Dee Dee Jones Real Estate Blog: May 2008

I waited to write about it because I was scared I jinx it. My first AR referral closed Monday May 19th, 08.  It was a very smooth transaction.  My buyers conducted the whole process from beginning to end via the internet.  I'm a witness site unseen still does happen.  They moved from New Mexico to Hampton,VA.  They saw their new home for the first time at the final walk thru last Thursday.  I owe a big thank you for the referral to David Burrows with Northern Virginia Fine Homes in Reston, VA.  He was a big help in assuring a smooth transaction.  AR's referral program can be a quick and painless process.   So don't ignore referral requests.  If you have a referral to send to any Hampton Roads Areas: Suffolk, Chesapeake, Virginia Beach, Hampton, Newport News, Norfolk, and Portsmouth.  Be sure to send it my way!  I'd be happy to help.   Dee Dee Jones Wainwright Real Estate www.DJonesSellsHomes.com djoneshomes@gmail.com.  

As if there has not been enough loan changes.  This week I had my first experience with the new Fannie Mae Guideline Announcement 07-22 Maximum Financing in Declining Markets.  For those of you not familiar visit the link at https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2007/0722.pdf . and revised link https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0806.pdf.  In our area values have held steady but now Hampton Roads is starting to feel the rest of the country's pain.

The program as spelled out by Fannie Mae reads:

Current home price trends indicate that home values continue to decline in many markets across the country. As a result, and based on our continued monitoring of loan performance, Fannie Mae is reinstating a policy to restrict the maximum loan-to-value (LTV) ratio and combined loan-to-value (CLTV) ratio for properties located within a declining market to five percentage points less than the maximum permitted for the selected mortgage product.

My question is, "Is there a published list of what zip codes, area, neighborhoods are considered in a declining market in Hampton Roads areas?" My buyers lender has yet to give me this answer.  Appraisal has not been ordered and loan is being released because the underwriter said property is in zone and has generated a denial letter based on ltv95%.  When I ask which areas are in or not in the flagged zones  so I can find my buyer another home the underwriter has not given me an answer.

Does anyone know Is there a published list of what zip codes, area, neighborhoods are considered in a declining market?" and if so How can I get this list.

Thanks

Dee Dee Jones

Wainwright Real Estate

djoneshomes@gmail.com

www.DjonesSellsHomes.com