lending guideline: Bring back 100% financing for phoenix real estate az
- 02/20/09 01:43 AM
ok, I have your attention. Unfortunately, or fortunately, depending on your view of the problem with the credit crisis, 100% is not back. Phoenix AZ real estate is still in a decline and lenders still do not want to lend until either prices stabilize or to the most credit worthy buyer with large down payments. As a result, 100% financing has not made a comeback. It is not even on the board for discussion. However, I have what you might call radical suggestion that may get the Phoenix AZ real estate market moving again. Foremost, I don’t believe lowering interest rates … (4 comments)
lending guideline: Down Payment requirements are the problem
- 02/14/09 02:53 AM
Down Payment requirements are the problem.Yes, we need to stop foreclosure. However, no mater how low prices get, most people cannot buy due to the lack of cash on hand and/or willingness to part with it. This news paints a picture why banks will simply not lend money to (virtually) anyone without 20% down payments (there are exceptions.) The reason being that if home prices continue to drop, homeowners are less willing to pay their mortgage if financial problems arise as the home is worth less then they paid. They can simply , and often do, just walk away from the … (6 comments)
lending guideline: Wealthy Buyer cannot Buy Peoria AZ home
- 02/10/09 07:01 AM
I wrote a post earlier about the problem with the real estate market. That the banks refuse to lend. I firmly believe that until prices stabilize there will be no new money. Here is an example of a personal story that paints a picture of the problem. A hard working couple was pre-approved to buy a home priced at approximately $500K. Both husband and wife are pharmacists combined income of nearly $200K. Credit score over 680. No other debt. $50K savings $10K in checking 401K assets over $100K Made and offer for the home which was accepted. However, the bank/lender told … (5 comments)
lending guideline: there is an obvious unwillingness by banks to lend money
- 02/10/09 01:40 AM
Recently, there has been loud complaints of the accelerated price decline of Phoenix AZ real estate. Although opinion differ what is the problem, no one can deny that there are several problems contributing. Experts point towards mounting inventory of Phoenix AZ homes for sale, rising unemployment, the large number of foreclosures, poor management of loss mitigation at banks and tightened credit or lack of mortgage lending from banks. Wealthy buyer cannot buy Peoria AZ home with 10% down My personal, and humble, opinion is that there is an obvious unwillingness by banks to lend money. They banks now have the … (1 comments)
lending guideline: until prices stabilize there will be no loan money
- 02/06/09 02:24 AM
Recently, there has been loud complaints of the accelerated price decline of Phoenix AZ real estate. Although opinion differ what is the problem, no one can deny that there are several problems contributing. Experts point towards mounting inventory of Phoenix AZ homes for sale, rising unemployment, the large number of foreclosures, poor management of loss mitigation at banks and tightened credit or lack of mortgage lending from banks. Wealthy buyer cannot buy a Peoria AZ home with 10% down My personal, and humble, opinion is that there is an obvious unwillingness by banks to lend money. The banks now have the … (0 comments)
lending guideline: What Does the Credit Crunch mean to Phoenix AZ Real Estate Buyers
- 12/13/08 01:19 AM
Phoenix and Scottsdale home buyers and sellers know that ‘Sub-Prime‘ was the word of the year for 2007. There is a new phrase that is sneaking into the vernacular of Maricopa County (Phoenix, Scottsdale,Fountain Hills, Mesa, Gilbert, Chandler, Tempe, Peoria, Glendale) real estate buyers and sellers. That term is ‘credit crunch‘. Defined in the dictionary as "defined as "a severe shortage of money or credit". In consumer terms this means a variety of the following things. There are simply less Phoenix area regional banks and lenders in the business who have money that you can borrow. The banks who are in … (12 comments)
lending guideline: Fannie Mae's New lending guideline
- 10/20/08 03:32 AM
I often get asked by homeowners who are having difficulty selling their home, can they buy another home prior to a successful sale. The common trend recently has been to rent your existing home and purchase a new home using the rental income from you existing home to offset a portion or all of the mortgage payment. If you have been waiting to buy a home while your home is in escrow pending a sale or you have been considering renting your home until the market improves, please be aware of these important Fannie Mae lending guideline changes. FANNIE MAE … (8 comments)
ok, I have your attention.;)
;)
