Archives for August 2011

August 2011 Business Meeting Recap


Thank you to Regional Home Mortgage consultants Charlotte Hauck and Connie Clyburn who presented this month at our business meeting and gave some great tips!

Flood Zone Determination : but remember FEMA has the final determination and you can also verify there.



Quick FHA Condo Updates

1.  Delinquent HOmeowners Association Dues – if 15% or more of the unit owners in a condominium community are more than 30 days past due, FHA will not finance a mortgage.  The 15% includes all units (occupied, investor, bank-owned, vacant)

2.  FHA Concentration – FHA will not insure any mortgages in an approved project if 50% or more of the units are FHA-insured.  FHA will display the concentration information for each approved condomimium project on the approved condominium listing, which can be found on the public website at :

3.  Owner-Occupancy Requirements – at least 50% of the units of a project must be owner occupied.  This must be verified by the property management company.

4.  HO-6 “Walls-in” Interior Insurance – borrowers must obtain an HO-6 “walls-in” interior insurance policy to cover the replacement of interior items.  These policies are mandatory and must be escrowed.

But basically that is why we work with experienced mortgage consultants who know their programs and what can get approved.  So for the most updated information contact regarding FHA approved condominiums contact Charlotte Hauck (757) 407-9100 or Connie Clyburn (757) 286-4359

And then we had a nice lunch catered by Abuelo’s.


Flood Zone Determination

Here is a website that will help you determine if a property is located in a flood zone.


1.  Open website

2.  Enter the address

3.  Press “Search”

4.  Press “Flood Risk”



**Be sure to open each drop box to make sure you have ALL the pertinent information.

Flood Zones are as follows:

A – Requires flood insurance

AE – Requires flood insurance

B – Flood insurance is not mandatory

C – Flood insurance is not mandatory

X – Flood insurance is not mandatory











Mortgage Questions?

We partner with Regional Home Mortgage (a division of Monarch Mortgage) and if you have a mortgage question we would love to be able to refer you to our in house team of mortgage experts.

In our Virginia Beach office we have David Erman ( a mortgage professional since 1991 and a valid real estate license since 1991) and Holly Damales (a mortgage professional since 1986 and has had a valid real estate license for 31 years) who have years of experience to help you through the transaction.

Their office is located at 401 N Great Neck Road, Virginia Beach Va 23454 (757) 961-9090




Tenacious Tuesdays with Steven Edwards


What a powerful Tenacious Tuesday class this morning! 16 Alumni were in attendance and some incredible and eye opening information was revealed to them to help them expand their practices and put to use the information that was shared.

I expect GREAT things for those who were attendance this morning and look forward to seeing more TBGS graduates at the next Tenacious Tuesday session in Chesapeake on 8/23/11 @ 9:30am.