrical panel

9:34 The panel should have a main shut off

10:19 Screw-in fuses, breakers, rust spots, PVC jacket, cloth wiring 

11:41 looking at an older meter base they are smaller than the new ones

12:09 wire is frayed going into the meter base

12:38 anything that touches the house is the responsibility of the owner

13:08 what a new installation should look like

Newer wiring, what a panel should look like on the inside

14:09 Fuse panel with the screw-in type fuses. Instead of circuit breakers that trip if there is an issue

14:35 fuse panels have been phased out they should be replaced

15:32  the split bus panel with no breaker. The top six spaces are for the main shut-off. This is an older-style panel.  Also called the square D panel.

16:07 Next picture-PVC coated jacket which is newer wiring, tidy neat going into the panel which demonstrates good workmanship

16:40 Should there be an inspection sticker on the electrical panel?

17:45 Next picture-an example of what a good new install should look like:  new service, 200 amp, approved sticker on the panel, ground wire, newer SE cable which is the bottom wire that feeds the main panel, the good outer jacket PVC coated

18:36 What to do if you see water or rust in a panel

18:52 Final picture of frayed wires-cloth wiring, Romex wire with PVC coating, deteriorated and should be replaced

20:00 Aluminum wiring is a potential hazard

20:27 Suggested ways to fix aluminum wiring in the house

20:41 The problem with aluminum wiring

21:03 What to look out for with BX wiring -two types cloth wiring and  PVC BX wiring with an outer coating

21:49 What is the current code for smoke detectors? How many should I have in my house?

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Aromatherapy interview with Katrina Piehler a certified health and wellness coach, licensed  massage therapist, and essential oils educator. 

Information about what to look for when choosing essential oils and what makes doTERRA one of the best choices:

https://www.doterra.com/US/en/why-doterra?OwnerID=5552817

:55 what is aromatherapy

1:23 home should be our sanctuary

1:48 powerful natural well-being tool we intentional use to create a supportive environment

2:10 using aromatic compounds from plants-roots, fruit rinds

3:05 protective elements of the plant and different plants produce different essential oils

3:37 Victoria talks about walking past jasmine and how it made her feel

4:10 in the fall cooking up orange rinds, cloves, and cinnamon sticks

4:56 How are aromatherapy and essential oils different from the store-bought sprays and plug-ins?

5:19 fragrance means it's a synthetic ingredient made in a lab

5:37 our body doesn’t know what to do with synthetic sprays and other synthetic products

6:33 Are you allergic to synthetic products or essential oils?

7:37 Katrina recommends Essential oil company doTerra

8:12 the power of advertising for scents, sprays, and other synthetic products

9:14 How can I tell what is pure essential oil?

9:25 where does the oil come from? There are ethical parts to this evaluation

10:36 You can personalize the oils for your specific needs

11:26 lavender helps with sleep and it’s calming and is a powerful scent to use in the evening

13:26 Diffusers can be the alternative to the plug-ins and sprays

14:02 How do I choose the right diffuser? Katrina recommends doTerra

14:45 Diffusers come in many sizes. Choose one that matches your room size

15:35 Are there any specific seals of approval to look for on websites?

16:00 certified pure grade oil is one certification to look for on websites

16:36 Katrina offers consultations to help you determine what products will be best for you

17:30 What oils would you suggest using during the day?

18:00 Not just about making your room smell good

18:38 Use Vetiver for sleep

18:49 chamomile has a calming effect on the nervous system

19:05 Protective nature of the oils especially to purify the air

19:48 Next episode will be about cleaning products to use in the home

  Home Essentials Starter Collection -- https://www.doterra.com/US/en/p/aroma-essentials-collection?OwnerID=5552817

(this is a great essential oils kit that includes a high-quality mist diffuser and this wonderful collection of 10 different oils and ready-made blends for your home)

• Peppermint: Peppermint provides a stimulating, energizing aroma that many go-to for a quick minty refresher.
• doTERRA Balance®: doTERRA Balance Grounding Blend offers a tranquil aroma that reminds you to find harmony and balance in both mind and body.
• doTERRA Breathe®: This incredible oil blend helps maintain feelings of clear airways and easy breathing, while also minimizing the effects of seasonal threats.
• Wild Orange: With an uplifting, energizing aroma, Wild Orange has become one of the top-selling doTERRA essential oils.
• doTERRA On Guard®: doTERRA On Guard provides a warm, spicy aroma that can be diffused to help freshen the air.
• Citrus Bloom®: Citrus Bloom welcomes spring into your home with its blend of Wild Orange, Grapefruit, Lavender, Roman Chamomile, and Magnolia essential oils.
• doTERRA Serenity®: The calming and soothing aroma of doTERRA Serenity Restful Blend helps create a tranquil atmosphere at bedtime.
• doTERRA Cheer®: Fresh and bright, doTERRA Cheer Uplifting Blend combines citrus and spice essential oils to provide an uplifting and cheerful aroma that helps when you’re feeling down.
• Adaptiv®: The soothing aroma of Adaptiv Calming Blend is perfect for life’s most stressful moments.
• Northern Escape™: A proprietary blend of the best wood and fir oils, Northern Escape has a fresh, green aroma that creates an atmosphere of harmony and peace.

Katrina's website with information about how to start using essential oils AND a link to book a complimentary personalized essential oils consultation with her.

https://living-from-center.com/essential-oils---how-to-use-them-.html

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Glenford Blanc is the owner of Pro-Spex a residential and commercial inspection company serving the Greater Washington DC & Baltimore area. Victoria Ray Henderson is an exclusive buyer broker serving homebuyers in Maryland, Washington DC and Virginia. 

1:08 What do buyers need to know when buying a house with a deck

1:36 Many decks are very old and not safe

2:06 Do you have a deck 10 years or older?

2:30 First met Glen when he was inspecting a deck for a buyer

3:00 What am I looking for when I am touring homes?

3:30 Older decks connected to the house with poor connections

3:50 Primary cause of deck failure

4:43 What are older decks bolting to when connected to the house?

5:00 new construction has requirements that make it safe

5:42 the two-story deck that is commonly built on the back of a townhouse or house

6:00 A swaying deck is not a good sign

6:20 What is under the deck? How does it look?

6:32 The support of a deck?

6:47 What is a ledger?

7:10 Look for bolts in the deck connecting to the house

7:37 What is a Joyce?

7:40 the structure of a deck, Glen explains

8:18 bolts should be staggered to prevent rotation

9:30 examine the posts supporting the deck

9:50 What is the fix for a poorly constructed deck?

10:39 Post rot is going to happen it’s a matter of time

10:50 Should have deck inspected every two years

Montgomery County Maryland offering free deck inspections this month

11:30 About swaying decks

12:00 Check the condition of the deck surface

12:45 Spring is when people go out on the deck after a long winter

13:25 About trek decking

14:00 Have your deck evaluated before you entertain on your deck

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents.