Marcia Glenn Recognized as #1 Agent for 2nd Consecutive Year

Nothnagle Realtors held its annual awards event on January 29, 2010, at the Rochester Radisson Riverside Hotel. Marcia Glenn, Associate Broker with the Penfield branch, was recognized as the company’s top sales agent for 2009. This is the second consecutive year that Marcia has achieved the #1 ranking.

Marcia is a lifelong resident of Rochester who believes in the strength of this community and all it has to offer. Licensed in 1992, Marcia has been affiliated with Nothnagle Realtors her entire real estate career and has been in the “Top 30” since 1994. She is an accredited Domestic and International Relocation Specialist and the recipient of numerous industry awards.

“Not only did Marcia achieve the ranking of top sales agent for the company for the second consecutive year, but her sales volume and number of transactions actually exceeded her 2008 levels. That is a testament to Marcia’s hard work and dedication, especially with all of the challenges the real estate industry faced in 2009,” said Armand D’Alfonso, President and CEO of Nothnagle Realtors. “Marcia’s professionalism and attention to detail have earned her the respect of the colleagues and clients she has worked with over the years. She consistently delivers an exceptional real estate experience and exceeds expectations time and time again.”


Christie Nasello, Nothnagle Realtors Salesperson and Marcia’s business partner since 2005, describes Marcia saying, “She genuinely cares about helping all of our buyers and sellers reach their goals and will exhaust every avenue possible to achieve success for the people we serve. Marcia is a true visionary and it is an honor to work with someone who is committed to protecting the interests of her clients with such integrity and determination.”

Marcia serves all of Monroe County and the surrounding areas and has close to $175 million in career sales. 2009 sales were up over 8% for transactions as well as sales volume, going against the market trend last year. The Greater Rochester Association of REALTORS® released statistics last week indicating overall sales for the market were down 1.38% in 2009 compared to 2008.

Marcia credited Nothnagle Realtors for contributing to her success saying, “I am proud to be affiliated with this outstanding company, their commitment to providing agents with support and innovative ways to serve our clients is unsurpassed in the real estate industry.” Marcia went on to say, “Achieving the top position within the company is never a singular accomplishment. #1 is both a collective and collaborative effort of each team member of the Glenn Advantage Team, along with the support of each department within Nothnagle, all agents with Nothnagle and the management team.”

Contact Marcia Glenn and The Glenn Advantage Team at 248-1064.

Good Neighbor Next Door Program

Are you a teacher, law enforcement officer, firefighter or EMT thinking about purchasing a home? You may want to find out more about HUD's Good Neighbor Next Door Program that may allow you to purchase a HUD home at a discounted price. Nothnagle Realtors offers our agents advance training on assisting buyers with purchasing a HUD home. If you are interested in the Good Neighbor or other HUD programs, please contact a Nothnagle agent for assistance, or use our Live Chat feature or call 899-MOVE to get more information.

Frequently Asked Questions

Question: What Is the Good Neighbor Next Door (GNND) Sales Program?

Answer: HUD wants to strengthen America's communities. The Good Neighbor Next Door Program offers HUD owned single family (one-unit) homes to eligible participants at a 50% discount.

Question: Am I Eligible for the GNND Sales Program?

Answer: Law enforcement officers, teachers and firefighters/emergency medical technicians and who meet all other requirements of the program are eligible to purchase an available home.

Question: How Much of a Discount Can I Get on a HUD Home?

Answer: You can get a 50 percent discount off the HUD appraised value. For example, if HUD lists a home at $100,000, you can buy it for $50,000 provided, you occupy the home as your personal residence for the required occupancy period. If you qualify for any FHA-insured mortgage program, your downpayment is only $100 and you may finance closing costs.

Question: What Kind of Mortgage Financing Do I Need?

Answer: You may use FHA, VA, or conventional mortgages, or cash. HUD requires you to sign a Second Mortgage and Note on the discounted amount (which is $50,000 in the example above). No interest or payments are required on this "silent second" mortgage if you live in the home for the entire 36 month occupancy period. You may be required to pay a pro-rata portion of the discount to HUD should you fail to fulfill the three year occupancy requirement.

Question: What is the Occupancy Period?

Answer: You must live in the home as your sole residence for a full 36 months. The purpose of the program is to strengthen communities by encouraging employed, professional law enforcement officers, teachers and firefighters/emergency medical technicians to live in the community. You will have 30, 90 or 180 days to move into the home you purchase, depending on HUD's determination of the condition of the home and the level of repairs that may be required, if any. The 30th, 90th or 180th day is the start date for the occupancy period. Your are released from all obligations under this program at the end of the 36th month following the start date. HUD views the occupancy obligation seriously and vigorously pursues violators to the fullest extent of the law.

Question: What Is an FHA Rehabilitation Mortgage and How Can It Help Me Buy a HUD Home?

Answer: The FHA 203(k) mortgage program helps homebuyers buy a home and have enough money to rehabilitate or repair it. Repairs must cost more than $5,000. The cost of the repairs and the mortgage are combined into a single monthly payment. Consider FHA’s 203(b) program if needed repairs are under $5,000. FHA also has a new Streamlined 203(k) program which may be useful.

Question: Can I Sell the GNND Home after 3-years and Keep the Profit?

Answer: Yes. After you live in the GNND home 3 years, you can sell the home and keep any equity and/or appreciation.

Question: Do I Have to Use a Real Estate Broker or Agent to Buy a GNND Home?

Answer: Yes.

Question: Do I Have to Be a First Time Homebuyer to Take Advantage of the Program?

Answer: No. However, you may not own any other residential real property at the time you submit your offer to purchase a home and for one year previous to that date. For example, if you submit an offer to purchase a home on August 1, 2007, you may not have owned a home during the period from July 31, 2006.

Question: Where Are These Homes Located?

Answer: The HUD homes are located in designated Revitalization Areas. There are hundreds of Revitalization Areas located in the United States.

Question: Does HUD Provide a Home Warranty?

Answer: No. All GNND homes are sold "as is," without any kind of warranty.

Question: Can I Buy Multiple Unit Properties (E.g., Duplexes, Triplexes, Etc.) through the Officer Next Door Program?

Answer: No. You can only buy single unit homes, townhouses, and condominiums through the GNND Program.

Question: Do I Have to Pay Earnest Money or Other Deposits in Order to Submit a Contract for a GNND Home?

Answer: Yes. The amount of the earnest money deposit required is an amount equal to one percent of the list price, but no less than $500 and no more than $2,000. HUD considers all offers to be a commitment to purchase a home if you are awarded the sale. Therefore, please carefully consider your offer and be aware of HUD's policy on earnest money as stated here: If an offer is accepted, the earnest money deposit will be credited to the purchaser at closing. If the offer is rejected, the earnest money deposit will be returned. Earnest money deposits are subject to total forfeiture for failure of the participant to close a sale.

Question: Can I Bargain with HUD on the Price of a GNND Property?

Answer: No. You must offer the exact HUD list price when bidding on any GNND property. Then you get a 50 percent discount off of that list price.

Question: What if I Leave the employment, that made me eligible, for Any Reason, during the Mandatory 3-year Residency Period?

Answer: Nothing happens, but you must continue to live in the home for the full 36-month mandatory occupancy period. If you move out of the GNND home, you will have to repay HUD on a prorated schedule. In addition, you must certify that it is your good faith intention to remain employed as a law enforcement officer, teacher or firefighter/emergency medical technician for one year beginning with your purchase. Do no attempt to participate in the program if you know in advance that you will not be employed as required for at least one year.

Question: Some Agencies Have Other Homebuying Programs. Can the GNND Program Work in Conjunction with These?

Answer: Yes, as long as you can meet all the GNND program rules while participating in these other programs.

Question: What Happens if a Participant Fails to Honor the 3-year Occupancy Requirement?

Answer: HUD can demand repayment of the discounted amount on a prorated basis. That means you would have to repay 1/36th of the discount you received for each month that you did not occupy the home. HUD also may initiate administrative sanctions including, but not limited to, barring the officer from participating in any HUD/FHA programs, as well as other federal programs. In any case of fraud or abuse, HUD will refer the case to HUD's Office of the Inspector General for investigation and possible criminal prosecution. HUD may also notify the officer's employing agency. Criminal prosecution and conviction for fraud and abuse concerning the GNND Program can result in a fine of up to $250,000 and/or two years in federal prison.

Question: How Does HUD Enforce the 3-year Residency Requirement?

Answer: The participant must certify he or she is living in the GNND home as a sole residence at the time of purchase and each year after that. HUD can conduct spot checks to make sure the GNND home is your sole residence at any time during the 3-year period. You also must sign a note and mortgage for the discount amount. HUD may foreclose this mortgage if you do not comply with the 36-month occupancy requirement.

I already purchased a home under the GNND Program. Where can I get information about my second mortgage?
Information is available on the Good Neighbor Next Door Loan Servicing page.

Where can I get additional information?
Please contact the FHA Resource Center.

Source: U.S. Department of Housing and Urban Development

FAQ's About Reverse Mortgages

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you but unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.

Question: What is the difference between a reverse mortgage and a bank home equity loan?

With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities.

Question: If I take out a reverse mortgage will the lender then own my home?

Answer: No. Homeowners still retain title and ownership to their homes during the life of the loan, and can choose to sell the home at any time. As long as the house is maintained and property taxes and homeowners insurance are paid, the loan cannot be called due.

Question: Can I get a reverse mortgage if I have an existing mortgage?

Answer: With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage. The reverse mortgage must be in a first lien position, so any existing mortgage must be paid off. Seniors who take out reverse mortgages are free to do anything they want with their reverse mortgage proceeds. Paying off an existing mortgage is the number one reason most seniors take out a reverse mortgage.

Question: If I outlive my life expectancy, can the lender evict me?

Answer: No, reverse mortgage lenders put no time limit on how long seniors can stay in their homes. Since homeowners still own the property, lenders cannot evict them, provided they follow the program guidelines.

Question: Are there objective advisors available to seniors trying to decide if a reverse mortgage suits their needs?

Answer: Borrowers are required to work with independent, third party counselors approved by the U.S. Department of Housing and Urban Development (HUD) in their local communities. This educational session helps them make the right decision for their unique situations.

Question: Are there restrictions on how reverse mortgage proceeds may be used?

Answer: There are no restrictions. The cash proceeds from the reverse mortgage can be used for virtually any purpose and borrowers should be cautious of lenders attempting to cross sell other products. Many seniors have used reverse mortgages to pay off debt, help their kids, make ends meet or to have a financial reserve.

Question: If I otherwise qualify FHA's HECM Reverse Mortgage, can I still apply if I didn't buy my present house with FHA mortgage insurance?

Answer: Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new FHA HECM will be FHA-insured.

Question: Will I still have an estate that I can leave to my heirs?

Answer: When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.

For more information, visit HUD's Reverse Mortgage information page.

Help Habitat for Humanity in Haiti

Nothnagle Realtors is collaborating with Habitat for Humanity International to raise funds to address shelter solutions for families displaced by the recent earthquake in Haiti. Over the next four weeks, Nothnagle will be utilizing its advertising vehicles to raise awareness and ask the community for their financial support of Habitat’s initiatives in Haiti. Nothnagle will match a portion of the contributions raised for Habitat with a corporate donation.

Over 3 million people have been affected by the January 12 earthquake and estimates put the number of homeless as high as 2 million. Prior to this catastrophic event, 80% of Haitians were living in poverty, 54% in abject poverty.

“We were looking for a way to utilize our resources to help the people of Haiti and felt that partnering with Habitat to address housing needs made the most sense,” said Armand D’Alfonso, President and CEO of Nothnagle Realtors.

To donate on-line, please visit www.Nothnagle.com and click on the Habitat banner on the homepage. To donate by check, please make checks payable to Habitat for Humanity International and include “Haiti Earthquake” in the memo line. Mail checks directly to Habitat for Humanity International at 121 Habitat Street, Americus, GA 31709, or drop off checks at any Nothnagle branch office and we will forward to Habitat.


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About Habitat for Humanity International
Habitat for Humanity International is an ecumenical Christian ministry dedicated to eliminating poverty housing. As a builder of decent, safe, affordable housing, Habitat for Humanity recognizes the need to provide long-term solutions to the housing needs of families who have been affected and displaced by the earthquake in Haiti but cannot qualify for a conventional mortgage. To help, please visit Habitat for Humanity's Web site at www.habitat.org.

Changes to FHA Program

In an effort to shore up the Federal Housing Administration's finances and avoid a government bailout, the agency announce some changes to the FHA-backed mortgage program. While the changes will result in some higher costs for home buyers, FHA mortgages remain one of the best options for many purchasers, especially first-time buyers who may not have stellar credit and/or a large cash reserve saved for a downpayment.

Changes include an increase to the upfront mortgage insurance premium, which is paid by the borrower when the loan is made, from 1.75 percent to 2.25 percent. For a loan of $100,000, the mortgage insurance premium would be $2,250, up from the current $1,750. The FHA also said it was cutting the amount of aid sellers could provide buyers (often referred to as "sellers concessions") from 6 percent to 3 percent of the purchase price.

The FHA is raising its minimum credit score for a 3.5 percent down payment to 580 while scores below that level would be required to have 10 percent down. But most FHA lenders won't lend to anyone below 620 so it's unclear how many borrowers would really be affected by the down payment change.