Timonium Condo FHA Approval

At the end of 2009, HUD changed its’ condo approval process for FHA condo financing.

No longer can a community be given a “spot” approval when a unit goes under contract if a buyer desires to use FHA financing.

Condominium developments must be approved in advance of an FHA sale and the approval is only for a certain amount of time.

Many Timonium condo buildings have been approved already.

Luckily HUD has set up a website to check whether a condo development has been HRAP or DELRAP approved.

I entered the Timonium zip code 21093 to see all approved units. You can do this for any zip code if you are unsure of the condo development’s name!

Contact me if you are considering selling or buying a Timonium condo. I can help you navigate these tough waters!

Home Valuation Code of Conduct (HVCC) to be Eliminated

The Home Valuation Code of Conduct (HVCC) will be eliminated, thanks to a bill signed into law by President Obama.

HVCC was enacted in 2009, and has been a big issue in the appraisal battle many home sales have been experiencing.

In June last year, Tasha Linton and I wrote about how HVCC Could Negatively Affect Towson Home Values , because the appraisers assigned are the lowest cost one available, not necessarily from the area. Real estate is very local — for example, Towson neighborhoods are very unique — sometimes even street-by-street! An appraiser from outside of Washington, DC will not understand the neighborhood nuances, and this could tremendously effect an appraisal value.

The HVCC going away is a huge relief to many in the real estate community, and homeowners should be very pleased as well.

HVCC will be phased out over the next 90 days, with the end of October closing this sad chapter in real estate housing history.

6 Timberwood Ct Hunt Valley Station

6 Timberwood Ct in Hunt Valley Station is a four bedroom Faust built home located on a court with a level yard. *UPDATED JUNE 24, 2010, SETTLED.*

The hardwood floors and ceramic tile are in fantastic condition, as is the carpet on the second floor and lower level.

The kitchen has granite counters, and a sitting area. The current asking price is $600,000.

Right now, there are six homes for sale in Hunt Valley Station.

They are: 5 Ringleaf Ct for $572,500,  13 Ringleaf Ct for $569,000, a five bedroom home at 5 Berrycrest Ct for $549,900, the five bedroom 1210 Walnutwood Rd for $539,000, and 1210 Mapleleaf Ct for $525,000.

Contact me for more information on Hunt Valley Station single family homes.

Listing Courtesy of Coldwell Banker Residential Brokerage.

5 Ringleaf Ct Hunt Valley Station

Yesterday I was able to view 5 Ringleaf Ct in Hunt Valley Station — a very well maintained home on a quiet court on the market for $572,900. *Update June 17, 2010, 5 Ringleaf Ct in Hunt Valley Station was withdrawn from the market.*

The kitchen is nicely updated, and the hardwood floors in great condition.

This is truly, though, a three bedroom home with three bedrooms and two full baths upstairs. The fourth bedroom and third full bath are in the lower level.

There are currently five houses on the market in Hunt Valley Station, the other 4 are either four or five bedrooms upstairs.

On the same street is 13 Ringleaf Ct for $579,900, a five bedroom home at 5 Berrycrest Ct for $549,900, the five bedroom 1210 Walnutwood Rd for $539,000, and 1210 Mapleleaf Ct for $539,900.

Contact me for more information on Hunt Valley Station single family homes.

Home Listing courtesy of Riley & Associates

Hunt Valley Station in Northern Baltimore County

The Hunt Valley Station community backs to the NCR Trail off Paper Mill Road.

Located just minutes from the Hunt Valley Towne Center, there are many amenities to offer including dining, shopping, movies, and Wegmans Supermarket.

Hunt Valley Station is also called Hunters Run. Public records state the community to be Hunters Run, while the signage and Home Owners Association show Hunt Valley Station.

Across Paper Mill Road from Hunt Valley Station is the Hunters Run townhome community, thus making the distinction necessary.

Hunt Valley Station is made up of both single family homes and townhouses. There were multiple builders in the community, creating different floorplans. Ryland Homes built many of the homes while Faust did a number as well.

Nearby to Hunt Valley Station  is the Oregon Ridge Park, with the Nature Center, hiking, and playground, plus swimming at the beach in the summer.

Hunt Valley is convenient to I-83 for travel into Baltimore or up through York. Its well-situated location, along with its plentitude of services, makes it a wonderful place to live!

Contact me today to request more information about Hunt Valley Station homes for sale.

13 Ringleaf Ct Hunt Valley Station

13 Ringleaf Court in Hunt Valley Station is a five bedroom home with two full baths upstairs, and a full bath on the lower level.

A Faust-built home in the Hunters Run community, this one is on a court location, and is for sale for $569,000.

The other two five bedroom homes on the market were built by Ryland, so they have a different layout than this one.

Currently, there are three five bedroom homes for sale in Hunt Valley Station. One is 5 Berrycrest Ct and the other is 1210 Walnutwood Rd.

In 2009, I listed and sold two Hunt Valley Station single family homes.

Today, a new four bedroom home came on at 1210 Maple Leaf Ct, next door to the one I sold in November. That is one is the smallest Ryland-built homes in the neighborhood.

For more information on 13 Ringleaf Ct and homes in Hunt Valley Station, please contact me today!

Home Listing courtesy of Clark Select Properties, Inc.

5 Berrycrest Ct Hunters Run

*Update August 6, 2010, 5 Berrycrest Ct in Hunters Run settled.*

5 Berrycrest Ct in Hunt Valley Station is a five bedroom home with two full baths on the upper level.

This Hunt Valley home has an updated kitchen, plus wood floors throughout the first floor, including the kitchen.

It has a partially finished lower level.

The backyard is lovely, level and very useable, and this home is located on a cul de sac street in the popular Hunt Valley Station neighborhood.

Hunt Valley Station is so named through the sign entering the subdivision. The public records for the Hunt Valley Station neighborhood, however, state the legal subdivision to be Hunters Run. Across Paper Mill Rd, though, there is a Hunters Run townhouse neighborhood.

In 2009, I listed and sold two Hunt Valley Station single family homes. Rarely do five bedroom units come on the market, yet currently, there are three five bedrooms units for sale in Hunters Run! The two others are located at 1210 Walnutwood Rd and 13 Ringleaf Ct.

In the past few years, not many have come on the market, but right now is your chance to move in! This one is currently on the market for $549,900.

Fore more information on 5 Berrycrest Ct and homes in Hunters Run, please contact me today!

Home Listing courtesy of Long & Foster Realtors

1210 Walnutwood Rd Hunt Valley Station

1210 Walnutwood Rd in Hunt Valley Station is a true five bedroom home with two full baths on the upper level. *SETTLED June 30, 2010*

This Hunt Valley home has wood floors throughout most of the first floor, tile in the kitchen, and is very clean and tidy!

The owners moved the washer & dryer from the basement up to a room off the kitchen right near the powder room for convenience. It is currently on the market for $539,000.

It has a fully finished lower level with wet bar, full bath, and possible sixth bedroom.

Located in the very popular Hunt Valley Station neighborhood, this home is a pleasure to view!

In 2009, I listed and sold two Hunt Valley Station single family homes. Rarely do five bedroom units come on the market, yet currently, there are two five bedrooms units for sale in Hunters Run! The other is located at 5 Berrycrest Ct.

There is another Hunters Run / Hunt Valley Station single family home coming on the market soon. In the past few years, not many have come on the market, but right now is your chance to move in!

Fore more information on 1210 Walnutwood Rd and homes in Hunt Valley Station, please contact me today!

Home Listing courtesy of Coldwell Banker Residential Brokerage.

Northrup Grumman Moving Headquarters to Washington, DC Area Should Help Baltimore Housing Market

The Los Angeles Times reported today that Northrup Grumman is moving its Headquarters to the Washington, DC area.

This could mean a lot of jobs in the Maryland/DC/Virginia area, if current employees don’t want to move across the country.

They will be scouting locations in all three states before deciding where to plant their roots, which will happen by summer of 2011.

Should they choose to be in Maryland or even the northern part of DC, this could be a fanastic for the Baltimore real estate market in 2011.

Why?

Washington, DC, the Potomac, and the surrounding areas are very expensive places to live. Now, coming from Los Angeles, it might not be as much of a shock, but with MARC trains and easy commutes from Baltimore to the DC area, living in Baltimore is a great option for those employees who will be working for them.

So, welcome, Northrup Grumman!

New Fannie Mae Credit Score and Debt Ratio Requirements for Conforming Loans

Beginning December 12, 2009, Fannie Mae will have new requirements on credit scores and debt ratios for all of their conventional loans.

Prior to this change, the lowest credit score a borrower could have for this type of loan was 580. The new lowest score is 620. This is not negotiable, even if you are putting 20% down!

The other change is that the maximum debt ratio for this same 20% down borrower cannot be more than 45% of their income in order to qualify for the loan. Again, this is not negotiable.

Fannie Mae is a government controlled finance company who provides many of the mortgages offered to buyers through lending institutions. Part of the reason that these new requirements cannot be changed is that it uses an automated system to qualify or reject, so it is not a human making those decisions.

Fannie Mae made these determinations after studying what types of borrowers have been most defaulting on their loans. In this Reuters article, spokesperson Brian Faith had this to say:

“Loans to people with credit scores below 620 fell seriously behind at a rate approximately nine times higher than other loans purchased in the same period, Fannie Mae spokesman Brian Faith said. Loans taken out by borrowers with lots of debt also suffer higher levels of serious delinquency, he said.”

So what does this mean for the Towson homebuyer? If you are getting a conventional loan, you must have at least a 620 credit score and only 45% debt-to-income ratio.

Please note this does NOT affect FHA home loans or loans not provided by Fannie Mae, though as T. Jeremy Loomis of Wells Fargo Home Mortgage notes, Freddie Mac tends to follow Fannie Mae’s policies very quickly, so he expects to see these changes come through there soon, with most other institutions following their lead.

I want to thank Jeremy for this information, as he provided this to a large group of REALTORS(R) in his Continuing Education Course at the Greater Baltimore Board of REALTORS(R) earlier this week. Please also note, many lending institutions have already instituted this new policy to be in compliance for loans closing after December 12, 2009.

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