Come out to this fun neighborhood campout in Brambleton! * Ashburn KW

Do you live in Brambleton? Then participate in the neighborhood campout on August 31! Enjoy dozens of fun activites, spend some time with the family, and fall asleep under the stars! 

Don't live in Brambleton and are looking to move? Contact Ask Gina & Company today at 703-574-3478 for just the help you need!

Follow these steps and you can receive a gift for down payment! * Ashburn KW

Is money the only thing standing between you and your dream home? Sean Glennon with Home Savings & Trust Mortgage shows the proper steps for receiving funds to help you pay the down payment in this article! We at Ask Gina & Company want to get the information out there so you run into no problems when buying a house!

Receiving a cash downpayment gift on the purchase of your next home?  The tight U.S. economy plus a proliferation of first-time buyers has anecdotally increased the number of mortgage applicants using cash gifts from family and friends for purposes of a home downpayment.

If you're among today's home buyers using a cash gift for downpayment, though, you'll want to make sure that you "accept your gift" properly. Do it improperly and your lender is likely to reject your loan in underwriting.

Be sure to follow the rules of cash gifting.

"Downpayment Gifts" In Demand Among Home Buyers

Among the largest drivers for today's gifts of equity is the want of U.S. home buyers to make a 20% downpayment. With a 20% downpayment, home buyers often find themselves eligible for the best mortgage rates available from their bank; and with 20% down, there is no accompanying private mortgage insurance (PMI) charge.

Not everyone wants make a 20% downpayment, however. That's okay. Cash gifts are also allowed for certain low-downpayment mortgages including the FHA purchase mortgage, which requires a 3.5% downpayment; VA mortgages, which can be up to 100% financing, and the Fannie Mae Conventional 97 program which requires just 3% down.

Fill Out A Certified "Downpayment Gift Letter"

When you accept a downpayment gift, remember that there's a right way and a wrong way to do it.  You cannot randomly deposit gift funds into a bank account, for example. That will get your loan denied.

There's a 3-step process when accepting a cash downpayment gift and no matter what your loan type -- Conventional, FHA, VA, or other -- the 3-step process is the same. Follow the rules to the letter.

First, write a gift letter that follows the includes the following information :

• The amount of the gift
• The subject property address
• The relationship of the gifter to the giftee
• A note that the gift is actually a gift and not a loan

The gift letter should be as long as needed and should not contain "extra" information. Have all parties sign and date the letter. Set the letter aside -- you'll come back to it in the section below.

Next : What The Giver Of The Gift Needs To Do

With your mortgage downpayment gift letter written, you'll want to make sure you don't violate the rules of "taking a gift". In order to do that, make sure to keep an extra-strong paper trail for the money being gifted.

If you are the person who is gifting funds to the buyer, for example, and you sell personal stock holding as part of the downpayment gift process, you will want to make sure that you document the sale of your stock as well as the transfer of funds from your brokerage account into the account from which you're making the gift.

Do not make the transfer without a proper paper trail.

Next, you'll want to write a check to the home buyer for the exact dollar amount specified in the gift letter you've written. Photocopy the check. Keep one copy for your records and give one copy to the buyer -- the lender will want to see it as part of the process.

Next : What The Receiver Of The Gift Needs To Do

Now that the gifter has handed, in the form of a check, a downpayment gift to the buyer, the following steps are required.

First, with the gift check in hand, the buyer should physically walk into a preferred depository bank to make the deposit in-person. Do not deposit the check online using an iPhone or Android app, for example.

In addition, whichever bank into which you choose to deposit your gift money, make sure it's the bank account from which all of your money at closing will be drawn. You do not want to bring money to your closing from multiple savings accounts. This, too, can make things difficult on a bank and the goal is to keep things simple.

With your bank selected, then, do the following :

1. Deposit the gift funds into a bank account
2. End your transaction
3. Collect a receipt for your deposit

Under no circumstances should you "co-mingle" the gift deposit with other funds, or other gifts. The amount specified on your teller receipt should match exactly the dollar amount on the certified downpayment gift letter. If the amount is off by even a penny, the lender will likely reject your letter and the funds that came with it.

Note that if you are receiving multiple cash gifts for downpayment, you should follow this process for each gift independently. Again, do not co-mingle your gifts. Be guided by your gift letter.

Tax Notes On Cash Downpayment Gifts

It should be noted that there may be tax implications for givers of a cash gifts for downpayment, and receivers of them. These are items for your account.

Your lender will not report these cash gifts to the IRS; it's not the lenders responsibility to report such things. Your lender will use your gift letter(s) for underwriting only, ensuring that the mortgage meets its underwriting standards.

Come to Sweetfrog in Ashbrook Commons Plaza Tonight to Help Out the Special Olympics!

Come Out to Sweetfrog in Ashbrook Commons Plaza to Help Out the Superheroes of Special Olympics!

The day has finally arrived! Come out to Sweetfrog in Ashbrook Commons Plaza in Ashburn and have some ice cream to show your support for the Special Olympics Plane Pull event! Mention "Ask Gina & Company" or "Dulles Plane Pull" between 4 to 10 PM and 25% of the purchase will be donated to the Special Olympics! Come to this fun and delicious event to help out the Superheroes Plane Pull Team and the Special Olympics of Virginia!

Details -

Time : Tuesday, August 20th

     4 to 10 PM

Place: Sweetfrog at Ashbrook Commons Plaza

            20020 Ashbrook Commons Plaza #100

            Ashburn, VA 20147

            571-291-9904

For any additional information please contact Ask Gina & Company at 703-574-3478 or admin@ask-gina.com.

Price Reduction For This Gorgeous Rivercrest Home! * Ashburn KW

20334 Rivercliff Ct, Sterling, VA 20165 $749,000 Single Family Home 4 Bedrooms 4 Bathrooms 1 Partial Bathroom Interior: 3,352 sqft Lot: 13,068 sqft More Photos and Additional Info Fantastic Rivercrest Home for Sale! * Ashburn Keller Williams Two Car Garage * Brick, Wood-Burning Fireplace * Hardwood Floors * Fully Finished Basement * Huge Space * Well Maintained * Dual Staircases * Double Oven * Large Yard * Deck * Two Story Foyer * Cul-de-sac * Well Landscaped Photos                 Interested? See more information or schedule showing For more information, contact (703) 574-3478 Gina M. Tufano Keller Williams Realty Loudoun Gateway Phone: (703) 574-3478 Listing agent/broker: Ask Gina & Company w/Keller Williams Realty Equal Housing Opportunity RealBird ID: 252981

Six Simple Steps to Obtaining a VA Loan! * Ashburn KW

Backed by the U.S. Department of Veterans Affairs and made possible by the G.I. Bill, the VA loan allows for no down payment, requires no mortgage insurance, and give applicants access to flexible mortgage guidelines. Furthermore, VA mortgage rates are often lower as compared to other home loan products.

So, how do you get a VA loan? Here’s a step-by-step guide to what you’ll need to do.

1. Confirm Your Eligibility For A VA Loan

Most U.S. military veterans are eligible for a VA loan. But vets aren’t the only ones who qualify. Most active-duty service personnel, National Guard and Reserve members, surviving spouses of deceased veterans and others can also be eligible.

2. Obtain A Certificate Of Eligibility (COE) For A VA Loan

A COE is a simple document that proves to the lender that you are eligible for a VA loan. Your lender can help you get this document through an online system that can tap into the VA records to confirm your service. In mosts cases, a COE can be generated in seconds. All VA loans require a COE except for the VA Interest Rate Reduction Refinance Loan (IRRRL), which lowers your interest rate by refinancing your existing VA home loan.

3. Obtain your DD-214 or Active Duty Orders

Your lender will also require that you provide your DD-214 (discharge papers) or your active duty orders to provide evidence of your status.  Make sure to order this through VA ahead of time if you do not have a copy on hand.

4. Get Pre-Qualified For A VA Loan

The VA establishes the rules and guidelines for VA loans. It doesn’t set interest rates, points or other loan closing costs. This is one reason it can be a good idea to shop for the "best deal" -- something the VA actually encourages. As part of getting pre-qualified, the lender will check or “pull” your credit history and may ask to see recent pay stubs, bank statements and other basic financial paperwork. The more information you provide, the better your lender can explain your available loan options.

5. Find A Home To Buy

After you’ve obtained your COE and prequalification letter, you’ll be ready to look at for-sale homes with a REALTOR®. Your agent can help you find a home that you like based on the loan amount for which you’ve been pre-qualified. Remind your agent to include a VA loan contingency in your purchase agreement which will protect you in the event you cannot close your loan.

6. Complete The VA Loan Process With Your Lender

Once you've found a home, your lender is tasked with most of the work, which happens behind-the-scenes, to ensure your loan is approved and ready for closing. You might be asked to supply additional financial paperwork during this part of the purchase, and the lender will also arrange for an appraisal of the home to make sure you haven't over-paid as compared to the market.

For home purchases, the VA also recommends that you commission a home inspection, so you’ll be informed about the condition of the home and its major components, such as the roof, appliances, electrical wiring and plumbing. Tested the home for lead-based paint, radon and other substances may be advisable, too.

Get Started With Your VA Loan Application

For VA-eligible buyers, mortgage approvals can be simple. There are fewer hurdles in the VA loan program as compared to comparable mortgage products. Plus, mortgage rates often lower than "market rates" from Freddie Mac, for example.

All credit for this information goes to Sean Glennon.

Beautiful 4 Bedroom Home in Rivercrest Sterling, VA

Sweetfrog Sweetness for the Superheroes of Special Olympics!

Please come out on Tues August 20th from 4 pm to 10 pm in support of Virginia Special Olympics. During this time 25% of purchases where the customer mentions “Ask Gina & Company” or “Dulles Plane Pull” will go to donations we are trying to raise. On Sept. 14th a band of Ask Gina & Company Superheroes will be competing against other teams pulling a 164,000 pound plane. The Dulles Plane Pull is an event that is a fundraiser for Virginia Special Olympics. Will you please be OUR superhero and show your support for our team and Special Olympics. 

Date of Event: 8/20/2013

Time of Event: 4 pm—10 pm

Sweet Frog at Ashbrook Commons Plaza.

20020 Ashbrook Commons Plaza #100
Asburn, VA 20147
571-291-9904