Important FHA Info from Assistant Vice President at Virginia Commerce Bank

I thought this would be important information for you and your peers regarding presently approved FHA condos. All condos that were approved prior to Oct/08 will have to be reapproved by 12/07/2010.

Condominium Project approvals will expire two years from the date it has been placed on the list of approved condominiums. This will also apply to all projects currently on the list of approved condominiums. Further participation in the program after this two-year period has expired will require recertification to determine that the project is still in compliance with HUD’s owner-occupancy requirement and that no conditions currently exist which would present an unacceptable risk to FHA

I checked on FHA Connection and there are a ton of them stating that the approval will expire on 12/07/2010. I also talked with an FHA representative who said that notices were sent out regarding this but only to lenders, not the HOA Associations. I talked to a HOA representative yesterday who's approval was about to expire and they did not even know.

Here is an email I got from a FHA representative

"If a condominium is expiring on 12/7/2010 and not recertified prior to that date, no case numbers will be assigned after that deadline. Any case numbers that were assigned prior to that date with a signed contract will be honored even if they close after that date"

If you have a buyer who is sitting on the fence to buy a condo with FHA, you should do 2 things:

Check on the FHA Connection site to see if the condo approval is pending expiration 12/07/2010. (there are a ton of them) https://entp.hud.gov/idapp/html/condlook.cfm

Recommend to your buyer that they write a contract as soon as possible. Have your lender apply for a FHA case number right away. Some lenders apply for this when the appraisal is ordered and some do not. Make sure it is ordered prior to 12/07/2010 as if the condo approval expires the lender CANNOT get an FHA case # and the deal is dead.

Warmest Regards
Michele
Michele Sherrill
Assistant Vice President
Virginia Commerce Bank
Direct: 703-282-3566
Fax: 703-636-2673
msherrill@vcbonline.com

Tickets on Sale Now for Historic Alexandria Candlelight Tour

Tickets on Sale Now for Historic Alexandria Candlelight Tour
Discount Rate for Tickets Purchased by December 1

See historic Alexandria in a whole new light this holiday season! Four of Old Town Alexandria’s finest historic sites will welcome guests on Saturday, December 11, and Sunday, December 12, for the festive Historic Alexandria Candlelight Tour. The area’s premier traditional holiday event features period music, seasonal decorations, and special costumed tours.

This year’s tour includes Carlyle House Historic Park (121 North Fairfax Street), Gadsby’s Tavern Museum (134 North Royal Street), Lee-Fendall House (614 Oronoco Street), and The Athenaeum (201 Prince Street). Tour times are from 6 p.m. to 9 p.m. on Saturday and 3 p.m. to 6 p.m. on Sunday, and the Sunday afternoon program features kid-friendly tours and a special activity!

Tour highlights include Carlyle House, grandly illuminated by candlelight with a beautifully appointed dining table displaying a fine Queensware dessert service, and offering musical entertainment and hot apple cider. The warm hospitality of Gadsby’s Tavern Museum will be enhanced by the scent of fresh greens and flickering candlelight as guests enjoy 18th-century music and dancing in the same room where George and Martha Washington danced. For the sights and sounds of a Victorian Christmas, the Lee-Fendall House will feature holiday music, seasonal greenery displays and a Christmas tree trimmed with ribbons, antique toys, and gilded ornaments in the style of the 1850s. The Athenaeum, an exquisite example of Greek Revival architecture and the home of the Northern Virginia Fine Arts Association (NVFAA), joins the tour this season.

The tour is self-guided, and the sites may be visited in any order, with a free shuttle running in a continuous loop among the sites. Ticket prices are $20 for adults, $15 for seniors, and $5 for children (ages 6-17). Special discount rates of $15 for adults and $12 for seniors are available when you buy before December 1. For information, tickets, and group sales information, please contact Gadsby’s Tavern Museum at 703.746.4242. Tickets for this event can also be purchased online at www.historicalexandria.org.

Old Town Alexandria is served by convenient public transportation, including the free King Street Trolley. Ample public parking is available at the Tavern Square and Market Square parking garages.

To learn more about other holiday events in historic Alexandria, please visit www.visitalexandriava.com and www.historicalexandria.org.

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