phoenix mortgages: Underwriting Guideline Update: Collections, Charge-Offs, Judgments, Garnishments & Liens - 09/29/10 11:19 AM
Conventional, FHA and VA mortgage loans in Phoenix may soon become harder to obtain for those with a troubled credit history. Currently, a borrower with up to $5,000 in collections may still eligible to purchase a home in Phoenix, in many cases. The new guideline change could also affect current Phoenix home purchase transactions you may have in process. 
The following policy change was announced from U.S. Bank Home Mortgage, specifically relating to the Correspondent Lending Division's Underwriting policy for all loan products including FHA, VA and Conventional loans.
Collections, Charge-Offs, Judgments, Garnishments and Liens:
Delinquent credit must be paid off at or prior to closing. … (17 comments)

phoenix mortgages: Can I Purchase A Home If My Spouse Does A Short Sale? - 07/23/10 12:35 PM
Short sales, in most cases, are one of the most economical solutions for all parties involved when a borrower can no longer afford their home.  The bank typically incurs a smaller financial loss than would result from an ultimate foreclosure or continued delinquency on the mortgage payments.  Borrowers may be able to soften the overall damage to their credit, and potentially settle future deficiency judgments. The big question on hand is.......What is life like after a short sale??  
If you're married and your spouse has recently had a short sale, you may still be able to purchase a home. 
For the … (11 comments)

phoenix mortgages: 8 Questions Your Phoenix Mortgage Lender Should Be Able To Answer About Mortgage Rates - 06/07/10 12:45 PM
As consumers, we've all been taught that shopping around for a mortgage to get the best deal is critical.  When shopping for your Phoenix home mortgage, it's fairly easy to check online or make some phone calls to determine rates.  
Once you have had an opportunity to narrow down your search for the right lender, it will also be important to ask some essential questions to make sure they're educated regarding mortgage rates.  With Phoenix mortgage interest rates changing quite frequently, sometimes several times during the day, it's important to make sure your lender can answer basic questions. The following questions and answers will allow … (1 comments)

phoenix mortgages: Need a Low Down Payment Home Loan to Purchase in Phoenix? Homepath Financing May Be the Answer - 02/05/10 09:55 AM
So you're in the market to purchase a home in Phoenix, Arizona?  You've saved your money, but were hoping to find something with a low down payment.  Unfortunately, most of the affordable houses in your price range are unable to be financed with a FHA home loan.  It is beginning to seem like your only option may be Conventional financing, which requires a significantly larger down payment. 
There is another option.  It is possible to take advantage of today's low interest rates and affordable home prices in Phoenix, while still benefiting from a reasonable down payment.
You can purchase a home, … (4 comments)

phoenix mortgages: So What's My Phoenix Home Loan Rate? - 11/10/09 10:45 AM
"So what's my Phoenix home loan rate"?  This is the question asked to loan originators everyday from our clients and prospects.  There is no simple answer and it seems to be getting more complex as the mortgage industry moves toward more risk-based pricing.  Risk-based pricing allows adjustments to par pricing for risk factors such as; FICO scores, loan-to-value percentages, property type (SFR, Condo, 2-4 Units), occupancy (Primary, Vacation or Investment) and mortgage type (Interest Only, Adjustable Rate etc). 
Let's start off with the basic mechanics of fixed mortgage interest rates.  Interest rates are primarily based upon the pricing of Mortgage Backed Securities ("MBS" or "Bonds") issued from Fannie Mae … (0 comments)

phoenix mortgages: Is Your Child Destined For A Career In Sales? - 10/23/09 10:53 AM
Today, I had the pleasure of attending my daughter's 4th grade parent/teacher conference.  Her teacher told me that she is a great student, but she noticed that Kelli rushes through her work assignments quite frequently.  Kelli will quickly complete her assignments, often times with minor errors, and ask her teacher if she has something else she would like her to do.  My wife and I had also took notice to this recently too.  However, it also reminded me of myself when I was that age.  I often think to myself, am I grooming my daughter for a career in sales?  I think I may be … (9 comments)

phoenix mortgages: My 203k FHA Loan Closed - What Happens Now? - 10/06/09 01:11 PM
Are you purchasing a home in Phoenix?  Is the house bank-owned, does it need some TLC, or would you just like to paint, carpet and put in some new appliances?  The FHA 203k Streamline loan is the perfect solution.  Click here for a more detailed guide for specifics on how the 203k loan works. 
FHA's Streamline 203(k) mortgage program allows Phoenix homebuyers to finance up to an additional $35,000 into their mortgage, to improve or upgrade their home before they move-in.  Phoenix homebuyers can use this type of loan to pay for property repairs, such as those identified by a home inspector or FHA appraiser.  These improvements are not … (14 comments)

phoenix mortgages: How Do You Purchase a Home Using the "Your Way Home Arizona" Program? - Free Seminar - 09/21/09 11:06 AM
How do you purchase a home in Arizona using the Your Way Home Arizona loan program?
You are invited to attend the seminar explaining the "Your Way Home Arizona" on Monday, October 5th from 9:30 am - 12:30 pm. 
Reginald Givens from the Arizona Department of Housing will be presenting on the Your Way Home Arizona program. This is a great opportunity if you, your business partners or clients want to learn more about the Your Way Home Arizona Program.
Don't miss out on this opportunity to learn about new and changing information and get your questions answered.
The seminar will be held at the W.J. Bradley Mortgage Branch … (8 comments)

phoenix mortgages: Attention Phoenix First Time Homebuyers! The $8,000 Tax Credit Program Ends November 30th, 2009 - 09/14/09 12:06 PM

All good things must come to an end and the $8,000 tax credit for Phoenix first time home buyers is no exception.  The $8,000 tax credit program expires on November 30, 2009.  This means you must CLOSE ESCROW on your new home purchase no later than November 30th, 2009.   
The $8,000 tax credit does NOT need to be paid back and you do not need to wait until 2010 to claim the credit.  One can claim it on their 2008 taxes by filing an amended return after you close on your home.  Taxpayers can file Form 5405, First Time Homebuyer Credit, … (0 comments)

phoenix mortgages: Thinking About Going Green on Your Phoenix Home Mortgage? VA Energy Efficient Mortgage (EEM) Program May Be The Solution - 09/04/09 11:05 AM

Thinking About Going Green on your Phoenix Home Mortgage? VA Energy Efficient Mortgage (EEM) Program May Be The Solution
The VA Energy Efficient Mortgage Program allows a veteran, using a VA Home Loan, to upgrade their Phoenix home at the time of purchase or as a refinance, if the borrower already owns the property. The program allows the veteran to finance up to $6,000 in cost of those upgrades into their home mortgage.  This is a great program for those who want help protect the environment and save money. 
Allowable energy efficient improvements include, but are not limited to, the following items:
Solar heating systems, including solar systems for heating water for … (0 comments)

phoenix mortgages: Phoenix Mortgage Interest Rate – Lock or Float…..That is the Question????? - 09/01/09 01:39 PM
When purchasing or refinancing a home in Phoenix, one of the most difficult decisions you will have to make is whether to lock in your interest rate or let it float.  For first-time homebuyers or borrowers that are less familiar with the process, here is a brief description of the terms.  "Locking" an interest rate means finalizing a rate commitment with the lender that a specific interest rate will be held for you, at a certain price, for a specified period of time.  At that time, you are guaranteed that interest rate regardless of whether the market improves or declines.  The … (2 comments)

phoenix mortgages: Are You Facing Short Sale, Deed-in-Lieu, Foreclosure and/or Bankruptcy? Here's What It Will Take To Purchase A New Home - 08/31/09 08:12 AM

It's been a tough battle over the last 4 years for a large majority of homeowners in similar circumstances as property values tumbled.  Many people have already lost their jobs because of the widespread financial hardship we have faced as not only a nation but globally.  One of the results of the global crisis is the inability of homeowners to pay for their mortgages and sell their homes.  It's easy to make your payments when there's a monthly income, but with so many people getting laid off, most can no longer afford to pay for all their monthly obligations.  We've created this article to address … (2 comments)

phoenix mortgages: What You Need To Know About Identity Theft When Applying for a Home Mortgage in Phoenix - 08/25/09 04:02 AM

Federal Trade Commission estimates as many as 9 million Americans have their identities stolen each year.  Some identity victims can resolve their problems quickly, while others spend hundreds of dollars and many years repairing damage to their name and credit.  Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans for education, purchasing a home or a car because of the negative information that has been reported on their credit.

How do thieves steal an identity???                 
Dumpster Diving - They rummage through trash looking for bills or other paper with your personal information … (0 comments)

phoenix mortgages: APR vs. Interest Rate - Know the Difference When Applying for a Mortgage on Your Home in Moon Valley - 08/21/09 12:12 PM
So you've decided to purchase a home in Moon Valley and you want to get the best deal on your mortgage.  You get on Google and type in Phoenix Home Mortgage to check rates but all the advertisements have this other rate with the letters APR next to it.  What is APR and why should you be concerned about it when you're financing your home in Moon Valley?
Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs. However, it's important to keep in mind that APR is not a perfect system, and not all … (0 comments)

phoenix mortgages: “Your Way Home Arizona” –Tips for Helping Your Clients Purchase a Foreclosure Home in Phoenix, AZ - 08/21/09 05:22 AM
All of us are aware of the overwhelming abundance of bank-owned properties flooding the Phoenix area housing market.  The Arizona Department of Housing (ADOH) has developed a new program to help your clients purchase foreclosed properties in Arizona.  The "Your Way Home AZ" program offers a forgivable, zero-percent-interest loan of 22% of the home's purchase price to qualified borrowers purchasing an eligible foreclosed home.  This significantly increases your clients' purchasing power, since eligible borrowers only need to qualify for 75% of the purchase price.  The program is currently available throughout all of Arizona.
It is advantageous for you as Realtors to … (7 comments)

phoenix mortgages: “Your Way Home Arizona” – This Program May Be the Perfect Solution for Homebuyers Looking to Mortgage a Foreclosure Home in Phoenix, AZ - 08/20/09 08:05 AM
The Phoenix area housing market is still being driven by foreclosed homes.  This wave of inventory consisting of bank-owned properties is not likely to decrease any time in the near future.  Now, Arizona residents have an even greater opportunity to take advantage of the affordable home prices and the foreclosure market.  The "Your Way Home Arizona" program was created by the Arizona Department of Housing (ADOH) to help homebuyers purchase foreclosed properties in Arizona.  The ADOH has designated $20 million from HUD's Neighborhood Stabilization Program to fund this program. 
The Your Way Home AZ program offers a forgivable, zero-percent-interest loan of 22% … (4 comments)

phoenix mortgages: What is the Current Value of My Home? - 6 Sites That May Help - 08/14/09 12:46 PM
Before you decide to throw down your hard earned money to pay for an appraisal, you may want to do some research.  Here are 6 sites that will help you find out how much your home may be worth for the purpose of selling your home, or refinancing your home mortgage.  These property evaluations only provide an estimate of the property value that you are researching.  The list of websites below will help you determine a value range for a home in Phoenix and surrounding areas.
•· - Zillow is a free online real estate site where you can research homes values, view recently sold homes, and search for homes currently … (3 comments)

phoenix mortgages: Applying for a Home Mortgage in Phoenix, AZ – 5 Tips to Improve Your Credit Score? - 08/14/09 11:59 AM
Many residents in Phoenix, Arizona have recently decided to either purchase or refinance their dream home only to discover that they have less than perfect credit.  Don't be discouraged.  There are many ways to rehabilitate your credit.  Here are a few key tips to improve your credit score in the quickest and most effective manner.
•1.   Review Your Credit Report For Accuracy - It is advantageous to check your credit report to make sure the credit bureaus have not reported anything in error or that you have not fallen victim of identity theft.  Any identified errors should be corrected immediately. 
You … (0 comments)

phoenix mortgages: Are You A Good Neighbor Next Door? Phoenix Loan Program for Firefighters, Police Officers, EMTs and Teachers - 08/11/09 05:58 AM
Are You A Good Neighbor Next Door? Phoenix Loan Program for Firefighters, Police Officers, EMTs and Teachers
Are you a Firefighter, Police Officer, EMT or a K-12 School Teacher?  If so, you may be eligible to purchase a home in Phoenix, AZ using the Good Neighbor Next Door Program.  Under this program, you may qualify for up to a 50% discount off the purchase price for homes located in certain revitalization areas in Phoenix. 
•·         Live Where You Work - If you qualify for this program, you must choose a home that falls in the area where you serve and work. Example: if … (2 comments)

phoenix mortgages: When Looking to Mortgage a Home in Phoenix, AZ - What Makes Up Your Credit Score? - 08/10/09 12:06 PM
Whether you are a first-time homebuyer or a veteran homeowner, one of the main qualifying requirements involved when mortgaging a home in Phoenix, AZ is your credit score.  However, most of us have no idea what actually makes up our credit score.  Many borrowers have the mindset that making their payments on-time will automatically equate to a high credit score.  While this is an important component, it only accounts for approximately one-third of your overall score.
The following is a breakdown of the five key factors that contribute to your credit score:
•·         Payment History - 35%
•·         Balances Carried - … (0 comments)