Archive for July, 2009

FIRST TIME HOME BUYER LOAN PRODUCTS AND INCENTIVES

FIRST TIME HOME BUYER LOAN PRODUCTS AND INCENTIVES

Fannie Mae HOMEPATH Loan

– Minimum 660 minimum middle FICO score required
– Appraisals are NOT required
– Great for first time homeowners AND Investors
– 97% LTV Primary Residence – 90% LTV Investor
– No monthly Mortgage Insurance payments
– Owner Occupied AND Investment Property
– Down payment can be 100% gifted
– Property must be listed for sale with the Fannie Mae HOMEPATH program
– NO declining market restrictions


Federal Housing Administration Loans – OK to 580 scores

– Minimum 580 minimum middle FICO score required
– Great for first time homeowners
– 30 Year Fixed Rates Only
– Low, government sponsored, monthly Mortgage Insurance payments
– Owner Occupied Only
– 12 months verified rent history required
– Down payment MUST come from borrowers own funds
– Gifts allowed for all closing costs
– Compensating factors required for 580 scores
– NO declining market restrictions

Federal Housing Administration Loans – 100% Gifts Allowed for Down Payment

– Minimum 620 FICO score required
– Great for first time homeowners
– 3.5% Down Payment can be a gift from relatives, employer, city grant
– VERY LOW 30 Year Fixed Rates
– Low, government sponsored, monthly Mortgage Insurance payments
– 1 Day out of Chapter 13 OK with re-establish credit (2 years with Chapter 7)
– Owner Occupied 1-4 unit only
– NO declining market restrictions

USDA Loans – 100% No Money Down for Qualified Properties

– Minimum 620 FICO Score – buyer(s) must have “reasonable” credit history
– Great for low to moderate income and first time homeowners
– Household Area Median Income Limits Apply
– LOW 30 Year Fixed Rates
– No monthly Mortgage Insurance payments
– Owner Occupied Only
– Property must be located in a USDA defined market

Veterans Administration Loans – 100% No Money Down for Active and Veteran Military

– Minimum 620 FICO score required – buyer must demonstrate ability to pay
– True No Money Down Financing for qualified buyers
– Low 30 Year Fixed Rates
– NO Monthly Mortgage Insurance payments
– No Income Limitations
– Loan Amounts from $75,000 to over $417,000
– Owner Occupied Only
– No declining market restrictions

Conventional Loans (Fannie Mae and Freddie Mac) – 100% Gifts Allowed for Down Payment

– Minimum 680 FICO Required
– Great for the established buyer looking to leverage through financing
– 3% Down Payment can be a gift from relatives, employer or city grant
– LOW 30 Year Fixed Rates
– Median income limits apply (only income from borrower on loan used to qualify)
– Loan amounts up to $417,000
– Owner Occupied Only
– Monthly Mortgage Insurance payments required
– Declining market restrictions apply

* $8,000 tax credit if home is purchased by November 30, 2009.

Advertisements

July 29, 2009 at 9:26 am 2 comments

The City of Chandler Does it Again!

The City of Chandler once again received the “Playful City USA” designation for putting children’s well-being first. A national no-profit organization called KaBOOM selected Chandler as one of the 67 communities across the country. Chandler was one of the 22 cities that made the Playful City list for the third time.

The city of Chandler continuously provides a wide array of recreation featuring six aquatic parks, recreational centers, five activity locations, playgrounds and 59 park facilities with undeveloped parks still underway.

July 26, 2009 at 2:37 pm Leave a comment

Buyers’ Options to Buying a Home Other than a Foreclosure

A July 20 Arizona Republic article reports on the buying frenzy that is going on in the Metro Phoenix real estate market. Buyers are finding themselves in a bidding war on foreclosed homes, finding prices going up as a result. The buyer’s market has turned into a seller’s market.

If you are looking to buy a home, patience and persistence are keys to getting a good deal on a house. Cash buyers have never been more valuable than in this market.

If you do not have cash or patience, you may be better off looking at regular home sales or new home construction rather than the highly-competitive foreclosure offerings. This may cost you more money, but it will save you time and frustration.

Click

July 20, 2009 at 8:45 pm Leave a comment

Housing Market key to Economic Recovery

“Be greedy when everyone else is fearful. Be fearful when everyone else is greedy.”

The statement above pretty much sums up the current real estate market. The second half of the statement was realized soon after the crazy appreciation that took place in 2005 & 2006. Whoever had thoughts that the real estate market would continue to rise forever were out of their minds.

The first half of the statement will be realized once the market stabilizes and home values pick up. Currently, we have a low supply of homes versus demand, which makes prices go up. This is good news for any homeowner. Foreclosed homes have decreased to a one-month supply while first-time homebuyers scramble to buy a home before the November 31st deadline to receive an $8,000 tax credit.

Bottom line, the housing market is showing signs of recovery. If this continues, the progress of the real estate market will help boost the economy to a quicker recovery. Let’s not forget that our economic crisis began with the downfall of the housing market. If we fix the source of our economic decline, we will see a better economy and quality of life ahead.

July 13, 2009 at 5:17 pm Leave a comment

Attendance at Trustee’s Sales Grows as Investors Hunt for Bargains

After a week’s vacation with the family, my work welcomes me back with hundreds of emails to sort out and voice mails to get back to — not to mention a couple of listings I have yet to put on the market.

Just an hour prior to leaving for our trip to San Diego last week, I received a phone call from a nice man who wanted to find a list of properties to be auctioned at the Trustee sale. He said he found my name quoted in the business section of that day’s Arizona Republic newspaper (June 26) in a front-page Business section article about Maricopa County Trustee sales. To read this interesting and comprehensive article by Republic writer J. Craig Anderson, please click on the link below.

July 2, 2009 at 11:38 am Leave a comment