Virginia Bad Credit Mortgage Lenders

There are some common themes in the housing market in Virginia, rural housing markets and the older cities are now experiencing slower growth. This is mainly due to the age of the homes in these areas, and the fact that they are often in greater need of repair. A lack of purchasing power among the low and moderate income households often deters landlords from investing in regular maintenance and repairs, and some homeowners cannot afford to perform the repairs themselves.

In 2000, Virginia had its highest homeownership rate, which stood at 68.1%. This was after Virginia’s homeownership vacancy rate had fallen from 2.1% in 1990 to 1.5 in 2001. During this time, the rental vacancy rate fell from 8.1% to 5.2%. This has lead to a increase in the availability of new housing, as the market has been spurred by growth in the homeownership sector and new homes are built as more older homes are filled.

Virginia itself has sited needs for change in the government regulations, as well as state and federal programs to allow and invite a stronger house market. The current programs are seen as prohibitive and inflexible, with guidelines that limit participation and preclude some needs. Furthermore, in rural areas, program administration requirements are seen as a burden by the local housing organizations who operate with already limited staff.

Most of Virginia is now looking at a housing boom, rather than a crisis. However, some areas are experiencing a shortfall in housing production which is being affected by vacancies in the housing market.

If one is looking to buy a home in Virginia, there is an ample selection of both new and older homes available in most areas. The older homes provide a better value for money invested, but there are dangers involved. An older home, while a better bargain, may be in dire need of repair, the signs of which may not be immediately visible or may have been deliberately concealed. The gamble involved in buying an older home is one that some are simply not prepared to make, and thankfully the new housing market is coming out of its depression in Virginia. With a robust market in new homes, house prices are likely to rise dramatically in the near future with people willing to spend more to move into a newly built home.