loan officer tucson: How short sale credit rating effects ability to buy another home.
- 09/08/09 05:41 AM
I recently ran across a person that did a short sale on his home. His home closed on August 31st, 2009. He was supposed to do a simultaneous close on another home. He signed all the loan docs at title a week before the proposed settlement date of August 31st, the same day his home sold. There was a funding condition that called for the HUD settlement statement from the sale of his home, to be reviewed by the funder prior to close. Because his home was a short sale, the settlement statement showed less money being paid to the lender than the … (4 comments)
Daily Forecast Update: New Home Sales, Mortgage Applications Share Today at 11:34am August 26, 2009By Lawrence Yun, Chief EconomistDaily Forecast Update NAR's monthly official forecast as of August 4th GDP Q2: +1.6% GDP Q3: +1.5% GDP Q4: +2.5% Unemployment rate by the end of 2009: 10.5% Average 30-year fixed mortgage rate by the end of 2009: 5.6% What does today's data mean for REALTORS® and consumers? The housing market has clearly turned for the better. The buyer psychology is evidently shifting from "why buy now when I can buy later" to "do not miss out on a once-in-a-lifetime drop … (1 comments)
loan officer tucson: Mortgage rates and news info
- 08/25/09 10:21 AM
Mortgage pricing has improved during the day with the stock market closing up just over 30 points.Experts are saying to float your rate at the moment. This mornings report by Case/Shiller showed some improvement in home prices which was liked by most except Robert Shiller. He thinks the prices may not hold and if you read my post from yesterday, there is reason to worry. He agrees that rising unemployment and more forcloseures will take their toll. Consumer confidence was a pleasant surprise as it came in at 54 and was expected to come in at 47. Have a … (2 comments)
loan officer tucson: New inventory likely to hit nationwide?? Give me the Maalox...
- 08/24/09 10:07 AM
As of today, over 9% of all home loans are delinquent!! This is outrageous and must be helping sales of Maalox and Tums. Unemployment is at 7.4% nationally with over 5 million people being out of work for over 6 months. If only 10% of all delinquencies turned into short sales or foreclosures, this would add over 69 billion dollars worth of new inventory. The sad part for many people is that they have given up on saving their homes as they are upside down. Let's hope that the number is not close to the 10% level... If not, I may … (2 comments)
loan officer tucson: How to tell is eggs are bad...
- 08/23/09 02:11 PM
This is another one of my silly posts but it really works. Before you toss out any eggs, usually around the date on the carton, fill a pot with water. If the eggs float, toss them out. If not, cook and enjoy! My wife still does not trust this method but it does work!! … (12 comments)
loan officer tucson: Changing times for buying a home
- 08/20/09 08:59 AM
I remember back in 2005 when there were lotteries to buy new construction homes. I was just looking at homes nearby my home and saw a listing of a home that had never been lived in. I did some more digging and noticed that the home was purchased in 2005 by a couple that took title as thier primary residence. The home is still assessed as a primary residence. As I continued to research I found another home for sale,(literally right next door to the other home) never lived in, bought by the same couple!! You guessed it, as thier primary … (5 comments)
loan officer tucson: Fannie Mae owned properties available in all states using Home Path
- 08/19/09 10:35 AM
The program is called Home Path and it is a FNMA product that helps Fannie Mae get rid of the foreclosure homes that they currently own. The features of the program are that no appraisal is required since the houses are priced to sell, no mortgage insurance requirement, only 3% down payment requirement that allows 3% seller contributions and up to 6% seller contribution is allowed when 5% down payment is given. Investors are also allowed to purchase these homes as investment properties with only 10% down and no mortgage insurance is required! The homes must appear on the website listed below. www.homepath.com … (4 comments)
loan officer tucson: Your way home AZ Government assistance, no gimmicks!
- 08/17/09 06:40 AM
The program in called "your way home AZ". The program is administered by the Arizona Department of Housing (ADOH) through approved lenders in the state. This program is also offered in all states! ADOH offers 22% in purchase assistance to qualified homebuyers purchasing a foreclosed home. The 22% can be completely forgiven (not paid back) depending how long the person stays in the home. The 22% is in the form of a deferred, ZERO interest second mortgage. Example: $200,000 purchase price= $44,000 in a zero interest second mortgage ($200,000X.22=$44,000) INCOME LIMITATIONS Eligible purchasers must have household gross incomes not greater than … (1 comments)
loan officer tucson: Federal Govt down payment assistance your way home az
- 08/16/09 05:37 AM
You may have heard of "your way home Arizona". www.yourwayhomeaz.com/ This article was recently reported by Lan Smith of ABC news. Arizona Department of Housing Director Michael Trailor announced Wednesday the availability of the Your Way Home AZ program for homebuyers in Maricopa and Pima counties. Homebuyers in Arizona’s 13 rural counties have been taking advantage of the opportunity to receive up to 22 percent of the purchase price of select foreclosed homes through the Your Way Home AZ program since early May. So far more than 20 families are currently in various stages of the process of purchasing a foreclosed … (0 comments)
loan officer tucson: Inventory numbers in Tucson
- 08/13/09 09:33 AM
Wow, could the housing market really be stabilizing like many in the media are claiming? At the end of July 2009 we have 6,075 active listings in the Tucson market which is down 21% since January 2009 and is the lowest since December of 2005 when we had just below 5500 listings. Some are speculating that we could see 3000 by year end. Many are saying that this is because so many people have given up and decided to take thier homes off the market. But, the bottom line is that there is no doubt that Tucson will continue to grow and that if we continue to … (2 comments)
loan officer tucson: How to raise your credit scores
- 08/12/09 07:43 AM
Improving your credit scores It's important to note that raising your FICO credit score is a bit like being on a diet and trying to lose weight: It takes time and there is no quick fix. In fact, quick-fix efforts can backfire. The best advice is to manage credit responsibly over a period of time. Here are a few quick tips to consider. Payment History Tips Pay your bills on time.Delinquent payments and collections can have a major negative impact on your FICO score. If you have missed payments, get current and stay current.The longer you pay your bills on time, … (3 comments)
I recently ran across a person that did a short sale on his home. His home closed on August 31st, 2009. He was supposed to do a simultaneous close on another home. He signed all the loan docs at title a week before the proposed settlement date of August 31st, the same day his home sold. There was a funding condition that called for the HUD settlement statement from the sale of his home, to be reviewed by the funder prior to close.;)
;)
;)
