DeAndrea "Dee Dee" Jones

VA Realtors have a new tool they can use to check for FHA approved condo complexes.

VAREALTOR.com/condocheck enter zip code or city state and get your answers

In May 2011 every condo complex was de certified and forced to reapply for FHA condo certification status. We are finding most became re-certified but a few have not. What ever the reason according to the Virginia Association of Realtors, "the end result is that buyers who want a unit in the un-certified condos are ineligible for FHA financing-something many seller don't discover until late in the process when they learn that their pool of prospective buyers has shrunk considerably....and because the certification process can take months deals fall through. "

Buyers if you are planning to use FHA financing have your agent check the status of the complexes you want to view preferably before your first initial visit.

For a condo to meet FHA loan guidelines it must:

At least 50% of the units must be owner occupied

Have specific Insurance coverage

No more than 25% of the property's total floor area can be used for commercial purposes ( so mixed used developments will not usually qualify)

No more than 10% of units can be owned by more than 1 person or entity.

No more than 30% can be financed by FHA

No more than 15% of the total units can be delinquent on their dues more than 30 days past due.

At least 50% of unit in complex sold. (Can not have more than 50% vacancy)

Must maintain a budget with sufficient funds for maintainace of the common areas and required condo project.

If you are interested in buying a condo, condo complex or single family home zoned condo in Hampton Roads then contact me.

3 Virginia Beach Real Estate Stocks were voted best stocks according to StockScounter's February report.

The Scouter score is based on how the stock performs in the following criteria: business fundamentals, price behavior, valuation and stock-ownership characteristics appear to predict a rising price in the coming weeks, based on how those factors have influenced stock prices in the past. REIT's- are usually formed to finance luxury condo and apartment ventures, strip malls, shopping malls, and commercial buildings that generate income from rents.

Real Estate investment Trust (REIT)- according to Wikepedia- a REIT is a company that owns, and in most cases operates, income-producing real estate. Some REITs finance real estate. To be a REIT, a company must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends. This is a great way for the girl next door to buy a piece of the shopping mall down the road or gain a profit from the high rise being built down the street. Why not own your condo and a peice of the whole block. When investing in a REIT -you need to think big.

Looking for a place to invest those tax refunds, research more about these stocks. And if all else fells call me to buy a home, condo, or investment property.

The 3 Virginia stocks that topped the list were:

In the last few weeks since Christmas I must of had a dozen calls from Hampton Roads Navy personnel who received pink slips and are now scrambling to figure out what to do with their homes. Many Norfolk Sailors who were let go as a part of the Navy's enlisted retention boards layoffs are now trying to figure out what is next for them. If you have not heard Navy.mil reported that "a total of 2,947 sailors were given pink slips by the Navy late last year as part of an effort to reduce personnel in 31 overmanned ratings."

Sources told the Navy Times that only a fraction of those sailors — roughly “300 to 350” will actually qualify to retire through the 15-year option. So if only roughly 300 sailors who were cut through the fleet’s enlisted retention boards will receive the new, early 15-year retirement option recently approved by Congress. What happenes to the other 2600 if they can not find new employment?

These are a few of the questions I have had

1. How do I sell a home that is worth less than my mortgage balance?

2. How do they pay their mortgage or even rent a home with no employment?

3. How can they find out if they will qualify for a short sale?

4. If they took the Tax credit and it hasn't been three years do they have to pay it back or pay taxes on it?

This is just a few questions ERB Sailors will be asking me and others as their official departure day draws closer.

I spoke to one sailor who said "When reenlisted in the Navy I thought my contract would be honored for the 4 years I re-listed for and I planned my life and bills accordingly. I never thought I would be forced out and amongst the unemployed."

I spoke to another sailor that says " My only hope for employment is to leave the area I must consider selling my current home even if it means as a short sale."

Most bought their home with a VA loan but each lender and loan type has its own guidelines for short sales so it is not a 1 + 1= 2 situation

If you are a ERB sailor needing to sell your current home give me a call and lets discuss your options.

FREE Home buying Classes for first time home buyers in Hampton Roads, VA!!!!!!!!

Sat Feb 11th, 2012 930-230pm- LUNCH INCLUDED -

Greenbrier Chesapeake Library Meeting Room

1214 Volvo Parkway, Chesapeake, VA 23320 Come learn about the buying process from beginning to end. There will be a loan officer, a real estate agent, a home inspector, and a title agent, on hand to give you valuable information and answer your questions.

If you are serious about buying a home in 2012 then this class is designed for you. Find out how to get preapproved to buy, how to make an offer, and what to expect in the closing process.

A pizza lunch is included!

Call, text, or email TODAY to RSVP, leave name and phone number.

Must RSVP to Dee Dee Jones 757-831-8294 call, text, or email djoneshomes@gmail.com