I've been attending some renewal hour classes this last month and have learned a few "trick of the trade" so to speak to get some loans done that I thought were out of the questions.
FHA seems to be the loan flavor of the month, and many lenders are conducting classes to teach REALTORS some of the possibilities with these loans...got to capture those buyers with any rope available.
The newest angle is to purchase a second home with an FHA loan. Although FHA says you can't have TWO FHA loans, there are some exceptions. One of them goes like this...if only one spouse in the union owns the primary residence (the second spouse is not on the loan or on title). And providing that the second spouse can qualify for the loan without counting the income of the other, they can get a loan on the second home through FHA. Slick!
Payson, Arizona is a second home community just one hour north of Phoenix with a climate of four mild seasons. Population is 15,000 wonderful folks, surrounded by 3.9 million acres of Ponderosa Pines and tucked just under the Mogollon Rim. Hiking, camping, fishing, and just relaxing are our primary attractions. So you guys that are suffering from the heat just south of us, come on up! Great prices on second homes in Payson and the selection is fantastic.
When you're buying or selling real estate, don't forget to remember me!