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Tuesday, December 10, 2013
Distressed Arizona Homeowners May Qualify for Arizona's Short Sale Assistance Component
FHA Loan Limit Decrease is Coming
FHA
just released their updated Mortgagee Letter, starting on January 1st, 2014,
the FHA loan limit in Maricopa County for a single family residence will
decrease from the current maximum loan limit of $346,250 down to a maximum loan
limit of $271,050.
The new loan limit will apply to all FHA case numbers issued on or after 01/01/2014.
A purchase price of $280,850 will keep a buyer at 3.5% down when considering the $271,050.00 maximum loan limit.
If you are on the fence about buying a new home with an FHA loan, now is the time! Call Stacia today to get pre-qualified and find your new home.
The new loan limit will apply to all FHA case numbers issued on or after 01/01/2014.
A purchase price of $280,850 will keep a buyer at 3.5% down when considering the $271,050.00 maximum loan limit.
If you are on the fence about buying a new home with an FHA loan, now is the time! Call Stacia today to get pre-qualified and find your new home.
Sunday, December 8, 2013
Year-End Home Repairs That Pay Off
from DaveRamsey.com
The longer we live in our homes, the harder it is to see their flaws. We simply get used to the scuff marks, chipped paint and squeaky floorboards. It all adds to that lived-in feeling, right?
But during the holidays, we want to present our home in its best light, and that means taking care of some routine home maintenance. If you’re planning to put your home on the market anytime soon, those year-end maintenance projects will do double duty when it comes to attracting buyers.
When you make your list of areas that need your attention, don’t forget these easily overlooked items:
Roof and Gutters
As you put up your outdoor lights and decorations, look for any loose shingles or sagging gutters. Prospective buyers who notice them will instantly wonder about leaks and water damage on the roof. Replace the loose or missing shingles and get the gutters and downspouts back where they belong. Then clear out leaves and debris that accumulated during fall so they work properly.
Patch Before You Paint
Most homeowners know the magic a fresh coat of paint has on a home. But don’t forget that years of holiday decorations, photos and artwork will leave your walls peppered with nail holes. Always patch those holes before you paint for a more polished and professional result.
Always Underfoot
Next, take a look at your floors. Scratched, stained or discolored flooring are a distraction for prospective buyers. Even though these don’t usually indicate a problem with the home, it does suggest that you haven’t maintained your home very well. Eliminate that concern by repairing or replacing flooring before you put a for-sale sign in the yard.
While You’re Down There . . .
Don’t forget to clean up your baseboards. They take a beating from holiday traffic and everyday wear, but it doesn’t take much to get them looking fresh again. Usually soap and water will do the trick—but a new coat of paint will really set them off.
Cabinetry Takes Center Stage
During the holidays, the kitchen is celebration-central. Since your cabinets are the most dominant feature in this room, they need to look great for both Christmas company and potential buyers. Start by wiping them down to remove splatters and water marks. If they’re looking especially tired, a new paint or stain job will work wonders.
And in the Bathroom . . .
The number-one priority for the bathroom is to look and smell clean. Repair any eyesores like chipped or missing tiles. Fix leaky faucets and reseal the toilet to prevent surprise leaks.
Find Out Exactly What Your Home Needs
If you’d like professional advice about specific repairs you need to prepare your home for sale, a real estate agent with experience in your market is a great source of advice. Your agent will know what buyers in your area pay the most attention to and which things they ignore. That way you can concentrate on repairs that will truly add value to your home.
Contact me at any time for a FREE consultation! stacia.ehlen@cox.net or 602-330-3379
Friday, November 22, 2013
Credit Score 101: How is Your Credit Score Determined and How Can You Improve It?
Your credit score is based on the following five factors:
Your payment history. (35% of your score)
It shows whether you make payments on time, how often you miss payments, how many days past the due date you pay your bills and how recently payments have been missed.
How to improve it: Make all your payments on time. The higher your proportion of on-time payments, the higher your score will be. Each time you miss a payment, you risk losing points.
Amount owed on loans and credit cards. (30% of your score)
It's based on the entire amount you owe, the number and types of accounts you have, and the proportion of money owed compared to how much credit you have available.
How to improve it: Smaller balances on credit cards can raise your score0 if you pay on time. High balances and maxed out credit cards will lower your credit score. New loans with little payment history may drop your score temporarily, but loans that are closer to being paid off can increase it because they show a successful payment history.
Length of your credit history. (15% of your score)
The longer your history of making timely payments, the higher your score will be.
How to improve it: This simply takes time. It may seem wise to avoid applying for credit and carrying debt, but it can actually hurt your score if lenders have no credit history to review.
Types of accounts you have. (10% of your score)
A mix of accounts is the best.
How to improve it: If you only have one type of account, add another type when it makes sense for you. Installment loans, home loans, retail and credit cards will improve your score.
Recent credit activity. (10% of your score)
Steady credit activity is best.
How to improve it: If you've opened a lot of accounts recently, or applied to open accounts, it suggests potential financial trouble and can lower your score. However, if you've had the same loans or credit cards for a long time and pay them promptly- even after payment troubles- your score will go up over time.
Be sure to review your credit report annually. It's smart to stay on top of your credit report, and know what potential creditors are seeing. You can request a free copy of your credit report from each of three major credit reporting agencies- Equifax, Experian and Transunion- once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228.
Review your credit reports carefully, as each one may contain inconsistent information or inaccuracies. If you spot an error, request a dispute form from the agency within 30 days of receiving your report.
Information taken from Wells Fargo Home Mortgage Newsletter, Fall 2013, Volume 10, Issue 4
Your payment history. (35% of your score)
It shows whether you make payments on time, how often you miss payments, how many days past the due date you pay your bills and how recently payments have been missed.
How to improve it: Make all your payments on time. The higher your proportion of on-time payments, the higher your score will be. Each time you miss a payment, you risk losing points.
Amount owed on loans and credit cards. (30% of your score)
It's based on the entire amount you owe, the number and types of accounts you have, and the proportion of money owed compared to how much credit you have available.
How to improve it: Smaller balances on credit cards can raise your score0 if you pay on time. High balances and maxed out credit cards will lower your credit score. New loans with little payment history may drop your score temporarily, but loans that are closer to being paid off can increase it because they show a successful payment history.
Length of your credit history. (15% of your score)
The longer your history of making timely payments, the higher your score will be.
How to improve it: This simply takes time. It may seem wise to avoid applying for credit and carrying debt, but it can actually hurt your score if lenders have no credit history to review.
Types of accounts you have. (10% of your score)
A mix of accounts is the best.
How to improve it: If you only have one type of account, add another type when it makes sense for you. Installment loans, home loans, retail and credit cards will improve your score.
Recent credit activity. (10% of your score)
Steady credit activity is best.
How to improve it: If you've opened a lot of accounts recently, or applied to open accounts, it suggests potential financial trouble and can lower your score. However, if you've had the same loans or credit cards for a long time and pay them promptly- even after payment troubles- your score will go up over time.
Be sure to review your credit report annually. It's smart to stay on top of your credit report, and know what potential creditors are seeing. You can request a free copy of your credit report from each of three major credit reporting agencies- Equifax, Experian and Transunion- once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228.
Review your credit reports carefully, as each one may contain inconsistent information or inaccuracies. If you spot an error, request a dispute form from the agency within 30 days of receiving your report.
Information taken from Wells Fargo Home Mortgage Newsletter, Fall 2013, Volume 10, Issue 4
Thursday, November 21, 2013
Ten Things You Might Not Know About Arizona
Arizona celebrated 101 years of statehood earlier this year.
Now as we approach our 102nd birthday, AZCentral brings you 101 things you may or may not know about the Grand Canyon State.
http://www.azcentral.com/news/arizona/articles/20131105arizona-101-prog.html
Now as we approach our 102nd birthday, AZCentral brings you 101 things you may or may not know about the Grand Canyon State.
http://www.azcentral.com/news/arizona/articles/20131105arizona-101-prog.html
Monday, November 4, 2013
Apple in Arizona: More than 700 jobs coming to Valley, says Gov. Brewer
Great news for Mesa!!
By: abc15.com staff
By: abc15.com staff
MESA, AZ - Apple is coming to the Valley and will create more than 700 jobs for Arizonans, announced Gov. Jan Brewer Monday afternoon.
The newest U.S. manufacturing facility for Apple will be in Mesa near Elliot and Signal Butte roads.
"Apple is indisputably one of the world's most innovative companies and I'm thrilled to welcome them to Arizona," said Brewer.
She said it will create at least 700 quality jobs in the first year and generate significant capital investment.
It will also generate about 1,300 construction and other associated jobs.
"Apple's confidence in Arizona and its selection of Mesa as the site of its newest manufacturing facility represents an enormous win for our state and a historic investment in our community," said Sandra Watson of the Arizona Commerce Authority.
Brewer said bringing Apple to Arizona was a collaborative effort led by the Arizona Commerce Authority, chaired by Brewer, in conjunction with partners at Salt River Project, the Greater Phoenix Economic Council, the city of Mesa and Maricopa County.
The newest U.S. manufacturing facility for Apple will be in Mesa near Elliot and Signal Butte roads.
"Apple is indisputably one of the world's most innovative companies and I'm thrilled to welcome them to Arizona," said Brewer.
She said it will create at least 700 quality jobs in the first year and generate significant capital investment.
It will also generate about 1,300 construction and other associated jobs.
"Apple's confidence in Arizona and its selection of Mesa as the site of its newest manufacturing facility represents an enormous win for our state and a historic investment in our community," said Sandra Watson of the Arizona Commerce Authority.
Brewer said bringing Apple to Arizona was a collaborative effort led by the Arizona Commerce Authority, chaired by Brewer, in conjunction with partners at Salt River Project, the Greater Phoenix Economic Council, the city of Mesa and Maricopa County.
Saturday, October 26, 2013
FREE MONEY! HARP 2.0- Are YOU Eligible?
Up to $100,000 in principal forgiveness!
* Loan must be owned by Freddie Mac or Fannie Mae (sold to them by 6/1/09)
* Must be current on payments
* No late payments in last 6 months
* Max 1 late payment in months 7-12
* No FICO requirements
* Available for primary residence
* Refi available for non-owner occupied and second homes
To learn more about the program call or email me! 602-330-3379; stacia.ehlen@remax.net
Information provided by LeAnn, The Lending Lady
* Loan must be owned by Freddie Mac or Fannie Mae (sold to them by 6/1/09)
* Must be current on payments
* No late payments in last 6 months
* Max 1 late payment in months 7-12
* No FICO requirements
* Available for primary residence
* Refi available for non-owner occupied and second homes
To learn more about the program call or email me! 602-330-3379; stacia.ehlen@remax.net
Information provided by LeAnn, The Lending Lady
Wednesday, October 16, 2013
Do Remodeling Projects Pay?
by Monica Perdue
We all love to see the before and after on home remodeling shows and the biggest appeal seems to be updated kitchens and master baths. It’s all about the “wow” factor! But when you are selling your home, it’s important to consider (in business terms), the ROI, which is Return On Investment. Cost versus value is clearly a tricky thing. According to the National Association of REALTORS, “A house that sparkles on the surface will sell faster than its shabby neighbor, even though both are structurally well-maintained… Buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can’t see has probably also been maintained.”
Considering potential renovations requires research. Personally, I’d love to have a luxurious master bath with heated Travertine tile floors, mosaic accents in the over sized fully glass-enclosed shower with wall jets, not to mention those sexy above counter sinks, but is it worth the investment? Appraisers care more about the condition of the house and property, square footage (overall living space), number of bedrooms and baths, and what your neighbor’s home sold for, not necessarily the latest bathroom renovation . It’s all about function over form.
The Remodeling 2012–13 Cost vs. Value Report (www.costvsvalue.com), outlines which project give you the most bang for your buck! It may not all be so sexy, but when you’re ready to sell, getting more return for your investment makes you feel much more warm and fuzzy about the deal.
Entry Door Replacement (Steel): Not sexy at all, but this simple update costing an average of $1,100 gives you an 85% return, that’s over $900 back. And in the meantime you have more security and an entryway that could appeal to potential buyers.
Deck Addition (Wood): This is definitely a more fun add-on, but may not be on your remodel list. This renovation has an average 77% return, with the average cost around $9,000 and a re-sale value of $7,000. It’s definitely something to consider. Using composite over wood elevates the cost significantly (average$15,000 ) and your return percentage drops to 67%. When considering this type of remodel, wood may provide the best return.
Minor Kitchen Remodel: When I saw this, my big question is “What does ‘minor’ mean?” Essentially this is a re-facing of the kitchen, keeping all the structure of the current kitchen, replacing cabinet facings (doors, drawers and hardware), updating counter tops, sink and faucet, new energy efficient oven and cook top, as well as repainting. This “minor” kitchen remodel could cost an average of $18,500 with over 75% return – potentially $14,000 back in your pocket when you sell.
Siding Replacement (Vinyl): This is not an exciting conquest when looking at remodeling options, but when you are selling your home, consider what an inspector will be looking at for your prospective buyer. No one wants to come into a home with a need for hefty updates, especially replacing siding. If your house needs it, it’s definitely value added. Another 73% return with an average cost of $11,000 adding $8,000 in home value.
Basement Remodel: More “livable” space always increases value. While this is the most expensive remodel yet, it provides great return for dollars spent. Extra living space immediately adds value, but a finished basement can be many things to many people. It could be a second/separate living space for family. It could be a great place to entertain. A place to send your kids to watch movies, or to get away from your kids. Possibilities are virtually limitless. This being an extensive project with extensive costs (average $60,000), this would be a great option for someone looking to sell down the road. Get some of that value for yourself and then hopefully get it back at about 70% return when you sell.
Bottom line, your remodeling plans need to be something that will make you happy now as well as help you sell later because in most cases you won’t get 100% of your investment back. With all renovations to your home, your return will vary from buyer to buyer as well as from one location to the next. It’s important to discuss your desired updates with a respectable contractor. And when considering these renovations for resale value, it’s even more important to discuss with your local real estate professional. They have the best grasp of what you can gain based on the renovation and the buyers market in your area.
© 2012 Hanley Wood, LLC. Complete data from the Remodeling 2012–13 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
We all love to see the before and after on home remodeling shows and the biggest appeal seems to be updated kitchens and master baths. It’s all about the “wow” factor! But when you are selling your home, it’s important to consider (in business terms), the ROI, which is Return On Investment. Cost versus value is clearly a tricky thing. According to the National Association of REALTORS, “A house that sparkles on the surface will sell faster than its shabby neighbor, even though both are structurally well-maintained… Buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can’t see has probably also been maintained.”
Considering potential renovations requires research. Personally, I’d love to have a luxurious master bath with heated Travertine tile floors, mosaic accents in the over sized fully glass-enclosed shower with wall jets, not to mention those sexy above counter sinks, but is it worth the investment? Appraisers care more about the condition of the house and property, square footage (overall living space), number of bedrooms and baths, and what your neighbor’s home sold for, not necessarily the latest bathroom renovation . It’s all about function over form.
The Remodeling 2012–13 Cost vs. Value Report (www.costvsvalue.com), outlines which project give you the most bang for your buck! It may not all be so sexy, but when you’re ready to sell, getting more return for your investment makes you feel much more warm and fuzzy about the deal.
Entry Door Replacement (Steel): Not sexy at all, but this simple update costing an average of $1,100 gives you an 85% return, that’s over $900 back. And in the meantime you have more security and an entryway that could appeal to potential buyers.
Deck Addition (Wood): This is definitely a more fun add-on, but may not be on your remodel list. This renovation has an average 77% return, with the average cost around $9,000 and a re-sale value of $7,000. It’s definitely something to consider. Using composite over wood elevates the cost significantly (average$15,000 ) and your return percentage drops to 67%. When considering this type of remodel, wood may provide the best return.
Minor Kitchen Remodel: When I saw this, my big question is “What does ‘minor’ mean?” Essentially this is a re-facing of the kitchen, keeping all the structure of the current kitchen, replacing cabinet facings (doors, drawers and hardware), updating counter tops, sink and faucet, new energy efficient oven and cook top, as well as repainting. This “minor” kitchen remodel could cost an average of $18,500 with over 75% return – potentially $14,000 back in your pocket when you sell.
Siding Replacement (Vinyl): This is not an exciting conquest when looking at remodeling options, but when you are selling your home, consider what an inspector will be looking at for your prospective buyer. No one wants to come into a home with a need for hefty updates, especially replacing siding. If your house needs it, it’s definitely value added. Another 73% return with an average cost of $11,000 adding $8,000 in home value.
Basement Remodel: More “livable” space always increases value. While this is the most expensive remodel yet, it provides great return for dollars spent. Extra living space immediately adds value, but a finished basement can be many things to many people. It could be a second/separate living space for family. It could be a great place to entertain. A place to send your kids to watch movies, or to get away from your kids. Possibilities are virtually limitless. This being an extensive project with extensive costs (average $60,000), this would be a great option for someone looking to sell down the road. Get some of that value for yourself and then hopefully get it back at about 70% return when you sell.
Bottom line, your remodeling plans need to be something that will make you happy now as well as help you sell later because in most cases you won’t get 100% of your investment back. With all renovations to your home, your return will vary from buyer to buyer as well as from one location to the next. It’s important to discuss your desired updates with a respectable contractor. And when considering these renovations for resale value, it’s even more important to discuss with your local real estate professional. They have the best grasp of what you can gain based on the renovation and the buyers market in your area.
© 2012 Hanley Wood, LLC. Complete data from the Remodeling 2012–13 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
Thursday, September 19, 2013
30 Years of Interest Rates
Rates are still close to their 30 year low! If you are thinking of buying, now is the time!
Thursday, August 22, 2013
FHA Credit Policy Change Makes it Easier to Qualify
Some great info from one of my favorite lenders!
FHA Credit Policy Change Makes it Easier to Qualify "Economic Events" Recognized as Isolated
Effective immediately, policy changes in the way the Federal Housing Administration (FHA) views certain derogatory credit will make it easier for some borrowers to qualify for purchasing a home. Allowances will be made for certain "Economic Events" resulting in poor credit ratings, which previously would cause borrowers to be ineligible.
What do the new rules say? Potential borrowers who experienced a decrease of income by 20 percent or more for at least six months, and that resulted in serious derogatory credit such as a short sale, foreclosure, or bankruptcy, may still be eligible as long as:
What do the new rules say? Potential borrowers who experienced a decrease of income by 20 percent or more for at least six months, and that resulted in serious derogatory credit such as a short sale, foreclosure, or bankruptcy, may still be eligible as long as:
- The loss of employment or income was due to an extenuating circumstance beyond his or her control and can be documented;
- A satisfactory credit history has been restored for a period of 12 months; and
- Housing counseling has been completed.
If you or anyone you know has been previously denied for a home loan based on an isolated credit incident, I may be able to help! And I'm always happy to answer any questions you may have.
Sincerely,
LeAnn ScrimpshireAaron Lending LLC NMLS156162
LeAnn@TheLendingLady.com
Saturday, July 27, 2013
Friday, July 19, 2013
How Long After A Short Sale or Foreclosure Can You Buy Again?
I know I've posted this before, but it is a great chart to go off of! (can't see the whole chart? just click on it!)
Thursday, July 18, 2013
Saturday, June 29, 2013
Listing Your Home Can Screw Up Refi Chances
By Don Taylor of Bankrate.com
Lenders often frown upon first mortgages or refinancing loans for borrowers who have put their home on the market in the past six to 12 months. But options exist.
Lenders often frown upon first mortgages or refinancing loans for borrowers who have put their home on the market in the past six to 12 months. But options exist.
Q: A lender recently told me that it can’t do a refinancing on our townhouse, which we recently placed up for sale, worth $188,000. We wanted to get $55,000 cash out from the financing. We don’t have a mortgage.
The lender rejected the refinance, saying it doesn’t refinance properties listed for sale or listed in the past six months. Is this true of all mortgage-refi loans or just Freddie Mac and Fannie Mae? How about the Federal Housing Administration?
— Verna Vexation
— Verna Vexation
A: Dear Verna,
If you don’t have a mortgage outstanding, you aren’t refinancing a mortgage. By your estimate, you certainly have the equity in the home to justify taking out a $55,000 first mortgage.
If you don’t have a mortgage outstanding, you aren’t refinancing a mortgage. By your estimate, you certainly have the equity in the home to justify taking out a $55,000 first mortgage.
Lenders originating mortgage loans for Fannie or Freddie won’t approve a mortgage if a home is listed with a multiple listing service or has been listed in the past six to 12 months. The lenders struggle with why they should loan money to people who are or were actively considering selling their home.
In general, it takes several years for the homeowner to justify paying the closing costs associated with a refinancing — or, in your case, a financing. The lender has that break-even cost to consider, as well.
Wednesday, June 26, 2013
Upside Down? Perhaps Not!!
Prices have gone up by 50% Valley Wide since the Market Low August of 2011!
Think you owe more than your home is worth? Maybe not! Call today for a FREE market analysis to see if now is the right time to sell.
Think you owe more than your home is worth? Maybe not! Call today for a FREE market analysis to see if now is the right time to sell.
Saturday, June 22, 2013
Four Bedroom Home plus Loft in Verrado- Purchase for $0 down!!
Are you looking for a four bedroom home in Verrado that can be purchased for as little as 0 down!?! This is it! Beautiful two story four bedroom home in Verrado has four bedrooms, plus loft, 3.5 baths, and a 3 car garage! 2694 square feet. Two private professionally landscaped yards.
Travertine in formal living and dining rooms, kitchen, nook and family room. First floor master suite. Kitchen has beautiful cherry cabinets and granite counters.
Travertine in formal living and dining rooms, kitchen, nook and family room. First floor master suite. Kitchen has beautiful cherry cabinets and granite counters.
More Information Here Including Virtual Tour Here!
four bedroom home for sale verrado zero down home phoenix
four bedroom home for sale verrado zero down home phoenix
Thursday, June 13, 2013
Metro Phoenix median home-sales price up 60% from market low
The Republic | azcentral.com
Mon Jun 10, 2013 5:26 PM
Metro Phoenix’s median home-sales price climbed to $181,399, an almost 60 percent increase from the real estate crash’s low price in August 2011.
Despite the increase in sales prices, Arizona State University real estate analyst Mike Orr doesn’t project another housing bubble in the Phoenix area anytime soon.
“We predicted prices would rise significantly during the strong annual buying season that lasts until June,” said Orr, director of the Center for Real Estate and Practice at ASU’s W.P. Carey School of Business.
The main reason for higher home sales prices is the chronic shortage of available houses for sale in the Phoenix area, he said. The number of houses listed for sale in the region fell 7.3 percent in April.
Because of rapidly rising home prices, some market watchers are concerned that many investors who bought inexpensive short sale and foreclosure homes and turned them into rentals during the past few years, will try to resell those homes now and create a bubble of oversupply.
“Some commentators talk ominously of a bubble bursting when these homes come back onto the market,” Orr said. “Such talk gets a lot of attention because we are over-sensitized to bubble talk after the disruptive events of 2004 to 2006.”
He said even if all the big investors put their homes on the market next month, that would only add 10,000 to 11,000 houses to the number of listings, and the Valley’s market would still be undersupplied based on demand.
Rising mortgage interest rates are another concern for some housing analysts and prospective buyers.
Orr said sometimes higher interest rates create a greater sense of urgency for homebuyers, which works to increase to demand instead of reducing it.
His forecast is for metro Phoenix home sales prices to continue to climb in coming months, but at a slower pace.
Despite the increase in sales prices, Arizona State University real estate analyst Mike Orr doesn’t project another housing bubble in the Phoenix area anytime soon.
“We predicted prices would rise significantly during the strong annual buying season that lasts until June,” said Orr, director of the Center for Real Estate and Practice at ASU’s W.P. Carey School of Business.
The main reason for higher home sales prices is the chronic shortage of available houses for sale in the Phoenix area, he said. The number of houses listed for sale in the region fell 7.3 percent in April.
Because of rapidly rising home prices, some market watchers are concerned that many investors who bought inexpensive short sale and foreclosure homes and turned them into rentals during the past few years, will try to resell those homes now and create a bubble of oversupply.
“Some commentators talk ominously of a bubble bursting when these homes come back onto the market,” Orr said. “Such talk gets a lot of attention because we are over-sensitized to bubble talk after the disruptive events of 2004 to 2006.”
He said even if all the big investors put their homes on the market next month, that would only add 10,000 to 11,000 houses to the number of listings, and the Valley’s market would still be undersupplied based on demand.
Rising mortgage interest rates are another concern for some housing analysts and prospective buyers.
Orr said sometimes higher interest rates create a greater sense of urgency for homebuyers, which works to increase to demand instead of reducing it.
His forecast is for metro Phoenix home sales prices to continue to climb in coming months, but at a slower pace.
Wednesday, April 24, 2013
Principle Reduction and Other Mortgage Assistance Available!
Save Our Home AZ is now providing unemployment, underemployment and reinstatement mortgage payment assistance as well as short sale assistance in addition to principal reduction assistance to qualified Arizona homeowners. Your lender must agree to participate in the program.
Not all Government issued or insured mortgages such as VA (Veterans Administration), FHA (Federal Housing Administration), Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corporation) loans allow principal reduction on all components of the program. However, you are encouraged to make application and learn what assistance is available to you.
Visit http://azhousing.gov/ for more details or to see if you qualify!
Not all Government issued or insured mortgages such as VA (Veterans Administration), FHA (Federal Housing Administration), Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corporation) loans allow principal reduction on all components of the program. However, you are encouraged to make application and learn what assistance is available to you.
Visit http://azhousing.gov/ for more details or to see if you qualify!
Friday, February 15, 2013
Mortgage Debt Relief Act Extended!
The Mortgage Debt Relief Act ("MDRA") enacted in 2007 was
scheduled to expire December 31, 2012. In the "fiscal cliff"
legislation just enacted by Congress, however, the MDRA has been extended until
December 31, 2013. Therefore, after a foreclosure or a short sale of a
home in Arizona, any debt forgiveness of a mortgage loan used to purchase or
improve the home will continue to not be taxable income.
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