Parents of Chapman Elementary Students - You may need to Reroute to Pick up the Kids!

Driving along Route 10 in Cheshire lately, you may have noticed that some signs have gone up that are covered in black plastic. Of course the curious have begun to tear off the plastic to see what is coming! Here is the lowdown:

Country Club Road Bridge will be closed for repair beginning on Tuesday, September 7, at 7:00 A.M. The bridge is located on Country Club Road, between Round Hill Road and Wolf Hill Road (you know, the bridge that has been just one lane for the past few months!). It will be closed to vehicles, bicyclists and pedestrians. The Town of Cheshire anticipates that the bridge will re-open by Friday, December 17.

Country Club Road from Wolf Hill Road will be restricted to homeowners residing on Country Club Road, and this portion of the road will not be open to through traffic. Northbound traffic on Country Club Road and southbound traffic on Wolf Hill Road will be prohibited from turning east onto Country Club Road at the Wolf Hill Road intersection.

To assist you in traveling around this bridge closure, it is advised that Creamery Road be utilized as the main route from Route 10 and alternatively, that Academy Road to Wiese Road be used as a method to reach the southern portions of Country Club Road.

Found a Great Realtor - Now Any Bank and Attorney will Do! Right?

Equally important as the Realtor you choose is your choice of mortgage person and attorney (in Connecticut most closings are done by attorneys). Some of the proven attributes you should be looking for are extensive and current knowledge of each professional's specific field, attention to detail, an emphasis on the importance of communication with all applicable parties, and a strong sense of urgency to staying on schedule. I think it helps if attorneys and mortgage lenders have good established working relationships as that can make the process more fluid. And this will take so much stress off the buyers and sellers!

Agents should have several good candidates from each field that they can recommend to their clients with complete confidence. Without the whole package, clients are exposed to many potential problems.

Do You Dare to Repair?

While looking for information about FHA education, I happened across mention of a "pamphlet" that they recommend - Dare to Repair by Julie Sussman and Stephanie Glakas-Tenet.

Sounded interesting, so I went to Amazon.com to check it out. It is actually a paperback titled Dare to Repair: A Do-it-Herself Guide to Fixing (Almost) Anything in the Home. I think it could be useful to any first-time homeowner as there are always little items that come up needing attention.

Here is one Amazon.com Editorial Review:

"Whether you identify with riot grrrls or Rosie the Riveter, you'll love the tackle-it-yourself empowerment style of Dare to Repair. Covering simple tasks like unclogging bathroom sinks and switching directions on a ceiling fan along with more intimidating projects such as patching holes in drywall or creating a circuit map, this no-nonsense guide will walk you through those simple steps of maintaining, and perhaps even improving, your home. Forget about Martha and her hot-glue-gun projects--this is about drain snakes, electrical tape, and the kind of screwdrivers you can't order from a bartender.

"Authors Julie Sussman and Stephanie Glakas-Tenet mix goofy "Your fridge is running? Better catch it!" jokes with a very matter-of-fact tone that assumes from the start you're woman enough for the job. Sections are arranged by general category (electricity, plumbing, etc.), and every entry is accompanied by clear illustrations of items and processes. For women who live alone or are starting up a business, this is a serious money-saving guide; for those of us with roommates, there's no quicker way to impress than to whip out your toolbox and get down to business. --Jill Lightner "

Dealing with Underground Critters

One of the things I enjoy greatly about living in Central Connecticut is the wildlife that you see at any time of day as you drive around town. In open fields along Route 10 one often spots groundhogs, black squirrels, and even an occassional pheasant! Always puts a smile on my face.

However, when groundhogs show up in my own yard, I can't say the smile lasts too long. I often hear people say that the humane ways of getting rid of them don't work well, but I seem to have had some success with fox urine hanging in my trees and shrubs in the back yard--I've noticed fewer squirrels in the back yard too--and I had a large population of those prior to trying this treatment.

Now I just wish the moles would take the fox threat seriously! The funny thing is that I do also have foxes living in our area, but the groundhogs don't seem to feel too threatened by them!

Why Should I Care if My Condominium Complex is Not FHA Approved?

With so many loans going FHA or CHFA, it is more important than ever to be sure your condominium complex has the necessary approval to facilitate this type of financing. Prior to January, 2010, if a condo complex was not on the approved list, a spot check could be performed; and as long as the basic criteria was met, the process for FHA financing could usually be completed. This, however, is no longer the case. If condo complexes are not approved, sales of units most likely will take dramatically longer. Rather than the need for just 3.5% down and closing costs for an FHA or CHFA loan, a buyer securing conventional financing would need to come up with 20% down as well as cover closing costs. This puts non FHA complexes out of the game for the most part. This also affects owners who wish to refinance using an FHA loan.

What can you do?

Get your condo association to begin the process of FHA approval. See the link below from hud.gov. It is important for associations and all of their participants to realize that sooner or later they will benefit handsomely from this process. Who knows if and/or when the market will swing back to a majority of conventional loans? Don't wait for this to happen.

HUD.gov Information on Condominium Approval

Unfortunately, even many Realtors are not aware of this change in the market. They do not realize that if you are an FHA or CHFA buyer, there may be condominium complexes that are basically off limits. One needs to check the FHA site to see which complexes qualify. Below is the link to find out whether or not your complex is on the approved list:

HUD.gov Approved Condominium Complex Lookup

Connecticut Buyers Be Aware!

Many first time home buyers in the state of Connecticut are using CHFA financing. Today I got a copy of a commitment letter on the CHFA loan on a two-family where I represent the seller. The buyer was to supply proof that he had attended the 3 hour landlord counseling. This was the first time the buyer or mortgage person had heard about this requirement-so closing will be delayed a week or so. Unfortunately, as I represent the seller, it was not my place to remind the buyer that this was a requirement of the loan; but you can be sure that in the future, I will be sure that all buyer agents will be reminded!!

So buyers, when you sit down with your mortgage broker, please be sure to ask about any require education that you must attend as a condition of your loan so you can get it done as early in the process as possible. Here is a quick summary of require education:

3 Hour - Homebuyer Education Class

CHFA's three-hour class provides an overview of the financial and practical steps involved in buying and maintaining a home for CHFA loan applicants under the Downpayment Assistance Program, the Homeownership Program and the Home of Your Own Loan Program. CHFA requires that applicants of the Downpayment Assistance, Home of Your Own Program, and Homeownership Loan Programs attend this class as part of their loan process.

8 Hour - Homebuyer Education Class

CHFA's eight-hour homebuyer class provides in-depth instruction on the steps towards homeownership to anyone interested in buying their first home. It is also mandatory for CHFA loan applicants under the Section 8 Housing Choice Voucher Homeownership Program. Individual financial and credit counseling sessions are also available.

Landlord Education and Housing Counseling Services

CHFA's Landlord Education and Housing Counseling Services provides, free of charge, an overview on the range of financial and practical topics that a homebuyer should understand before completing the 2-4 family homeownership process. This class is required for those purchasing a 2-4 family home under the CHFA Homebuyer Mortgage Program.

For Full information on CHFA education requirements, here is a link to the education section of their website:

http://www.chfa.org/Homeownership/for%20Homebuyers/Homebuyer%20Education/default.aspx