New Orleans Louisiana Real Estate and Community Blog 

I don’t know about pigs flying, but I do know “The Saints did go marching in!” And, are the victors!!! For the 1st time in the Saints history, the team has won the Super Bowl to become National Football Champions. During this season, the Saints celebrated many firsts.

• 1st time as National Football League Champions!
• 1st time playing in the Super Bowl!
• 1st time winning the Super Bowl.
  

And so many other 1st’s. WHO DAT! Congratulations to the WHO DAT! Nation. Translation: all of the Saintsational fans and supporters of the New Orleans Saints.

Speaking of 1st’s.

For 1st time homebuyers this is an opportune time to invest in your 1st home in one of the Saints Parishes. There are so many wonderful financing options available to you. Home prices start in the low 100’s. For a free, no obligation consultation, call VBS today at 504-616-3539.

For repeat buyers desiring to move-up or scale down, the Saints Parishes is where you want to live. Prices range to over $500,000.

Hurry! Tax credit extension expires April 2010. Act of Sale must be consummated by June 2010. 1st time as well as repeat buyers may qualify.

So as we continue to celebrate the New Orleans Saints’ many victories, let plan on celebrating the purchase of your 1st or next home! Call VBS at 504.616.3539 WHO DAT! Saint James Parish is situated between Baton Rouge and New Orleans. This is the epitome of enjoying country living while having access to the amenities of the big cities. Saint John the Baptist Parish is approximately 30 minutes from New Orleans. Do you know The Southeast Louisiana War Veterans Home is located in Saint John Parish?

For information on real estate in The River Parishes, dial 504-616-3539 Vanessa B. Scott, REALTOR.

Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs. If you or someone you know is interested in buying or selling a home in the River Parishes, hire Vanessa B. Scott to work as your REALTOR. I welcome incoming and outgoing referrals.

St. James Parish, The Bonfire Capital of the World

St. John the Baptist Parish, The Andouille Capital of the World

Posted by:Vanessa B. Scott

In a positive step forward last week, the federal government defined what homeowners must do to formally determine that they have contaminated drywall in their home. These requirements are useful because they not only establish what evidence a homeowner must collect to prove they have a problem, but should help ensure homeowners do not destroy evidence when remodeling if they later want to take part in a lawsuit and/or obtain proposed government financial assistance.

When gathering the required contaminated drywall evidence, homeowners need to look for and document signs of corrosion such as blackened copper wiring and blackened air-conditioned evaporator coils. Other evidence should be gathered such as documenting that the drywall was made in China. A photographic catalog of these markings can be found here. Pictures and/or a third party report of these findings is always advised to ensure the evidence is gathered and documented with objectivity and clarity.

 

A homeowner can also hire a firm (home inspector, home forensic firm or environmental consulting company) to test for chemicals in the home and/or in a specific sheet of drywall or copper piping. Again, results should be documented and retained by the homeowner. But be careful. There currently are no set standards or practices these firms must adhere to when reviewing and documenting drywall contamination so make sure you understand what they will and will not test for, as well as the associated costs since many simple tests can start anywhere from $400-$800.

As part of this process, homeowners must have documented evidence of when their drywall was installed during the known contamination period between 2001 and 2008. This installation date determines how many pieces of evidence the homeowner must gather to support their claim on drywall contamination. Government rules mandate that if the drywall was installed between 2005 and 2008, a homeowner needs to find only 2 pieces of corroborating evidence. Drywall installed between 2001-2004, however, requires that four pieces of corroborating evidence be gathered.

The next step the government needs to take for those unfortunate homeowners caught up in this mess is to outline the proper remediation process for handling and destroying contaminated drywall. Right now, some people are taking the drywall out themselves, often putting it out with the local trash so they can quickly and cheaply get rid of it. Others go to the opposite extreme – hiring men in airtight bunny suits to remove the contaminated walls in a manner similar to how asbestos is handled. Either way, the need is the same – to remove the dangerous drywall from the home and make it habitable again for the owners.

I’d love to hear your comments on this blog! Feel free to contact me also with questions call me at 985-707-5035 or email me a pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett

If there’s one thing that is certain, it’s that time waits for no homebuyer. And this definitely applies to the benefits a first time homebuyer can receive if they buy a home now versus waiting.

One of the main benefits of a first time homebuyer signing a contract before April 30, 2010 to buy their first home is that they can receive an up to $8000 tax credit when they file their 2010 taxes. There’s no gimmicks with this credit. It is added to the “bottom line” of your taxes and refunded to you when you file. For example, if you owe $2500 on your 2010 taxes and claim this first time home buyer tax credit of $8000, you’ll end up receiving back $5500 in cash from the federal government. See www.irs.gov and look for form 5054 for the details of how to qualify for this credit and/or talk to your tax advisor for more information.

Another benefit of buying a home right now is that interest rates are presently floating around historically low levels, with general consensus in the financial markets being they will more than likely go up in the near future. The financial impact of an increase of even one percentage point on a mortgage rate can be expensive for a borrower. Say for example you borrow $100,000 at 5% over 30 years. Your monthly principal and interest payment would be $536.82 and you’d end up paying $93,256 in interest over the life of the loan. If this same note, however, was done at an interest rate of 6% instead of 5%, not only would your monthly payment go up to $599.55, but you’d end up paying $115,838.44 in interest over the life of the loan – a difference of over $22,500!

Finally, another benefit of buying right now is that lending requirements are slated to become even tougher in the Spring and Summer of 2010. Right now, FHA has one of the lowest downpayment requirements for borrowers at 3.5% and some of the most lenient credit score requirements. Thus it’s been a key lending source for most first time homebuyers.

FHA, however, has recently announced that sometime between the Spring and early Summer of 2010 they will increase the downpayment requirements to 6% for those borrowers with credit scores below 580 AND that sellers will only be able to pay up to 3% of buyer’s prepaid and closing costs instead of the 6% currently allowed. This means that some home buyers will not only have to potentially come up with a larger downpayment to get a loan, but that they may also have to pay a larger portion of their closing costs and prepaid items which they traditionally could have gotten the seller to pay on their behalf.

Other costs associated with FHA loans – such as the mortgage insurance premiums buyers who put down less than 20% on a new home purchase must pay as part of the loan and FHA annual premiums – will also increase in this same timeframe as FHA strives to increase its dwindling reserves and stabilize its lending business.

Where does this leave first time homebuyers? With not much time to act. I’m counseling all my clients that if they want to take advantage of the current tax credits and be able to get a loan at reasonable terms, they need to move now. If they don’t they will pay for their tardiness in entering the market and/or perhaps even forgo their dream of buying their first home.

I’d love to hear your comments on this blog! Feel free to contact me also with questions call me at 985-707-5035 or email me a pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett

The town of Gramercy in St. James Parish has been selected as the home of Louisiana Sugar Refinery. LSR is a Joint Venture with the following entities:

• Cargill, Inc.
• Imperial Sugar Company
• Sugar Growers and Refiners, Inc.

The refinery will be situated along Historic River Road and in close proximity to Imperial Sugar Company. Cargill, Inc. is some miles down the River Road in adjacent St. John Parish. What a “sweet” boost for the economy in the River Parishes.

This is also great news for those interested in purchasing a home in St. James Parish. Now is the time to make your investment in your Home Sweet Home. 1st time as well as repeat homebuyers can still qualify for the tax credit. Act now. FHA guidelines are changing. Act now. Interest rates are great. Act now. If you are reading this, the time to invest is now. Prices for existing homes range from the low 100’s to the mid 300’s. Homes at the entry level have approximately 1400 square feet of living area. Rooms include 3 bedrooms, 2 baths, well-appointed kitchen, dining, living room and car storage.

Homes at the higher price level have approximately 2600 square feet of living area. Features include 3 baths, 4 bedrooms, formal living and dining rooms, great rooms, fireplaces, jetted tubs, gourmet kitchens, workshops, etc. Lots sizes vary from 90x120 to well over an acre. If you have your own plans and custom built is your heart’s desire, dial 504.616.3539 Vanessa B. Scott, REALTOR.

There are lots of lots are available. For a list of available homes, send your requests to vscott@latterblum.com.

For information on real estate in The River Parishes, dial 504.616.3539 Vanessa B. Scott, REALTOR.

Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs. If you or someone you know is interested in buying or selling a home in the River Parishes, hire Vanessa B. Scott to work as your REALTOR. I welcome incoming and outgoing referrals.

St. James Parish, The Bonfire Capital of the World

St. John the Baptist Parish, The Andouille Capital of the World

Posted by:Vanessa B. Scott

Many out-of-towners ask, “what’s the big deal with Bywater and Marigny?” Oh, my goodness!!! These two New Orleans’ neighborhoods just ooze authentic southern charm! They have lots of other qualities going for them, too…..here are a few:

LOCATION, LOCATION, LOCATION
Marigny is located across the street (Esplanade Avenue) from the world-famous French Quarter. This quaint faubourg (neighborhood) is divided into two sections…the Marigny Triangle and the Marigny Rectangle. The Triangle is closest to “THE QUARTER” and the rectangle is a bit further away. They’re both an easy walk to the French Quarter and the Central Business District. Bywater is just a smidge further down river.

 

ARCHITECTURE
Marigny and Bywater offer some of the oldest homes in New Orleans, some dating circa 1826. Homes run the gamut from the shotgun single, to the stately Greek revival with Creole cottages, Victorian, Italianate, Eastlake, and even a couple contemporary homes for added flavor. Many of these homes have been scooped up and restored or renovated to pristine condition. And, the exterior colors are a panorama of hues and a delight to behold….from the gaudy to the sedate.

  THINGS TO DO, PLACES TO GO
If you enjoy eating out…these 2 neighborhoods feature some of New Orleans’ finest restaurants…THE JOINT, ELIZABETH’S, BYWATER BARBEQUE, JACK DEMPSEY’S, LA PENICHE, MARIGNY BRASSIERE, PRALINE CONNECTION, FEELINGS, BUFFA’S…….the food is as only New Orleans can offer, seasoned just right!

If you like after hours fun, try the FRIENDLY BAR, MARKEY’S, THE SATURN BAR, MIMI’S, CUTTERS, THE COUNTRY CLUB (restaurant, bar with pool)…..

 

PARKS
Bywater’s Markey Park with once-a-month art shows is a place to take the toddlers to swing and slide, or just relax with your pooch. Marigny’s Washington Square Park, one square block, with kids area, and a scenic respite for all others.

That’s what these historic neighborhoods have to offer….architecture, terrific location adjacent the Mighty Mississippi River as a backdrop with calliope music and cruise ships and tankers announcing their arrival and departures for all to hear….AND, an array of good neighbors, darlin’! Come on down, and we’ll share a new life style with you!

(Buyers have the choice of purchasing single family or multi-family homes, condominiums, and/or commercial properties.)

Feel free to contact me at (504) 948-3011 or email me at ljlacoy@latterblum.com with any questions on the Bywater and Marigny area.

Posted by:Lane Lacoy

Over the past six months I’ve begun to immerse myself in green building technologies, practices and certifications. Already I’ve become NAR Green Certified and am in the process of becoming a Certified Green Verifier through the New Orleans Home Builder’s Association.

Nationally, there are currently four different ‘green’ certifications and/or guidelines a home can obtain – ENERY STAR, LEED for Homes, NAHB Green and Builder’s Challenge. All have their own rating system, guidelines and certifications. (See my earlier BLOG for a summary of these programs. But I’ll focus on ENERGY STAR in more detail here.

ENERGY STAR is a federal program under the EPA designed to promote energy efficiency within a home. Most people have heard of ENERGY STAR as it relates to purchasing energy efficient appliances. This is just one aspect of what ENERGY STAR promotes since they want to focus the home owner on the energy efficiency of the entire home.

To earn the ENERGY STAR rating, a home must be at least 15% more energy efficient than homes built to the current International Residential Code (IRC) and include other energy efficiency features that often make a home 20-30% more efficient than a standard home. Some of these other features include:

• Effective insulation
• High-performance windows
• Tight construction and ducts
• Efficient heating and cooling equipment

To obtain ENERGY STAR certification, you need to meet a set list of requirements which must then be verified by a third party verifier to obtain the certification. Either you pass by meeting the requirements or its back to the drawing board. This certification approach is unlike some of the other ‘green’ certifications whereby the builder can choose from a much longer list of ‘green’ attributes to potentially build into a home. Builders then decide which ‘green’ attributes to add and not add to the home as they work their way to achieving an overall minimum score for a specific certification. (These ‘green’ features too must be reviewed by a third party verifier.)

One other difference between ENERGY STAR and other ‘green’ certifications is that ENERGY STAR currently only focuses on energy efficiency within the home and not other ‘green’ areas such as water usage, site selection and build, and overall indoor air quality.

But with rising energy costs and the homebuyer’s interest in supporting the environment, there is no doubt there is a growing interest in ‘green’ building and related certifications. Each certification can be helpful in marketing and selling the home by giving a potential buyer an understanding of how efficient and ‘green’ friendly a home is as compared to the other available homes currently on the market.

Check out www.energystar.gov for more information, including tax credits homeowners may be eligible for given potential energy efficient renovations they’ve done to their home. Also check out www.entergy-neworleans.com/energy_efficiency for a list of energy verifiers in our area and for information on other ways to save on your energy bill.

I’d love to hear your comments on this blog! Feel free to contact me also with questions call me at 985-707-5035 or email me a pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett

An On-site AUCTION is scheduled for Saturday, 20 February 2010 at 1:00 pm (CST).

You can invest in this property by submitting the successful offer prior to this date.

This is the second of my property listings that has been scheduled for sale at auction.

The first one sold prior to the auction. Cash sale. In less than a month’s time, the property was leased. Only minimal repairs were required.

This is YOUR opportunity to put your investment dollars to work.

Property Address: 2408 Van Arpel Drive, LaPlace. The property is located in New Era subdivision, St. John the Baptist Parish. Features include the following: split floor plan, 2-car garage, fenced yard, 3 bedrooms, 2 full baths, great room with cathedral ceiling and fireplace, separate formal dining room and 13.5’ x 13.5’ kitchen. Other features are central air conditioning and heating, total electric, covered entry and concrete patio. The home has over 1700 square feet living area. Bank-owned. REO. Bank repo.

For more information, visit www.latter-blum.com, MLS# 802138.

I almost forgot, list price? $96,900!

Now is the time to make your move! Don’t’ wait.

For more details, contact Vanessa B. Scott, REALTOR at 504.616.3539.

If you want to purchase this property prior to the auction, call me immediately.

For information on real estate in The River Parishes, contact Vanessa B. Scott, REALTOR.

Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs.

I welcome incoming and outgoing referrals.

St. James Parish, The Bonfire Capital of the World

St. John the Baptist Parish, The Andouille Capital of the World

Posted by:Vanessa B. Scott

It’s Here!

Buyers and Sellers.

The revised HUD Settlement Cost Booklet, Shopping for Your Home Loan, is now available. The U. S. Department of Housing and Urban Development has provided these extremely informative booklets for the general consumer, the homebuyer. Sellers, you will benefit as well. Typically, when after you sell one property, you buy another.

1 January 2010 is the target date for putting in effect the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement forms. Basically, within 3 days of loan application by the buyer, mortgage lenders and brokers are required to give this booklet to the buyer.

Some of the information covered in this booklet includes the following:

• The Introduction (Your time-line)
• Evaluation as to Your Readiness to Purchase a Home
• Determination of What You Can Afford
• House Shopping and the Key Professionals Involved
• Shopping for Your Loan
• The Good Faith Estimate (GFE), breakdown of your investment costs
• Settlement and HUD-1 Statement, keeping it simple
• After the Settlement
• Home Equity and Refinances
• Glossary of Terms and Mortgage Products
• Sample HUD-1 Settlement Statement

There’s a The Do List and The Don’t List. (page 48) Well, we’ll get into more of the information in the booklet in our next blogs.

In the meantime, if you’d like me to send you a copy just contact me at 504.616.3539 or vscott@latterblum.com.

Let’s talk about it.

For information on real estate in The River Parishes, contact Vanessa B. Scott, REALTOR. Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs. I welcome incoming and outgoing referrals.

St. James Parish is easily accessed via major highways, interstate systems and bridges. Baton Rouge, New Orleans, Houma and the Northshore are within an hour’s drive. The New Orleans International Airport is less than 45 minutes away.

St. James Parish, The Bonfire Capital of the World

St. John the Baptist Parish, The Andouille Capital of the World

Posted by:Vanessa B. Scott

On 24 December 2009, people will literally come from all over the United States to experience the hospitality of St. James Parish. That night, over 200 bonfires will be lit (burned). Families, clubs, organizations who have labored in a few short weeks to build the bonfires will enjoy good old-fashioned fellowship, food, fireworks and fun.

Many of the homes situated along Historic River Road (Jefferson Highway, LA Highway 44) will be the site of Open Houses to friends and co-workers.

In the past, traffic has been bumper to bumper. Don’t be alarmed. It is a good thing. This way, one is allowed to leisurely cruise the River Road and enjoy all the bonfires on the levee. It’s a great driving tour. You get to experience the sights, sounds and feel of the excitement without leaving your vehicle. Some folks bring their RV’s, park and network with the locals.

Television crews from Baton Rouge and New Orleans will be getting their news stories.

Various vendors and craftsmen will be on hand to sell their wares: Food, mementos and beverages. Folks usually start arriving in early afternoon. Bonfires will be lit at 7:00 pm.

There are several riverboat tours that offer dinner and the cruise to the bonfires.*

Don’t miss this opportunity to embrace the true benefits of real country living with all the benefits of the city.

St. James Parish is easily accessed via major highways, interstate systems and bridges. Baton Rouge, New Orleans, Houma and Mandeville are within an hour’s drive. The New Orleans International Airport is less than 45 minutes away. Wow.

*The St. James Parish Tourist Center is located at 1094 Airline Highway 61, Gramercy. Telephone number is 225.869.1717.

Wow. I am so thrilled about Christmas Eve. Come on over and experience The Bonfire Capital of the World. The Parish, the towns, the food, the people, the amenities and the wonderfully-priced homes. St. James Parish: Great Prices. Great Value. Great Location. Let me know you will be there, call me at 504.616.3539.

For information on real estate in The River Parishes, contact Vanessa B. Scott, REALTOR. Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs. I welcome incoming and outgoing referrals.

St. James Parish, The Bonfire Capital of the World

St. John the Baptist Parish, The Andouille Capital of the World

Posted by:Vanessa B. Scott

Energy efficiency and other “green” factors are coming up more and more when talking to home buyers about a home purchase. But unfortunately there is not just one rating system a buyer can look at to understand how “green” or energy efficient a home is compared to one that has no energy or “green” rating. Therefore real estate agents and homebuyers need to understand the differences between rating systems.

On the national level, there are four different rating programs that you may see advertised with a home:

1. ENERGY STAR – This designation doesn’t just relate to the energy efficiency of appliances and electronics, but the energy efficiency of the entire home – including effective insulation, high-performance windows, and “tight” construction and ducts. To obtain this designation, a home must meet the guidelines for energy efficiency set by the US EPA. Typically, homes with this designation are 20-30% more efficient that standard homes. See http://www.energystar.gov for more information.

2. NAHB Green – Established by the National Association of Home Builders, these guidelines were designed to provide builders a standard for green building.” Green building not only encompasses energy efficiency in a home, but water efficiency, improved indoor air quality, and other green building elements. Homes are given one of four certifications using this program – “Bronze” (home meets or exceeds 15% above energy code requirements), “Silver,” “Gold” and “Emerald” (home meets or exceeds 60% above energy code requirements.) A certified green home rater is needed to verify the homes status. Look at http://www.nahbgreen.org for more information.

3. LEED – Traditionally used in commercial construction, LEED is being used more and more in residential building. Established by the US Green Building Council, LEED uses a point system to establish the strength of a homes’ “greenness.” Here in New Orleans, the “Make It Right” foundation headed by Brad Pitt is using this system to establish the “greenness” of the homes it is building in the 9th Ward. Not to be confused with the NAHB Green program, LEED has similar certification designations, classifying homes as “Silver,” “Gold,” or “Platinum.” For more information on LEED scoring and other requirements, see www.usgbc.org.

4. Builder’s Challenger – Developed by the U.S. Department of Energy, this is a voluntary effort to increase the number of energy efficient homes in the U.S., which must be a minimum 30% more energy efficient than code. There are a few different paths a homeowner or builder can take to obtain this classification. See here for more information.

Everyone should note that there are also state specific energy and “green” certifications, as well as state specific tax credits that a homeowner can claim for certain “green” or “energy” improvements. Check your state websites for more information.

I’d love to hear your comments on this blog! Feel free to contact me also with questions call me at 985-707-5035 or email me a pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett

When:
This weekend, December 11-13, 2009

Where:
Lutcher Recreation Park
2545 Louisiana Avenue
Lutcher, LA 70071

For information on the history, features and schedule of activities for The Festival of the Bonfires, please visit www.festivalofthebonfires.org. Contact telephone number is 1.800.367.7852.

One of my favorite features is Santa’s Very Merry Forest. There, the local schools, businesses and clubs display theme-decorated and lighted Christmas trees. Awesome. Very Unique.

On Friday night, the winners of the Gumbo Cook Off, Potato Salad Show Down and Bread Pudding Bake Off are announced. You can purchase sample sizes of all of these. YUM. YUM. The cooking begins around noon on Friday. Did I say, YUM, YUM?

Other events include 5k Run, Car show, Horseshoe Tournament and Mutt March. The Silent Auction. Children’s Pageants. Throughout the weekend, there will be live entertainment, local foods, crafts, rides, and so much more.

Each night a bonfire specifically-built for the festival is lighted (burned). Check out this bonfire that is located in The St. James Parish Welcome Center. Free transportation to the levee site is provided.

Admission is $4. There is no charge for children under 10 and seniors 62+. Plenty of free parking.

Wow. I am so thrilled about this weekend. Come on over and experience The Bonfire Capital of the World. Let me know you will be there, call me at 504.616.3539.

For information on real estate in The River Parishes, contact Vanessa B. Scott, REALTOR. Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs. I welcome incoming and outgoing referrals.

Posted by:Vanessa B. Scott

Home sales are still terrific in these two neighborhoods! Lots of first-time home buyers and lots of out-of-towners. Some of the more romantic buyers moving to Marigny/Bywater include a famous author, a camera man for major motion pictures, and one of New Orleans’ most prominent real estate developers! Come on and move into two of America’s most exciting areas located adjacent the Mighty Mississippi River and minutes to the World-Famous French Quarter!

Take a look at the statistics below.

SINGLE FAMILY

2009 (Jan. 1 – Nov. 20)

Singles SOLD: 43 houses
Sold Price Range: $25,000 - $1,000,000
Number under $100K: 7
Number over $100K: 16
Number over $200K: 14
Number over $300K : 4
Number over $400K : 2

2008 (Jan.1 – Nov. 20)

Singles SOLD: 53 houses
Sold Price Range: $60,000 - $584,999
Number under $100K: 3
Number over $100K: 21
Number over $200K: 18
Number over $300K: 4
Number over $400K: 7

MULTI FAMILY HOMES

2009 (Jan. 1 – Nov. 20)

Multi-Families SOLD: 36
Sold Price Range: $41,000 - $556,500
Number under $100K: 4
Number over $100K: 16
Number over $200K: 12
Number over $300K: 3
Number over $400K: 1

2008 (Jan.1 – Nov. 20)

Multi-Families SOLD: 37
Sold Price Range: $40,000 - $530,000
Number under $100K: 6
Number over $100K: 18
Number over $200K: 8
Number over $300K: 2
Number over $400K: 3

Posted by:Lane Lacoy

The FHA has backed off the stringent condominium financing guidelines that were supposed to take effect on November 2, 2009 much to the relief of condominium owners and buyers everywhere. FHA financing is important to the condo market because they only require a 3 ½% down payment and a minimum 620 credit score—a great vehicle for first time and lower income homebuyers. Here are the important points…

• All currently approved condo projects will remain on the FHA approved list.
• Projects approved prior to October 1, 2008 will require recertification by December 7, 2010.
• Projects approved after October 1, 2008 will require recertification 2 years from the initial approval date.

Now here’s the not so great news…

• Spot loans are eliminated on case numbers on or after February 1, 2010.
• On each loan file, a lender must certify that currently approved condo projects continue to comply with the following to be eligible for FHA financing…
  • No one investor may own more than 10% of the units in a condo project
  • No more than 15% of the total units can be delinquent (more than 30 days past due) on the condo association fees
  • A minimum of 50% of the units must be owner-occupied
  • FHA will now allow 50% of the units to be FHA financed or up to 100% of the units to be financed with allowance (except for new construction and conversions) when all of these criteria are met, the condo project was completed more than 12 months ago and all of the units have been sold, the Homeowners’ Association is controlled by the owners and the project budget shows at least 10% in capital reserves.

It may seem overwhelmingly complicated but both your realtor and your lender can help walk you through the process of using FHA financing for your condominium purchase. Don’t hesitate to call me at 504-613-7902 to find out more or for help in purchasing your condo.

Posted by:Kelli Wright

Sometimes hidden behind the drywall of our historic homes in New Orleans lies a secret. Could the handsome Creole Cottage be something more than it appears? Could it be one of the first recycled homes in the United States? Quite possibly, as the home could be a barge board home. So what is a barge board home and how did New Orleans end up on the forefront of recycling back in the 19th century?

As expected in New Orleans, the Mississippi River played an integral part in the establishment of barge board homes. During the 1800’s, flatboats transported goods and materials down the Mississippi River from the Midwest. Once in New Orleans, these flat-bottomed boats could not navigate back up river, so they were broken apart and the lumber was either discarded or sold. From this lumber construction of new homes began.

The thick irregular sized barge boards were placed vertically along the sills to form the walls of the home, and then the exterior of the barge boards was covered usually with clapboard. Over time the interior walls were often covered with sheetrock, and, for all practical purposes, the evidence of a barge board home disappeared. However, a barge board home that has been covered can still reveal its secrets. Look for extended window frames and electric outlets that jut from the flat of the wall, a definite sign that the home was of barge board construction.

On occasion you can still find a few homes that still have the exposed barge board walls. As the heyday of flatboat traffic and barge board home construction occurred between 1790 and 1880, historic districts such as Bywater contain a great many of these type of homes, the first homes made with reclaimed recycled materials.

Posted by:Carol-Jean Dixon

When I begin to work with new clients, I’m amazed at how many current homeowners are still unaware of the Homebuyer Tax Credit Program recently passed by Congress. And it’s understandable since the first time homebuyer credit received so much press over the past year and the tax credit for current homeowners just passed in the last few weeks with very little press or explanation.

So as an overview, let’s recap the Homebuyer Tax Credit program the US Congress passed on November 7, 2009. For first time homebuyers, the $8000 tax credit for married couples ($4000 single) earning less than $225,000 ($125,000 single) per year was extended into 2010. It requires first time homebuyer contracts be signed by April 30, 2010 and closed by June 30, 2010. To qualify as a first time homebuyer, you can not have owned or held a majority interest in a principal residence for three years prior to your purchase. See IRS form 5405 for more information as to how they classify a “first time homebuyer” to make sure you qualify.

For current or previous homeowners, Congress passed a $6500 tax credit for married couples ($3250 single) who have earned less than $225,000 per year ($125,000 single). As with the first time homebuyer tax credit, you must have a binding contract to purchase a primary residence dated no later than April 30, 2010 and you must close on the home purchase by June 30, 2010. To qualify, you must have lived in the home as your primary residence for 5 consecutive years out of the last 8 years.

As a current homeowner, can you keep your current primary residence, buy another home and still receive the tax credit? Yes, as long as you use the current home as your primary residence and will use the new home purchased as your primary residence once you close. As another example, maybe you lived in your home for ten years until a year ago when you sold it and moved into an apartment which you now lease. Do you qualify for the credit? Yes, because you lived in the home you owned for more than five consecutive years out of the last eight years.

For anyone to claim the credit, you must attach documentation of the purchase to your tax returns as evidence that you met the requirements. You may also need to provide evidence that you used your previous home as your primary residence for the time frames stipulated to obtain the credit for current homeowners.

Any way you look at it, it’s a great deal for homebuyers looking for their first home or hoping to move into a new home that better fits their lifestyle and/or needs. Ask your tax professional for more information to see if you qualify. You can also check out the IRS website or the Federal Housing Authority website.

I’d love to hear your comments on this blog! Feel free to contact me also with questions, call me at 985-707-5035 or email me at pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett