Money Mistakes College Students Make: What You Can’t Afford To Ignore While Still In School & Recently Graduated

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When it comes to student financial advice and new graduate money management, plenty of books, articles, and websites have been written about the dos and don’ts of personal finance for the under-30 crowd. But you’re a busy college student–who has the time to read all of the info out there and sort fact from fiction? Trust your local Shenandoah Valley community bank to narrow the scope of advice to the best financial tips for students. We’ve kept this guide short enough to read and specific enough to use. Check it out so you can identify the best financial decisions for college students and recent grads and avoid costly money mistakes.

Ignoring Living Expenses

Student Housing

Do you feel like renting is just throwing your money away? Buying your first home may seem impossible or far off, but it doesn’t have to be. Here in Virginia’s Shenandoah Valley, there are state and federal homebuyer assistance programs, as well as other options to make it easier for you to become a homeowner. Instead of making someone else’s investment pay off, you can invest in yourself. And while rents can only go up, a fixed rate mortgage guarantees you’ll have the same monthly home payment as long as you live in the house. Check out our Mortgage and Home Loans page for more info on home financing in the Shenandoah Valley.

Homebuyer Assistance From The Virginia Housing Development Authority (VHDA)

 First-time homebuyers in Virginia can get help with their down payment and closing costs through VHDA’s two options:

  • The Down Payment Assistance Grant provides funds for your down payment as a gift that doesn’t need to be repaid.
  • The VHDA Plus Second Mortgage is a 30-year fixed rate loan. Qualified buyers can borrow up to 1.5 percent more than the sales price, effectively reducing or eliminating the need for a down payment and closing costs. It can also make your monthly mortgage payments more affordable.

Federal Homebuyer Programs

 In addition to these state-level programs, several federal agencies administer homebuyer assistance programs.

  • FHA Loans: These home loans are insured by the Federal Housing Administration, making it easier for first-time buyers and others to get a mortgage. FHA Loans usually have a lower down payment requirement than conventional home loans, which is helpful for students or recent college grads who want to buy a home but don’t have a lot saved to put down.
  • VA Loans: Guaranteed by the U.S. Department of Veterans Affairs, these home loans cover up to one hundred percent of the purchase price, so no down payment is required. Eligibility is limited to U.S. Veterans, Service Members, and certain spouses. If you are a recent grad who served or is currently serving in the military, a VA Loan is a great way to buy your first house.
  • USDA Loans: Available as guaranteed or direct loans, from the U.S. Department of Agriculture, these home loans are available to buyers who meet income and rural area requirements.

Family Assistance

 If you can’t get a mortgage loan on your own, perhaps a parent or other family member can help. There are several options for family members who want to assist a college student or recent grad with a home purchase.

  • Down Payment Gift: If you can qualify for the loan itself but don’t have down payment money, a family gift might be all you need to make homeownership a reality. The giver simply needs to provide a gift letter. Anything up to $14,000 per recipient per year meets the threshold of the IRS’s gift tax exclusion.
  • Family Loan: If a parent or other relative has enough asset liquidity to purchase the house themselves, they can be your mortgage lender. This is mutually beneficial, allowing the lender to earn interest and making it possible for borrowers with non-traditional employment or other excluding factors to purchase a home.
  • Mortgage Co-Borrower: Also known as co-signing on the mortgage, this option allows parents to help a child become a homeowner without gifting money.

The Investment Property Approach

 As the cost of tuition and on-campus living expenses increase, many families are looking at alternatives to paying for traditional room-and-board. For example, some parents buy a home or condo near their child’s college as an investment property. The child can live there, rent-free or not, during their student years. Parents can generate income by renting out a room to another student or purchasing a duplex and renting out one of the units. After the child graduates from college, the family can decide what to do next. The child may want to buy the home from their parents or the parents can keep it as an investment property or sell it. Even recent graduates can take this approach to home buying by renting out a room to a housemate.

Ignoring Your Credit Score

FICO Credit Score

If you’re like most college students and recent grads, your credit score is probably the last thing on your mind. However, access to credit becomes more important the further you get into adulthood. With no credit history or a low score, it’s much harder (and sometimes impossible) to get a car loan, credit card, mortgage, and other types of financing. A high credit score also results in lower interest rates, so you pay less for the amount borrowed. And people–landlords and employers, for example–often use your credit score as a way to assess your overall trustworthiness. That’s why now is the time to build your credit score or rehabilitate a damaged one.

How To Build Your Credit Score

 Before the age of 18, your credit history is a “tabula rasa” (blank slate). Once you open a credit card account or put a utility bill in your name, you start to build credit history and (hopefully) a good score. Federal law entitles you to a free annual credit report from each of the three major agencies (Equifax, Experian, TransUnion). Take advantage of this service to ensure all information is correct and see what lenders who check your credit will see.

The primary ways to build a high score are to open a variety of accounts (credit as well as utility bills), make on-time payments every month, and maintain a healthy debt-to-credit limit ratio. So, a freshman in college might become an authorized user on a parent’s credit card and put their cell phone bill in their own name, regardless of who is paying it. Once you move to your own apartment, put at least one of the utility bills in your name if you’re sharing with roommates. At age 21 it becomes easier to get your own credit card. The key, of course, is not to charge more than you can repay. You might use the card to make just one purchase a month and pay it back on time–that simple act will help you build a good credit score. And of course, if you have student loans, work with your lender to create a repayment schedule you can afford. On-time student loan payments will also build your credit score.

 How To Rehabilitate a Low Score

 Sometimes youthful follies are harmless, but occasionally they leave lasting repercussions such as a low credit score. If you racked up credit card debt and didn’t pay it, ignored your student loan after graduating, or any number of other credit-destroying acts, you’ll need to devote time and energy to rebuilding your credit score. One good place to start is your local community bank, like F&M. Smaller banks are generally more willing to work with people who don’t have perfect credit. You may be able to open a secured credit card or take out a small personal loan as a first step to filling your credit report with positive records.

You may also need infrastructure to help you budget and pay bills on time. For example, F&M Bank’s Squirrel is a free personal finance management tool linked to all of your accounts. With Squirrel, you can track cash flow, make budgets, see where your money goes, and stay on top of bill due dates. Additionally, Credit Karma and Credit Sesame are free apps that help you track your credit score–a good motivator when you’re trying to improve it.

Ignoring Your Student Loan

Student Loan Debt

We’ve touched on student loans briefly in the previous section as a way to build or break your credit score. One of the reasons it’s so important to be proactive about student loan debt is that it’s all but impossible to get rid of. Unless you qualify for a federal student loan forgiveness program or find yourself in a rare situation such as the closure of your alma mater, the only way out is through death. Unlike credit accounts, student loan debts are almost never forgiven in bankruptcy proceedings. And even if you qualify for loan forgiveness or cancellation, you’ll need to make payments until then.

The bottom line? Minimize the amount you borrow while in school and take steps to pay down your student loan as soon as possible, even before you graduate. Remember that unless your loan is federally subsidized, it accumulates interest even while you’re still in school. So even making small payments can help to keep the balance down.

Another important action is to use student loan funds ONLY for school expenses. That’s right–you can borrow more than the cost of tuition but you really shouldn’t. Get a part-time job to cover additional living expenses or live at home if possible. Whatever you do, don’t use a student loan “refund” for entertainment expenses or unnecessary purchases.

Finally, take advantage of the Internet to find and apply for scholarships and grants online through tools like Scholly. After you graduate, contact your lender to work out a repayment plan you can afford and don’t go into forbearance. Also, avoid student loan refinancing, which can add to your balance even though it promises a better interest rate.

Ignoring Free Money

Financial perks for students

One of the best pieces of financial advice for new graduates is to not leave money on the table. When you get your first full-time job after college, be sure to sign up for any retirement accounts your employer offers, like a 401(k). While some money will come out of your paycheck, your employer will also contribute “free money” to your account. The same thing goes for health savings accounts (HSAs) and other employee benefits.

While still in school, take advantage of any student discounts you encounter. Often, all you need is a valid ID. These savings may range from movie tickets and discounts at restaurants and museums, to Amazon Prime free shipping and a lower price on an Apple computer. What they all have in common is free money.

When it comes to personal finance, make sure all of your accounts pay interest or rewards. In other words, put your money to work to make more money. For example, F&M offers cash-back or interest-earning checking account options as well as a rewards credit card.

One last way to ignore free money is to hold onto things you no longer need. Use Craigslist, Facebook Marketplace, and old-fashioned yard sales to exchange furniture, textbooks, and other unused stuff for cash.

F&M Is Invested In The Success Of Local Students

F&M Bank is invested in the success of local students

From James Madison in Harrisonburg to other regional schools like Bridgewater College, Lord Fairfax Community College, Blue Ridge Community College, Eastern Mennonite, Mary Baldwin, American National University, F&M cares about the success of our local students. That’s why we give out annual scholarships to students at Lord Fairfax and Blue Ridge Community Colleges, offer summer internships for students interested in learning more about the banking industry, and employ 22 alumni from area colleges (including former interns). We also engage in on-campus events, such as the Bridgewater College business expo, to familiarize students with local companies who are looking to hire college graduates. For more student financial advice and to learn more about the services we offer, contact us today or visit your nearest branch in Harrisonburg, Staunton, and across the Shenandoah Valley.

Spear Phishing Scammers Want More From You

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By Lisa Lake, Consumer Education Specialist, FTC

“I’m calling from [pick any bank]. Someone’s been using your debit card ending in 2345 at [pick any retailer]. I’ll need to verify your Social Security number — which ends in 8190, right? — and full debit card information so we can stop this unauthorized activity…”

So the caller ID shows the name of your bank. And the caller knows some of your personal details. Does that mean it’s legit? No. It’s a scam — and scammers are counting on the call being so unsettling that you might not stop to check your bank statement.

We’ve started hearing about phone scams like this, which combine two scammer tricks: spear phishing and caller ID spoofing. In a phishing attempt, scammers may make it look like they’re from a legitimate company. And when they call or email with specific details about you — asking you to verify the information in full (things like your Social Security number or address) — that’s called spear phishing.

The other nasty wrinkle in this scam is caller ID spoofing. That’s when scammers fake their caller ID to trick you into thinking the call is from someone you trust.

Here’s how you can avoid these scam tactics:

Don’t assume your caller ID is proof of whom you’re dealing with. Scammers can make it look like they’re calling from a company or number you trust.
If you get a phone call, email, or text from someone asking for your personal information, don’t respond. Instead, check it out using contact info you know is correct.
Don’t trust someone just because they have personal information about you. Scammers have ways of getting that information.
If you gave a scammer your information, go to IdentityTheft.gov. You’ll learn what to do if the scammer made charges on your accounts.
Even if you didn’t give personal information to the scammer, report the scam to the FTC. Your reports help us understand what’s happening and can lead to investigations and legal action to shut scammers down.

Content: https://www.consumer.ftc.gov/blog/2018/10/spear-phishing-scammers-want-more-you?utm_source=govdelivery

How To Choose A Mortgage Lender: Community Banks vs Big Banks vs Brokers vs Digital Lenders

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Who are the best mortgage lenders? This article will help you choose, but the answer ultimately depends on your particular circumstances and preferences. While tech savvy consumers may have no qualms about working with an online-only lender, other people prefer the kind of personalized service only a lender with physical locations can offer. Of course, here at F&M Bank, we have a lot to say about small bank vs big bank mortgages. We also break down the differences between online mortgage lenders vs banks, cover mortgage broker vs bank pros and cons, and provide the rest of the information you need to make an informed choice.

Digital Mortgage Lenders and Brokers: What are the Pros and Cons?

If you’ve done any mortgage research online, chances are you’ve seen ads for one or more “mortgage tech” companies, digital lenders and brokers that claim to provide the same services as their “bricks and mortar” forebears but with greater efficiency, speed, and customer service.

The biggest strength of these non-bank digital lenders is their technological innovation. Instead of faxing, mailing, or hand-delivering the required paperwork, you can complete the entire process online, perhaps even through a mobile app. Some borrowers may find this approach more convenient, and digital lenders also claim to offer faster processing times.

However, technology has its downsides, as Wells Fargo’s latest scandal demonstrates. If a “computer glitch” can lead to foreclosure, what else can go wrong? Also, you’ll want to read the fine print carefully and shop around before committing to an online mortgage lender. They aren’t always cheaper than traditional lenders – some digital loan companies have higher-than-average lending rates. And while they may bend over backward to provide superior customer service during the application process, you don’t know who will ultimately end up servicing your loan. It’s entirely possible to end up with a loan servicer who doesn’t have cutting-edge technology or great customer service. Then you’re stuck with that company until you sell your home or refinance the loan.

Additionally, a mortgage loan is a bigger investment and a more complicated process than applying for a personal loan online, for example. The “efficiency” promised by online lenders can translate to an impersonal approach with multiple points of contact and a lack of familiarity with local rules and regulations. You may find yourself, after it’s too late, wishing for a local office you could step into with a friendly loan officer to speak to in person.

Mortgage Brokers and Direct Lenders

If you’re already working with a buyer’s agent for your home search, you’ve probably been referred to the realtor’s “preferred lender.” This usually ends up being a non-bank, direct lending mortgage company. You can also seek out a private mortgage broker who, like an insurance broker, will shop around for you to find the best home loan for your situation. However, in exchange for outsourcing the comparisons you could do on your own, you’ll usually pay an extra fee or fees. If you’re wondering, should I use a mortgage broker or go direct to a bank or private lender, here are the pros and cons of brokers and non-bank lenders.

The main benefit of working with a private mortgage company or mortgage broker is their singular focus on home loans. Since mortgage loans are all they do, they may have additional expertise. And unlike their digital counterparts, private mortgage lending companies and brokers will usually offer a dedicated point-of-contact and physical locations you can visit for in-person help. Depending on the company, you may be able to find some of the same technological convenience that online lenders offer.

On the other hand, you still don’t know who will end up servicing your loan and what kind of customer service or technology they will have. You may also find higher rates and/or fees if you choose a private company or broker. Conflicts of interest can arise with brokers who work on commission from lenders or mortgage companies affiliated with the realtor, who may be more motivated to close the deal than to look out purely for your best interests. While some private mortgage companies have a regional focus, many are national chains that may lack the same local expertise as community bank lenders.

Megabanks

Most people are aware that national banks offer mortgage loans–in fact they might be the first thing you think of when you ask yourself, where do I go for a mortgage loan? That’s why Wells Fargo and Bank of America are the second and third largest mortgage lenders in the country. However, we’re all familiar with the dark side of being so big. Overall, the main benefit of working with a national bank on your mortgage loan is the infrastructure: 24/7 customer service support, online applications and other tech innovation, a potentially larger selection of loan programs and products. If you are a “cookie cutter” home buyer, meaning you have good credit and a standard employment history, you’re likely to have a smooth experience obtaining a mortgage from a megabank.

However, megabanks are a lot less flexible with people who are self-employed or whose credit isn’t perfect. Since they are already so big, they have little incentive to work with someone outside that cookie cutter shape they’re looking for. Megabanks often have higher fees as well, and you’ll find the same kind of impersonal service as with a digital lender: long hold times to speak to someone on the phone, fluctuating contact points, and possibly longer processing times. Even if you’re happy with their service, you’ll probably find that your loan is quickly sold or transferred to another lender, whose service you may or may not like. Finally, unlike with community banks and credit unions, megabanks’ profits flow back to Wall Street instead of your local economy.

Local Banks

Many community banks are willing to consider character, family history, and discretionary spending in making loans.

Last but not least we have local banks, which are often overlooked but actually an excellent choice for your mortgage lender. Borrowers may worry that their community bank can’t provide the same 24/7 customer service or technology as national brands, but those assumptions aren’t always true. Many local banks offer online mortgage applications, for example, and extended hours for customer support by phone. You may also be able to contact your loan officer quickly via email or their personal cell phone number. This is the level of personalized service that community banks typically offer.

Instead of being bounced around from person to person, you can depend on a consistent point of contact who knows you and will work with you through the entire process. This makes applying for a mortgage less stressful–after all, you are making a purchase that is likely the biggest of your life, so a friendly voice and familiar face can go a long way in easing your nerves. Local banks also typically provide a faster response time due to their local decision-making. They also frequently service the loan after closing, so you won’t experience the unpleasant situation of having your mortgage sold or transferred to a lender you didn’t choose and don’t know.

Local banks can also compete with megabanks in terms of selection. In addition to specialized or local homebuying programs they may offer, community banks give you access to the same set of major loan programs including FHA, VA, etc. They are also much more willing to work with, and offer flexibility to, “nontraditional” borrowers such as the self-employed and those with an imperfect credit history.

Discover The Local Bank Difference

If you’re considering buying a home in Harrisonburg, Staunton, or elsewhere in the Shenandoah Valley, talk with a trusted local lender who has been helping people buy homes since 1908. Learn more about the different types of mortgage loans F&M offers and start your application online or give us a call to start the process with one of our friendly loan officers.

Financing Homes in the Valley Since 1908

 

What’s a money market and who should open one?

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We all have savings goals – purchasing a new puppy, finding a dream home, taking a tropical vacation. But, how do you make those goals achievable?

Consider opening a money market account to help boost your savings.

But first, what is a money market account and how does it work?

If you’ve run across the term at your bank, you’ve probably wondered what it means. Put simply, a money market (MMA) is very similar to a savings account, but it’s more desirable as interest rates and terms are typically far superior. MMAs are also FDIC insured up to federal limits and have a limited number of withdrawals or outgoing payments during each statement cycle.

Who should open a money market?

A money market account is worth considering if you’re looking for a low-risk way to grow your savings.

It’s also a great fit if:

  • You want an account more liquid than a saver but earns higher interest than a checking.
  • You aren’t willing to part with your money for the period of time a CD would require.
  • You want some check writing ability.
  • You want quick access to funds in case of an unforeseen expense.

While MMAs are typically associated with big balances, at F&M Bank, you don’t need a huge deposit to get our attention. You can bank like a millionaire (without being one) by taking advantage of our competitive rates!

If you think a money market account is a good fit for your finances, be sure to contact us and book an appointment with one of our branch representatives! We’d love to help you set up an account so you can start earning today!

Top 10 Money Tips Every College Student Should Know

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As college students head to campus this fall, money management should be on their personal syllabus. It’s important for college students to take control of their financial future by saving wherever and whenever they can. They should treat personal finance like a required college course and avoid unnecessary expenses now to reduce financial burden when they graduate.

Top 10 Money Tips Every College Student Should Know
By Bruce Whitehurst, President & CEO, Virginia Bankers Association

As college students head to campus this fall, money management should be on their personal syllabus. It’s important for college students to take control of their financial future by saving wherever and whenever they can. They should treat personal finance like a required college course and avoid unnecessary expenses now to reduce financial burden when they graduate. Students should consider the following tips to form a strong foundation for money management:

  1. Create a budget. You’re an adult now and are responsible for managing your own finances. The first step is to create a realistic budget or plan and stick to it.
  2. Watch spending. Keep receipts and track spending through a personal financial management app or through Excel or a similar program. Pace spending and increase saving by cutting unnecessary expenses like eating out or shopping so that your money can last throughout the semester.
  3. Use credit wisely. Understand the responsibilities and benefits of credit. How you handle your credit in college could affect you well after graduation. It is important to start using credit now so that when you apply for a car loan, a personal loan, or a mortgage, you will have a credit history, which will help your credit score. Shop around for a credit card that best suits your needs.
  4. Take advantage of your bank’s resources. Most banks offer online, mobile and text banking tools to manage your account night and day. Use these tools to check balances, pay bills, deposit checks and monitor transaction history.
  5. Look out for money. There’s a lot of money available for students – you just have to look for it. Apply for scholarships and look for student discounts or other deals.
  6. Buy used. Consider buying used books or ordering them online. Buying books can become expensive and often used books are in just as good of shape as new ones.
  7. Entertain on a budget. Limit your “hanging out” fund. There are lots of fun activities to keep you busy in college and many are free for students. Get the most from your student ID. Use your meal plan or cook meals with friends instead of eating out.
  8. Avoid ATM fees when possible. Use your bank’s ATM when possible and be aware of fees when using other ATMs. If you must use an ATM that charges a fee, take out larger withdrawals to avoid having to go back multiple times.
  9. Expect the unexpected. Things happen, and it’s important that you are financially prepared when your car or computer breaks down or you have to buy an unexpected bus or plane ticket home. You should start putting some money away immediately, no matter how small the amount.
  10. Ask. This is a learning experience, so if you need help, ask. Your parents or your bank are a good place to start, and remember – the sooner the better.

 

About the Virginia Bankers Association

Established in 1893, the Virginia Bankers Association is the unified voice for commercial and savings banks in Virginia. The VBA maintains an active legislative advocacy program, provides training to bankers statewide, and provides a variety of products and services to help its member banks best serve their communities.

About the Author

Following a 10-year career in retail and commercial banking with Jefferson National Bank (now Wells Fargo), Bruce Whitehurst joined the Virginia Bankers Association in 1993. He has served as president and chief executive officer of the association since 2007 and was previously executive vice president. Bruce is passionate about financial literacy and works directly with the VBA Education Foundation, whose mission is to improve personal financial literacy and economic education in all public and private schools in the Commonwealth. The Foundation recognizes the importance of economic education and financial literacy in Virginia and supports the banking industry as a key participant in these areas.

 

What Realtors In The Shenandoah Valley Need To Know About Title Insurance

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Buying a home is one of the biggest decisions a person or couple can make. As a realtor, clients trust you to guide them through this important process. While potential buyers focus on the appearance of the kitchen, or whether there are enough bedrooms for the kids they hope to have, you work behind the scenes to crunch numbers and make sure the necessary paperwork is completed on time. Your clients may not care to read every word, but it’s your responsibility to make sure they understand all aspects of the closing paperwork, including title insurance. Here at F&M, we care about local communities and we know that the state of the housing market is an important part of a town’s overall vibrancy. We created this guide to title insurance to support realtors and home buyers in the Shenandoah Valley. We hope it helps you make an informed decision about title insurance policies.

What exactly is title insurance?

Most homebuyers, even repeat ones, have heard of title insurance but don’t really know what it is. They may think it’s just another requirement that adds to their closing costs without providing any tangible benefits. This view is common but decidedly wrong. The truth is, homeowners are lucky if their title insurance never comes in handy, but they could get into a lot of trouble without it. Simply put, title insurance guarantees that the seller is legally within their rights to sell the home to the buyer. Therefore, title insurance policies protect mortgage lenders and home buyers from ending up with a defective title.

3 Types of Potential Title Issues

If you’re wondering what a defective title looks like, we’re not referring to water damage or any other kind of printing/paper damage. Title issues are past events that affect ownership of the house and are not as readily apparent to buyers as, say, outdated bathroom tile.

  • Lien: a public record that money–as in unpaid taxes, a mortgage loan, or contractors’ fees–is owed on the house. If these creditors are not paid at the time of the closing, the buyer will be responsible for any remaining liens.
  • Encumbrance: A right to the property that decreases its value. A lien could also be classified as encumbrance, as well as local restrictions and easements.
  • Defect: Any other type of error or complication, such as a person besides the seller who has a legal claim to the property.

Distinguishing Title Insurance From Other Insurance Policies

Sometimes the most helpful approach to understanding something is to distinguish it from other, more familiar items. There are three important differences between title insurance and other insurance policies:

  • Payment schedule: With automobile policies and other types of insurance, you make regular premium payments as long as you’re insured. But with title insurance, you only pay once (at closing) and are protected for as long as you or your heirs own the property.
  • Responsibilities of the insurance company: When you sign up for car, health, or life insurance, the company asks you for basic information and provides a quote on a specific policy. That is the extent of your interaction with the insurance company, until you need to use the policy. With title insurance, the company fulfills most of their responsibilities upfront. They don’t just give you a piece of paper describing the benefits you’re entitled to, but take an active role in your closing process, from conducting a research-intensive title search to serving as an escrow agent and preparing essential paperwork.
  • Past vs future events: Most of the time, people buy insurance policies to protect themselves from things that haven’t happened yet, but could occur at any time, such as car accidents and major illnesses. Title insurance protects you against what has already happened, such as a contractor putting a lien on the property for unpaid work. As part of your title insurance policy, you’ll receive a report of any title issues before closing, and your policy will protect your equity in the home against future legal and other costs stemming from title issues.

What are the two types of title insurance?

Types of Title Insurance

  • Title insurance for lenders: Covers mortgage lenders’ legal fees if the title fails or if the priority of their lien is different than expected. Usually a buyer must pay for lender’s title insurance in order to get a mortgage.
  • Title insurance for owners: Covers legal fees and costs of clearing a defective title if the owner’s legal right to the house is challenged.

Because owner’s title insurance is optional, some people may ask why they should pay for it. It’s tempting to cut a little bit off the total closing costs, but forgoing title insurance could end up being a major headache, both financially and otherwise.

Even new construction should be covered by an owner’s title insurance policy.

If your client is buying a new home (see our home building guide for Shenandoah Valley) , they may especially question the value of title insurance. However, while the house is new, the land could be subject to liens. And even a new home could have a lien on it from an unpaid subcontractor. The bottom line is that owner’s title insurance is an essential protection for every home purchase.

How much does title insurance cost and who pays for it?

The price of a lender’s policy is based on the amount of the loan. Owner’s policies are calculated from the purchase price of the house. There are different policy levels to choose from, so read the coverage details carefully to make the best choice. Some companies may offer a discount if both policies are purchased at the same time. In Virginia, the home buyer typically pays for both title insurance policies. It may be possible to include a credit from the seller in your contract.

Buyers have the right to choose their own title insurance provider

Your realtor or mortgage lender will probably refer you to the title insurance company they usually work with. That doesn’t mean you have to work with them, however. You can (and should) shop around for the best quote and policy, just as you would with other purchases. Virginia’s Bureau of Insurance provides a database of licensed insurance companies.

How Title Insurance Works

How Title Insurance Works

Once you’ve chosen a title company, they will provide a title commitment (the details of the policy that will go into effect upon the sale of the house) and conduct a title search. The buyer receives a summary of the title search results before closing. If any title issues are discovered that cannot be resolved, or the buyer doesn’t want to accept a certain type of easement, the purchase of the home may be cancelled. Once the title is cleared, the insurance company’s escrow agent will prep and review closing paperwork. After closing, the title insurance policies for the lender and buyer become active. As we’ve mentioned, title insurance is paid for with a one-time premium and provides coverage for the entire time the home is owned by the same buyer or their heirs. If you refinance your mortgage, you may need to purchase a new policy.

Benefits of Local Title Companies vs. National Names

Just as banking with a locally-owned financial institution offers unique benefits that cannot be replicated by bigger banks, choosing a local title company can work to your advantage in several ways.

  • Trustworthiness: Local title companies cannot survive without the continuing trust of the community they serve. If you see that a local business has been operating for many years, you can usually count on their trustworthiness. Chances are, they can refer you to previous clients who live in your town and can provide a positive review.
  • Friendly Service: Across industries, small and locally-owned businesses often deliver the type of friendly and personalized service that is hard to come by with national chains.
  • Local Expertise: A locally-owned title company only works in your state and town. This gives them local expertise and insight into state and local laws, community traditions, and so forth.

Regardless of the title company you choose, you want to ensure they have your best interests at heart. Companies that depend on realtor referrals may be more motivated to achieve a quick and problem-free closing than to provide a comprehensive search and disclosure to the buyer. This is another reason to choose your own company and to find a local business with more loyalty to their clients and community than to a particular realtor or mortgage lender.

Talk To A Local Title Expert Today

Serving Shenandoah Valley Home Buyers Since 1985

VSTitle, a locally owned title agency, has served home buyers in Harrisonburg, Staunton, and the entire Shenandoah Valley since 1985. Visit their website to learn more about the title insurance services they offer and get a quote for your home purchase from a local title expert. When you partner with community-minded businesses for your mortgage, title insurance, and other home buying needs, you enjoy both excellent customer service and competitive products.

A Guide To Building Your Home In The Shenandoah Valley

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Named after the river that traces its border, the Shenandoah Valley region of Virginia is also nestled between two mountain ranges: the Blue Ridge and Appalachians. Locals enjoy the simple pleasures and outdoor activities available in Shenandoah National Park. Overall, the Valley is a large area with many different kinds of people and places to live. Its counties include part of Augusta and Rockingham, as well as all of Page, Warren, Clarke, Rappahannock, Madison, Staunton, Waynesboro, and Harrisonburg.

At F&M Bank, we think the Shenandoah Valley is a wonderful place to live. If you’re looking to build a home here, we can help you with a construction loan. We also want to help you learn what to expect throughout the process. This guide to building your home in the Shenandoah Valley will explain how to select a land lot, budget for construction, and obtain a home construction loan.

What are the benefits of building in the Shenandoah Valley?

The Shenandoah Valley, which encompasses the area between West Virginia’s Eastern Panhandle and Western Virginia, is a versatile region. It’s a great place to attend college, raise a family, start a business, and retire. Whatever stage of life you find yourself in, we guarantee you’ll find it pleasant and fun to live here.

Shenandoah Valley Map

When it comes to building a home in the Valley, you can choose between a rural, suburban, or urban location. Perhaps you’re ready to build your dream house on the farmland your family has owned for generations. Or you may wish to put your own unique touch on a home in a new suburban housing community. Still other homebuilders may plan to construct townhomes in the vibrant downtown neighborhoods of cities like Staunton or Harrisonburg.

Whichever location you choose, you’re sure to enjoy the beautiful scenery and thriving arts and culinary scene that longtime Valley residents cherish. They also cherish the lower cost of living here. Compared to nearby Washington D.C. and other expensive areas of the country, the Shenandoah Valley offers graceful living at a price point that is affordable for families and retirees. For example, the Home Construction website ProMatcher estimates the cost of building a home in Harrisonburg (the Valley’s largest city and metro area) to be $119.32 per square foot. That works out to $238,640 for a 2,000 square foot house, which is lower than the national average of $288,642 (we’ll talk more about that below). Your home plan may be smaller or larger than 2,000 square feet, but either way you can rest assured that you’ll spend less on building a home here than in other parts of the state and country.

Finding a Lot in the Shenandoah Valley

Now that you’re ready to embark on the exciting journey of home building, you need to find the right parcel of land to build on. Here are the most important factors to consider as you look for a good lot that meets your needs without any unwelcome surprises:

  • Experienced real estate agent: Buying land comes with different concerns than buying a house. Make sure you find a real estate agent with expertise in land sales.
  • Average home values: Both for the purposes of obtaining a construction loan and protecting your property’s resale value, you need to understand real estate prices in the neighborhood or community you’ve chosen. Avoid choosing a location where the cost of the lot and your planned home will exceed the average home value.
  • Current and future zoning laws: Before you buy, research local zoning laws, building codes, and ordinances. If the land is zoned for retail, agriculture, or anything nonresidential, you won’t be able to put a home there. It’s also worth investigating the town’s future development plans so you don’t end up with a living room view of a busy strip mall five years later. Visit Shenandoah County’s Building Inspection and Code Enforcement page, or Harrisonburg’s City Code page to learn more. Your realtor should also be able to help you explore local zoning laws.
  • Setbacks and view ordinances: Check to see what they are (in the case of setbacks) or if they come with the land (for view ordinances). Both of these factors can restrict the size and height of your home, potentially disqualifying the lot.
  • Environmental tests and natural hazard disclosure: Ask for the latter, but also do your own tests, such as a soil test, to ensure the land isn’t contaminated with asbestos or other toxins.
  • Landscape concerns: If the lot is near a large hill or mountain, check to see if your home will be at risk of a landslide. Also, if you’re going to build near water, you’ll want to know the history of the land (was it previously a swamp) as well as its current flood risks.
  • Professional surveyor: Hire one to determine the boundaries between your property and neighbors’.
  • Easements and road access: Does a neighbor have any rights to your land? Do you have access to the nearest road? Who maintains that road and will you have to contribute to the cost? These important questions could make or break your lot purchase.
  • Utilities: Find out if the lot consists of “raw” land (meaning no utilities have been added) or land with some “improvements,” such as telephone poles or a sewer system. If you’re buying land in the country, chances are high that you’ll need to connect all the utilities yourself. In that case, make sure everything you want and need can be hooked up to your future house. On the other hand, home builders in the city or a suburban community may have easier access to water, electricity, telephone/cable, heat, and sewer system.
  • Mineral and Timber Rights: These considerations may be the last thing on your mind right now, but you’ll be glad you checked in case coal is discovered on your property later on. The same thing goes for trees.
  • Appraisal: Make sure you get one before you sign on the dotted line. Land purchases are less common than home sales, so it can be harder to find comparisons. If you use a construction or other bank loan to buy the land, the bank will do an appraisal. If you’re paying in cash, hire an independent appraiser to ensure the price is fair.

Cost and Budgeting for Construction

Avg Cost Per Square Foot to Build in Harrisonburg

After you find and buy the perfect lot for your house, it’s time to create your construction budget. The 2018 national average cost of building a home is $288,642, according to HomeAdvisor, which also reports that typical home building costs range from $151,839 – $425,445. On the high end, people can spend as much as $700,000. We’ve already mentioned the average cost per square foot in Harrisonburg of $119.32, so keep these numbers in mind as you decide on a size and layout for your home. Also, leave room for cost overruns, which are all but inevitable in a construction or renovation project. Here are some other essential and unexpected costs to keep in mind as you budget:

  • Floor Plan: You can find one on your own from a book or magazine, or choose from a builder’s selection. Just keep in mind that the builder you choose may have to alter an outside plan to fit your lot. If you use a different builder than the one you obtain a floor plan or revision from, you may have to pay a fee for the plan.
    • Architectural Style: The simpler and more uniform your house plan, the cheaper the cost. Overall, a two-story house with a rectangular or square shape is the most affordable design.
    • Design Features: Similarly, any flourishes you want to add, such as vaulted ceilings or curved staircases, will increase the overall price tag.
  • Construction Cost Estimate: Your builder should be able to provide an estimate of basic construction costs after you choose a layout. Don’t be timid about comparing estimates from several builders before you make a final selection.
    • Quality of Materials: Your choices here will also contribute to how low or high the final construction cost is. For example, what brand of appliances do you want to install in the kitchen? What kind of flooring do you have in mind? You will have many details to select, so remain conscious of pricing as you decide.
  • Site Preparation: Are there a lot of trees to clear or rocks to move? The condition of the lot prior to building will determine your site preparation expenses.
  • Permit Fees: Depends on local building codes and zoning laws.
  • Timing: The season you choose to start construction in, as well as the strength or weakness of the local economy, will affect labor costs.
  • Detailed Contract: Make sure all small and ancillary costs, such as the price of a driveway or liability insurance, are specified in the builder’s contract. Also take a double look at the builder’s allowances, which provide for certain to-be-determined costs like kitchen countertops. Depending on your tastes, the allowances may not be realistic, which will lead to cost overruns.

Using A Construction Loan To Build A Home

You may feel a bit overwhelmed at this point, but the most important step is yet to come. Unless you plan to pay for your custom home in cash, you’ll need to obtain a home construction loan. We recommend working with a local bank like F&M. As one of the Shenandoah Valley’s oldest community banks, we have a nuanced understanding of the local real estate market. We also deliver friendly and personalized service to help you reach your financial goals.

Construction Loan Process

Once you’ve chosen a lender for your construction loan, the application and closing process will involve an appraisal of your floor plan and future home, a credit check, and the purchasing of relevant insurance policies (see our guide to title insurance for the Shenandoah Valley). You can expect to contribute a down payment that may be higher than what would typically be required for a home mortgage. Once your construction loan is approved, your builder will receive the money in sequences. When your home is finished you’ll need to convert your construction loan into a regular home mortgage.

Planning For Each Stage of the Construction Process

You’ve finally completed the paperwork and construction is set to start. You can’t wait to see and move into the home you’ve spent so much time designing, but the building process won’t happen overnight. Here are the eight stages you can expect with home construction:

  1. Excavation: The builder clears the site, digs the basement if you’re getting one, and does any other necessary prep work.
  2. Foundation: Most new homes these days are built with slab foundations. However, you may need or desire a basement or other type of foundation.
  3. Framing: Now you’ll see your home take shape. As the subfloor, walls, and roof structure appear, you may decide to make alterations to the layout.
  4. Mechanics: Your home will be bustling with different contractors during this stage as heating, air conditioning, plumbing and electric are installed.
  5. Drywall: Your house acquires separate rooms and exterior materials are added.
  6. Finishings: Things get fun as your design choices–from cabinets to flooring–are added.
  7. Hardware: This is also an aesthetically pleasing stage as faucets, shower heads, and other details are placed in your home.
  8. Final Touches and Inspections: Your house is almost move-in ready, but first the builder will clean and inspect the finished home to make sure it’s safe and meets all of the specifications in the contract.

Ready to get started? F&M Bank is here for you.

When you’re ready to build, we’re here to help you obtain financing and understand the construction process. We can even recommend local realtors, builders, and other professionals. That’s the beauty of banking with a local institution, where all the employees are also your neighbors. Welcome to our community–we look forward to meeting all of your banking needs. Contact us today to learn more or visit your nearest F&M location.

Ultimate Guide To Shenandoah Valley Wineries, Breweries, Distilleries, Cideries, And Events…

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Ultimate Guide To Shenandoah Valley Wineries, Breweries, Distilleries, Cideries, And Events
We hope you enjoy our comprehensive guide to Shenandoah Valley wineries, breweries, distilleries, and cideries. Find out where you can relax and have fun with a glass of your favorite wine, beer, spirit, or hard cider. Cheers!

The Shenandoah Valley is renowned for its natural beauty, which includes acres of farmland where many of the wineries and breweries on our list are located. The Valley is also home to charming small towns where you can enjoy a locally made craft brew with live music and food truck fare. From the independent city of Harrisonburg, home to James Madison University, to Shenandoah County’s hotbed of vineyards, there are endless opportunities to relax and have fun with a glass of your favorite wine, beer, spirit, or hard cider.

F&M Bank is a proud community bank with locations across the Shenandoah Valley including six in Harrisonburg and surrounding Rockingham County. We hope you enjoy our comprehensive guide to Shenandoah Valley wineries, breweries, distilleries, and cideries. Use it to plan a vacation, weekend outing, or check the dates of upcoming festivals. We love this region and love to support local businesses, many of which are family-owned. Many people say the Valley is a great place to raise a family and a great place to grow wine grapes, two occupations that can be very compatible as you’ll see from our list. Cheers!

Frederick County

Frederick County Map

Wineries

Winchester

James Charles Winery and Vineyards

4063 Middle Rd.

(540) 931-4386

Located in the picturesque rolling hills just outside of Old Town Winchester, this winery specializes in classic wines such as Riesling and Cabernet Franc, as well as newer grapes like Sauvignon Blanc and Syrah. You can experience a classic tasting of red and white wines, a seated tasting with food pairings, or picnic on the winery grounds. James Charles also features seasonal special events as well as weekly live music on Saturdays and Sundays, and wood-fired pizza from a local vendor on Friday nights.

 

Stephens City

Valerie Hill Vineyard and Winery

1687 Marlboro Rd.

(540) 869-9567

Valerie Hill takes its name from the early 19th century manor house on the 18 acre farm the winery is located on. They are open daily for wine tastings and purchases of wine by the glass or bottle, with a light weekend food menu Friday through Sunday. If you visit on the weekend you can also catch one of their live music performances or special events. Check the website for their current calendar.

 

Star Tannery

Cedar Creek Winery

7384 Zepp Rd.

(540) 436-8394

Nestled along the bank of Cedar Creek, this winery offers “estate bottled, handcrafted” Cabernet Franc and Chardonnay. The narrow focus allows for many personal touches, such as wine tastings with the owner on Sundays between 11-5, April through November. You can bring your own food to enjoy with the wine.

Breweries

Winchester

Alesatian Brewing Company

21 N Loudoun St.

(540) 667-2743

The family behind this brewery traces its heritage to the Alsace-Lorraine region in France, which is known for its brewers’ commitment to purity and authenticity. With these guiding principles, the Ritenour family offers a choice selection of brews on tap, accompanied by wood-fired pizzas, salads, and Roma appetizers.

 

Broken Window Brewing Company

14 W. Boscawen St.

(540) 860-0849

This nano brewery specializes in a variety of craft beers. They are open Wednesday-Sunday in downtown Winchester.

 

Escutcheon Brewing Company

142 W. Commercial St.

(540) 773-3042

Started by two friends with a shared love of beer, this brewery boasts a diverse selection of craft brews, from pilsners and IPAs to stouts. On Sundays they offer special pricing on growlers, and Thursday evenings you can enjoy live music at the brewery. They also offer tours by request. While there is no food menu, guests are welcome to bring their own grub, and Escutcheon sometimes partners with local food trucks.

 

Winchester Brew Works

320 N. Cameron St.

(540) 692-9242

This brand new (opened in 2016) 3-barrel nano brewery in Old Town is notable for being the only majority woman-owned brewery in Virginia. Guests can bring their own food to pair with the seasonal selections on tap such as a “Key Lime Shandy” for spring.

 

Middletown

Backroom Brewery

150 Ridgemont Rd.

(540) 869-8482

This picturesque brewery is located on an herb farm, which provides some of the ingredients for the from-scratch food. With a pet-friendly policy and outdoor games to keep the kids amused, it’s a great place for families and everyone else to enjoy one of over 20 beer recipes in rotation.

 

Cideries

Winchester Ciderworks

2504 N. Frederick Pike

(540) 686-7632

This cidery is the result of a partnership between a local Shenandoah Valley orchardist and an Englishman longing for the quality cider at home. The tasting room is open Friday through Sunday, and they occasionally offer orchard and cidery tours (check the website for current offerings). Winchester Ciderworks produces signature, barrel aged, and naturally fermented ciders.

 

Clarke County

Clarke County Map

Wineries

Berryville

612 Vineyard

864 Shepherds Mill Road

(540) 535-6689

Producing a wide array of red and white wines, from Chambourcin to Chardonnay, as well as seasonal varieties like their Raspberry Sangria, 612 Vineyard is a relaxing and scenic place to enjoy good wine and a picnic with family and friends. They also have special events such as live music and dog-centric days.

 

Veramar Vineyard

905 Quarry Rd.

(540) 955-5510

Visit their tasting room, open at noon every day of the year. You can also experience the Habana Terrace, Veramar’s outdoor cigar and wine lounge. Veramar also offers Friday and Saturday picnics, in which you can enjoy a full meal with your Veramar wine, as well as occasional tours by request.

 

Warren County

Warren County MapWineries

Front Royal

Chester Gap Cellars

4615 Remount Rd.

(540) 636-8086

Newly established in 2017, this “small Virginia estate winery” produces small batches of red and white wines, which you can sample in their tasting room, open Friday through Sunday from 11-6.

 

Glen Manor Vineyards

2244 Browntown Rd.

(540) 635-6324

The family that operates this winery has owned the farm it sits on since 1901, a history that led the state to recognize Glen Manor as a “Century Farm.” They established the original vineyards in 1995 and have been adding to it ever since. Glen Manor’s selection of wines includes Sauvignon Blanc, Petit Manseng, Morales Rose, Vin Rouge, Cabernet Franc, St. Ruth, Hodder Hill, Petit Verdot, and Raepheus. The winery is open Saturday through Monday for tastings and to sell wine by the glass or bottle. Only service dogs are allowed on the grounds. No food is served but you can bring your own.

 

Breweries

Front Royal Brewing Co.

122 E. Main St.

(540) 631-0773

This brand new (not yet opened at the time of this writing) brewpub in downtown Front Royal celebrated their first day of brewing on April 26th. Check them out on Facebook to follow their progress and find out when they open.

 

Shenandoah County

Shenandoah County MapWineries

Quicksburg

DeMello Vineyards at Third Hill

2110 Quicksburg Rd.

(540) 740-8464

This scenic winery in the heart of Shenandoah County offers a comfortable and homey experience. They invite visitors to “come and wine down” at a tasting, enjoy a glass (or share a bottle) of their delicious wine. Pack a picnic basket when you visit during the spring, summer and fall months to enjoy a lunch on their wrap-around porches or outdoor pavilion.

 

Woodstock

Muse Vineyards

16 Serendipity Ln.

(540) 459-7033

This boutique vineyard won the 2015 Virginia Governor’s Cup for its 2009 Clio, a Bordeaux-blend. The Muse Tasting Room is open Friday through Sunday with light food and snacks available for purchase in addition to the wine. Tours are available by appointment.

 

Maurertown

North Mountain Vineyard and Winery

4374 Swartz Rd.

(540) 436-9463

Experience the beauty of the Shenandoah Valley countryside while feeling like you’re a guest at a French chateau. North Mountain has been growing their grapes for over thirty years and you can purchase their wine by the glass or bottle, or through a tasting. Like James Charles, the expansive grounds at North Mountain are perfect for a picnic.

 

Edinburg

Shenandoah Vineyards

3659 South Ox Rd.

(540) 984-8699

Established in 1976, Shenandoah Vineyards is one of the Valley’s oldest wineries. Their tasting room is open Wednesday through Sunday from 10-5.

 

Wolf Gap Vineyard and Winery

123 Stout Rd.

(540) 984-3306

Taking its name from a geographical feature of the Great North Mountains, Wolf Gap Vineyard is a 48 acre estate producing small batches of rich red wines, a range of whites, and semi-sweet rosé and blueberry wines. Their tasting room is open Fridays through Mondays from 12-7 and on weekends only from 12-5 during winter months. Call ahead to schedule a private tour. You can also enjoy the new hiking trail and pond picnic area.

 

Mount Jackson

The Vineyards at Kindred Pointe

3575 Conicville Rd.

(540) 477-3570

This former horse farm produces a variety of wines, hard ciders, and sangria on tap. The tasting room is open Friday through Sunday and they also sell wine-themed merchandise.

 

Cave Ridge Vineyard

1476 Conicville Rd.

(540) 477-2585

Down the street from Kindred Point you’ll find Cave Ridge Vineyard. Open six days a week (they’re closed on Tuesdays), their tasting room sometimes features live music and other special events (check the calendar for upcoming attractions).

 

Strasburg

Mountain View Vineyard

444 Signal Knob Drive

(540) 635-5369

This boutique winery takes its name from its scenic position between Massanutten Mountain and the Shenandoah River. They don’t have fixed hours but you can schedule a tasting by appointment.

 

Breweries

Woodstock

Woodstock Brewhouse

123 E. Court St.

(540) 459-BREW (2739)

This brewery takes great pride in the community, from naming itself after the town of Woodstock to restoring a historic former industrial building off of Main Street. Visit on a Thursday evening to enjoy live music, order food to accompany your beer on weekday evenings and Sundays, check out the barbecue restaurant that shares the same space, and taste the seasonal brew offerings.

 

Maurertown

Ridge Runner Farms and Brewing Company

6895 Back Rd.

(571) 201-2963

The name of this brewery (ridge runner means mountain farmer) honors the long history of farming in the Shenandoah Valley. As with the Backroom Brewery, Ridge Runner Farms grows ingredients for its brews as well as selling fresh produce and local products at its farm market. Choose between IPAs, ales, and stouts. There is also a bustling events calendar featuring live music, trivia nights, and other fun activities.

 

Edinburg

Swover Creek Farms Brewery

4176 Swover Creek Rd.

(540) 984-8973

Looking for a more family friendly taproom experience? Visit this combination farm, brewery, and brick oven pizza kitchen. There’s even a dog park for your canine family member(s). Trivia night happens on the third Thursday of the month.

 

Distilleries

Filibuster Distillery

50 Maurertown Mill Rd.

Maurertown, VA 22644

(202) 289-1414

Borrowing their approach from Scotland, this distillery produces whiskey and gin in small batches using wine barrels to obtain a fruity note in the flavor.

 

Page County

Page County MapWineries

Luray

River Hill Wine and Spirits

356 Ruffners Ferry Rd.

(540) 843-0890

Owned by a longtime Shenandoah Valley farming family, River Hill produces bourbon, corn whiskey, and country wine in small batches. You can visit the distillery Friday-Sunday to meet the owners and purchase spirits or wine as well as their meat products.

 

Faithbrooke Barn and Vineyards

267 Elgin Drive

(540) 743-1207

This new winery produces red and white grapes, with new varieties added each year. Visits are by appointment only; their focus seems to be more on weddings and events than tastings.

 

Castle Vineyards

2150 Mims Rd.

(571) 283-7150

This vineyard and tasting room is located on a working cattle farm. They currently serve wines from Barren Ridge Vineyards in Fishersville, but plan to expand their own grape growing this spring. Enjoy indoor and outdoor seating, cornhole boards, and cheese and meat trays available for purchase.

 

Stanley

Wisteria Farm & Vineyards

1126 Marksville Rd.

(540) 742-1489

There are many fun and free events to experience at the Wisteria winery including live music and the opportunity to stomp grapes. You can also drop in for a tasting between 12-6 every day except Tuesday/Wednesday. The farm is home to free-range chickens and natural-colored Romney sheep, for your viewing or egg-and-yarn-buying pleasure.

 

Breweries

Hawksbill Brewing Company

22 Zerkel St.

Luray, VA 22835

(540) 860-5608

Their slogan is “grown here, brewed here,” a reference to their commitment to use locally grown hops and other ingredients in their beers. In the warmer months there is a dog-friendly beer garden.

 

Rockingham County

Rockingham County MapWineries

Harrisonburg

Purple Wolf Vineyard

2644 Cross Keys Rd.

(540) 421-6345

This winery shares an owner with Cave Ridge Vineyard in Mount Jackson. Every week at Purple Wolf you can enjoy “Wine Down Wednesdays,” when the outside wine bar stays open until 7pm and you can enjoy live jazz music and complimentary pistachios with your wine.

 

Bridgewater

Bluestone Vineyard

4828 Spring Creek Rd.

(540) 828-0099

Named after a type of limestone that is common in the soil, this winery bustles seven days a week with live music and other events, which you can experience indoors or outside, as you visit the hilltop tasting room.

 

Mount Crawford

CrossKeys Vineyards

6011 E. Timber Ridge Rd.

(540) 234-0505

The tasting room and bistro at this winery are open daily for wine flights, tastings, and food pairings. Established in 2001, CrossKeys offers a wider selection of wines than some of the newer vineyards in the area.

 

McGaheysville

Brix & Columns Vineyards

1501 Dave Berry Rd.

(540) 421-0339

This one-year-old winery sprung up on a family farm once the owners realized the potential of their land. Visit their tasting room Wednesdays through Saturdays to sample their “fine collection of wines.”

 

Breweries

Harrisonburg

Brothers Craft Brewing

800 N. Main St.

Harrisonburg, VA 22802

(540) 421-6599

As its name suggests, this brewery is run by three brothers who grew up in Harrisonburg. Open daily at 4pm during the week and at noon on weekends, Brothers Craft Brewing features live music and other events as well as different food trucks.

 

Three Notch’d Brewing Company

241 E. Market St.

(540) 217-5939

Established in 2013, this brewery has lots of Virginia pride, with several locations in the commonwealth besides Harrisonburg.

 

Restless Moons Brewing Company

120 W Wolfe St.

(540) 217-2726

Formerly known as Wolfe Street Brewing Company before it reopened under new ownership in early 2018, the Restless Moons taproom is open six days a week and they are working on adding regular events to their calendar.

 

Cideries

Old Hill Cider

17768 Honeyville Rd.

Timberville, VA 22853

(540) 896-7582

Calling itself The Shenandoah Valley’s original hard cidery, you can visit Old Hill’s tasting room to try their “artisan hard cider” or enjoy a family picnic on the beautiful orchard grounds. They also sell plants and a variety of local products.

 

Augusta County

Augusta County MapWineries

Ox-Eye Vineyards

44 Middlebrook Ave.

Staunton, VA 24401

(540) 849-7926

Visit their tasting room, open daily in the historic Wharf district of downtown Staunton. In addition to enjoying a glass of wine, you can peruse local art in the upstairs and downstairs galleries.

 

Barren Ridge Vineyards

984 Barren Ridge Rd.

Fishersville, VA 22939

(540) 248-3300

Formerly an apple orchard, this family-owned winery hosts live music on Friday and Saturday nights. Their tasting room is open daily, with extended hours during the summer.  Celebrate Independence Day with Barren Ridge’s annual Pork & Cork event. They also hold a Swedish Fire Festival annually in January.

 

Breweries

Staunton

Bedlam Brewing

2303 N. Augusta St.

(540) 416-4634

This “nanobrewery” produces Belgian and French-style farm ales as well as other seasonal brews that reflect local heritage. In their pub you can enjoy wood oven pizza with your beer as well as other menu items made with locally sourced ingredients.

 

Shenandoah Valley Brewing

103 West Beverley St.

(540) 887-BEER (2337)

This craft brewery serves pints, allows patrons to create their own beer flight, and fills any growler. No food is served on the premises but you can bring your own snack or meal.

 

Queen City Brewing

834 Springhill Rd.

(540) 213-8014

Their slogan, “Not just a Brewery. It’s an Experience!”, is illustrated by the robust events calendar (weekly open mics and live music nights), “eclectic menu” of beers, and rotating Friday night food trucks.

 

Waynesboro

Stable Craft Brewing Company

375 Madrid Rd.

(540) 490-2609

Love horses and beer? This brewery combines those different passions. Originally a horse boarding farm, the owners added a taproom and restaurant. Visit to sample the food and beer, gaze at the horses, or stay overnight in one of their B&B suites. Stable Craft also hosts regular special events.

 

Basic City Beer Co.

1010 East Main St.

(540) 943-1010

The taproom is open six days a week with occasional live music, food truck visits, and recurring events such as trivia.

Fishersville

Seven Arrows Brewing Co.

2508 Jefferson Hwy #1

(540) 221-6968

Visit the taproom to sample one of their beers and order food from the Nobos kitchen, including Sunday brunch. There are many fun events to experience as well, such as cornhole tournaments and Saturday night live music.

 

Rockbridge County

Rockbridge County MapWineries

Rockbridge Vineyard

35 Hill View Lane

Raphine, VA 24472

(540) 377-6204

The tasting room is open daily with regular special events, such as “Uncorked Sundays” featuring live music and food trucks.

 

Breweries

Devil’s Backbone Outpost Brewery and Tap Room

50, 3303 N Wind Ln

Lexington, VA 24450

(540) 462-6200

Experience a weekend brewery tour, special events, and pints in the tap room seven days a week.

 

Great Valley Farm Brewery

60 Great Valley Lane

Natural Bridge, VA 24578

(540) 521-6163

The tasting room is open five days a week (Closed on Mondays and Tuesdays). Look at their events page for upcoming live music and food truck visits.

 

Shenandoah Valley Alcohol Trails And Festivals

Overwhelmed by the sheer number of great local wineries, breweries, distilleries, and cideries? These four websites provide “trail” resources and maps to help you experience the best of the region in an efficient and enjoyable manner.

Festivals are another great way to experience a variety of local wineries and breweries in a fun atmosphere with music, food, craft sales and more.

Supporting Local Businesses Since 1908

 


As one of the oldest community banks in the Shenandoah Valley, F&M is proud to support and invest in local and family-owned businesses such as Jack Brown’s Beer & Burger Joint in Harrisonburg. We take an active role in helping businesses buy property, meet expenses with lines of credit, and other essential services. Learn more about the ways in which a strategic partnership with F&M Bank can help you start or grow your business.

A Staunton and Augusta County Relocation Guide: Here’s What You Need To Know For A Successful Move

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Staunton is the Queen of the Shenandoah Valley

If you’re considering relocating to the city of Staunton or have recently moved to the Augusta County area, keep reading for everything you need to know about living in the Shenandoah Valley in Virginia.

First settled in 1732, Staunton (pronounced Stann-tun), is an independent city of about 24,000 people in the beautiful Shenandoah Valley region of Central Virginia. It is known as the birthplace of President Woodrow Wilson (as well as the site of his presidential library and museum). Staunton is also a college town, home to historic women’s college (and current co-ed university) Mary Baldwin University. The historic and vibrant downtown, stuffed with art galleries, restaurants, and boutiques, has won multiple travel awards.

As a place to live, there is lots to love about calling Staunton home. Choose between historic and more modern neighborhoods. Enjoy convenient access to all that the downtown scene offers, as well as a variety of highways for commuting to work and traveling to outer destinations. You’ll also enjoy all four seasons in Staunton, including hot summers and cooler winters that occasionally feature snow.

Staunton is surrounded by Augusta County, which also encompasses another similarly-sized, independent city: Waynesboro, VA.  Known for its location adjacent to Skyline Drive in Shenandoah National Park, the Appalachian Trail, and Blue Ridge Parkway, Waynesboro is known for its welcoming attitude and vast selection of outdoor activities. It also boasts a bustling downtown scene with arts and entertainment options, local breweries, independent shops, and museums. So, whether you prefer to go hiking or enjoy a foodie experience, Waynesboro offers everything.

Beyond Staunton and Waynesboro, Augusta County offers scenic views, mountains and lakes, vineyards and farms, and more. As the second-largest county in Virginia, Augusta has a lot to offer residents and visitors alike.

What is the cost of living in Staunton and Augusta County?

According to the rankings from Sperling’s Best Places, Staunton’s cost of living is 89 out of 100, making it more affordable than the United States average. Staunton’s housing market, including homes for sale and rent, is the main contributor to its affordability. Currently, Trulia reports that the median listing price on houses in Staunton is $165,000. Property taxes are low, about one percent of a home’s assessed value. Median rents are about $350-$500 per bedroom, depending on the type of property and level of interior upgrading. In other cost of living factors, including food prices in area grocery stores, healthcare services, utilities, and transportation, Staunton ranks a little below the national average.

Similarly, Waynesboro’s cost of living is 89.8 with a median home listing price of $175,000. Trulia also states that home values have increased by about 8 percent over the previous year, which demonstrates Waynesboro’s growing desirability as a place to live. Overall, Augusta County and the Shenandoah Valley are known as a family-friendly, affordable place to live with all the amenities of the big city and none of the fast-paced lifestyle stress. People move here for the gorgeous mountain views, friendly culture, and easier pace of life.

Staunton School Districts and Higher Education

Schools & Education in Staunton VA

The city of Staunton is served by one school district: Staunton City Schools. The district operates three elementary schools, one middle school, and one high school. Additionally, Augusta County Public Schools has two Staunton locations: Riverheads Elementary and Beverley Manor Middle School.

Other area public districts include Waynesboro Area School District and Augusta County Public Schools.

There are several types of private schools in the Staunton and Augusta County area including:

  • Faith-based: CF Richards Christian School, Grace Christian School, Victory Baptist Academy, Stuart Hall School, Pilgrim Christian School, and Ridgeview Christian School.
  • Independent: Staunton Montessori School
  • Special Education: Virginia School for the Deaf and Blind, Liberty Point Behavioral Healthcare
  • Alternative: Dixon Educational Center

Higher Education in Augusta County

Mary Baldwin University is one of the top employers in Staunton as well as its most well-known institution of higher education. Formerly a women’s college, MBU is now a growing co-ed university with undergraduate and graduate degree programs. Another local private school is Bridgewater College, a Christian liberal arts college in Bridgewater, VA.

Nearby Blue Ridge Community College, in Weyers Cave, offers affordable two-year degree and certificate programs. All Virginia residents are eligible for in-state tuition rates. James Madison University, in Harrisonburg, is the closest state university.

Neighborhoods in Staunton and Augusta County

Historic Preservation in Staunton VA

Staunton’s communities can be broken into two main categories: historic and modern. In both types of neighborhoods you can find a single-family home with a yard, but the more recently built communities tend to have a “suburbs in the city” feel to them. Apartment and row home style living is also available within the six historic districts for those who prefer a more urban style of living. Here are a few examples from each category:

Historic

  • Gospel Hill: Adjacent to Mary Baldwin College, this neighborhood features a diverse collection of architectural styles and home sizes, all dating back to the 1800s and early 1900s.
  • Newtown: Centrally located downtown, this neighborhood is very walkable to anything you might want to do from shopping and dining to entertainment. It also features gorgeous historical homes in many different styles.

Suburban Feel

  • Baldwin Place: This recently constructed neighborhood of spacious cape cod and ranch homes comes with an HOA that takes care of lawn and snow maintenance. With proximity to major highways and downtown Staunton, living in Baldwin Place can give you “the best of both worlds.”
  • College Park: This community in northern Staunton spans the mid-late twentieth century with an appealing collection of cape cod, ranch, and cottage-style homes.

Augusta County Communities

Beyond the independent cities of Staunton and Waynesboro, Augusta County has many appealing small towns and communities to choose from including:

  • Churchville: A leafy neighborhood of about 200 people, many of the houses are older with a charming farmhouse or historic architectural style.
  • Craigsville: Part of the Staunton-Waynesboro metro area, Craigsville is a town of about 900 people off of Route 42. The homes are modest in size with generous backyards and a suburban feel.
  • Fishersville: One of the largest towns in the metro area, Fishersville is located between Staunton and Waynesboro, giving its residents plenty of employment opportunities in both cities. The homes here tend to be newer, built in the ’90s and on.
  • Stuarts Draft: Another large town, Stuarts Draft’s seven warehouses/factories make it a local employment hub. It’s also the site of F&M Bank’s newest location near the town post office. You can find just about any type of home here, from old to new and small to large.
  • Verona: Located just outside the northern border of Staunton, this ~4,000 person town boasts the historic Mount Airy house, once home to American artist Grandma Moses. Choose between older homes and contemporary styles.
  • Western Augusta County: Located about a half-hour from Staunton, living in West Augusta or Deerfield generally means privacy, large lots, forest views, and easy access to outdoor activities. In addition to home listings, you can find land lots for sale out here to build your dream home
  • Weyers Cave: Home to the Shenandoah Valley Regional Airport and Blue Ridge Community College’s main campus, Weyers Cave is a small town of about 2,500 people located near Augusta County’s northern border. Home styles vary, from classic ranches to more modern designs. You can get a lot of land with your house.

Transportation and Infrastructure

For a small city, Staunton is unusually well-served by transportation options. Whether you need to get around the city by public transit or you’re planning a trip to another city or state, you can choose between trains, buses, planes, and cars.

Getting In and Out of Staunton

  • Staunton has an Amtrak station in the downtown with thrice-weekly service on the Cardinal line, a long-distance route between New York and Chicago.
  • In 2017, Virginia launched a new intercity bus program called The Virginia Breeze, with service between Blacksburg, VA, and Washington, D.C., including a stop in Staunton.
  • The closest airport to Staunton is Shenandoah Valley Regional Airport in nearby Weyers Cave.
  • Motorists have plenty of highway options to choose from: I-81, I-64, Route 262, and US 250 and 11.

Public Transit Within Staunton

  • The BRITE Bus, with fixed route and on-demand service, is the main public transit option in Staunton and surrounding Shenandoah Valley towns. BRITE also operates the downtown trolley with stops at historic locations as well as North & West loops to connect downtown Staunton with outer neighborhoods.

Setting Up Local Utilities

One of the most onerous moving tasks is switching utility accounts. In this section you’ll find contact info for Staunton’s water company, electric service, and Internet, as well as a guide to trash and recycling pickup. You can just go down the list to make the calls easier and faster.

  • The City of Staunton provides water and sewer service. Call the Public Works Department at (540) 332-3892 to set up a new account. No deposit is required of homeowners, but tenants will need to put down $135 for a refundable deposit and (nonrefundable) rental property processing fee.
  • Staunton is served by two electricity providers: Dominion Energy and Shenandoah Valley Electric Cooperative. To set up service with DE, you can register online. Security deposits are required of new customers and you will also pay a $15 connection fee on your first bill. To join the co-op, call SVEC at 1 (800) 234-7832. You’ll pay a $5 membership fee and a deposit may be required, depending on the results of their evaluation.
  • Comcast is the only cable/Internet provider in Staunton. Call 1 (800) 934-6489 to transfer service on an existing account or open a new one.
  • Trash and recycling are collected once a week on the same day. Consult this map to find the pickup day for your neighborhood.

Healthcare Services For People and Pets

Healthcare Services in Staunton VA

In Staunton and the surrounding metro area, the Augusta Health network is the main healthcare provider for both hospital and physician services. Anthem, Inc. is the main health insurer for the individual market. Employer healthcare may also be provided by Aetna, United Healthcare, and Optima Health. Here is a directory of Staunton healthcare services for some of the most popular needs:

Parks and Recreation

Staunton is a wonderful place to enjoy nature, stay active, and learn something new. Home to many beautiful parks and playgrounds such as Gypsy Hill (also home to a public golf club) and Reservoir Hill Park, Staunton also has two community pools with very inexpensive per diem admission rates. For kids, the Staunton-Augusta YMCA operates the Amberjax Swim team for both novice and experienced swimmers.

A variety of activities and classes for people of all ages are available through the Parks and Rec department. There’s also a wide range of athletic leagues for youth and adults. Every September you can take part in Staunton’s African-American Heritage Festival, the largest of its kind in the Shenandoah Valley region.

Visit the Augusta County Parks & Recreation website for a complete listing of activities and parks and facilities countywide.

Parks, Golf Courses & Hiking in Staunton VA

Lifestyle and Cultural Attractions

There is truly something for everyone in Staunton, from art lovers, amateur historians, window shoppers, craft beer aficionados, and more. In addition to these year round entertainment options, Staunton hosts a variety of festivals throughout the year.

Local Media

Watch, listen or read–there are plenty of ways to catch up on local news and find out what’s happening in Staunton and greater Augusta County.

Television

  • ABC on Channel 3 broadcasts from Harrisonburg
  • Fox on Channel 5 is out of Washington, DC.
  • CBS on Channel 6 and NBC on Channel 12 come from Richmond-Petersburg.
  • The local PBS station, broadcast from Harrisonburg, is WVPT

Radio

  • WQSV 106.3 FM is a non-profit radio station playing a variety of vintage and modern music.
  • Mix 93.1 is “The Valley’s 80s to Now” station.
  • Star 94.3 plays classic rock.
  • ESPN 1240 AM brings you ESPN sports news.
  • Public radio on 90.7 brings you news from NPR and local programming as well as classical music (WEMC).

Blogs, Newspapers and Magazines

Staunton and Augusta County Libraries

Community Banking with F&M

Last but not least, if you’ve recently moved to Augusta County, one of the most important decisions you’ll make is where to bank. F&M has a long local history of commitment to serving and investing in Shenandoah Valley communities. Call us or visit one of our two branches in Staunton, North Augusta Street and Myers Corner; our Craigsville location; or our new Stuarts Draft location. You’ll find a friendly group of employees ready to answer your questions about getting a mortgage, taking out a personal loan or business loan, or opening one of our high interest checking and savings accounts.

F&M Bank has served residents of the Shenandoah Valley for more than 100 years.

Five Ways to Tidy Up Your Personal Finances This Spring

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Five Ways to Tidy Up Your Personal Finances This Spring
When it comes to Spring cleaning, it’s time to start thinking outside the box. This spirit of renewal applies to more than just your closet! Spring is an ideal time to dust off your finances and tidy up your budget. Maybe your tax returns have motivated you to increase your emergency savings for the year ahead, or perhaps you need a refresher on the New Year’s resolution you made to improve your credit score? Whatever your situation, now is the perfect time to get your financial house in order.

When it comes to Spring cleaning, it’s time to start thinking outside the box. This spirit of renewal applies to more than just your closet! Spring is an ideal time to dust off your finances and tidy up your budget. Maybe your tax returns have motivated you to increase your emergency savings for the year ahead, or perhaps you need a refresher on the New Year’s resolution you made to improve your credit score? Whatever your situation, now is the perfect time to get your financial house in order.

Image of woman and child peeking under a bed while cleaning

These four strategies can help you get your personal finances in check and maintain a strong foundation for the rest of the year.

  1. Clean Up Your Credit

Your credit score can have one of the biggest impacts on your financial life – so don’t let it collect dust! Did you know you can check your credit score for free with each of the three credit bureaus? Staggering your requests every four months allows you to keep a regular eye on your credit report. Once you know your score, you can set goals to continue to improve your responsible credit habits. Learn how to keep your credit score healthy with a quick lesson on credit scores & reports.

  1. Pay Your Bills on Time

In today’s digital age, there are various mobile payment options available to help you to get ahead of your bills. Set up online banking and use automatic bill pay to save yourself the hassle of mailing checks, and protect against the costs of missing a deadline. Additionally, many retailers, banks, and credit unions allow you to pay your bills in real time via mobile payment technology. Take our two minute course to understand how to use mobile payments responsibly.

  1. Protect Your Accounts

With the prevalence of digital transactions, it’s important to protect yourself from consumer fraud and identity theft. In fact, nearly 3 million consumers reported fraud in 2017 alone. Regularly checking your credit score (see #1) for errors and unauthorized transactions is one simple strategy to protect your identity. Make it a priority to refresh the tactics you use to keep your identity safe this spring.

  1. Save for a Rainy Day

Rainy day funds protect against more than the weather. Did you know that 78% of Americans do not have enough savings to cover unforeseen expenses? Saving doesn’t have to be hard, although it does take discipline. Small adjustments in your daily routine can make a big difference in your ability to cover emergency costs or meet a payment due date. In addition, many savings vehicles will pay you interest on the money you have deposited, which will help your money grow over time. Commit to creating new savings habits to help yourself be better prepared.

No matter where you start your financial Spring cleaning, incorporating these tips and tactics into your routine will give your personal finances a fresh start. Check out our full suite of personal finance education resources on F&M Bank’s Community Classroom.