fha: Builders looking to move inventory
- 10/09/15 08:29 AM
As the year ends numerous builders in the Phoenix Metro Area are looking to move their inventory. Even though there is still enough resale inventory and home prices are reasonable, deals on new builds can be found. Builders like other companies want to meet end of the year sales goals and are willing to offer substantial discounts or upgrades. Do not expect to get "close out" discounts but do ask about any special incentives. Builders with a larger move in ready inventory might have unique upgrades and features that apply to a lower number of people. For example adding in swimming pools, keeping the … (3 comments)
fha: What Are The Differences Between FHA And Conventional Loans?
- 10/05/15 02:05 AM
Not sure what a FHA loan can do for you? Hoping to figure out what option is right for your situation? There are several differences between FHA and conventional loans, not the least of which is that the Federal Housing Administration insures their loans if they meet certain criteria and are offered through particular lenders. Conventional loans are not backed by federal agencies, and can be obtained through most lenders, including various banks and mortgage companies. Here are some of the other ways in which FHA and conventional loans differ, and how they may affect your decision-making process. Down Payment Conventional loans typically require you to … (1 comments)
fha: What Does It Take To Become A First Time Home Buyer?
- 10/02/15 02:59 AM
The prospect of home ownership can be both exciting and nerve-racking. If you don't have any experience with the home buying process, it can even feel a little overwhelming. The most important thing to remember is to not rush into anything. At times, the process can be so daunting that buyers either end up buying the first available home, or they go back to renting. If you make any hasty decisions, you may end up regretting it. Take some time to understand the buying process, as this will help you make a decision you can be happy with. Pricing Considerations Even if you think you … (7 comments)
fha: Obtaining a new mortgage while selling your existing home.
- 09/28/15 07:16 AM
Life changes have a way of dictating when you need to start looking for a new home. Perhaps your family is growing, or maybe it's shrinking. There are a lot of things that can come up. Whatever situation you find yourself in, you are now wondering whether it's a good idea to get a mortgage on a new home while you're still in the process of selling your old home. This is not an easy decision to make. In some cases, you can wind up paying two mortgages (and this can go on for longer than you might expect). At other times, you … (2 comments)
fha: Changes to FHA Loans
- 09/28/15 06:43 AM
There have been some siginifacant changes to FHA loans as of September 15th, 2015. FHA loans have often been viewed as a way for lower income households to achieve home ownership. FHA loans are overseen by the Department of Housing and Urban Developement which admisters any changes. Here is a quick rundown of some changes Large Deposits-are defined as more than 1% of the adjusted value. Part-Time Income-two years of uninteerrupted part-time income will be required. Self-employed declining Income-you cannot use your income if it has had more than 20% decline except in extenuating circumstances. Freequent Employmet Changes-if you have changed jobs three … (1 comments)
fha: Use Family Money As A Down Payment.
- 09/24/15 03:33 AM
Buying a home can prove expensive, and many home buyers don't necessarily have a lot of money saved up for making a down payment. However, most lenders aren't particularly interested in taking risks on unqualified borrowers, so there is a need to prioritize saving up for a sizeable down payment. Thus, home buyers may turn to their friends, family, or other sources to try to make up the difference. Whether or not you can use family money to make your down payment depends on a number of different factors. Let's take a look. The Amount Of Money The amount of money you can realistically receive as … (0 comments)
fha: Appraisals: How Can They Be So Different?
- 09/24/15 03:20 AM
Appraisals can be kind of confusing. Even if you remain in the exact same home, your original appraisal could look very different than if you were to have it appraised today. What is an appraisal? It's an in-depth report that shows the exact value of a property based on a number of different factors. Your living space, your view, the year the property was built, and other elements are taken in to consideration in your valuation. Appraisals are required when you're planning to refinance your mortgage, or when you're looking to buy a new home. An appraiser will assess what the fair market … (3 comments)
fha: The Importance of a Pre-Qualification Letter
- 08/31/15 03:13 AM
Before you begin the process of finding a new home it is important to obtain a pre-qualification (PQ) letter. A large portion of new home buyers do not understand the importance of completing the PQ. Educating new clients on the importance of this step should be started by the referring Realtor. There are a number of reasons to obtain the pre-qualification letter upfront. Displays your commitment to Realtors and Home SellersGetting your financial position in order shows Realtors you are committed to purchasing a new home. It also communicates to your Realtor a general time line on when your looking to purchase. Having a PQ letter … (0 comments)
fha: Down payment assistance
- 06/19/15 08:03 AM
Academy Mortgage Mesa now has a loan solution called the First-Down Loan Program that only requires a 1/2% down payment. Financing The First-Down Loan Program offers financing of up to 99.5% of the sales price or appraise value of the home, whichever is lower. This is why you do not require more than a 1/2% down payment. This loan is a 30-year, fixed-rate FHA loan. FHA’s mortgage insurance enables home buyers to qualify for ownership, even if they have been previously denied home loans or have found it difficult to qualify. Even those who have previously experienced bankruptcy or foreclosure will be pleased to know that the … (0 comments)
As the year ends numerous builders in the Phoenix Metro Area are looking to move their inventory. Even though there is still enough resale inventory and home prices are reasonable, deals on new builds can be found. 
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