Another Teaser

Here's another sneak peek of the exterior of a great four bedroom, two and a half bath home we are renovating in Brandermill, in Midlothian. We have done countless updates and renovations (new deck, fresh paint, and new kitchen just to name a few) and are looking forward to completing this project! We are hoping to get this home on the market right after the new year, so be on the lookout! If you know anyone interested in this property, please get in touch with me at erica@rcgva.com.

I should also mention that this property is being renovated thanks to some of our great investors, who will most likely make a nice return on their investment as soon as the property is sold. I wanted to give a big thanks to them and to all of our investors for working with us and being so amazing! If you know anyone interested in investing with us, please visit the following site for a free report and we will be sure to contact you as soon as possible!
www.richmondreinvesting.com

A Sneak Peek!

I wanted to post a picture of one of the houses we are working on right now. This one is located on Strath Rd. off Rt. 5 out towards Varina. It's a great home and I'm looking forward to finishing up the inside so we can get it on the market! We have already had a couple of calls inquiring about it, so I'm thinking it will sell fairly quickly (fingers crossed)!

Have a look!

Tightened Lending Standards courtesy of Fannie Mae

As of December 12, Fannie Mae will tighten their lending standards. Part of the new lending guidelines state that borrowers who are putting at least 20% down will need to have a minimum credit score of 620 (as opposed to the current score, which is 580). The new cutoff for total debt cannot exceed 45% of borrower's monthly income.

Why the tightened standards, you ask? On average, loans to borrowers with less than a 620 credit score are about nine times more likely to go into default.