Buying a Smith Mountain Lake Home After Foreclosure

In 2009, foreclosures totaled over 2.8 million homes. In 2010, the predicted numbers are even higher; close to 3 million homeowners may face foreclosure. So what does that mean for the people who lost their homes due to the downturn in the economy? One of the valid questions is, “How long before I can become a homeowner again?” Fortunately, it may be sooner than some realize.


Losing your home to foreclosure can be heart-wrenching, but there is light at the end of the tunnel! While some who have been through it believe they have to wait up to seven years before trying to buy again, in actuality, you may be eligible for a FHA loan three years after foreclosure. If they required previous homeowners to wait seven years, the housing market may never recover.

Here are a few facts about qualifying for an FHA loan after foreclosure. You do have to wait until three years after your foreclosure is finalized. Your credit score will be reviewed, and in most cases, a minimum score of 620 needs to be maintained. Even if you have faced more financial difficulties since the foreclosure, don’t assume you are out of luck. Talk to a mortgage professional to explore your options.

A Word Of Caution

While you may be able to get a loan sooner than three years after foreclosure, the high-risk lenders will limit your options. High-risk lenders often charge very high interest rates and fees, thus turning you quickly upside down, once again, on a home. If you can, wait at least 24 months before considering buying a home. If you must buy sooner, 12 months of improvement on your credit history can make a big difference in the interest rate you will receive.

Having a home foreclosed on is life changing. In most cases, the foreclosure was unavoidable, due to job loss, a cut in pay, or serious illness. Just remember, it does not put the dream of home ownership out of your reach. If you are facing, or have faced, losing your home, there are steps you can take to minimize the damage.

If you live in the Smith Mountain Lake area and want to know more information about buying your next home, call Vicki Millehan. She is your local real estate resource!

Poplar Forest: Thomas Jefferson’s Second Home

Many people own a second home, a place to get away from all the daily stresses of life. There are many families who own such a home in Smith Mountain Lake, but they aren’t the first to be drawn to this part of Virginia. While most people know about Monticello, not everyone is familiar with Poplar Forest, Thomas Jefferson’s second home.

Poplar Forest was a personal retreat for Jefferson. He only designed two homes for himself, Monticello and Poplar Forest. The retreat was nearly lost after years of decline, but in 1984, a group determined to save the retreat. They purchased the 50 acres remaining from the more than 4,000 acres that were originally part of the estate. Conservation and restoration have transformed Poplar Forest, and visitors can now enjoy seeing a part of American history.

The home is the only octagonal brick house completed by Jefferson. His architectural design for the home was amazing in its time; the construction boasts floor-to-ceiling windows for circulation, skylights, and even an indoor bathroom. Jefferson used the property throughout his retirement years.

A major part of the restoration is based on the archeology of the grounds, restoring the home and gardens to their condition in Jefferson’s time. That process is ongoing today. On October 9th, you can hear the latest findings at Poplar Forest. The Archeology Open House will host tours at 11:15am, 12:15 pm, and 2:15 pm. Check out the latest discoveries, and take a tour of the archeology lab.

Poplar Forest is an important part of Virginia’s history. Thomas Jefferson often visited the property, to escape from the rigors of life in Washington. The retreat gives visitors a chance to see Jefferson’s private world. Even 200 years ago, people needed a haven for retreat!

Whether you are looking for a second home, or a retirement home, you can find it here! If you need information about relocating to Smith Mountain Lake or the surrounding area, call Vicki Millehan! She is your local real estate resource, and can help you find a waterfront retreat to call home

Fall Can Be a Great Time to Increase Your Home's Curb Appeal

If your home has been on the market for more than a few months, it may be time to see if you need a little “facelift”. Fall can be a great time to increase your home’s curb appeal without spending a lot of money. Making your home stand out above the rest can help your Smith Mountain Lake home sport the best decoration of all: a SOLD sign!


Keep it Clean!
Besides keeping the lawn neat and clean, the dog days of summer usually do not see a lot of outside maintenance needed on your home. Now that fall is here, it may be time to step up your game! Make sure to keep gutters clean from fall debris, or better yet add a leaf guard. Trim back the non-flowering bushes and shrubs as they begin to enter their dormant stages, to keep everything neat. Fall is also a great time to plant new trees or shrubs, to liven up your landscape.


A Touch of the Season
The best thing about fall is the abundance of ways you can enhance your curb appeal! Chrysanthemums come in a variety of bright and brilliant colors that can really make your front porch or stoop come alive with fall! They are very hearty plants that do not require a lot of attention, and they seem to shout “autumn is here!” A seasonal welcome mat and fall wreath on the door can make your home very appealing to potential buyers. The best thing about these fall decorations is they can create high impact with low costs!


It may seem simple, but making your home seem inviting can be the key to your home standing out from the rest. Taking the time to enhance your curb appeal can make the difference in whether or not a potential buyer requests a showing of your home. Need help selling your Smith Mountain Lake Home? Call Vicki Millehan, she is your local real estate expert! Sign up for a free online Market Analysis of your home.

Smith Mountain Lake Wine Festival is Finally Here!!

It is that time of year again! The Smith Mountain Lake Wine Festival 2010 is finally here! This event is one of the most popular with visitors, so if you have been looking for a great excuse to get away to Smith Mountain Lake, this is it! Wineries come from all over the state of Virginia to offer you samples of their best wines.


This year’s festival is on September 25th and 26th at the LakeWatch Plantations in Moneta, Virginia. The festival hours are 11am – 6pm on Saturday and 11am – 5pm on Sunday. You can try wines from 27 of the best Virginia wineries. There are taster and non-taster tickets available, so if you do plan on sampling a lot of wine, bring a designated driver. Also don’t forget your ID; you will be asked to prove that you are of legal drinking age. Without your ID, you won’t be able to sample all the fabulous wines!

There will be 85 craft and food booths throughout the grounds, as well. You can also take in the three live bands that will be entertaining festival goers. Barefoot West and Burning Bridges will take the stage on Saturday; Sunday’s entertainment will be Barefoot West again, and The Worx. Great wine, good food and good music – ddoes it get any better than this?

The LakeWatch Plantation is located directly of Route 122 and about one mile south of Hales Ford Bridge. This is definitely a weekend not to miss! There will even be free parking. The event benefits the Smith Mountain Lake Chamber of Commerce.

If you can’t make it out this weekend, you can always plan a trip to any or all of the wineries on the Bedford Wine Trail. You can create your own personal Wine Festival! Fall is a wonderful time to enjoy Smith Mountain Lake. Come for a visit, if you like it; then move here! If you want more information on the homes available in the area, call Vicki Millehan! She is your local real estate resource!

Small Plates, BIG Taste in Huddleston, VA

There is a new restaurant on Smith Mountain Lake, offering a new kind of dining experience; tapas-style dining. The Small Plates Restaurant offers small plates with BIG taste in Huddleston, VA. Located in Sportsman Marina, the restaurant opened on Memorial Day, and is going strong.




Tapas-style dining is very popular and usually can only be found in larger cities. The concept of this type of dining is to try various small, appetizer-sized dishes so you can enjoy several different flavors and foods at one time. Sharing tapas with a friend is highly encouraged! It allows the diner to experience new foods without fear. It is a great way to expand your culinary experience!



Small Plates also has both indoor and outdoor bars. The Dam Bar is located below the main dining area. Guests can enjoy music and dancing on Friday and Saturday evenings. The outdoor R11 Tiki Bar is on the shoreline, and serves lunch and dinner all week. The Tiki Bar is popular among boaters. It also has live music on Friday, Saturday and Sunday evenings.



The menu ranges from beef and poultry dishes, to seafood. Small Plates Chef Justin Fada, has been receiving rave reviews from customers. Owner Waller Perrow is also known to add his own dishes to the menu. He also has a culinary degree and has owned restaurants and bars before. He plans to keep the bar open year-round, adding holiday events to the calendar.



You can find some great food on Smith Mountain Lake. Being able to take the sailboat out to get dinner is one of the perks of living on the lake. If you want to relocate to Smith Mountain Lake area, call Vicki Millehan! She is a long-time resident, and your local real estate resource.

Smith Mountain Lake Charity Home Tour

If you have ever had the chance to visit Smith Mountain Lake, you know why it is called the “Jewel of the Blue Ridge Mountains.” There are some beautiful luxury waterfront homes along the shore. If you have always wondered what they are like inside, you will soon have the chance to see some of them. October 1st and 2nd will be the Smith Mountain Lake Charity Home Tour.



The tour has its roots in the 1991 SML Multiple Sclerosis Home tour, set up by Jeanne Wagoner. They hoped to raise at least $10,000 for the charity, by allowing a tour of their homes. To everyone’s amazement, over 1,200 people attended the tour, and over $49,000 was raised by auction items, ticket sales, and sponsors. Nineteen years later, the tour is still going strong, with eight homes participating this year.


One of the things that makes this home tour so unique, is the fact that you can take the tour by boat, or by car. Directions for getting to the homes by either means are available on the tour website. The docks are marked by orange balloons, and there will be someone there to help you dock your boat. There are several local charities benefiting from the tour this year:

• BEDFORD CHRISTIAN FREE CLINIC, INC.

• BEDFORD HOSPICE HOUSE, INC.

• FREE CLINIC OF FRANKLIN COUNTY, INC.

• HELPING HANDS OF FRANKLIN COUNTY

• LAKE CHRISTIAN MINISTRIES

• LYNCHBURG DAILY BREAD

• ROANOKE VALLEY INTERFAITH HOSPITALITY NETWORK


You can enjoy the tour, and a great day on the lake, all at the same time! If you haven’t had the chance to see the area, come for a visit. If you like it, then move here! Are you looking a luxury waterfront home to make your own? Call Vicki Millehan; she is your local real estate resource for Smith Mountain Lake!