arizona home loans: Free Money $$ Still Available for Home Buyer Assistance - 05/05/11 10:36 PM
This will be the fourth loan in the last 12 months that I approved using some sort of down payment assistance. Even though seller assisted down payment went away using programs such as Ameridream and Nehemiah, HUD has been allowing buyers to use FHA financing with down payment assistance from a 501(c)(3) nonprofit corporation. Two companies that come to mind that I have worked with now has been Newtown Community Development Corporation Community Land Trust and Desert Mission Neighborhood Renewal. Both nonprofits have certain guidelines that have to be met and will require home-buyer education.
Free Money!!
So far … (3 comments)
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arizona home loans: Condo Financing with 5% Down is Back! - 03/31/11 02:17 PM
It was about three and half years ago when the mortgage industry started to scale back on riskier products. Some loan products were put into hibernation until a time when they could bloom again. Fast forward to the present and now certain mortgage products are making a come back.
My most recent experience to this is that we can now offer clients condominium financing terms with only 5% down. Now understand you must qualify and there are a lot of conditions that must be met. However, just 1 year ago, we had no Mortgage Insurance companies taking risk on condominiums unless … (4 comments)
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arizona home loans: Is Your Bank Providing Accurate Mortgage Information? - 02/09/11 03:42 PM
I have a funny story to share with you that happened to me the other day and thought I would share. I got a call from my Bank. As most I do my personal banking with one of the bigger banks here in Arizona. Without mentioning names and protecting the innocent, here is the conversation that transpired. “Hello Gary, Hi this is ________ with XYZ Bank and I wanted to get a hold of you and share that one of your mortgages with us is eligible for the HARP program”. HARP stands for Home Affordable Refinance Program. “I noticed you … (3 comments)
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arizona home loans: FHA Loan Flexibility Helps Buyer Get into Home in Maricopa County Arizona - 10/13/10 07:34 PM
I wanted to share another success story about how FHA flexibility helped another home-buyer purchase a home. I had a client that was pre-approved for mortgage financing. The client had great credit, a stable job/income and had a clean rental record. However, the onething she was lacking was the ability to come up with the FHA 3.5% down payment requirement. This is when flexibility makes a huge difference. FHA is still one of the only loan programs that allows the down payment to be gifted or funds to come from proper government sponsored down payment assistance programs. Well with some checking … (2 comments)
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arizona home loans: FHA vs. Fannie Mae Home Path Revisted - 09/14/10 04:13 PM
Back on August 12, 2009 I wrote a great post that got many comments and attention called Battle of the Home Mortgage Products: FHA vs. Fannie Mae Home Path.
Today I am revisiting the topic and making all parties aware of some changes by FHA which take place on October 4, 2010. FHA has raised their monthly mortgage insurance costsand it has everyone in the industry wondering if FHA is a better option than in the past. A colleague of mine Jeff Belonger wrote a great post about this called: FHA home loans with 5% down after major FHA change … (2 comments)
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arizona home loans: Arizona Mortgage Revenue Bond Revisited Again - 08/18/10 06:55 PM
The Arizona Housing Financing Authority is back at it again implementing new first-time home buyer programs to assist with the finance arm of a first home purchase.
Based on the right situation, the Arizona Mortgage Revenue Bond, can be a great niche product to help with that certain homeowners who is needing some financial help with purchasing a home. Even though their bond rate (4.99%) is not as competitive as market rate, some of the benefits do outweigh the drawbacks. Here are some of the criteria.
AZ Mortgage Revenue Bond Highlights Down Payment assistance available up to … (0 comments)
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arizona home loans: $100.00 Down HUD Deal Cancelled - 08/17/10 03:03 PM
Back in August 2008 I wrote a post (And You Really Thought You Can’t Get a Home with $100.00) about FHA HUD homes having a special deal on certain properties that allowed only $100.00 down. Well Folks FHA and HUD have decided to cancel this program for the time being. The marketing company for Hud homes is Arizona is www.mcbreo.com. They announced on July 19, 2010 the incentive Expiration for Arizona and Nevada.
from mcbreo website: ” HUD’s $100 Down payment initiative will expire on July 31, 2010. The $100 down payment was for owner occupants (Any individual who purchases a … (5 comments)
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arizona home loans: Prayer Vs. Credit Repair? You Decide! - 04/16/10 12:43 PM
Recently I encountered a situation with a very nice client and what he said to me took me off guard. I had a client that had some major credit issues. His best option to buy a home was going to be credit repair. I gave him all the normal advice about working and tackling the issues head on, but at the end of the day he wanted to use the power of prayer. Now I am not trying to make this into some spiritual discussion, so I told my client I felt that would help, but again this was not going … (6 comments)
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arizona home loans: Local, Honest and Credible: Welcome to Web 3.0 for the Real Estate Industry - 03/18/10 10:18 AM
So much information online has taken us by storm. I go back almost 5 years ago, and I thought the only way to drive traffic or information to an online audience was through google paper-per-click. Today, that has all changed. Today the trends seem to be pointed at blasting as much content out there as possible. Most of us are still stuck in the web 2.0 era and have suddenly lost focus on the important aspects of why we are on facebook, twitter, linkedin, active rain and the list goes on.
The 2.0 jokes have been there and a lot of … (2 comments)
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arizona home loans: Arizona Requires Reasonable Efforts to Secure Advantageous Loan for Borrower - 03/14/10 05:36 PM
Effective July 1, 2010,
All loan originators need to be licensed in Arizona unless they have certain state exemptions. That exemption is under statue 6-991.01 . With this new license comes new regulations on both the federal and state statue. Most of these laws change not only the definition of a law originator, but who is qualified to give mortgage advice to the consumer.
The reason I sharing this is because I am still seeing many people who do not or will not fit the definition of a loan originator giving mortgage advice. Your professional license may not protect you … (2 comments)
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arizona home loans: Our Competition Just Lost Another Loan to Sunstreet Mortgage - 03/05/10 10:51 AM
Since coming over to Sunstreet Mortgage,our team at the Mesa branch are now 4 out of 4 on getting competitor mortgage declines approved. Now I am not saying or bragging that this can be done every time, because every mortgage loan applicant must re-apply, collect all the stipulations, have the file underwritten and a decision is then made, but I can say that the flexibility here has made all the difference to separate our services from our competition. Here are some of the things that we are doing that I feel have contributed to getting these loans approved.
Underwriting with … (5 comments)
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arizona home loans: HVCC is to finally go away!!!! - 02/08/10 03:51 PM
Mr. Bettag saves the day again with great information. Thought I would share this information with the folks in my neck of the woods.
Via Larry Bettag - Cherry Creek Mortgage:
HVCC is known as Home Valuation Code of Conduct. I like to affectionately call it hell for homebuyers, home sellers, realtors, real estate attorneys and lenders. Reaty Times reported that the days for HVCC are numbered and the death of HVCC is imminent......
THANKFULLY!!!! In the article (see www.realtytimes.com/rtpages/20091221_washingtonreport.htm) It's stated that Congress took a major step in eliminating what has been a painful thorn in the side of home sellers, Realtors, home builders, mortgage … (1 comments)
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arizona home loans: Mortgage Lending Guidelines and Advice 101 - 11/11/09 11:54 AM
The new cliché in the mortgage industry is that "We are getting back to basics." I have heard this phrase thrown around lately, but sometimes I wonder if anyone except other lenders knows what we are talking about? I have a theory that if you get 2 or more mortgage lenders in a room at a party and they start talking shop, others watching probably think we are speaking Klingon, or what I been calling for a long time "mortgagese." You see, we like to throw a lot of words and acronyms around like FICO, DTI, LTV, flipping, deals, etc. But … (4 comments)
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arizona home loans: Short sale deals give no guarantees to anyone! - 09/24/09 02:34 PM
Normally, I would not be so negative about short sales, but I have experienced many problems in the last30 days with short sales that we do not encounter with bank forclosures.
Situation #1. Buyer,seller and lender all agree to short sale. The file is opened up, appraisal and inspections are ordered, the loan file is processed, underwritten and approved. Then the docs are being drawn and the file does not close. Why?
The bank who agreed to short sale decided to foreclose on the property and does not inform anyone including the sellers and buyer. For all parties involved, valuable time, … (7 comments)
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arizona home loans: Getting a mortgage loan in today’s market - 08/27/09 01:06 PM
I'll be honest; the entire process of purchasing a home is not fun. Having your teeth pulled by a dentist may be more comfortable than getting a mortgage approval these days. When I am asked about my system, I make it clear the more that is accomplished early on will make for a smoother closing. The system from the beginning to the end is time intensive. I will walk through some of these steps:
1. You hire a "team," meaning the right players that will help make the outcome a positive. First, you hire a lender and see how much you … (5 comments)
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arizona home loans: Battle of the Home Mortgage Products: FHA vs. Fannie Mae HomePath - 08/12/09 12:58 PM
Recently I have had several inquiries about a number of special loan programs available. The latest, attractive looking product in the market is the Fannie Mae HomePath loan. Depending on your individual needs, this product could be the right fit. However, compared to FHA, the HomePath loan does have some drawbacks.
Here is a comparison of the two loan products:
FHA:
Down payment requirement: 3.5% down payment minimum. Requires financed upfront mortgage insurance premiums and monthly mortgage insurance premiums. FHA appraisal conditions required. No declining market conditions. Interest rates are extremely competitive. Pricing of the loan is extremely competitive. Minimum 620 … (5 comments)
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arizona home loans: Mortgage Loan Modifications: Is This Web 2.0 for the Mortgage Loan Originator? - 10/17/08 05:19 PM
I just got off of a webinar training on Mortgage Coach about Mortgage Loan Modifications. What was so fascinating about the training beyond the sales pitch was the idea of another way for mortgage originators to help distressed homeowners in this time to need.
Arizona is one of states that has been hit the hardest with the downturn in the real estate market. We have some neighborhoods which are rampant with short sales and foreclosures. I have been getting at least 4-5 calls a month from distressed homeowners looking for solid solutions to stay in their homes but felt that the current solutions … (18 comments)
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arizona home loans: Mortgage Options for Divesting Real Estate Assets after a Divorce - 10/14/08 05:17 PM
So the decision has been made and divorce proceedings have been started. For many couples who go thru this chapter in their life are really not sure where they stand in terms of being able to keep the home. Some couples just want to sell and move on and others want to stay due to the children, school districts and other sentimental reasons. In the current state of the real estate market selling might not always be your best option. Actually it might set you back worse than refinancing and splitting the home equity position. This is when someone like myself … (2 comments)
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arizona home loans: And You Really Thought You Can’t Get a Home with $100.00 - 08/29/08 06:45 PM
My speciality for the last 3 years has been primarily to focus on helping 1st time home buyers make the dream of home ownership a reality. Wow what a cliche I just said. Anyhow my question of the week from many real estate agents is: How am I going to help buyers who having very little or nothing down?
In the past, the answer was pretty straight forward, we would look into down payment assistance. With Housing Bill HR-3221 doing away with my favorite pet, clients, lenders and real estate agents are scrambling to find good solutions to help these buyers get into … (17 comments)
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arizona home loans: The Home in 5 Bond Program a great substitute to Ameridream and Nehemiah - 08/22/08 02:38 PM
With so much talk about down payment assistance programs (DPA's) going away some homeowners will be left out in the cold and will be wondering about how they too can buy a home in such a great buyers market.
Most lenders out there are just not offering any 100% financing options. Our company is very limited in this situation as well. Currently we only have 1 program that will finance a borrower 100%. It has so many limitations that is just does not work with the typical homeowner. Some will qualify, but most do not.
So your best options are … (8 comments)
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