VARbuzz

FHA may ease condo rules, making selling easier

Andrew Kantor, Editor & Blogmaster — Mon, 21 May 2012 14:58:52 +0000

Back in November we told/warned you how FHA buyers were being blocked from buying a lot of condos. (FHA had de-certified every condo in the country, and required them all to reapply if they wanted prospective buyers to be eligible for FHA funding. But many condo board didn’t do this, as sellers were rather surprised to learn. Read that story here.)

Annnnnyway, now, reports Ken Harney in the Washington Post, FHA is looking at changing its rules for recertification, which will (hopefully) make it easier for condo associations to file the paperwork and get recertified.

What kind of hard-to-meet criteria did FHA have?

At least half the units had to be owner-occupied.
At least 85% of owners had to be current with their condo association fees.
At least 75% of the total floor space must be residential. (That’s a problem in urban areas, where lower floors often have stores and offices.)

Oh, and if there are inaccuracies in the paperwork, the condo board members could face up to 30 years in prison. Would you want to sign a document under those circumstances?

FHA hasn’t said exactly what changes it will make, but it’s expected to make some change in the next few days. You can bet we’ll keep you updated.

Click here to read the Post story.

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Two Virginians make 30 Under 30 list

Andrew Kantor, Editor & Blogmaster — Mon, 21 May 2012 14:19:17 +0000

Congrats to Sasha Cannon Farmer (28), salesperson at Montague Miller & Co. in Charlottesville and Heather Valentine (29), broker-owner at Valentine Properties in Chesterfield — both were named to Realtor magazine’s 2012 “30 Under 30″ list.

These are “rising young stars in the real estate industry,” chosen every year and based on “skill, success, creativity, and leadership in their careers.”

Click here to read all about Sasha

…or here to read about Heather.

Flood insurance remains in limbo

Andrew Kantor, Editor & Blogmaster — Mon, 21 May 2012 14:10:59 +0000

So the first tropical storm of the year has already formed — a bit ahead of what’s typical. Although Tropical Storm Alberto isn’t expected to make landfall, it does seem to portend an early — and possibly longer — hurricane season this year.

Luckily, the Federal government has renewed the National Flood Insurance Program, and all is well.

Not.

In fact, last week the House passed a one-month extension to the NFIP. One month. That’ll keep it in place till the end of June. The Senate is looking to pass something similar, and then discuss a five-year extension. (The House has already passed one of those.)

Since 2008, the NFIP has had 16 of these temporary extensions because Congress can’t get its act together to agree on and pass a long-term extension of the program.

Meanwhile — as private insurers won’t offer flood coverage — would you want to buy a home near the water knowing you’re not covered? And with climate change making storms worse and worse, it’s an problem that’s also going to get worse and worse.

Yes, there are issues with the program, which lost a lot of money when Hurricane Katrina hit. Should it cover homes that were rebuilt after being destroyed once by flood? Should there be a limit to coverage?

But guess what? A lot of programs and policies have issues that need to be resolved. That’s Congress’s job. Work together, represent your constituents, and come up with something. It’s called consensus. And you can do it.

Click here to read more from NAR.

Don’t expect to get the lowest mortgage rates

Andrew Kantor, Editor & Blogmaster — Mon, 21 May 2012 13:55:10 +0000

Mortgage rates lowest ever! 3.79%! Act now! Numbers like that are attractive, but no one should be surprised when they don’t actually get a rate quite that low.

Sure, you simply may not qualify for the lowest of the low rates, but that’s not the only reason. There’s a good piece over at Dan Green’s The Mortgage Reports on why that is.

The gist: The 30-year rate published by Freddie Mac is based on loans with a 30-day lock. In reality, though, a lot of loans these days can’t close that quickly. Lenders are being more careful (as we all know), and thanks to the recovery there are more applications to process.

Bottom line: A 45- or 60-day lock is common, and that means a higher rate.

Click here to read the details from Mr. Green.

Yet more Virginians at the Rally

Andrew Kantor, Editor & Blogmaster — Thu, 17 May 2012 17:04:57 +0000

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Quote of the day

Andrew Kantor, Editor & Blogmaster — Thu, 17 May 2012 15:11:47 +0000

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Another vantage poin

Andrew Kantor, Editor & Blogmaster — Thu, 17 May 2012 14:48:52 +0000

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Kathy

Andrew Kantor, Editor & Blogmaster — Thu, 17 May 2012 14:32:42 +0000

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Weichert at the Rally

Andrew Kantor, Editor & Blogmaster — Thu, 17 May 2012 14:23:33 +0000

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The invocation

Andrew Kantor, Editor & Blogmaster — Thu, 17 May 2012 14:05:11 +0000

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