Prescott Valley Arizona - One of the top 5 places to retire!

in honor pf Memorial Day

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Fri, 24 May 2013 08:40:00 -0700

Did you know:

"Here rests in honored glory an American soldier known but to God" is the inscription on the Tomb of the Unknowns at Arlington National Cemetery. Memorial Day is observed with the laying of a wreath at the Tomb of the Unknowns.

On Memorial Day, the flag should be flown at half-staff from sunrise until noon, and then raised briskly to the top of the staff until sunset. Proper flag etiquette calls for the flag to be first briskly run up to the top of the staff before being lowered slowly to the half-staff position.

The idea of wearing red poppies on Memorial Day in honor of those who died serving the nation during war can be attributed to Georgia native Moina Michael. She conceived of the idea in 1915 after being inspired by the poem, "In Flanders Fields." Her work led to the VFW's Buddy Poppy Program.

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Can I get a home loan after a short sale?

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sun, 12 May 2013 08:53:28 -0700

Can I get a home loan after a short sale?

Debbie Tuttle

May 12, 2013

Keeping in touch for your clients -
Can I get a home loan after a short sale?
By Polyana da Costa * Bankrate.com

The dream of homeownership doesn't have to end when you sell your home through a short sale. Underwater homeowners, who sell their homes for less than what they owe, can qualify for a home loan again.

They'll need persistence and strong credit discipline, says Jennifer Lusk, a California resident who sold her home through a short sale in 2010 and last year was able to get a mortgage to buy another home.

Lusk had to sell her home through short sale after her husband had a back injury and they could no longer afford their $2,500 monthly mortgage payments.

Her second try at homeownership didn't happen overnight.

"We checked on what the laws were for purchasing after a short sale and learned that our credit had to be high enough if we wanted to do a conventional loan and that we had to wait two years from the closing date," she says.

Today, the couple lives in a "beautiful home" in Terra Bella, Calif. Their monthly mortgage payment is less than $900.

In today's tight lending environment, many homeowners tend to think it's nearly impossible to qualify for a mortgage after a short sale, says Scott Schang, manager at Broadview Mortgage Katella in Orange, Calif.

"After a short sale, there is a light at the end of the tunnel, and it's not far away," Schang says.

Minimum requirements to get a mortgage after a short sale

Short sellers normally have to wait at least two years after closing the short sale to qualify for a mortgage. But the time frame and requirements vary depending on the type of the loan and the down payment, Schang says.

The minimum wait period and down payment requirements to get a conventional loan after a short sale are:

* Two-year wait with a 20 percent down payment.
* Four-year wait with a 10 percent down payment.
* Seven-year wait with less than 10 percent down payment.

For Federal Housing Administration loans, there's a three-year waiting period from the short sale closing date, and homebuyers can get a mortgage with as little as 3.5 percent down. Those who qualify for a Veterans Affairs loan have to wait two years and are not required to make a down payment.

FHA is the shortest route for buyers with less than 10 percent down, Schang says.

"After the waiting period, borrowers can qualify for the same FHA loan as the person who never had a foreclosure or short sale," Schang says.

But many lenders may want to know the circumstances under which the homeowner opted for a short sale, says Julie Flatland, vice president of credit at Carrington Mortgage Services in Santa Ana, Calif.

Take two borrowers: one who had to short sell because of a job transfer, and another who chose to do a short sale to dump an underwater mortgage. Lenders often view the first buyer, who did a short sale because of a job transfer, as less of a risk, Flatland says.

"As a lender, we want to make sure the borrower is not taking advantage of the declining market," Flatland says. "So we're going to ask for documentation showing that they really had no alternative other than short sale."

Rebuilding credit after a short sale

Lenders generally require a FICO credit score of at least 680 for conventional loans, Flatland says. Borrowers should regard the waiting period as a chance to rebuild credit, she says.

And that's exactly what Lusk did. After the short sale, she and her husband worked to improve their credit scores and financial situation, while they waited to become eligible for a conventional mortgage.

"During that time we lived very simply," Lusk says. "We paid off all of our debt and we started saving up for a down payment. We just never wanted to be house-poor again."

The effort paid off. The Lusks saved enough for a 20 percent down payment and were able to get a 30-year fixed-rate mortgage at 3.5 percent, which is an attractive interest rate.

Potential obstacles

Before Lusk was able to get her loan approved, she had to overcome an obstacle that many short sellers encounter when they apply for a mortgage. Her servicer had incorrectly reported her short sale as a foreclosure to the credit bureaus, and the error had to be fixed. Buyers with foreclosures on their records must wait seven years before they can qualify for conventional mortgages.

"This is a really common challenge that happens with short sales," Schang says. "The credit bureaus don't report the short sale correctly, and if a lender doesn't know this, the loan ends up declined."

Inaccurate credit reports are why short sellers must get and keep proper documentation from the lender at the time the short sale papers are signed, says Dan Klinger, president of K. Hovnanian American Mortgage & Title Co.

"Find out when your short sale date was and when the title went from your name to the buyer," he says. "Keep good records, and keep your eye on the calendar because your homebuying future is still out there."

Always trying to bring you value added items that help you - in your business as well as personally.
Going above and beyond is what I do for my clients and yours.

Make it a prosperous day!

Debbie Tuttle
Mortgage Loan Originator
NMLS# 1016977

Direct (928) 273-0030

CNN Mortgage Inc.
140 N. Montezuma St., Suite 108
Prescott, AZ 86301
Banking Number: 0901814
NMLS Number: 148530

(928) 533-8860 - Office
(928) 268-8058 - Fax

debbie@cnnmortgage.com
www.PrescottCNNMortgage.com

NOTE: THIS IS A CONFIDENTIAL AND PRIVILEGED COMMUNICATION. This transmission is intended only for use by the individuals or entities to which it is addressed, and contains confidential and/or privileged information. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please send a reply to us and permanently delete the e-mail from your computer.

Prescott Arizona market is thriving

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Thu, 09 May 2013 06:51:18 -0700

The Prescott AZ market is veryactive, prices are increasing, Now is the time to buy, with low interest rate. Buy before prices are our of your reach.

With home sales picking up now is the time to check your credit

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Fri, 05 Apr 2013 03:18:34 -0700

How To Boost Your Credit Score When Applying For A Mortgage

Ultra-low mortgage rates have sped up the housing market's recovery during

the last year, with home sales and home prices both on the rise.

During the third quarter of 2012 alone, $521 billion in new mortgages

appeared on consumer credit reports, marking the fourth consecutive increase

in mortgage originations on a quarter-over-quarter basis.

Activity in the housing market shows no signs of slowing down, with the

Mortgage Bankers Association forecasting $1.3 trillion in mortgage originations this year.

Purchase originations are projected to reach $585 billion during 2013,

marking a 16 percent increase over 2012. Meanwhile, refinances are expected

to reach $785 billion in the coming year.

Between low interest rates and affordable mortgage programs

like FHA loans and the three-percent down Conventional

97 program, savvy home buyers should be looking to lock their mortgages

before mortgage rates rise and home prices rise more.

Before you begin the process of obtaining a mortgage, though, get your

financial affairs in order. The first step deals with your credit report.

What is A Credit Report?

A credit report is a record of your financial history, detailing everything
from auto loans and credit card balances to liens and bankruptcies.
Generally, the information found in your credit report lasts for seven
years. And, while not an official part of your credit report, credit scores
are "grades" based on the report's information.
For today's home buyers and refinancing households, having a good credit
score can mean access to lower mortgage rates and mortgage programs with
smaller downpayment requirements.

However, your credit scores are used in other aspect of life, too :

* Insurers can use your credit score to determine your premium schedules

* Employers can use your credit score to determine whether to hire you, promote
you or reassign you

* Landlords can use your credit score to determine whether to rent you a home or apartment

* Government and judicial agencies can use your credit score for program eligibilities
and legal matters

Your credit report is your first impression in the financial world. It will
often be used to estimate your level of monetary responsibility. This is one
of the many reasons why keeping your credit score high is paramount.
Mortgage Lenders Use FICO Scoring Model
There are tens of credit reporting companies and you've likely seen their
ads on TV or online. However, in the mortgage world, there are three
companies which matter most -- Equifax, Experian and TransUnion.
Collectively, these three firms are called the "major credit bureaus" and
each sells a multitude of credit scoring products.
For mortgage purposes, each sells one credit score of consequence to
mortgage applicants :

* Equifax : Equifax Beacon 5.0
* Experian : Experian/Fair Isaac Risk Model v2
* TransUnion : FICO Risk Score 04

When a mortgage lender "pulls your credit", these are the three credit
scores which are reviewed. Your lender will then take the middle of the
three scores, and this will be your assigned credit score.
For example, if your credit scores are 620,640 and 700, your "score" is 640.
As another example, if your credit scores are 700, 719 and 720, your credit
score is 719. Credit scores are not rounded up or averaged.
Credit scores are called FICO scores, named after the Fair Isaac Co., a
pioneer in the credit scoring space.

How to Boost Your Credit Scores

When you order a credit report, along with your credit scores, the credit

bureaus often offer several ways by which you can improve your credit score.
For people whose credit scores are low, this can be a roadmap for FICO
improvement. For people whose credit scores are very high, it may be
extraneous information; you can't get "bonus points" for having an
extra-high FICO.

Take the credit bureaus' recommendations under consideration, but remember
that there are only a few fool-proof ways to improve your credit score.

1. Pay your bills on time, every time
2. Keep your credit card balances low as compared to your total available credit
3. Apply for store charge cards only when absolutely necessary
4. Pay doctor and utility bills when they're due
5. Keep old credit cards open, and use them periodically

Ideally, your credit card balances should not exceed 30 percent of the
card's available balance. If you are having trouble meeting this requirement
for a high credit score, ask your credit card company to raise your credit
limit.

Lastly, if you've had a derogatory event on your credit report, avoid credit
repair companies until you've done your due diligence. Often, time is the
best healer of a "bad credit report"

Shows like a model home

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sun, 24 Mar 2013 11:38:04 -0700

THIS IS IT! .30 Acres of WOW! Gorgeous landscaping, outdoor oasis w/barbecue/fireplace/ covered patio w/extension, views. Beautiful side yard. Garden/huge dog run/shed. Beautifully decorated, immaculate home. Bayed windows in nook & master bedroom, many windows let the outdoors in. EZ care laminate/woodlike flooring in main living areas, carpeted bedrooms. Great room/kitchen/bfst bar/nook/island for family gathering & entertaining. Living room/dining combo. 3-car garage w/epoxy floor. Hurry!

Arizona Sundogs

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sun, 24 Mar 2013 11:30:52 -0700

Presocott Valley's Arizona Sundogs ended their regular season with 2 straight wins and are on their way to the Central Hockey League playoffs. The Sundogs finished the saeson with 32-27-7 recors for 71 points

Two bedroom with large All Purpose Room

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Mar 2013 15:22:59 -0700

Don't let age fool u! Lovely,exceptionally well-maintained pet-free, one-owner home in prestigious PCC. Entry to living/dining room combo. Large kitchen/breakfast nook/great room to recently painted deck & back yard. Large master suite, jetted tub, separate shower, walk-in closet. 2 nice sized bedrooms & guest bath. 2 skylights w/hand control shades. Wood sills demonstrate superior construction detail. A cozy fireplace for cool winter nights. Storage under home & in garage. A GREAT BUY in PCC!

Well kept home in the Prescott Country Club

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Mar 2013 15:16:05 -0700

Prescott AZ in the top 10 best weather places

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Mar 2013 15:09:29 -0700

7. Prescott, Arizona

Incorporated in 1883 and located 5,386 feet up in the Bradshaw Mountains of central Arizona is the beautiful and scenic city of Prescott. The city has a Mediterranean climate, with hot summers and relatively mild winters. January is typically the coldest month, averaging 50.9 degrees and July the hottest, with the average temperature of 88.3 degrees. Due to the arid climate and higher elevation, summer evening temperatures can be significantly lower.

Most of their 19.2 inches of annual rainfall comes in July and August, while spring and early summer are the driest months. Winter daytime temperatures rarely drop below 20 degrees; therefore snowfall is typically light, averaging 21.9 inches for the season and usually melts away quickly. Only sixty eight days per year of precipitation allows plenty of time for spending quality time outside. Small-town atmosphere, near perfect four-season climate and the ideal quality of life, along with all of the activities this small has city has to offer makes Prescott a highly desirable place to live and play outside.

Prescott AZ Close to Bradshaw Mountains VIEWS VIEWS!

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Mar 2013 15:05:37 -0700

Views, views, views. Light, bright, well maintained home at the top of the world. Lindal sunroom has own heating/cooling system (399 sq.ft), huge deck. Security & hot water recir systems, central vac, kitchen water filter system. Corian counters/breakfast bar. Lg main living area w/cove lighting. Gorgeous woodburning fireplace. Lg master w/garden tub/separate shower, slider to private patio/garden area fully fenced.

Prescott Valley Arizona Oasis

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Mar 2013 15:03:04 -0700

Country Club living without the country club price in Prescott Valley AZ

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Wed, 17 Nov 2010 18:56:42 -0800

Expansive single story home in beautiful StoneRidge! Wonderful private courtyard w/lumawood cover, beautiful tile entry to great room/gourmet kitchen/informal dining area. Fabulous backyard w/covered patio/paver extension, security system. Granite counters, upgrades everywhere, tiled bonus room for storage or whatever. Luxurious glassblock walk-in shower in master, double sinks. Formal dining room, too. Country club living w/o the country club price!

Bank changing locks

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Wed, 17 Nov 2010 18:33:02 -0800

Why is it legal for a bank to change locks on a home that is in the Short Sale process?
The owner has vacated the home. A date of 1/28/11 has been established for the property to go into foreclosure. My feeling is that technically the seller is still the rightful owner. How can the bank legally lock them out?

Country Club living w/o country club expense; Stoneridge Prescott Valley AZ

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Oct 2010 09:22:05 -0700

1 owner, pet-free Juniper (now Chapparal) plan on corner lot. Tile where u want it, 2'x6' Construction, kitchen/dining combo, island, pantry. Pullouts in cabinets. Lg master w/garden tub/shower/double vanity/huge walk-in & second smaller closet. 2 other bedrooms, lg guest bath. Laundry w/storage closet. Covered patio, low-maintenance yard. 3-car garage for the toys. Priced to sell in the premier community of Stoneridge w/golf, tennis, exercise facility.
View the Virtual Tour by copying and pasting the following to your browser: http://vt.realbiz360.com/MLS-493858.html
Visit our web sites at: www.buyinprescottaz.com or www.prescottlistings.com

Vacant parcel in Prescott AZ, Creekside

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Oct 2010 08:49:03 -0700

Great price for a great lot in the beautiful subdivision of Creekside of Prescott. Build your dream home or buy and hold. Peaceful cul-de-sac location, mountain views. Lovely homes all around...no home owners' association dues but there is an architectural review committee.
View the Virtual Tour by copying and pasting the following to your browser: http://vt.realbiz360.com/MLS-477404.html
Viist our Web Sites at: www.buyinprescottaz.com or www.prescottlistings.com

Prescott Valley Active Adult Community(1793)

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Oct 2010 08:41:09 -0700

Peacefully located across from seasonal creek in Victorian Estates, pretty front yard, views from welcoming front porch. Large, bayed, eat-in kitchen w/breakfast bar, all appliances included as well as upright freezer in laundry room. Master w/large shower/walk in closet. Fireplace in great room, large room off entry could be den or office. Arizona room, private back yard w/fruit tree. Priced to sell in the over 55 gated community of Victorian Estates.
View the Virtual Tour by copying and pasting the following to your browser: http://vt.realbiz360.com/MLS-376971.html Visit our Web Sites at: www.buyinprescottaz.com or www.prescottlsitings.com

Adult Community home in Prescott Valley AZ (1760)

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Oct 2010 08:28:27 -0700

Enjoy adult community living in this one of a kind, charming craftsman style home in gated adult community w/clubhouse, pool, exercise facilities. Light, bright kitchen w/lots of cabinets, many upgrades. Open kitchen/dining/great room, ceramic tile throughout living area. Fireplace, gorgeous view from back covered deck. Bay window in Master. Large room below home (no interior access)for hobbies, retreat, workshop. Large unfinished area also. Great second home or main home in lovely Victorian Estates

View the Virtual Tour by copying and pasting the following to your browser: http://vt.realbiz360.com/MLS-522393.html

Visit our web sites at: www.buyinprescottaz.com or www.prescottlistings.com

Home in The Viewpoint, Prescott Valley(7815)

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Sat, 23 Oct 2010 08:13:01 -0700

Fabulous curb appeal,extremely well maintained pet & smoke free, 1-owner home. Living/great room w/fireplace, kitchen/dining combo w/bay window. Lg master/walk-in closet/garden tub/separate shower, double sinks. Split bdrm plan, other 2 rooms spacious & light. Storage cabinets in garage & laundry. Leased water softener, dryer & stove plumbed 4 both gas & elec. Pleated horizontal blinds, ez care landscaping, possible RV parking w/some modification. Newly painted exterior w/15-yr warranty paint

View the Virtual Tour by copying and pasting the following to your browser: http://vt.realbiz360.com/MLS-164502.html

Visit our web sites: www.buyinprescottaz.com or www.prescottlistings.comF

Prescott Arizona One of the 25 Best Places to Retire

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Thu, 09 Sep 2010 23:49:16 -0700

From Money Magazine

One of the 25 Best Places to Retire

Your post-work years are a time to improve your golf game, take up a new

hobby, or just enjoy a well-deserved break. In these great college towns, you

can expand your intellectual horizons too.

4. Prescott, AZ

Population: 42,265

% over 50: 49%

Median home price: $230,500

State income tax: 4.54%*

Where to take classes: Yavapai College

Prescott, a popular retiree destination 100 miles north of Phoenix, is dotted with Victorian

homes, 19th-century Whisky Row saloons, and a leafy Courthouse Plaza. With the world's

oldest rodeo and more than 70 buildings on the National Register of Historic Places, the

town's cowboy heritage is hard to miss.

The weather here is hard to beat: plentiful sunny days, but also four distinct seasons, thanks

to the town's elevation at 5,400 feet. That lures residents out to 650 miles of trails in the

adjacent 1.25-million-acre Prescott National Forest. Plus they enjoy half a dozen golf

courses, and a revolving door of art shows, film festivals, craft fairs, and outdoor concerts.

Of course, until recently, high home prices were a drawback to settling here. But with the

market down 35% since 2007, Prescott has become a decidedly more affordable retirement

haven.

And for those comers who are education minded, Yavapai College's 17-year-old lifelong

learning program offers roughly 200 classes a year

Beautiful home in Stoneridge, Prescott Valley Arizona

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Wed, 08 Sep 2010 23:43:46 -0700

This (approximate) 2266 square foot home is a bargain at only $249,000. Main level living Stoneridge beauty! Front porch,great room w/soaring ceiling, clerestory windows, 3-sided fireplace separates formal dining & great room. Kitchen w/island/casual dining area, pantry. Main floor master w/garden tub, separate shower, double sinks. Office, laundry room, 2nd full bath complete lower level. Upstairs retreat has 2 bedrooms, full bath, large linen closet. 2' garage extension w/cabinets. Rough in soft water loop, R38 ceiling insulation, under cabinet lighting. Enjoy the amenities of Stoneridge including the georgeous recreational cente with an indoor and outdoor pool, hottub, tennis, basketball, exercise room, a public 18 hole golf course to name a few

Why can radical Muslims burn the American flag and desecrate Christian artifacts

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Wed, 08 Sep 2010 23:28:11 -0700

Why can radical Muslims burn the American flag and desecrate Christian artifacts and nothing is said? Why do we keep cowering to these radials. Wake up America! We are being brainwashed into thinking that Islam is a religion of peace. We will be in worse shape that several European countries.

Beware of Z57 Fraud

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Wed, 08 Sep 2010 23:18:20 -0700

Beware of Z57! If you subscribe to their service, they will promise you 60 "hits" to the newly developed Z57 site within 60 days or they will give you a full refund. We subscribed with our 60 days expiring on 8/18. I phoned them on 8/13 inquiring why we hadn't had a single inquiry. I was informed that we had 8 "hits" in July and as of 8/13, we had 13 for the month of August. I told them that I wanted to cancel and expected a full refund. I was told that I had to wait until 8/18 (one person told me that I had to wait until 8/31) to see the status & couldn't cancel until that date. I had asked Z57 to provide me (in my telephone call in addition to several emails) withe an email confirming our ttelephone conversation with the identified "hits" (inquiries). They refused to do so, informing me by email that all communications had to occur by calling the 800 number. Convenient for Z57 not to document the communications. I called back on 8/18 to cancel, and was told that we had 60 "hits". as of the 18th. I was told that there were PPC (Pay per Click) inquiries. What a farce! No documentation on the alleged 21 inquiries (none ever came to us), and then by magic, an additional 39 in 5 days. Fraud, plain and simple. Don't do business with Z57, they will rip you off.

Home Affordable Foreclosure Alternative (HAFA)

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Mon, 06 Sep 2010 23:12:36 -0700

If you are considering a short sale and wish to participate in the HAFA program.
Participating in the HAFA program will speed up the short sale process. To qualify for HAFA the following apply:
The borrower must have participated in the Home Affordability Modification Program (HAMP)
The home must be the primary residence of the borrower and occupied
the 1st lien must have been originate prior to January 1st 2009
Mortgage must be behind or clear proof of eminent defaulting is foreseeable
Mortgage balance is less than $729,750
Mortgage payments are greater than 31% of the borrower's current gross income
The borrower does not qualify for a HAMP trial period
The borrower does not successfully complete a HAMP trial period
The borrower is delinquent on a HAMP modification by missing at least two consecutive paymmnets
The borrower requests a short sale or a deed-in-lieu

Please contact: kathycharlie@prescottlistings.com for additional information

Short Sale your home in the Prescott Arizona area

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Mon, 06 Sep 2010 15:41:36 -0700

If you can't afford to make payments, keep you loan current, or unable to sell the property for the full amount of the loan, your lender may accept less than the amount owed as full payment.
There are good points for doing a short sale as well as well as a bad point which is that You Must Sell Your Home.
The good point are under the terms of a short sale, as mentioned above, is that the lender may forgive your mortgage according to the terms outlined in The Mortgage Debt Relief Act of 2007. We strongly suggest that you speak with a qualified attorney about your options with the Mortgage Debt Relief act of 2007. Fannie Mae has announced a reduced mandatory waiting period to re-establish credit history to 2 years after completion of a short sale. The mandatory waiting period to re-establish your credit with a forclosure is 7 years.
Call Charlie (928-710-2189) or Kathy (928-713-6292) if you think that you might be a short sale candidate

Mortgage rates drop to an all time low. Buy your Prescott home now

Charlie Musarra/ Kathy Renken (HomeSmart Fine Homes and Land) — Thu, 02 Sep 2010 14:18:09 -0700

Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.

The average rate for a 30-year fixed loan was 4.32 percent this week, down from 4.36 percent last week, mortgage buyer Freddie Mac said Thursday. That's the lowest since Freddie Mac began tracking rates in 1971.

The average rate on 15-year fixed loan dropped to 3.83 percent from 3.86 percent the previous week. That's the lowest on records starting in 1991.

Rates have been falling since spring as investors have shifted money into safer Treasury bonds. That has lowered their yields, which mortgage rates tend to track.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for 30-year and 1-year mortgages. They averaged 0.6 of a point for 15-year and 5-year mortgages

Now is the time to buy your home in the beautiful Prescott Arizona area