Jane's Blog

New Fannie Mae Automated Underwriting (DU) Eligibility Changes.

Jane Jensen (Century 21 New Millennium) — Sun, 13 Dec 2009 05:42:06 -0600

Via George Souto (McCue Mortgage) FHA, CHFA, VA Mortgages CT.:

Today Fannie Mae released Automated Underwriting (DU) Version 8.0 and these changes are bound to have a big impact especially on multi-family houses. Some of the changes included in this release are as follows:

Minimum FICO score 620 (was 580)

2 Unit Owner Occupied Property - maximum LTV 80% for purchase & rate/term refinance (was 90%)

2 Unit Owner Occupied Property - maximum LTV 75% for cash out refinance (was 85%)

2 Unit Investment Property - maximum LTV 75% for purchase & rate/term refinance (was 80%)

Unit Investment Property - maximum LTV 70% for cash out refinance (was 75%)

In addition to the eligibility changes listed above, the updated version (DU 8.0) will limit the maximum allowable total expense ratio to 45 percent, with flexibilities offered up to 50 percent for certain loan case files with strong compensating factors.

If current debts exceed the maximum allowable total expense ratio, the loan case file will receive an Ineligible recommendation. DU will no longer return a Refer recommendation on loan case files that would have otherwise received an Approval, but had exceeded the maximum allowable total expense ratio.

All new cases submitted to DU will now be scored with the 8.0 version and the new eligibility will be applied. New cases submitted prior to today will be scored with the current version DU 7.1 and will continue to score as DU 7.1 on subsequent submissions, however, loans using DU version 7.1 must close by February 12, 2010.

I would STRONGLY recommend that if you have run a Borrowers file through DU before today, and received an Approved/Eligible, but the Borrower has not gone under contract yet, that you run it through DU again. I am sure that there will be many Borrowers that received an Approved Eligible under version 7.1, that will no longer receive an Approved/Eligible under version 8. It would be a shame to have a Realtor that you partner with run around trying to find one of their Buyers a house, and the Buyer no longer qualifies.

If you are a Realtor or a Buyer I would again STRONGLY recommend that you contact the Loan Officer or Broker that you are working with and ask them to run your file(s) through DU to make sure that you have not been affected by this change.

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, andConventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Open Houses-some thoughts.

Jane Jensen (Century 21 New Millennium) — Sun, 13 Dec 2009 05:36:23 -0600

Lots has been written about open houses. In particular whether or not to do them and who you represent when you do them.

I believe when you are the listing agent your # 1 priority when you hold an Open House is to represent the owner. That being said...one way to represent the seller well and potentially get new clients is to be very aware of the neighborhood comps. Hopefully, if you've done your homework and your owner is working with you and the house is priced well and when you engage someone who has come to see the home you can let them know how it compares and the advantages of your home. That may get them talking about what they are looking for and lets face it, your listing may not meet there needs. Since they are at your open house and are interested in your area, knowledge of the other homes for sale in that area will go a long way to show them you are a pro and know your business. I usually print out the listings so I can actually show them and if the home they are in won't work for them, then often I'll get an appointment to show them one of the other listings (assuming they aren't already working with another realtor....which, of course, I ask them first).

Knowledge and information are really the only things (along with a positive and helpful attitude) that we have to offer our clients. Showing you know the area that a buyer is interested in is one of the best ways to gain new clients.

When I first started in the business, I did opens every Sunday....sometimes Saturdays too. Now I don't do them every weekend, but most and along with getting new clients, I have sold my listings that way. I find that often someone will stop into an open that they may not have considered, but they see the sign and when they are in the house, like it and come back with their agent. That's another reality of the business.....people often do not buy what they tell their agent they are looking for so they may not see your home unless they just happen upon your Open house sign when they are out. They may see that indeed it is easy to add an extra bathroom or finish the basement.

Open houses used to be quite expensive with the cost of print advertising. Now with the ability to advertise your open house so many places on the internet (where people are really looking), the only cost is your time.

I understand that the real estate market is different everywhere, but here in the Arlington, Va. area, open houses are very popular and I say....."Do them often, do them well". It is in your seller's and your best interest.

I need a house!

Jane Jensen (Century 21 New Millennium) — Sat, 12 Dec 2009 15:56:57 -0600

I have clients that need a single family house in Annandale, VA or Falls Church, Va under $350,000. Inventory is down and many sellers are waiting till after the holiday to list their home but we need a house ASAP. Needs to be clean but not necessarily updated. We need a basement....finished would be good and a fenced yard a plus. If your an agent or an owner and you've got one......CALL ME! My clients are well qualified an ready to write. Thanks.

Jane Jensen

571-228-5656

Great house-Walk to the East Falls Church Metro + It's in a cul-de-sac in great neighborhood.

Jane Jensen (Century 21 New Millennium) — Thu, 10 Dec 2009 08:41:22 -0600

Photo Gallery

mature fig tree	Professional Landscaping	Newly refinished Hardwoods
Large lower level rec room	Clean bright kitchen	Gorgeours yard
Raised bed for your veggies?

Description

New front steps and railing, new siding, professionally refinished hardwoods, new carpeting, new gutters, new windows. new paint, etc. Large lower level family room with door to fully fenced yard. Fenced yard has beautiful plants including a raised bed for veggies and two mature fig trees, storage shed too. Tons of storage space and a terrific location. Lots of expansion capabilities, add a bath, add a story, or just move in to this home with professionally landscaped yard. Great cul-de-sac location.
http://www.realvirginiahomes.com

Features

Bedrooms:	3
Bathrooms:	1.5
Parking Spaces:	driveway
Year Built:	1953
Subdivision:	Overlee Knolls
Lot Size:	8636
School District:	Yorktown
Square Footage:	2128
Agent Name:	Jane Jensen
Broker:	Century21 New Millennium
MLS #:	AR7173251

Location

6238 22nd Rd. N. Arlington VA 22205

vFlyer Id: 2855858

Doggie needs a home.

Jane Jensen (Century 21 New Millennium) — Thu, 10 Dec 2009 08:01:42 -0600

Jackie Kyles posted this link to a doggie that needs a home for the holidays. She is West Virginia.

Here is the link. Please pass it along and help get this doggie a forever home.

http://www.petfinder.com/petnote/photoView.cgi?petid=15125459

Northern Virginia Schools

Jane Jensen (Century 21 New Millennium) — Thu, 10 Dec 2009 07:57:38 -0600

Congratulations to Thomas Jefferson High School for the Sciences and Technology in Alexandria for once again being named US News # 1 school.

According to them not only does TJ offer a challenging academic curriculum but the students do projects related to the social responsibility of educated people. This seems like a far cry from the "all about me and how much money I can make" that so much of the 80s centered around. Perhaps we are moving towards a more civil and caring society. Giving back is where it's at. I think I'll make that my 2010 motto.

Also congratulations to Langley High School in Mclean, Va. The other local school to make this years list.

My daughter graduated from Yorktown High School last spring. We have been through the public school system in Northern Virginia and it has been a great experience. We are so fortunate here to have wonderful schools thoughout Arlington, Fairfax and Alexandria. Go NOVA!

Homes for sale way down

Jane Jensen (Century 21 New Millennium) — Wed, 09 Dec 2009 08:34:33 -0600

I was watching Good morning America this morning and they were reporting on some new housing statistics.

The number of homes for sale in the hardest his areas is down 50% from this time last year. Good News. The reporter attributed this to the incredible interest rates, the lower home prices and the first time home buyer credit.

IMHO alot of the credit goes to the credit. Alot of people that would not have bought were motivated by the credit. In some areas it's alot of money in others it's a small part part of the purchase but either way it's a serious psychological motivator. Who doesn't want a tax credit?

I've certainly seen this come into play in my area (Arlington, Va., Mclean, Va, Falls Church, Va). I've already heard from people that are going to buy in the new year because of the $6500.00 repeat buyer program. So, of course that will continue to help sellers sell their homes.

It's a great time buy or sell. The market is becoming stable for the first time in many, many years. We went from a complete sellers market to a complete buyers market in the proverbial blink of an eye. Now at long last things are evening out. For someone like me who has been in the business six years this is a breath of fresh air. Real Estate is Great!

Interested in Arlington Real Estate?

Jane Jensen (Century 21 New Millennium) — Wed, 02 Dec 2009 06:11:56 -0600

Here's a link to a great video posted on November 10 by the county on youtube.

I've lived here for 18 years (almost 19 now....phew) and I've learned a few new things about my home.

Arlington, Va is such a great place to live. I moved around alot growing up so I never really felt like I had a home town. This is it now. My daughter was born and raised here so it's home to her too.

http://www.youtube.com/watch?v=ueV4TxjlQ2E

Price Reduction

Jane Jensen (Century 21 New Millennium) — Wed, 02 Dec 2009 05:50:08 -0600

I'll be reducing the price on 6238 22nd Rd. N. Arlington, Va. 22205. It will be $629,900. That's a 20K reduction. Walk to the East Falls Church metro, Lost Dog Pizza (ABBIE award winner), minutes to I66 and it's in my Cul-De-Sac. You get to be my neighbor! It really is a great neighborhood. I was watching people in the cul-de-sac the weekend before last and it looked like a Norman Rockwell painting.

This is a 3 bedroom 1.5 (easy to make it into 2) home with wood floors, fireplace, new windows and front steps, new siding and more. It's extra clean and ready for new owners. Call me to see it. 571-228-5656

Real Estate is Great at Century 21 New Millennium.

The Arlington Rap song

Jane Jensen (Century 21 New Millennium) — Tue, 01 Dec 2009 14:03:40 -0600

Ok, Arlington is not the "hood". Check out this tongue in cheek video posted on youtube by a very funny young man, Remy.

http://www.youtube.com/watch?v=4T1RMuoQnKo

For those that don't know...it looks like Remy lives in Garfield 1021. The "rap" is about the various neighborhoods in Arlington and the preponderence of Starbucks.

The stock Market, Real Estate and Intuition

Jane Jensen (Century 21 New Millennium) — Tue, 01 Dec 2009 12:10:51 -0600

The National Association of Realtors announced that the pending home sale index went up a seasonally adusted 3.7% in October. Analysts were suprised and the stock market is rallying on the news.

Why didn't anybody ask me? We could have had a rally last week. Really, when you're out here working every day you get a "feel" for the mindset of buyers. There are still plenty of people who want to and can buy a home but did not because they didn't "feel good" about it. With the stock market up, and the economy starting to pick up people are starting to feel better about things. I know the 6:00 PM news may say otherwise but when you're out here talking to people you start to just know how they are looking at things.

Where are the odds makers when you need them. I could have made some big money if I could have bet on home sales going up.

I understand that we are more fortunate here in the Washington, DC, Arlington, Va real estate market. Our unemployment is low and in general we are the last into and the first out of any slump. So, take heart in the heartland, I think things will be improving soon.

http://www.realvirigniahomes.com

October statistics for Zip Code 22207

Jane Jensen (Century 21 New Millennium) — Sun, 29 Nov 2009 11:53:54 -0600

I posted some October Statistics for 22205 a week or so ago. Here is some information from our neighbors in 22207.

These statistics come from the multiple listing system so are only as accurate as the posted stats and will not include FSBOs or unlisted transfers.

Total Sales:

2008-$17,862,476

2009-$28,749,242

This is a whopper of an increase of 60.95%

Average sold price:

2008-$776,629

2009-$756,629

A relatively low decrease of 2.58%

Median Sold Price:

2008-$709,000

2009-$662,500

A decrease of 6.56%

23 homes were sold in October of 2008, and 38 in 2009. An increase of 66.52% Perhaps a takeaway from this is that a modest decrease in prices has resulted in a significant increase in sales.

At the end of October there were 161 active listings. 149 were residential houses and 10 were condos.

I view these numbers as showing a strong market. Homes priced well are selling well. There are lots of buyers for this zip code and if they perceive the home is a value at the list price they will buy.

Recent condo sales

Jane Jensen (Century 21 New Millennium) — Mon, 23 Nov 2009 06:15:18 -0600

S. Arlington condos seem to be hot, right now. My last two condo listings were in The Arlington and Fairlington. The listing in the The Arlington was a two level condo with balcony. We had four offers within a week and it sold for considerably over asking. It had an updated kitchen and bath and really beautiful hardwoods. The Fairlington condo was a two bedroom with loft (the one with the circular staircase. This one did not go for over asking but the seller had a fair offer within a week. If was in good shape but not pottery barnish. There is no metro access here but the bus service is excellent and Shirlington and Columbia Pike stuff is all within easy access. It's a great place to live. It seems some folks are re-thinking the less for more than you get along the orange line. It may still be "the place" to be but if you need a little more room for a little less money you may want to rethink. Plus both of these communities offer pools and tennis courts and both are exceptionally (really) pet friendly. I always see folks walking their dogs or just standing outside with their pets and chatting.

Need something to do on this beautiful day?

Jane Jensen (Century 21 New Millennium) — Sun, 22 Nov 2009 09:51:39 -0600

You should be out looking for a house. ;-)

However, if not, check out the Sugarloaf craft festival at the Montgomery County Fairgrounds.

Here's a link to the website for info:

http://www.sugarloafcrafts.com/

I've gone to this show many times. Most of my art and gifts come from here. I only had a couple of free hours yesterday and could have used a couple more. I'm not sure I've ever seen quite this many artists there and lots of good stuff. The additional good news is that many of the vendors I spoke to said business had been good over the weekend. Another sign that people are starting to feel better about things. Anyway, some incredible art. Beautiful needlework pictures (not your Grandma's needlework....no offense Grandma) photography, jewelry and pottery. I bought a few holiday presents and some closing gifts.

Have fun!

Another reason to buy now-FHA

Jane Jensen (Century 21 New Millennium) — Sun, 22 Nov 2009 09:44:40 -0600

FHA insured loans have zoomed up to 30% market share.

According to the Washington Post this morning an independent study found FHA insurance fund reserves are below mandated minimums. In order to bring reserves up to the minimum requirement there are several options the FHA might consider....higher downpayments, larger up front insurance charges, stricter standards and charges for low credit scores etc.

If you are an FHA buyer the time to secure your loan may be right now. Of course you'll need a home purchase contract to do that. So....go buy a house.

Arlington Abbie awards, Lost Dog Cafe et al

Jane Jensen (Century 21 New Millennium) — Sat, 21 Nov 2009 06:50:01 -0600

Well, the votes are in for Arlington's favorite businesses. When new people come into the area and ask about restaurants, The Lost Dog Cafe is always on my list of recommendations....apparently it's on other people's list too. I feel just a bit smug in that the N. Arlington location is walking distance to my house. This award may make the wait a little longer. Thank goodness they've expanded and added a new restaurant in South Arlington. The list of all the winners is below. I have been to almost all of these places and it's one of the reasons I love this area.

Also, the Lebanese Taverna, and the Thai restaurant in the same area are also excellent (IMHO).

Here are the all the results for the 2009 Abbie winners:

Arlington's Best "Bargain" Restaurant Lost Dog Cafe

Arlington's Best Boutique ShoeFly

Arlington's Best Brunch Carlyle

Arlington's Best Customer Service Pacers Running Stores

Arlington's Best Dessert Heidelberg Pastry Shoppe

Arlington's Best Family Friendly Restaurant Lost Dog Cafe

Arlington's Best Happy Hour Whitlow's on Wilson Bar & Grill

Arlington's Best Late Night Spot Bob and Edith's Diner

Arlington's Best Place to Learn Something New Arlington Public Library

Arlington's Best Neighborhood Bar Whitlow's on Wilson Bar & Grill

Arlington's Best New Business Lost Dog Cafe, South Arlington location

Arlington's Best Community-Based Nonprofit Arlington Food Assistance Center (AFAC)

Arlington's Best Performing Arts Organization Signature Theatre

Arlington's Best Place to Care for Your Pet Ballston Animal Hospital

Arlington's Best Place to Dance the Night Away Clarendon Ballroom

The Arts in Arlington, Va.

Jane Jensen (Century 21 New Millennium) — Sat, 21 Nov 2009 06:30:20 -0600

Arlington,Va has a very vibrant art and culture community.

Here's are a few examples:

There will be a "Fabulous Night of Tango" brought to you by National Chamber Ensemble at the Rosslyn Spectrum. 1611 N. Kent St. Tickets are available from $25.00

IMAGE/PROJECT AT THE ARLINGTON ARTS CENTER
November 20 - January 16, 2010
Opening Reception:   Friday, Nov. 20. 6 - 9 pm
3550 Wilson Boulevard, Arlington, VA 22201     703-248-6800

AAC's national juried show of photo and video work reflects the ways in which contemporary artists tend to approach photography and video: some view photography as either a means for documenting or presenting cross-disciplinary projects, others as a tool for enquiry into the ways we perceive and live in the world. Works were chosen by Guggenheim fellow and internationally recognized artist Taryn Simon.

If you would like to get on the email list for regular updates on cultural events, click the link below and subscribe to the newsletter:

https://www.arlingtonva.us/subscriptions/subscribe.asp

October Real Estate Statistics for Arlington, Va. zip code 22205- My neighborhood

Jane Jensen (Century 21 New Millennium) — Fri, 20 Nov 2009 06:58:20 -0600

Some months are good....some a little less. October 2009's numbers for 22205 were lower than 2008. These statistics come from the multiple listing system so they will not reflect any transactions that were not done through the MLS.

Total Sold Volume:

2008- $10,122,550

2009- $5,786,800

Change of (42.83%)

Average Sold price:

2008-$674,837

2009-$642,978

Change of (4.72%)

Median Sold price:

2008 $615,000

2009- $650,000

Total Units Sold

2008- 15

2009- 9

Average Days on Market

2008-42

2009-56

List price for solds:

2008- $722,823

2009- $680,078

One interesting note is that none of the properties sold had FHA buyers. One was cash, one was assumption, and seven were conventional. The price of homes in our zip code may be a bit of a stretch for alot of first time buyers many of whom are using FHA loans (very low down payments and forgiving of non-stellar credit) to purchase properties.

First Time home buyers credit

Jane Jensen (Century 21 New Millennium) — Fri, 20 Nov 2009 06:32:30 -0600

Lots of information has already been put out there about the extension on the first time buyer credit and the new $6500.00 for non-new buyers.

Questions still keep getting asked though so here are a few take aways:

For first time buyers, the tax credit is up to 10% of the purcharse price of the home up to $8000.00. Most of my buyers in the area I work in... Arlington,Va. Mclean,Va. Falls Church,Va, and Alexandria,Va will get the full credit based on the price of housing here. A first time buyer can have now have up to $125,000 in income and a married couple $225,000 to qualify for the credit. The income limits to qualify have increased under the extension. This is particulary important in the Northern Virgina market where there the cost of housing is high but so are the incomes (relative to other areas). If you earn between $145,000 or $245,000 resectively you'll qualify for some credit. After that you no longer qualify. If you keep the property for three years the credit does not have to be repaid. Under the extension homes under $800,000 qualify for the credit.

You must have a binding contract by April 30, 2010 and close by July 1, 2010.

For current home owners, if you've lived in your home for five years and you sell and purchase a new home under the same conditions outlined above, you'll qualify for A $6500.00 tax credit.

There's nothing but good news in here. With the extraordinarily low interest rates and these credits, plus realistic income limits for the Northern Virginia area, this should keep moving the housing market right along. Now we just need some new inventory to sell to excited buyers.

It's a great time to sell your home.

Jane Jensen

http://www.realvirginiahomes.com

Working the System

Jane Jensen (Century 21 New Millennium) — Sun, 17 May 2009 09:11:27 -0500

Received this story from a friend. Thought it was funny and also a lesson in "working the system"

THE ITALIAN TOMATO GARDEN

An old Italian man lived alone in the country. He wanted to dig his
tomato garden, but it was very hard work as the ground was hard. His
only son, Vincent, who used to help him, was in prison. The old man
wrote a letter to his son and described his predicament

Dear Vincent,
I am feeling pretty bad because it looks like I won't be able to plant
my tomato garden this year. I'm just getting too old to be digging up a
gar den plot. I know if you were here my troubles would be over. I know
you would be happy to dig the plot for me.
Love, Dad

A few days later he received a letter from his son.

Dear Dad,
Don't dig up that garden. That's where I buried the bodies.
Love, Vinnie

At 4 a.m. the next morning, FBI agents
and local police arrived and dug up the entire area without finding any
bodies. They apologized to the old man and left. That same day the
old man received another letter from his son.

Dear Dad,
Go ahead and plant the tomatoes now. That's the best I could do under
the circumstances.
Love you,
Vinnie
Ciao

No longer a foreclosure virgin

Jane Jensen (Century 21 New Millennium) — Thu, 02 Apr 2009 10:19:59 -0500

Well, I had my settlement last week on my first foreclosure transaction. I represented the buyer. I'm happy to say that things went pretty smootly. Lots of moving parts and lots of interaction with people you never see in real life but everyone in this case was pretty responsive.

I had heard so many horror stories that I went in with some trepidation but now that I have one under the belt and have seen how things can go when everyone stays on top of things, I ready for the next.

http://www.realvirginiahomes.com

Washington Post Magazine

Jane Jensen (Century 21 New Millennium) — Thu, 05 Mar 2009 06:45:18 -0600

There was a good article in the Washington Post Magazine this weekend about buying real estate. It followed a couple buying their first home. They were tense but realized this may be the bottom or at least it's close.

February was an extraordinarily busy month for me. A new condo listing I put on had four contracts within days, I ratified my first foreclosure sale (representing a buyer), ratified a $1M+ home and ratified another contract for a buyer. Tons of open house traffic too.

It's not just me either. I looked at the ratified contracts board in our office and they were running out of room to post new sales. Phew. What does this mean? I think it means things are starting to come together. The new tax credit that doesn't have to be paid back is motivating folks, interest rates are great, FHA is providing a great option for first time buyers, the high end sellers have come down enough so buyers aren't so tense and the foreclosures are too good to pass up.

Go buy a house.

New first time buyer tax credit

Jane Jensen (Century 21 New Millennium) — Wed, 18 Feb 2009 07:39:24 -0600

Here's a link to an article about the new $8000.00 first time buyer credit.

Important notes are that you don't have to pay this one back, but you must buy before the end of 2009.

There are income caps so if you make over $75,000 as a single or $150,000 as a couple you'll need to consult a tax advisor. Good idea to do this anyway.

http://www.usnews.com/blogs/the-home-front/2009/02/17/first-time-home-buyer-tax-credit-6-things-to-know.html

Housing bottom?

Jane Jensen (Century 21 New Millennium) — Wed, 04 Feb 2009 08:42:31 -0600

Has housing bottomed?

I certainly don't know and wouldn't try to say that I do but click this link to read about our first increase in home sales in quite some time.

http://www.realtor.org/press_room/news_releases/2009/02/pending_home_sales_show_healthy_gain

Sales are definitely up. Prices are not but have the finally reached a point where people are buying? Looks like it. We're even seeing some competition for well priced homes.

This market

Jane Jensen (Century 21 New Millennium) — Tue, 27 Jan 2009 05:57:39 -0600

Yes, I know there are foreclosures and short sales out there. Especially outside the beltway. However, we should all remember that we are NOT the typical real estate market that is on the news every night.

We have VERY low unemployment as compared to the rest of the country and that situation is only going to improve with new government spending.

Buyers continue to be suprised that they have to compete for well priced, well maintained and/or unique properties. With the very low interest rates and new government jobs (and contractor, and attorney, and etc., etc) there are buyers out there. Really.

Don't believe me? Here's what Forbes had to say about the DC market for commercial and residential real estate. Yes, we are # 1 for 2009.

http://www.forbes.com/2009/01/21/investment-obama-realestate-forbeslife-cx_mw_0121realestate.html

Jane Jensen

http://www.realvirginiahomes.com

571-228-5656