As the real estate market heated up, the opportunity to buy a single family home in the City of Harrisonburg for less than $100K cooled down.  Now, however, there are more opportunities to buy such homes. 

The even better news is that it's more affordable than ever to buy such a property.



The chart above shows the principal and interest payment on a $96,500 loan (a 96.5% FHA loan on a $100K purchase) given the interest rates over the last 11 years.  This does not include taxes, insurance, and PMI.

If you are looking for an affordable house --- either from a sales price perspective, or a monthly payment perspective --- don't hesitate to contact me (scott@HarrisonburgHousingToday.com or 540-578-0102).  I'd be happy to help you find a home to meet your needs.
  

The current VHDA interest rate is already low, at 5.875%.  But for first time buyers looking for affordable housing, it can be tough to finance a purchase even at that low rate.  So....how about 4.875%? 

If you're buying at Covenant Heights, a neighborhood being developed by Hope Community Builders (a non-profit group), depending on your income levels, you may be able to have the current VHDA rate lowered by an entire percentage point!

And these are nice properties we're talking about here -- duplexes and townhomes with three bedrooms, all of which are pre-inspected and built to EarthCraft and EnergyStar standards.

If you have a friend or co-worker who is seeking affordable housing, do them a favor and tell them about Covenant Heights!

Hope Community Builders is a non-profit organization in Harrisonburg who builds and sells high quality, affordable housing for those who otherwise may not be able to afford to buy a home.



As an example, someone who can only qualify for a $140,000 mortgage, may still be able to purchase one of these brand new duplexes or townhomes in Covenant Heights that are selling between $168,000 and $175,000.

Here are some same financing scenarios from recent purchasers...



As you can see, there is a potential for $150 to $175 a month savings on mortgage costs.

For more information about Covenant Heights, either...

• View properties for sale at Covenant Heights
• Learn more about Hope Community Builders
• Call me, Scott Rogers, at 540-578-0102, or e-mail me.
• Call Duane Bontrager (Hope Community Builders) at 540-820-3915.