Justin McHood

Ten Day Close: Is It Real?

Justin McHood (Academy Mortgage Corporation) — Thu, 01 Apr 2010 22:14:34 -0700

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.

Ten Day Close:

Justin McHood (Academy Mortgage Corporation) — Thu, 01 Apr 2010 22:02:49 -0700

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.

My exact words at the time were:

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.

New Mortgage Shop In Town

Justin McHood (Academy Mortgage Corporation) — Fri, 26 Feb 2010 11:02:41 -0800

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?

Anything is possible...

Justin McHood (Academy Mortgage Corporation) — Wed, 19 Aug 2009 16:36:11 -0700

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.

How Many Different Places Can You Find Me?

Justin McHood (Academy Mortgage Corporation) — Thu, 30 Jul 2009 21:51:29 -0700

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

$8000 Tax Credit To Be Eligible To Be Used For Downpayment?

Justin McHood (Academy Mortgage Corporation) — Wed, 13 May 2009 15:08:02 -0700

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!

Arizona Refinance Options

Justin McHood (Academy Mortgage Corporation) — Mon, 20 Apr 2009 22:51:15 -0700

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

Justin McHood (Academy Mortgage Corporation) — Fri, 10 Apr 2009 15:55:42 -0700

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

Justin McHood (Academy Mortgage Corporation) — Fri, 10 Apr 2009 00:07:50 -0700

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

What is Arizona Credit Counseling and how does it work?
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.

I have bad credit, now what?

Justin McHood (Academy Mortgage Corporation) — Thu, 09 Apr 2009 13:15:14 -0700

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.

Arizona Mortgage Rates for April 9 2009

Justin McHood (Academy Mortgage Corporation) — Thu, 09 Apr 2009 12:44:18 -0700

Arizona Mortgage Rates for April 9 2009

We are starting to see a lot of fence-sitters move on either purchasing a home or refinancing their existing home. Lenders turn times are slightly longer than normal - and some lenders are on way-longer-than-normal turn times because they haven't staffed up for the "refi boom" that is happening.

Are you still on the fence wondering if now is a good time to refinance? It is a good time to at least think about getting off the fence.

Arizona FHA 203k Loans

Justin McHood (Academy Mortgage Corporation) — Sun, 05 Apr 2009 12:25:59 -0700

With more homes owned by banks here in Arizona, the Arizona FHA 203k loan program is becoming popular with people who want to buy one of these homes that might be in need of a few repairs.

The FHA 203k streamline loan program has been around for years - but many people didn't know it because there hasn't really been that many properties that were sold that were in need of repairs.

Some of the most popular repairs that the FHA 203k streamline is used for include:

Remodeled kitchen
Remodeled bathroom
Fixing termite damage
New exterior work (stucco)
Replacement of plumbing fixtures
New flooring
New roofing
Installation of new smoke detectors
Major landscape improvements
Energy conservation improvements such as new windows and new insulated door

If you have more questions about the FHA 203k streamline program and are wondering who to ask - be sure to contact an Arizona loan officer today.

Can you get a mortgage with bad credit?

Justin McHood (Academy Mortgage Corporation) — Fri, 03 Apr 2009 19:38:03 -0700

No.

Ok, wait. If I just ended this post there, what good would that be? The truth is that there are still options out there for Arizona bad credit mortgage options, you just have to know where to look.

It is true that for pretty much any loan program that you have heard of in the news (FHA, VA, USDA, HomePath, etc.) you will need to have a 620 mid credit score or higher. But what you might not hear about in the news is that if you currently have below a 620 mid credit score, there are programs available that you can fix your credit and let you get into the loan program that you are looking for.

Is FHA the new subprime? Kind of. It used to be that people with less than perfect credit could get into a home easy - all they had to do was sign up for a crazy adjustable rate mortgage with a prepay penalty and they were in. I think you know how that story ended.

Now, with the subprime mortgage market all but gone, your options really are government insured loan programs such as the FHA, VA, or USDA loan programs.

Arizona Mortgages For Canadian Citizens

Justin McHood (Academy Mortgage Corporation) — Fri, 03 Apr 2009 13:14:47 -0700

It is still cold in Canada and it is still warm in Arizona.

Which means people in Canada will still be wanting to buy a 2nd home in Arizona to live in when they want to warm up!

We now have financing available for Canadian citizens who want to buy a 2nd home here in Arizona.

Mortgages For Canadian Citizens: Guidelines

Must be a second home
Will loan up to 75% loan-to-value
International credit report required
Verification of mortgage on primary residence
Last 2 pay stubs and 2 years of T4’s required
2 months bank statements
Drivers license and copy of passport
If self employed, last two years of Canadian tax returns along with a profit/loss statement and balance sheet.

Find out more about Canadian citizen mortgage options!

Fannie Mae Home Path Mortgage Program

Justin McHood (Academy Mortgage Corporation) — Fri, 03 Apr 2009 08:35:13 -0700

Because there are so many homes that are owned by Fannie Mae in the market, Fannie Mae has come up with a special mortgage program called the HomePath mortgage program. The HomePath mortgage is for people who are going to buy a Fannie Mae home and they even have a program available for those homes that are in need of repairs called the HomePath renovation mortgage.

Are you looking at buying a home that is owned by Fannie Mae? Be sure to find out if the HomePath program is right for you -- it is one of the hottest programs going right now.

Considering Filing For Bankruptcy?

Justin McHood (Academy Mortgage Corporation) — Wed, 01 Apr 2009 12:40:52 -0700

Are you considering filing for bankruptcy in Arizona?

Be sure that you know your options first. Bankruptcy is a last resort.

If you are considering bankruptcy, you should also consider Arizona Debt Settlement.

Changes in the bankruptcy laws make it more difficult for many Americans to discharge or liquidate debt. Not only are they forced into long-term repayment of at least a portion of their debt through a Chapter 13, they must attend Consumer Credit Counseling, pay higher attorney fees,and be subject to allowances.

Loan Modification: Words Of Advice From A Pro

Justin McHood (Academy Mortgage Corporation) — Tue, 31 Mar 2009 23:06:16 -0700

A California loan modification attorney recently left some very valuable words of advice on one of my posts:

Words from a Very Outspoken and Opinionated California Litigation Attorney (like there’s any other kind)

Here in California, our Department of Real Estate website (dub dub dub dot dre dot gov) lists the companies that have DRE “permission” to modify loans… add to this list any licensed California attorney, and that is where you should begin your due diligence search when you seek help in California. Other states probably have similar laws, so check with your own state DRE and state bar.

My law firm has been getting more and more calls recently from homeowners that were victims of predatory lenders who put them into an unaffordable loan and now fell into the hands of those same people who sold the toxic loans but profess to be saviors… DON’T BE A VICTIM TWICE! What’s that they say, “Fool me once, shame on you, but fool me twice, and I’ll sue your butt!” Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call “home.” Scammers are popping up like dandelions on a freshly mowed lawn in April.

They advertise on the Internet, freeway billboards, radio, television, and print media everywhere, not to mention spamming your email box with those third-world widows needing someone to receive three million dollars for them. Make no mistake, in many cases, these “loan modification experts” are the exact same loan officers and mortgage brokers who fleeced homeowners the first time around. After losing their jobs with the crash of the mortgage industry, they have found a new way to make ill-gotten profits from hard-working homeowners through loan modifications. In California, with very few exceptions (and attorneys are one exception… no coincidence there… attorneys make the laws), it is against the law for anyone to take money up front for helping a homeowner who is in default.

Don’t trust a company that begins its relationship with you by breaking the law. HERE’S THE BOTTOM LINE! Hire an attorney – and not just any attorney either - one with experience in mortgage law, not just one with real estate law experience but one with experience in both FEDERAL and STATE litigation against mortgage companies, one who doesn’t also do family law, criminal law, admiralty law, and immigration law as well, one who limits the practice to mortgage law (or at least a great majority of it), one who has the experienced staff, training, and know how to take on the big lenders and their top notch lawyers (lenders have attorneys – and darn good ones – check out their counsel on the web – big names top schools, shouldn’t you have a lawyer too?).

We are not talking about a refund on your broken television here, we are talking about hundreds of thousands of dollars and your HOME – if you don’t think this is the time to hire a highly educated and experienced professional instead of a weekend schooled, almost out of work, broker slash loan officer slash “expensive water in a wine bottle with alleged magical curative powers” salesperson, I don’t know what would make you take things seriously. Of course, this is one obnoxious lawyer’s totally biased opinion, but one based on many many distressing calls to my office every day. And, yes, my firm loves taking cases against loan modification companies who have violated laws. This field is quickly becoming one of the fastest growing sections for our mortgage law firm.

- Paul J. Molinaro, Esq.

Scottsdale Arizona Mortgage Rates for March 26 2009

Justin McHood (Academy Mortgage Corporation) — Thu, 26 Mar 2009 12:08:44 -0700

Scottsdale Mortgage Rates for March 26 2009

As always, we publish daily Scottsdale Arizona Mortgage Rates and are your local Arizona loan officers who can help you get the right financing for your needs.

Arizona Mortgage Rates for March 23 2009

Justin McHood (Academy Mortgage Corporation) — Tue, 24 Mar 2009 13:32:52 -0700

Arizona Mortgage Rates for March 23 2009

Are mortgage rates heading lower? I don't exactly have a crystal ball, but one really has to question whether or not mortgage rates can fall much farther. As it is, you can get a 4.875 - 5% 30-yr mortgage. The US government continues to be the primary (only?)buyer of mortgages, and they are only buying conforming loans -- not of jumbo loans. It is possible that if/when investors express an interest in owning mortgages, jumbo or otherwise, we may see mortgage rates drop – but until investors change their mind -- it is probably more of the same... until inflation kicks in.

Many people that we speak with are having trouble qualifying for a mortgage because of their large amounts of credit card debt. They may be able to benefit from an Arizona debt settlement option - and although we don't do debt settlement, we are hearing success stories. It is a viable option and beats filing bankruptcy.

Arizona Mortgage Rates for March 16 2009

Justin McHood (Academy Mortgage Corporation) — Mon, 16 Mar 2009 13:20:26 -0700

Arizona Mortgage Rates for March 16 2009

Mortgage rates have stayed in a relatively tight range in recent weeks - and are generally low. Remember, on any given day, interest rates will do one of three things: go up, go down or stay the same.

Have you wondered what Arizona debt settlement is? Many people who call us have a high amount of credit card debt and are wondering if there is anything that they can do to get rid of it without filing bankruptcy.

Arizona Loan Modification

Justin McHood (Academy Mortgage Corporation) — Mon, 09 Mar 2009 11:51:17 -0700

Arizona Loan Modification

Many people that I talk with are at some stage of trying to get an Arizona loan modification done. Some are just thinking about it, some have started talking with their lender, some are well on their way to actually getting a loan modification done.

One thing to be aware of if you are thinking about getting a loan modification done and you are in Arizona where your house is more than 10% under-water... there is an "easy way" to get a loan modification and a "hard way" to get a loan modification.

The Easy Way involves the lender simply extending the term of your loan to 40 years and decreasing your interest rate for a period of time.

The Hard Way involves a principal reduction - where the lender actually reduces the amount that you owe on your loan.

So when thinking about getting a loan modification done, be sure to ask about "the Hard Way" - it could save you thousdands on your mortgage and put you in the best situation possible.

Phoenix Arizona Mortgage Rates March 9 2009

Justin McHood (Academy Mortgage Corporation) — Mon, 09 Mar 2009 11:45:15 -0700

Phoenix Arizona Mortgage Rates March 9 2009

We have had a lot of interest in the FHA kiddie condo loan program recently - so if you are a parent who currently has college aged children and want to know how to use the FHA kiddie condo loan, be sure to ask your local FHA mortgage expert!

Arizona Debt Settlement Options

Justin McHood (Academy Mortgage Corporation) — Thu, 05 Mar 2009 10:11:23 -0800

Arizona Debt Settlement

Credit Card Debt Relief Current Information

Many times, people I speak with have way, way too much credit card debt. You have Arizona Debt Settlement options and we help people both in Arizona debt settlement programs as well as throughout the US get credit card debt relief with legal debt free programs.

What You Want To Know

Debt settlement (aka debt arbitration or debt negotiation) is anideal solution for individuals who have at least $8,000 in debt. Thereis no doubt about it - Arizona debt settlement is an aggressive approach with aggressive results. Negotiating with creditors to getyour total debt to a level that is as low as possible with an affordable monthly payment is what we do best.

Arizona Debt Settlement Benefits

Reduce total payments by up to 40%*
One affordable monthly payment
Become free from debt in as little 12-60 months
Reduce or even eliminate charges such as interest or late charges
Reduce calls by debt collectors
Reduce creditors harassing you

Debts That We Settle

Gas credit cards
Credit card bill
Department credit cards
Overdue utility bills
Medical related bill
Past due rent bills
Local merchant accounts
Unsecured loans

Find out more about your Arizona Debt Settlement options now.

Making Home Affordable - Questions and Answers

Justin McHood (Academy Mortgage Corporation) — Thu, 05 Mar 2009 09:59:11 -0800

Yesterday's Making Home Affordable plan announcement has many people asking questions. Here are a couple of the most common questions and answers that I have been asked:

I'm current on my mortgage. Will the Home Affordable Refinance help me?

Eligible borrowers who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan.

Through the Home Affordable Refinance program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.

How do I know if I am eligible?

You may be eligible if you:

Are the owner occupant of a one to four unit home.
The loan on your home is owned or controlled by Fannie Mae or Freddie Mac (Don't know? See below),
You are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.)
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house, and
You have a stable income sufficient to support the new mortgage payments.

More information is available on http://www.financialstability.gov/.

See today's Arizona Mortgage Rates or learn about an Arizona Reverse Mortgage.

Arizona FHA Mortgage Rates February 26 2009

Justin McHood (Academy Mortgage Corporation) — Thu, 26 Feb 2009 10:29:02 -0800

Arizona FHA Mortgage Rates February 26 2009

Arizona FHA mortgage rates have been mostly flat for a couple of months now. If you are considering buying a home, be sure to check our Arizona mortgage rates to see what they have done over time - and to get a good idea of what range they have been in.

It is a great time to be a homebuyer in Arizona, there are plenty of homes available and FHA just announced new increased Arizona FHA loan limits for 2009.