arizona: Jim's Soap Box June 2010 - 06/04/10 06:00 PM
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arizona: Jim's Soapbox (November 08) - 11/25/08 12:43 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - November 08)
GOOD NEWS - A handful of my prayers were answered today as rates plummeted into the mid 5's. It is the largest single day reduction in rates I have seen in the last 20 years. The refinance mini-boom I was predicting in September may have arrived this morning with the Feds public commitment to infuse another $800 billion into residential lending organizations.
The goal of my newsletter is to provide educational material mixed with Jim's unsolicited yet fascinating opinion on the Arizona housing market and real estate ownership in general. If … (0 comments)
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arizona: Jim's Soapbox (September 2008) - 10/28/08 07:05 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - September 08)
GOOD NEWS - It looks like the real estate market has taken another big step in the right direction. The rates on conforming loans have dropped significantly since last week, and many people will be able to take advantage. This rate drop should continue to increase Purchase volume and begin a potential Refinance mini-boom.
The goal of my newsletter is to provide educational material mixed with Jim's unsolicited yet fascinating opinion on the Arizona housing market and real estate ownership in general. If you would like me to address a specific … (0 comments)
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arizona: Jim's Soapbox (October 08) - 10/27/08 06:14 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - October 08)
THE GOOD NEWS - New home sales rose 2.7% Nationwide in September - according to the Associated Press. This came as a surprise to many who thought it was going to drop again after an awful August where new home sales dropped 12%. This bounce-back of volume did not really shock me but the reason I mention this to you is that the West was the driving force in September sales. Here is the breakdown of that National average by region.
West +22.7%
South +0.7%
Midwest - … (0 comments)
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arizona: Fannie Mae, Freddie Mac & Government: What it means to you in the short term - 09/09/08 01:19 PM
In case you haven't heard yet, the Federal Government took control of Fannie Mae & Freddie Mac over this last weekend. This means (among other things) that all changes to their loan programs will have to go through congress now. The potential long term effects of this Government intervention are still uncertain, however, the short term effects have been amazing. RATES ARE LOWER.
30 year rates have fallen about .5% in the last 24 Hours. Good borrowers can get a 30 year rate at 5.875% (without a buy down) as of 6:00 this morning. This is good news for people currently … (1 comments)
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arizona: Jim's Soapbox (July 08 Newsletter) - 08/20/08 05:45 PM
The goal of my newsletter is to provide educational material mixed with Jim's unsolicited yet fascinating opinion on the Arizona housing market and real estate ownership in general. If you would like me to address a specific topic in the future, please email it to me and I will respond in the following newsletter.
Bank Owned Property & Short Sale Property
The majority of purchases I have seen in the last 9 months are primarily buyers who are looking at either Bank Owned properties or homes that are being sold "short" to avoid foreclosure. There are simply not that … (0 comments)
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arizona: Should I buy a house or rent one? - 08/01/08 04:52 PM
This is an excellent question to ask yourself before taking action. Despite the economy being sluggish, and fuel prices skyrocketing, the old rules of thumb are still accurate. Here are a few questions to address before you change your address.
•· Can I afford the monthly payments?
Keeping your housing payment to 35% of your monthly gross income is a conservative target. If your potential mortgage payment is significantly higher than 35% you should probably rent a little longer until you identify cheaper housing, or increase your income.
•· Can I afford a down payment?
The availability of 100% (no money … (0 comments)
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arizona: What is a LSR? - 07/23/08 01:27 PM
I have had several inquiries as to the function of a LSR - so here goes...
LSR is an acronym for Loan Status Report. After an application is taken by a lender, and they perform their due diligence to approve you in good faith, you get a Loan Status Report. This document states that you have consulted with a lender and you are pre-approved to purchase a house. The letter will have a maximum dollar value on it indicating how much money you have been approved for. It will also indicate what kind of financing you are approved for and the … (7 comments)
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arizona: Jim's Soapbox (June 08 Newsletter) - 06/25/08 06:25 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - June 08)
You may have heard recently that this is a great time to purchase investment property. One reason for this is because you can now "cash flow" them again. That sounds like a pretty good idea, but what does that really translate into? What really makes this a better time to buy and hold investment property rather than 18 months ago?
I would like to give you a brief overview on the two major concepts of making money on investment property, and why it is a perfect time to acquire and hold an … (1 comments)
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arizona: What can I expect during a purchase? - 06/12/08 11:13 AM
What can I expect during a purchase?
Something that is often overlooked within the home loan industry is the education of the client in the steps of doing business together. As the borrower, you should want know what the process is, and what to expect from your loan officer. This is a basic account of the events that take place during a purchase transaction when you are dealing with me.
First Contact - Every loan starts somewhere, and in the technology age it is usually a phone call or an email. Occasionally, it still happens when I meet someone in … (0 comments)
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arizona: Rural Housing in Arizona Group - 05/14/08 07:10 PM
I have seen some impressive activity on Blogs I have posted over the last few weeks regarding the RHS 102% Rural Housing Program. If Rural Housing (in the state of Arizona) is of interest to you, I would like to invite you to join a group the specializes in the topic.
You can go to the groups screen and find us under Rural Housing in Arizona. Not a very original name - but you at leats know what we are about. I would like to simply send you a link to join but I have not mastered that part of the Active Rain interface. You can find both the guidelines for the … (0 comments)
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arizona: Rural Housing Update on Pools - 05/14/08 05:47 PM
The RHS Rural Housing Program has provided a fantastic product for people purchasing a new primary residence for years. One of the few regulations of the program I have found disappointing, has been the inability for the property to have an in-ground pool and be still be considered Rural. Knowing that this is a National loan program, I am confident that they did not consider the number of rural properties on the outskirts of Metro Phoenix and Metro Tucson that have pools, when they wrote that rule.
Recently, I heard that you can ask for an exception from the RHS to … (0 comments)
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arizona: The Anthem Secret... - 05/12/08 01:17 PM
Did you know the Federal Govenrment (USDA) considers Anthem, AZ a rural community? As strange as that may sound to anyone who has been there - the "Rural" label is really a blessing if you want a house there. The Rural Housing Loan program will allow you to buy a new primary residence in Anthem with 100% finacing, no closing costs, and no mortgage insurance.
This loan program (RHS Rural Loan Program) has gained a lot of interest in the last 6+ months. And this program is not new either, it has been around a very long time. With the past availability of 100% financing, this … (0 comments)
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arizona: 100% Financing in Anthem, Buckeye, & Queen Creek - 03/27/08 05:45 PM
If you are a buyer still looking to buy your first home (or) if you are a realtor who has a handful of First Time Homebuyers who don't have down payments - Listen To This.
When it comes to affordable housing programs, (HUD) the US Department of Housing and Urban Development gets the majority of Arizona's attention. Well, let me introduce you to HUD's distant cousin RHS. If have you have never heard anyone refer to the (RHS) Rural Housing Service, you are not alone. The RHS operates under the (USDA) U.S. Department of Agriculture, and they actively promote affordable housing … (1 comments)
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arizona: Bush's subprime rate freeze problem... - 12/28/07 01:20 PM
President Bush recently signed legislation to freeze the introductory 2 year "teaser rate" on all subprime loans for an additional 5 years. The rate freeze will apply to loans taken out between January 1, 2005, and July 30, 2007, and scheduled to rise in 2008 and 2009. This is designed so that on the 25th month of a 2/28 subprime ARM your interest rate does not adjust (up) and increase your monthly payment by $100s of dollars.
Truth be told that this is nothing more than a political move. It looks like Bush is doing something substantial, but it really has no … (0 comments)
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