I will be the first to admit that I haven't seen it all in the mortgage business.

But I have seen a few things.

And I will never forget the first time I heard about the Ten Day Close at Academy Mortgage when I was stuck at just another mortgage shop who had a better shot of buying Goldman Sachs than of closing one of my loans in ten days.

My exact words at the time were:

So if you are planning on buying a home in Arizona and find yourself in this situation – who do you call?

Not me.

Call these guys.

They promise with their checkbook that they can get your loan closed in 10 days or less.

Which in my opinion is absolutely-eye-popping-remarkable for today’s lending environment. They have managed to put all of the pieces together under that are required to do this and if it were up to me, I would put them on the Today Show for being able to pull it off on a consistent basis.

But they haven’t asked me to write on their blog.

Yet.

It wasn't all that long after I wrote that post that I got a call from Academy to come and bring my Mortgage Commentator gig to their shop and comment all I wanted to on the Ten Day Close.

And I haven't changed my tune.

They really can (and do) close loans there in ten days on a Ten Day Close guarantee all the time.

How are they able to get it done?

Easy really.

It isn't rocket surgery.

• They have in-house processing.
• And in-house underwriting.
• And in-house closing and doc drawing.
• And in-house funding.
• And an in-house ops manager who makes it all happen and can personally sign off on fundings.

Thats pretty much it.

How many other places have I ever seen that can say all of that?

None.

But I told you already... I haven't seen it all in the mortgage business.

Yet.

 

 

 

I will be the first to admit that I haven't seen it all in the mortgage business.

But I have seen a few things.

And I will never forget the first time I heard about the Ten Day Close at Academy Mortgage when I was stuck at just another mortgage shop who had a better shot of buying Goldman Sachs than of closing one of my loans in ten days.

My exact words at the time were:

So if you are planning on buying a home in Arizona and find yourself in this situation – who do you call?

Not me.

Call these guys.

They promise with their checkbook that they can get your loan closed in 10 days or less.

Which in my opinion is absolutely-eye-popping-remarkable for today’s lending environment. They have managed to put all of the pieces together under that are required to do this and if it were up to me, I would put them on the Today Show for being able to pull it off on a consistent basis.

But they haven’t asked me to write on their blog.

Yet.

It wasn't all that long after I wrote that post that I got a call from Academy to come and bring my Mortgage Commentator gig to their shop and comment all I wanted to on the Ten Day Close.

And I haven't changed my tune.

They really can (and do) close loans there in ten days on a Ten Day Close guarantee all the time.

How are they able to get it done?

Easy really.

It isn't rocket surgery.

• They have in-house processing.
• And in-house underwriting.
• And in-house closing and doc drawing.
• And in-house funding.
• And an in-house ops manager who makes it all happen and can personally sign off on fundings.

Thats pretty much it.

How many other places have I ever seen that can say all of that?

None.

But I told you already... I haven't seen it all in the mortgage business.

Yet.

 

 

 

My friend Christoph Schweiger announced that his new office is now open for business today.

Christoph works for Sunstreet Mortgage in their new Mesa office and is surely to rise fast t be one of the valley’s most respected loan officers.

Christoph comes from the Real Estate side and having recently made the move to becoming a loan officer, he will be easy for Realtors to work with because he understands what it is like to be on the other side of the fence.

And if you are a buyer, who better to work with that understands the Realtor’s needs regarding your transaction as well as the lending requirements?

Read More...

 

I have had more than one person ask me lately if I thought that the 8000 tax credit would get extended.

My answer?

Maybe!

There is at least one bill that is alive and well that would not only extend the 8000 tax credit but also expand it to include all home buyers and increase the 8000 to 15,000.

Sound too good to be true?

Hey, one thing I have learned is that when you involve Washington... anything could happen.

Hmmm.

Well...

If you are really looking for that "Justin McHood" guy:

Find Justin McHood on justinmchood.com.

Find Justin McHood on Facebook.

Find Justin McHood on Twitter.

Find Justin McHood on LinkedIn.

Find Justin McHood on Zillow.

Find Justin McHood on PhoenixArizonaRealEstateHomes.com.

Or -- just call me!

480.374.0303.

-- Justin

 

Can you use the 8000 tax credit as a down payment for your home? Not yet. But that may change soon. Yesterday, Secretary of Housing and Urban Development Shaun Donovan gave a prepared speech at the National Association of Realtors Real Estate Summit. He said something that was probably beyond interesting when he mentioned that FHA was currently working on a proposal that may involve people being able to use the 8000 tax credit as a down payment. An excerpt from that speech regarding FHA's position on the 8000 tax credit being used as a down payment:

And we are taking action to further help the housing market recover. I'm excited to announce here at NAR that FHA's policy on the "monetization" of the first-time homebuyer tax credit will soon be published. I know that you've been waiting anxiously to hear FHA's position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time homebuyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home. We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly.

Learn more about the 8000 tax credit being used as a down payment and what may possibly be around the corner for people who want to buy a house!

While rates are low, many people are checking with us to see if it makes any sense to refinance and what exactly the most popular Arizona refinance options are.  Here are just a few of the popular refinance options right now with people.

Making Home Affordable

The making home affordable plan is also known as the Obama Refinance and is popluar with people who have good credit, have been making their payments and are currently barely upside down on their mortgage.

 

FHA Streamline Refinance

The FHA streamline refinance is designed to allow people who are currently in an FHA loan to take advantage of lower interest rates when they are available -- without having to completely requalify for a new loan. No income, no asset, no credit score required (note: some lenders are requiring a credit score, but we are not at this time). By far the most popular refinance program if you are currently in a Arizona FHA loan.

 

VA Streamline Refinance

The VA streamline refinance program is a close cousin to the FHA streamline - no income, no asset, no credit score -- and no appraisal.  This is by far the best refinance program for veterans who are currently in an Arizona VA loan.

 

Arizona Loan Modification

Of course, for those people who are unable to refinance for whatever reason, there currently are many lenders who are willing to help people modify their current loan to make their home affordable. 

Are you interested in any of these options? Let us know. We can help you with any of them.

Scottsdale Mortgage Rates April 10 2009

One of the more popular loan programs for investors is the new Fannie Mae HomeStyle renovation loan. The HomeStyle renovation loan allows people to purchase a home that is in need of a "few repairs" and finance the cost of repairs.

Oh, and did you hear? President Obama said that it was time to refinance.

Arizona Credit Counseling We receive quite a few questions about credit counseling including:

1. What is Arizona Credit Counseling and how does it work?
2. Is credit counseling the best choice for debt relief or should I consider other alternatives?

Arizona Credit Counseling: Things to Know

Although many Arizona credit counseling organizations claim non-profit status, Credit counseling programs work in a very similar manner as a collection agency. Credit Counselors work on behalf of the creditors who pay them a fee (usually somewhere between 12-15% of the amount they collect for the creditors).

In addition to being paid by the creditors, they also usually charge a monthly fee that usually ranges from $15-$40. Arizona credit counseling organizations typically work with prearranged figures with creditors to reduce your interest rate and minimum payments.

The average minimum reduction is 8%. It is not unheard of to have some creditors that will not go below a 20% interest rate and other creditors who may completely refuse to participate in these programs. Most of the time when you enroll in a credit counseling organization, most (or all!) of your credit cards will be cancelled and you will need to pay 100% of the full debt amount, including interest!

What percent of people who start Consumer Credit Counseling programs do not complete them? We don’t know for sure, but we are aware of plenty of poeple who begin the programs and then drop out. Considering Arizona Credit Counseling? If you are considering enrolling in credit counseling, be sure to research your other options.

Many times, the people that I speak with have bad credit and are wondering if they can get a mortgage even though they have bad credit.

The short answer to the question of "can I get a mortgage with bad credit?" is "no".

But...

There is good news.

You can -- with a little effort -- actually work to repair bad credit. You can do it yourself or you can actually hire a company to help you fix your credit. If you hire a company to help you fix your credit, will it help more than if you do it yourself? Maybe. Maybe not -- it mostly depends on how good the company you hire is.

One thing is certain though -- if you currently have bad credit and you want to buy a home, you are out of luck at getting a mortgage. Many lenders are requiring at least a 620 credit score for any kind of loan, so you want to be sure that your credit score is at least that high when shopping for a mortgage.

So if you don't currently have at least a 620 mid credit score, plan on doing a little bit of work before you can get a mortgage - and you can do the work yourself or hire someone who specializes in credit repair to help you.

While I am thinking about this stuff, you can also save yourself a bunch of money on your car insurance by getting  free cheap car insurance quotes online too.