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Tina Merritt - Virginia Beach Real Estate

Teenagers Beware! New Policy at MacArthur Center!

door hanger that says no teens allowedEffective October 19, 2009, unsupervised minors are no longer permitted in the MacArthur Center Mall in Downtown Norfolk after 5pm.

Yes, ID's will be checked and extra security is on hand to enforce the new regulation. Teens found in the mall unsupervised after 5pm will be escorted to their "accompanying adult" or escorted out of the mall.

According to mall officials, the new rule is to help keep shoppers safe and kids out of trouble. In recent years, the number of minors "hanging out" in the mall has grown.

Some of the businesses are not happy about the new rule. Both Nordstrom and Dillards said they will continue to allow teenagers to shop in their stores after 5pm.

Click HERE to read the new "Adult Supervision Policy" for MacArthur Center.

Commotion in the Ocean!

logo for commotion in the oceanOn Saturday, October 17th 8pm until midnight, the Virginia Aquarium is presenting Commotion in the Ocean. Enjoy live music, adult beverages, a silent auction, live music, dancing and delicious food.

Proceeds from this wonderful evening, will help to fund a permanent interactive children’s learning gallery at the Virginia Aquarium. Tickets are $75 per person. Black tie preferred. Sponsorships and tables seating 10 are available. For more information call (757) 385-0261.

The Virginia Aquarium is located at 717 General Booth Blvd. in Virginia Beach. Visit them on the web at www.virginiaaquarium.com

Speechless Sunday - The Homestead Resort in Hot Springs, VA

picture of The Homestead resort

The Homestead Resort in Hot Springs, Virginia, was built in 1766. A National Historic Landmark, The Homestead is nestled in the Allegheny Mountains offering over 3000 acres of activities, relaxation and natural beauty. The adjacent Homestead Spa was built in 1892 and is still fed by the famous hot springs which have been attracting visitors since the 1700's. The Homestead Resort also features 3 championship level golf courses, a golf academy, trout fishing, skiing, tennis, horseback riding and many, many more activities. For more information, visit The Homestead's website.

RE Bar Camp Lynchburg October 8th!

RE BarCamp is Coming to Lynchburg, VA!


Holiday Inn Selectre bar camp lynchburg logo
601 Main Street
Lynchburg Va
8 a.m. - 4 p.m.

Networking events both
Wednesday and Thursday nights!
RSVP Today!

Also known as an “un”conference, the attendees decide the material discussed. The agenda is set that day, which may seem strange at first, but it works. If you’ve never been to a Bar Camp before, you need to experience it. If you think you can pass on this event, you can’t. The information and networking involved in this setting is invaluable for your real estate career.

Remember, it's FREE!!!!!

New FHA Condo Guidelines Pushed to November 1, 2009

It has came to my attention that some agents and buyers are still unclear with the new condo changes that are coming up for FHA. Deadline has been pushed from October 1st to November 1st, 2009.

In the past, you only needed to satisfy one of the following two criteria to finance a condo unit using FHA financing.

1.) The Condo Project has a FHA warranty

- This requires the Homeowners Association of the condominium project to apply and receive a warranty on the project from the HUD.

2.) The unit must pass a questionnaire called a “Spot Check” done on an individual basis

As of right now, after November 2nd 2009 FHA is voiding all condo project approvals that were done BEFORE October 1, 2008. This means FHA loans will not be able to be done in an ineligible project until it is re-approved which will be a difficult and lengthy procedure! A project approval will cost $1,500 and up and FHA is now going to require an attorney's opinion letter, which can be another $800 or higher.

Spot FHA condo approvals will no longer be allowed

  • This means that if you are a buyer or an agent with a condo client who wants to buy or sell FHA, you should get them to do it NOW. After November 2nd, the whole project will have to be approved for just one FHA loan and it will be a long and tedious process.

· Project approvals are currently taking 6-8 weeks. If FHA holds to their current November 2nd rules, and some 55,000 condo projects nationwide have to get re-approved, who knows how long an approval may take.

Only 30% of the loans in any project will be allowed to be FHA loans

  • For example in a 30 unit project only 9 FHA loans will be allowed. Since FHA is the preferred program currently for most condo buyers, condo sales for the remaining 21 units will be difficult.

The official mortgagee letter is found here http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-19ml.doc for more eligibility requirements

FHA Link to check if the condo is approved https://entp.hud.gov/idapp/html/condo1.cfm

For more information, contact:

Justin Williams

Home Mortgage Consultant

Prosperity Mortgage Company

M8612-011

4701 Columbus Street Suite 300

Virginia Beach, VA 23462

(757) 490-9200 Tel

757-692-3464 Cell

1-866-922-5123 Fax