Arizona Real Estate - Search the mls

Arizona Conventional/FHA Loan Limits Changing

Chad Hagenson — Tue, 26 Jul 2011 20:02:00 +0000

You may have heard that things are about to change in the loan limit world! It’s true. Both Conventional (aka “GSE”) and FHA limits will be reduced (if Congress does not step in to change). VA loan limits will not change until at least January 1, 2012.

CONVENTIONAL LOAN LIMITS: What is changing?

In Maricopa County, we will not see a change in Conventional Loan Limits. Our limit is not above the current base limit of $417,000 (our limit is $417,000). The base limit is not what is changing for Conventional Loans therefore our Conventional Loan Limit will remain $417,000. What is changing (without an act of Congress) is the way the “high cost” Conventional Loan Limits are calculated in “high cost” areas. See below for the change in the calculation.

FHA LOAN LIMITS: What is changing?

If Congress does not act, we will feel the impact of the pending FHA Loan Limit Changes here in Maricopa County. After October 1, 2011 FHA Loan Limits are set to decrease from the current $346,250 to $271,050 in our County. The reason for the change here is based on the lowest allowed FHA loan limit or the “floor.” By law, the lowest FHA limit allowed in any County is $271,050. Based on our median price, Maricopa County’s FHA limit will revert to the floor of $271,050. “High cost” areas FHA loan limits will be calculated exactly the same way and are currently calculated the same way as the Conventional high cost limits outlined above. Here is how:

HIGH COST AREA (not Maricopa County) LOAN LIMITS
How are they calculated and what is changing?

Pre Oct 1 FHA and Conventional Loan Limit in High Cost Area = Median Home Price x 125%
Post Oct 1 FHA and Conventional Loan Limit in High Cost Area = Median Home Price x 115%

*national “ceiling” loan limit would drop from $729,750 to $625,500 for FHA and Conventional

World's largest solar tower to be built in Arizona

Chad Hagenson — Sun, 17 Jul 2011 01:14:00 +0000

EnviroMission is almost ready to begin construction of a massive solar tower in Arizona. The solar tower will be located about 130 miles west of Phoenix near the Arizona/California border. This solar tower will be about twice as high as the Empire State Building and almost as large as the Burj Khalifa building in Dubai, which is currently the world's tallest building.

The massive solar tower will be as wide as a football field at the base and will have a greenhouse base more than 2 miles in diameter. The solar tower will generate enough power for 150,000 homes with over 1 million megawatt hours of solar energy.

The solar tower will create electricity by using turbines to force air heated by the sun up a 2,600 foot chimney. WOW!

EnviroMission chose to build the large solar tower in Arizona because of the hot climate and availability of flat land. The location is also near the Arizona/California border and near transmission lines in both states. There is enough room in the Arizona desert to build several large solar towers and EnviroMission may just do so. They also plan to build in other states in the southwest desert.

The solar facility is expected to cost upwards of $700 million dollars and will employ 1,500 people to help with construction.

June 2011 Breaks ARMLS Record for Most Sales in a Month

Chad Hagenson — Fri, 01 Jul 2011 16:47:00 +0000

At 2:00 p.m. on July 1, ARMLS reported 10,509 as the number of sales for June 2011.
If this number holds it sets the all-time record for most sales in a month through ARMLS (Arizona Regional Multiple Listing Service, Inc.). The previous record was 10,252 sales in June 2005. The last time ARMLS reported over 10,000 sales was August of 2005 with 10,031.

The 10,509 sales is a preliminary number and will be adjusted up or down. Of the 10,509 sales 9,004 were reported as single family sales compared to 8,322 sales in May. Single family sales represented 86% of all sales. There was a major increase in the number of short sales in June and the preliminary median price was $110,000 in June up from $108,000 in May.

Arizona Real Estate Market Improving

Chad Hagenson — Wed, 11 May 2011 13:51:00 +0000

Arizona housing market indicators improving since the 4th Quarter of 2010!

Active Listings (TOTAL) peaked on November 20th at 45,960…supply has declined over 25% to 34,364

Active Listings (excluding AWC status) peaked on November 21st at 39,813 and has declined over 28% to 26,734

Pending listings reached a low of 8,695 on January 2nd and has since risen 55% to 13,467

Sales per month reached a low of 6,195 on January 31st and has risen 49% to 9,237

Sold % List Price reached a low point of 94.23% on December 31st has since risen to 95.57%

INVENTORY DECLINING!

Days Inventory peaked at 188 on November 21st has since fallen 28% to 135

Month’s supply rose to 6.8 on October 6th has since fallen 48% to 3.5 months

BANK OWNED HOMES ARE SELLING!

REO sales in April accounted for 44.6% of total sales compared with 46.8% for March

Normal sales increased to 35.7% of total sales in April compared to 34% in March

Short Sales increased from 19.2% to 19.8%

April delivered only 4,418 new notices of trustee sales - LOWEST monthly total since DECEMBER 2007

Market data courtesy of Mike Orr, Cromford Report

FHA Increasing Monthly Mortgage Insurance

Jeremy House — Wed, 13 Apr 2011 09:00:00 +0000

This is a friendly reminder that FHA will be increasing its monthly mortgage insurance premium by .25% on April 18th. All case numbers assigned on or after April 18th will be subject to the new/higher monthly mortgage insurance factor. Here is how that change will look in specific detail:

BEFORE APRIL 18th:

Loans with >15 year amortization (20, 25 and 30 yr fixed FHA loans)
Less than or equal to a 5% down payment = .9% monthly mortgage insurance factor
Greater than 5% down payment = .85% monthly mortgage insurance factor

Loans with <15 year amortization (10 and 15 yr fixed FHA loans)
Less than or equal to a 5% down payment = .25% monthly mortgage insurance factor
Greater than 5% down payment = .0% monthly mortgage insurance factor

ON OR AFTER APRIL 18th:

Loans with >15 year amortization (20, 25 and 30 yr fixed FHA loans)
Less than or equal to a 5% down payment = 1.15% monthly mortgage insurance factor
Greater than 5% down payment = 1.1% monthly mortgage insurance factor

Loans with <15 year amortization (10 and 15 yr fixed FHA loans)
Less than or equal to a 5% down payment = .5% monthly mortgage insurance factor
Greater than 5% down payment = .25% monthly mortgage insurance factor

The most common scenario is a 30 year fixed FHA loan with 3.5% down. Before the change the monthly mortgage insurance payment on a $200,000 FHA loan was equivalent to $150. After the change on April 18th, that same loan amount would carry a monthly mortgage payment of $191.67 (+ $41.67 per month).

Arizona Real Estate Market - Short Sales

Jeremy House — Mon, 11 Apr 2011 15:44:00 +0000

Today's Arizona Real Estate market, more than any other time in history, requires that every buyer and seller seek the expertise of a knowledgeable Real Estate Agent and Mortgage professional.

One of the primary reasons is that short sales and foreclosures still dominate the desert. As a homeowner, many Arizonan's are faced with a very important decision when it comes to the sale of their home. If they find themselves underwater, they must choose between a foreclosure or a short sale. Out of haste and a lack of an understanding of the short sale process, many make the decision of a foreclosure oftentimes delaying their next home purchase longer than what they may see with a short sale.

The time that someone must wait after a short sale before they are eligible for another mortgage depends on a number of factors including mortgage payment performance during the short sale, the reason for the short sale and the type of loan they want to use to buy their next home. The bottom line is that every homeowner owes it to themselves to consult with a Realtor that specializes in short sales and a mortgage professional that can help them understand what the best approach is as far as qualifying for another mortgage down the road.

As a mortgage professional, many of my clients are better off opting to short sale rather than just walking away from their home. I have created a "How to Buy after a Short Sale" guide that helps my clients prep for their next home purchase and avoid hurdles that may extend their wait time.

To the surprise of many, there are scenarios where a homeowner that did a short sale on their home can obtain a new home loan immediately. However, even if they cannot buy right away, the time that a short seller must wait to purchase after a foreclosure is usually longer than after a short sale.

It is important to seek the advice of both a Real Estate agent and either a CPA or an attorney to access the tax implications of a short sale. Either way, Arizona homeowners will benefit from researching the differences between a foreclosure and a short sale.

Jeremy House

The HOUSE Team @ PrimeLending

602.435.2149

JHOUSE@PrimeLending.com

TW Lewis opening new golf lots in Seville

Chad Hagenson — Thu, 07 Apr 2011 17:40:00 +0000

New single level, semi-custom homes on the golf course in Seville!

Siena at Seville is about to open to the public and they are starting pre-sales right now! Don't miss this opportunity to get a beautiful T.W. Lewis home in the very desirable master planned community in the heart of Seville. There are 25 single story home sites in total with many of them overlooking the gorgeous private Seville golf course.

There are five unique, single level floor plans available to choose from ranging in size from 2,300 to 3,200 square feet.

Siena at Seville includes numerous luxurious features as a standard. Some of the included features are wood window sills, granite slab kitchen countertops and oversized islands, custom cabinetry, 8’ doors and large master baths with tile countertops and surrounds.

Base pricing starts in the low $300's.

Contact me today for a copy of the new single level home floorplans at Seville.

Province homes for sale in Maricopa

Chad Hagenson — Thu, 17 Feb 2011 14:35:00 +0000

Province is an active adult community in the city of Maricopa, located just south of Phoenix. Province is a private, guard gated, community with plenty of greenbelts, walking paths and waterways for your enjoyment. The community center is packed with activities including a beautiful outdoor patio space with heated pool, large workout center and an indoor lap pool. There is even fishing available in the large lake.

Did you know you can buy a move in ready waterfront home in Province today for less than $200k?!

Province homes for sale in Maricopa

If you would like to take a tour of homes for sale in Province, please let me know and I will get you access to this guard gated, active adult community.

Province homes have been selling lately with 15 homes sold in the last 3 months!

Recent home sales in Province range in price from $89,900 to $389,900

and vary in size from1149 to 2608 square feet.

The average sales price of a home in Province today is $198,648 for a 2012 square foot home.

It takes 158 days on average to sell a home in Province today.

MIP increase on new FHA loans

Chad Hagenson — Sun, 30 Jan 2011 14:08:00 +0000

HUD announced today that the Annual MIP factor for all new FHA loans (FHA case numbers assigned) on or after April 18th, 2011 will be increased by .25%. Annual MIP is the portion of mortgage insurance that is added into a buyers monthly payment (see attached for a breakdown based on current standards) . Here is a breakdown of HUD/FHA Annual MIP factors:

NOW:

For 30 Year FHA Loans:
1. .9% if the loan to value is greater than or equal to 95% (this is the norm as most loan to value’s on FHA loans are 96.5%)

2. .85 if the loan to value is less than 95%

For 15 Year FHA Loans:
1. .25% if the loan to value is greater than or equal to 95%

2. 0% if the loan to value is less than 95%

ON/AFTER APRIL 18th:

For 30 Year FHA Loans:
1. 1.15 % if the loan to value is greater than or equal to 95% (this is the norm as most loan to value’s on FHA loans are 96.5%)

2. 1.1% if the loan to value is less than 95%

For 15 Year FHA Loans:
1. .5% if the loan to value is greater than or equal to 95%

2. .25% if the loan to value is less than 95%

On a purchase price of $163,000, this change in annual MIP increases a buyers payment by $43 per month. It is worth noting that the Up Front MIP factor will not be changing. It is currently at 1%.

Estancia Homes For Sale

Chad Hagenson — Mon, 24 Jan 2011 16:08:00 +0000

Homes for sale in Estancia, Scottsdale, Arizona

The Estancia Golf Club is located on the north slope of Pinnacle Peak in the gated community of Estancia and expands over 640 acres. This 18-hole championship golf course was designed by Tom Fazio and offers 7,314 yards of wonderful golf, bent grass greens, and awesome mountain views. Estancia is a private club allowing only members and accompanying guests.

For more information or to request an application, please contact me today to arrange a tour.

Power Ranch Homes For Sale

Chad Hagenson — Tue, 11 Jan 2011 13:54:00 +0000

Power Ranch is located in Gilbert, Arizona and runs from Power Road west to Recker and Queen Creek road north to Pecos. Power Ranch is truly one of the most popular communities in all of Gilbert. It really does have a lot to offer with both affordable and luxury housing.

Power Ranch real estate has been active lately with 76 homes sold in the last 3 months. Homes in Power Ranch range in price from $74,000 - $445,000 and vary in size from 1279 - 5816 square feet.

The average sales price in Power Ranch today is $177,467 for a 2183 square foot home.

It takes 134 days on average to sell a home in Power Ranch today.

View all homes for sale in Power Ranch at

www.MLS4PowerRanch.com

Power Ranch has so much to offer including 2 fishing lakes, 2 schools, numberous parks and walking paths, community pools and splash pad as well as a community barn that can be used for large gatherings.

If you are thinking of selling a home in Power Ranch or would like to purchase a home in Power Ranch, please let me know how I can help you.

Western Skies Homes For Sale

Chad Hagenson — Tue, 11 Jan 2011 13:47:44 +0000

Western Skies is located in Gilbert, Arizona just North West of Val Vista and Ray roads.

Western Skies real estate has been active lately with 11 homes sold in the last 3 months. Homes in Western Skies range in price from $85,000 - $254,000 and vary in size from 1262 - 3102 square feet. Homes in Western Skies are very affordable with an average price per square foot of just $75 today.

The average sales price in Western Skies is $148,709 for a 1957 square foot home.

It takes 163 days on average to sell a home in Western Skies today.

View all homes for sale in Western Skies at

www.MLS4WesternSkies.com

Western Skies is home to the Western Skies Golf Club.

If you are thinking of selling a home in Western Skies or would like to purchase a home in Western Skies, please let me know how I can help you.

Changes to the FHA 90 day flip rule

Jeremy House — Wed, 05 Jan 2011 11:40:00 +0000

Effective Feb 1, 2010, HUD/FHA suspended its normal 90 day flip rule. The suspension/waiver allowed FHA buyers to purchase a home that had been purchased within 90 days by the current seller. While that waiver is still in effect as of today there have been a few changes that I want to share with you. Before I do, it’s important to understand that HUD/FHA has NOT changed their ruling. The change is at the investor level meaning that the companies that buy loans from mortgage banks such as PrimeLending have changed the rules on what kind of loans they will purchase.

So while FHA is still perfectly okay with the 90 day rule waiver issued a year ago the investment banks buying mortgages have layered their own rules over HUD’s/FHA’s. Here is what is happening relative to FHA flips.

Previously:

An FHA buyer could purchase a home that was bought less than 90 days ago even if that home was being resold for more than 20% of what the seller bought it for. The catch was that we had to do 2 appraisals on the property if the price exceeded the 20% limit. For example, if a seller has just purchased a home 60 days ago for $100,000 and was now selling it for $140,000 (40% more than what they bought it for) an FHA buyer that was purchasing that home could do so. They would just need 2 appraisals.

Now (As of December 10th, 2010):
The one and final investor that was purchasing these loans where purchase price exceeded 20% of previous sales price is no longer doing so.

What this means going forward:

1. If you have a buyer that is looking at purchasing a home using an FHA loan less than 90 days from the date the seller bought it AND that home is being sold for more than 20% of what the seller paid you are stuck. Your buyer would need to wait until 90 days after the settlement date of the seller purchase before they can ink a new contract.

2. If you have a buyer that is looking to buy a home using an FHA loan less than 90 days from the date the seller bought it AND that home is being sold for than 20% or less of what the seller paid for it you can still move forward. No 2nd appraisal is required on these transactions.

***Important Dates***
1. The 90 days is measured from the date of settlement (not recording) of the previous sale and the date the new purchase contract (for your buyer) is executed.

2. This change is effective 12/10/2010 – loan must be locked by this date in order to not be impacted by this change.

Las Sendas Homes For Sale

Chad Hagenson — Thu, 02 Dec 2010 09:42:00 +0000

Visit our website at www.mls4LasSendas.com today to search all homes for sale in Las Sendas. Las Sendas has something for everyone with large luxury estates, single family homes, and condos and town homes. You can view homes for sale in Las Sendas on the website by category.

Las Sendas is located in Mesa, Arizona just northeast of Power and McKellips roads.

Las Sendas real estate has been active lately with 62 homes sold in the last 6 months. Homes in Las Sendas range in price from $192,00 to over 2 million and vary in size from 1131 to over 9000 square feet.

The average sales price in Las Sendas is $528,654 currently and the average size of a home is 3393 square foot.

It takes 165 days on average to sell a home in Las Sendas today.

If you are looking to buy or sell a home in Las Sendas, please contact me so I can be help you with your upcoming move.

Arizona vacation home with a pool

Chad Hagenson — Sun, 21 Nov 2010 14:54:00 +0000

Arizona vacation home for sale in the Villages at Rancho El Dorado.

This is a 1886 square foot, single level model home with a private pool and an east backyard. It also has furniture available outside of escrow.

Model Home for sale and has included features galore; whirlpool white smooth top range,white microwave and dishwasher,garage coach lights,paver drive and walk,gas heat,9' ceilings,2 panel interior doors,satin nickel door hardware,lighting and plumbing fixtures,ceramic tile at entrykitchen and baths,frameless medicine cabinets,dual sinks with cultured marble tops,42'' walk in shower,seperate soaking tub in master bath,stainless steel kitchen sink with sprayer. The Villages offers two pools,playground area,fitness center, picnic and rec area,basketball,tennis,community lake and kids splash pad, Home is sold AS-IS,No SPDS,No CLUE.owner has never lived in the home.

It is priced at just $143,900 and is located in the Villages at Rancho El Dorado in Maricopa.

Amenities at The Villages At Rancho El Dorado Let me know if you or anyone you may know may be interested and I can get you some pictures/video of this home.

Marlborough Park homes for sale

Chad Hagenson — Thu, 18 Nov 2010 14:52:00 +0000

Marlborough Park homes for sale, homes for sale in Marlborough Park

Marlborough Park was built in the 1980s in Tempe, Arizona just north of the 202 freeway and west of Scottsdale road.

Marlborough Park is conveniently located near Old Town Scottsdale, Tempe Town Lake and Tempe's ASU campus.

Marlborough Park real estate has been active lately with 9 homes sold in the last 6 months. Homes in Marlborough Park vary in size from 1314 - 1828 square feet.

The average sales price in Marlborough Park is $178,152 for a 1472 square foot home.

It takes 89 days on average to sell a home in Marlborough Park today.

If you are thinking of selling a home in Marlborough Park or would like to purchase a home in Marlborough Park, please let me know how I can help you.

View all currently available Marlborough Park homes for sale

Marlborough Park has a community Pool to keep you cool in the hot Arizona summer.

Madera Parc homes for sale

Chad Hagenson — Thu, 18 Nov 2010 14:33:00 +0000

Madera Parc homes for sale, homes for sale in Madera Parc

Madera Parc is located in Gilbert, Arizona just southeast of Cooper and Elliot roads.

Madera Parc real estate has been active lately with 7 homes sold in the last 3 months. Homes in Madera Parc range in price from $142,500 - $220,000 and ivary in size from 1450 - 3755 square feet.

The average sales price in Madera Parc is $171,771 for a 1973 square foot home.

It takes 70 days on average to sell a home in Madera Parc today.

If you are thinking of selling a home in Madera Parc or would like to purchase a home in Madera Parc, please let me know how I can help you.

View all currently available homes for sale in Madera Parc

Gilbert HUD home with a pool, $110k

Chad Hagenson — Thu, 18 Nov 2010 11:05:00 +0000

Gilbert HUD home with a pool for sale

This home sold in 2007 for $262,000!!

Estimated market value today $150,000

Buy this HUD home for less than $110k today!

Warner Ranch Homes For Sale

Chad Hagenson — Thu, 18 Nov 2010 10:12:00 +0000

Warner Ranch Real Estate - Homes for sale in Warner Ranch, Tempe.

Looking for an established community in the heart of Tempe with homes ranging from 1304 to 3948 square feet and home prices from just $160,000 to over $400,000?

Look no further than Warner Ranch in Tempe, Arizona.

View all homes for sale in Warner Ranch on

our Warner Ranch community website

www.mls4warnerranch.com

Warner Ranch is a highly sought after community in the heart of beautiful Tempe, Arizona. Warner Ranch is part of the very popular Kyrene School District offering A++ schools.

Based on the 42 home sales in Warner Ranch for the last 6 months, the average home size in Warner Ranch is 2376 square feet and the average sales price is $293,766.

It takes an average of 96 days to sell a home in Warner Ranch with an average price/square foot of $124.

Visit our website to view Warner Ranch homes with pools

Warner Ranch offers a variety of real estate from smaller homes with a community pool to larger homes on big homesites. Warner Ranch was built in several phases and is home to Warner Ranch Crossing, Warner Ranch Estates, Warner Ranch Landing, Warner Ranch Meadows and Warner Ranch Village.

If you or someone you know is thinking of buying or selling a home in Warner Ranch, please let me know and I will be happy to help.

HUD Homes - Arizona HUD Homes For Sale

Chad Hagenson — Wed, 17 Nov 2010 16:30:00 +0000

Looking for a great buy on a home in Arizona? You may want to consider looking at HUD homes as part of your home search in Arizona.

Solutions Real Estate is a HUD approved Broker which allows me to submit an offer on a HUD home for you and get you an answer the next day in most cases.

Most HUD homes in Arizona are priced well below market value and many of them have cash available at closing to cover any needed repairs.

HUD homes can be purchased with FHA loans including 203k and 203b products, Conventional financing and cash.

All HUD homes are sold as-is but HUD does inspect each home it sells and some repairs may be possible post closing.

203k and 203b loan products allow for a home buyer to have repairs estimated by a contractor during escrow to be financed into the mortgage and completed upon closing.

View available HUD homes in Arizona

There are currently over 500 HUD homes for sale in Arizona.

Based on the 262 HUD home sales in the last 6 months, the sales are very active with the average market time of just 33 days at an average sales price of just $72,687!

For example, just last month a 2354 square foot, 3 year old HUD home sold in Gilbert for $155,000 that had a market value of over $200,000!!

Be sure to contact me before you buy your next home in Arizona so you can have access to all homes for sale including HUD homes, bank owned homes and short sales.

There are some great buys to be had in the Arizona housing market!

Let me know if you are looking for a HUD home in a specific area and I can set up an email notification for you if a HUD home becomes available in that area.

Agritopia Homes For Sale

Chad Hagenson — Tue, 16 Nov 2010 13:55:00 +0000

Looking for homes for sale in Agritopia? We have a entire website dedicated to real estate in Agritopia where you can view all homes for sale in the popular Gilbert Community.

Visit www.mls4agritopia.com today

Homes in Agritopia range in size from 1321 square foot cottages to 5330 square foot basement homes. The price of a home in Agritopia ranges from $127,000 to over $400,000 with an average sales price of just $248,732 in the last 6 months.

The average size of a home in Agritopia is around 2800 square foot. Agritopia offers 3-5 bedroom homes and has a good variation of home elevations for an unique community look and feel.

Agritopia is located in Gilbert, Arizona just west of Higley and North of Ray road. Agritopia is a very unique community with tree-lined streets, a community pool, tennis court, homes with front porches and even a community produce farm.

The Farm at Agritopia
Gilbert's San Tan shopping mall is just around the corner and it is convenient to ASU East, Gilbert Hospital and Williams Gateway Airport. Agritopia is also home to some great restaurants like Joe's Farm Grill and The Coffee Shop.

Get the most recent community news from the Agritopia HOA.

Contact me today for a tour of home for sale in Agritopia in Gilbert, Arizona.

Shamrock Estates Homes For Sale

Chad Hagenson — Fri, 12 Nov 2010 13:48:00 +0000

Shamrock Estates is a popular community located in south Gilbert just west of Higley and south of Ocotillo roads. Shamrock Estates features several parks, tree lined streets and is home to the CTA - Freedom campus offering higher learning for elementary school children.

Homes for sale in Shamrock Estates

Solutions Real Estate offers a great website to search all homes for sale in Shamrock Estates including 5 bedroom homes, homes with pools, homes with mountain views and more.

Visit www.MLS4ShamrockEstates.com today to see what is currently available for sale in Shamrock Estates.

Real estate is Shamrock Estates has been very active with 54 sales in the last 6 months. The average sales price of a home in Shamrock Estates is $226,372 and the average size of a home is 2769 square feet.

Buying a home after a short sale in Arizona

Chad Hagenson — Wed, 29 Sep 2010 13:25:00 +0000

So just how long does a home buyer have to wait before they can purchase a home again after a short sale, foreclosure or bankruptcy? Well, there are several factors involved but here is a general guideline depending on the type of new loan that is being requested by the buyer.

FHA
Foreclosure 3 yrs
Short sale 3 yrs or less (conditions apply)
Chapter 7 Bankruptcy 2 yrs from discharge date
Chapter 13 Bankruptcy 1 yr

Conventional
Foreclosure 7 yrs
Short sale 2 yrs with 20% down (conditions apply)
Deed in Lieu of Foreclosure 2 yrs with 20% down (conditions apply)
Chapter 7 Bankruptcy 4 yrs from discharge date
Chapter 13 Bankruptcy2 years

VA
Foreclosure 2 yrs
Short Sale no time established (est. 12 months)
Chapter 7 Bankruptcy 2 yrs from discharge date
Chapter 13 Bankruptcy 1 yr

These are the current underwriting guidelines and are subject to change.

Visit my short sale section to view a guide on Buying a home after a short sale

Did you know? The Rural housing loans are back!! These loans have zero down payment required and no mortgage insurance! The following cities apply:

Florence, Casa Grande, Maricopa, Coolidge, San Tan Valley/Queen Creek, Apache Junction, New River, Gold Canyon, Anthem, Buckeye, Goodyear, Litchfield Park, Tolleson, Buckeye, Carefree, Cave Creek, Fountain Hills, Gila Bend, Wickenburg

Search the mls on my website for homes in these areas and let me know if you have any questions I can answer for you. Income limits apply in some cities, contact me for more details.

Final note: Thinking of buying a home with FHA financing this week? FHA mortgage insurance is increasing by 35% come October 4th! Get under contract asap so you can get an fha case number assigned before the deadline!!

New homes in Gilbert - Adora Trails Grand Opening

Chad Hagenson — Thu, 16 Sep 2010 11:35:00 +0000

Adora Trails is a brand new master planned community in South Gilbert on the south side of Riggs road between Higley and Val Vista roads. It has wonderful views of the SanTan mountains. This new Taylor-Morrison community is still under construction with home sales just beginning.
Contact me for a tour .

There is something for everyone at Adora Trails with base home prices ranging from $145,000-$230,000. Homes in Adora Trails will range in size from 1300-3500 square feet.

Adora Trails in Gilbert is already home to Charlotte Patterson Elementary in the Chandler Unified School District.

Please contact me for detailed home pricing, floor plans by email or to set up a model home tour. It is very important for you to have buyer representation before you visit the home models for the first time.

Adora Trails has the following community ammenities:

4 acre fishing lake
12 miles of walking paths
10-acre Neighborhood Park
swimming pool with interactive water play features
4,000 square foot Neighborhood Clubhouse
on-site elementary school
Basketball courts
Soccer field
Baseball field
Shade structures
Tot lots
Ramadas with picnic tables and grills

New homes for sale in Arizona

Remember to contact me for your first tour of the model homes.

Buyer representation is FREE - the builder pays my commission.

Be smart! Don't buy a new home without a professional REALTOR® on your side!

Interested in other new homes in Gilbert? Contact me for a complete list. Floor plans available!

Power Ranch homes for sale, homes for sale in Power Ranch

Chad Hagenson — Mon, 13 Sep 2010 16:22:00 +0000

Visit www.AZPowerRanchHomes.com and search all homes for sale in the community of Power Ranch, located in Gilbert Arizona. The website features Power Ranch real estate broken down by category. You can view homes with pools in Power Ranch and bank owned homes in Power Ranch, just to name a few.

Power Ranch is also home to Trilogy. Trilogy at Power Ranch is an active adult community with a wonderful golf course. You can view golf course homes in Trilogy and all homes for sale in Trilogy on the website as well.

Power Ranch is home to over 4000 homes and covers over 1400 acres of land. It is located in Gilbert Arizona just North of Queen Creek Road and West of Power Road. It features several large parks, a fishing lake and community swimming pools as well as the highly rated Power Ranch Elementary School.Houses in Power Ranch range in price from $110,000 to over $500 thousand.

For more information on Power Ranch, visit their website.

Visit www.AZPowerRanchHomes.com today!

If you would like to take a tour of homes in this community or just have a question for me, please contact me.

Don't miss out on the current historically low interest rates and great pricing in one of Arizona's most sought after communities.

Search all homes for sale in Arizona with my Arizona mls search

Gold Canyon homes for sale, homes for sale in Gold Canyon, Arizona

Chad Hagenson — Sat, 11 Sep 2010 15:20:00 +0000

Visit www.MLS4GoldCanyon.com and search all homes for sale in the Gold Canyon, Arizona. The website features Gold Canyon real estate broken down by category. You can view homes with pools in Gold Canyon, Gold Canyon homes with mountain views, Gold Canyon golf course homes, Gold Canyon condos/townhomes, Gold Canyon gated communities, Gold Canyon retirement homes and much more.

Homes in Gold Canyon range in price from just $70,000 to well over $1 million.

View Luxury homes in Gold Canyon

Visit www.MLS4GoldCanyon .com today!

Gold Canyon, Arizona is located approximately 45 miles east of Phoenix Sky Harbor airport, nestled up against the Superstition Mountains. Homes in Gold Canyon offer great mountain views and it is home to the Gold Canyon Golf Resort and the upscale Superstition Mountain Golf Club.

Superstition Mountain is a beautiful private, gated community in Gold Canyon that wraps around the golf course. You can also view homes for sale in Superstition Mountain at

www.mls4superstitionmountain.com

Look what you can buy for just $140,000!!!

STUNNING VIEWS!! A wonderful easy maintenance home with tile throughout and desert landscaping. A very spacious 2 bedroom/ 2 bath home on the edge of a Natural Preserve. Lay in bed and look at the beautiful Superstition Mountains or, sit outside and watch the wildlife. This home has the views surrounding on all sides! Great kitchen with stainless and black appliances and spice colored cabinets. Wonderful natural light althrough the home. It's as beautiful inside as it is out. Oh did I mention that it's NOT A SHORT SALE NOR A BANK OWNED PROPERTY??

View property flyer

Listing courtesy of Nancy Perry at Solutions Real Estate

Ashland Ranch homes for sale, homes for sale in Ashland Ranch, Gilbert

Chad Hagenson — Wed, 01 Sep 2010 16:44:00 +0000

Visit www.AZAshlandRanchHomes.com and search all homes for sale in the community of Ashland Ranch, located in Gilbert Arizona. The website features Ashland Ranch real estate broken down by category. You can view homes with pools in Ashland Ranch and large 5 bedroom homes in Ashland Ranch , just to name a few.

Ashland Ranch was built from 1999 to 2004 in Gilbert Arizona just North of Williams Field Road and East of Lindsay Road. It features several parks and greenbelts as well as the highly rated Ashland Ranch Elementary School.

Houses in Ashland Ranch range in price from $140,000 to over $400 thousand. There are 693 homes in Ashland Ranch with over 63%(439) of them having pools. There are 447 single level homes and 246 2 story homes in Ashland Ranch. The average house size in Ashland Ranch is 2570 square feet.

Visit www.AZAshlandRanchHomes.com today!

If you would like to take a tour of homes in this community or just have a question for me, please contact me.

Don't miss out on the current historically low interest rates and great pricing in one of Arizona's most sought after communities.

Credit reports and qualifying for a home loan

Chad Hagenson — Wed, 01 Sep 2010 16:23:00 +0000

Latest on Mortgage Lenders and Credit Reports
Recently, experts reported that Mortgage Lenders may have to start pulling a second and final credit report just before a homebuyer closes on their new home purchase.

Mortgage giants Fannie and Freddie felt that loan applicants were acquiring debt during the application process and not disclosing it properly.

The final ruling on this issue has come out and it turns out lenders do NOT have to pull a secondary/final report prior to closing. Instead, the original credit report “validity period” will remain at 90 days meaning that the credit report lenders pull in the beginning of the transaction is good for 90 days.

With all of this being said, it is still VERY important for homebuyers not to have their credit pulled AND not to make any purchases that would show up on their credit report until after their home has closed.

It is important to keep in mind that lenders are developing systems such as “FRAUD GUARD” that will help them detect any recent credit activity (such as an auto loan app, new credit card etc…).

In the end, while Lenders will not be required to pull new credit reports, homebuyers may as well act as if they will.

Here is a little bit of the “why” behind this development:

Over the past year $142 million in auto loan payments that were created during the home loan application process were magically left off of loan applications

The “missing” auto loans had an average payment of $361 per month – a pretty sizeable payment that could likely push some borrowers over the qualifying edge

Ocotillo homes for sale, Homes for sale in Ocotillo, Chandler

Chad Hagenson — Wed, 11 Aug 2010 14:34:00 +0000

Ocotillo is a beautiful community south of Chandler, Arizona. Known for it's beautiful lush landscape and for it's wonderful Ocotillo Golf Resort, this is definitely one of the east valley's most popular communities to live in.

Visit www.AZOcotilloHomes.com and search all homes for sale in Ocotillo, Chandler. The website features Ocotillo real estate broken down by category. You can view bank owned homes in Ocotillo, waterfront homes in Ocotillo, golf course homes in Ocotillo , homes with pools in Ocotillo and much more.

Houses in Ocotillo range from as low as $150k to over 1 Million. If you would like to take a tour of homes in Ocotillo, please contact me.

Don't miss out on the current historically low interest rates and great pricing in one of Arizona's most sought after communities. Contact me today for more information about Ocotillo Real Estate.

Photo ©Florian via Flickr

What you will find at www.AZOcotilloHomes.com

Upcoming FHA loan changes announced

Chad Hagenson — Thu, 05 Aug 2010 19:53:00 +0000

HUD has announced their intention to change the factors for both Upfront Mortgage Insurance (the one time premium that is financed into an FHA loan) and Monthly Mortgage Insurance (the amount that is paid monthly by the homeowner).

GOOD NEWS!

Upfront Mortgage Insurance Premium (UMIP or MIP) Change
Current Up-Front Mortgage Insurance Premiums are calculated at 2.25% of a borrowers loan amount. The change will lower that to 1%. For example:

Currently UMIP on a $200,000 equals $4,500.
The new UMIP on a $200,000 will equal $2,000.

BAD NEWS!

Monthly MI Change
Current Monthly Mortgage Insurance is calculated at .50% - .55% per year depending on loan to value. The change will increase the Monthly MI factor to .85-.90% depending on loan to value. For example:

Currently an FHA Monthly Mortgage Insurance payment on a $200,000 loan equals $91.67 ($200,000 * .55%/12 months = $91.67).
The New FHA Monthly Mortgage Insurance payment on a $200,000 loan will equal $150.00 ($200,000 * .90%/12 months = $150).

Assuming a $200,000 loan at 4.5% (30 yr fixed) with 3.5% down the difference in payment is as follows:

Current payment: $1,167.70 PITI (assuming $150 for taxes and $50 for homeowners insurance)
New payment: $1,213.92 PITI (assuming $150 for taxes and $50 for homeowners insurance)

A borrower will need an additional $75-$80 (est) in monthly income to qualify for the same loan amount (per $100,000 in loan amount).

These changes are slated for case numbers assigned September 7th. Right now the change is awaiting the President’s approval. I will be sure to keep you posted.

Thank you for the update Jeremy House!

You contact Jeremy House at Prime Lending on his website by clicking the image below.

Superstition Springs homes for sale, Homes for sale in Superstition Springs, Mesa

Chad Hagenson — Fri, 30 Jul 2010 16:25:00 +0000

Visit www.AZSuperstitionSpringsHomes.com to view all homes for sale in Superstition Springs in Mesa, AZ.

Superstition Springs is a master-planned community in South Mesa just off the US-60 freeway. Superstition Springs offers a wide range of housing options from condos to luxury homes. Superstition Lakes condominiums are within walking distance to shopping and several nice restaurants and offer a gated community with a heated pool.

Click here to view homes with pools located in Superstition Springs.

Click here to view bank owned homes in Superstition Springs.

Superstition Springs Center is a full featured shopping mall with something for everyone.

Superstition Springs also features a PGA Tour Qualifying Superstition Springs Golf Course.

Visit www.AZSuperstitionSpringsHomes.com to view all homes

for sale in Superstition Springs in Mesa, AZ today.

Click here to search the entire Arizona MLS

As always, let me know if you have any questions about real estate in Arizona. I am here to help you with your home search online.

New Policy for Borrowers Debt

Jeremy House — Sat, 05 Jun 2010 10:38:00 +0000

As you know one of the key pieces of advice to give a homebuyer under contract or just looking for a home is to not go out and purchase anything new and to not utilize their credit until their home purchase has closed. In fact, in addition to verbally covering this with all of my clients I also send out a Helpful Hints document that reiterates this warning (among others) just to ensure we lay a strong foundation for a smooth closing.

For those eager buyers that have slipped up and purchased a new car or TV too soon their saving grace has always been that we don’t have to pull a new credit report unless the one we have on file is over 90 days old. This loophole has allowed many people’s new debts to fly under the radar as there is no reason to “re-pull” credit and reveal the new payment (s). That policy is changing as we speak.

In a new “Quality Initiative” affecting all new loan apps on or after June 1st, Fannie Mae announced that it will be requiring validation of “No New Liabilities.”

Remember that Freddie/FHA/VA etc… all tend to follow Fannie Mae policy. For now this just means that borrowers sign a document stating they have acquired no new debt since we pulled credit (see attached). However, the credit companies are currently developing a soft pull method that will allow a new report to be run that will NOT count as an inquiry but that will update and reveal any and all debts up to the date of closing.

NEW Arizona home search website launched!

Chad Hagenson — Wed, 19 May 2010 14:08:00 +0000

Arizona Real Estate Home Search By Category

Visit ChadHagenson.WeKnowTheValley.com today!

I have simplified your Arizona home search by breaking the search results into categories. Just choose a category of home for sale in Arizona and follow the links to narrow down your search to the city or the subdivision. IT IS THAT EASY!

You can search homes listed by city, bank owned homes and so much more. You can also create and save your own custom home searches in my Arizona MLS search. USE THE SAME MLS SEACH REALTORS USE EVERY DAY!

TRY IT OUT RIGHT NOW!

Click the links below to search Arizona homes for sale by the following categories

Please share this website with others you may know that may be searching for a home for sale in Arizona online. I'm sure you will find the new website to be very user friendly and easy to use.

Be GREEN, Buy an Energy Star home today

Chad Hagenson — Sat, 01 May 2010 08:36:00 +0000

Arizona has several ENERGY STAR homes to choose from. Most of the new homes you see in Arizona today are Energy Star rated but they can also be found in the resale market. If you are looking to build a new home today, ask me for a list of energy star builders. It can save you a lot of money in the long run.

CLICK HERE for a current list of Energy Star resale homes.

A home must meet strict guidelines as determined by the U.S. Environmental Protection Agency to earn the ENERGY STAR rating. These homes are at least 15% more energy efficient than homes built to the 2004 International Residential Code (IRC). They also include additional energy-saving features which make them 20–30% more efficient than standard homes.

So the next time you are looking for a newer home in Arizona, be GREEN and be sure to look for the ENERGY STAR rating.

Please remember to contact me before you begin your new home search. I can $ave you lots of time by emailing you new homes that fit your style and budget. I can even email you floor plans to review! It is also very important that I visit the new home models with you on your first visit. I can represent your interests as a home buyer and it doesn't cost you anything, the builder pays my commission!

Remember: The sales agent at the new home models represents the builder, NOT you.

Fannie Mae's Homepath Financing Program

Chad Hagenson — Fri, 30 Apr 2010 14:33:00 +0000

Buy a home today for just 3% down payment, NO appraisal and NO mortgage insurance!

Fannie Mae's Homepath program provides homebuyers with some awesome financing options. The program requires the purchase of a Fannie Mae owned property.

CLICK HERE for a current list of available Fannie Mae properties in Arizona.

The program allows for 97% financing (JUST 3% down payment) for primary residence properties, 90% for second homes and 85% for investment property, all with NO mortgage insurance and NO appraisal. FNMA owns a significant number of homes in Arizona, California and throughout the US.

Fannie Mae is also currently offering 3.5% of the sales price to the home buyer (investors excluded) to be used for Closing Cost Assistance and/or brand NEW Whirpool® Appliances. Recently extended to June 30, 2010!

Highlights for Condo Financing:

1. Condo must be on the "HomePath Eligible List"
2. Up to 97% financing on primary homes
3. Up to 90% financing on second homes (vacation home)
4. Up to 85% financing on investment properties
5. Seller can pay up to 6% (2% for investments) of your closing cost and prepaids
6. NO Appraisal required!
7. NO Mortgage insurance required!

Please contact me if you would like more information about HomePath financing from Fannie Mae.

Average temperature in Phoenix, Arizona

Chad Hagenson — Mon, 19 Apr 2010 09:43:00 +0000

Welcome to Phoenix, Arizona. With over 300 days of sunshine, it's no wonder we are often referred to as "The Valley of the Sun." Take a look at the average temperature for Phoenix, Arizona as recorded by the weather station located at Phoenix Sky Harbor Airport.

Wheather you are looking for a winter vacation home or looking to relocate to Arizona full time, I can help you find the perfect home.

There is plenty of sunshine for everyone in Phoenix, Arizona.

Take a look at these average temperatures. Arizona is a great place to keep warm during those cold winter months. You may want to consider getting a private pool to help you stay cool in the heat of the Arizona summer.

January

Average high temperature: 66

Average low temperature: 41

Warmest ever: 88

Coldest ever: 17

Average precipitation: .8

February

Average high temperature: 70

Average low temperature: 44

Warmest ever: 92

Coldest ever: 22

Average precipitation: .6

March

Average high temperature: 75

Average low temperature: 49

Warmest ever: 100

Coldest ever: 25

Average precipitation: .9

April

Average high temperature: 84

Average low temperature: 55

Warmest ever: 105

Coldest ever: 32

Average precipitation: .3

May

Average high temperature: 93

Average low temperature: 64

Warmest ever: 113

Coldest ever: 40

Average precipitation: .1

June

Average high temperature: 103

Average low temperature: 72

Warmest ever: 122

Coldest ever: 50

Average precipitation: .1

July

Average high temperature: 105

Average low temperature: 80

Warmest ever: 121

Coldest ever: 61

Average precipitation: .8

August

Average high temperature: 103

Average low temperature: 79

Warmest ever: 116

Coldest ever: 60

Average precipitation: 1.0

September

Average high temperature: 99

Average low temperature: 72

Warmest ever: 118

Coldest ever: 47

Average precipitation: .7

October

Average high temperature: 88

Average low temperature: 61

Warmest ever: 107

Coldest ever: 34

Average precipitation: .6

November

Average high temperature: 75

Average low temperature: 48

Warmest ever: 93

Coldest ever: 25

Average precipitation: .6

December

Average high temperature: 66

Average low temperature: 42

Warmest ever: 88

Coldest ever: 22

Average precipitation: .9

Tax Break...FREE food or discounts for tax day

Chad Hagenson — Thu, 15 Apr 2010 08:43:00 +0000

In honor of Tax Day today, several local restaurants are offering FREE or discounted food today!

Get out there today and release some stress....EAT!

Boston Market : Buy one individual plate and get one free from April 15 to April 18 with the coupon available on their website. Some restrictions apply.

Cinnabon : Two free cupcakes from 6 p.m. until 8 p.m. at participating locations – not including airport or travel plaza outlets.

Maggie Moo's : Free small sample slices of its new MaggieMia's Ice Cream Pizza from 3 p.m. to 7 p.m.

McCormick & Schmick's : They are offering $10.40 dinner and drink specials and bar patrons will get a $10.40 gift certificate for future use.

Mr. Jim's Pizza : Get Mr. Jim's 1040 Pizza when you become a fan on Facebook and pick up a free small, one-topping pizza.

Papa John's : Now through midnight, you can use the "1040" promotional code at www.papajohns.com to order a large, original crust pizza with three toppings for $10.40.

P.F. Chang's China Bistro : Get 15 percent off food purchases.

Starbucks : Get FREE COFFEE by bringing in a reusable travel mug today.

Taco Del Mar : Get a FREE taco on Tax Day by downloading and printing a coupon on its Web site. www.tacodelmar.com

T.G.I. Friday's : Get your Tax Day bonus, including $5 Bonus Bites cards for purchases between $15 and $25 (excluding alcohol and tax.) For meals over $25, you'll get a $10 Bonus Bites card while supplies last.

Don't forget to take advantage of the home buyer tax credit! You will need to be under contract before the end of the month of April to qualify. Short sales included! Contact me for more information.

HAFA - Home Affordable Foreclosure Alternative

Chad Hagenson — Wed, 07 Apr 2010 11:54:00 +0000

The Home Affordable Foreclosure Alternative or “HAFA” is an initiative that was introduced to help struggling Homeowners successfully short sell their home by following a set of established and simplified guidelines. The program does not cover every homeowner or every property. See below for more detail.

Important dates to know when it comes to HAFA:

Program is effective as of April 5, 2010
Progam expires on December 31, 2012
Once Homeowner signs agreement with their Servicer they are under the HAFA contract for 5 months (can be extended if mutually agreed upon)

How will HAFA help Homeowners? HAFA has...

Created a set of standard processes and timeframes - one key timeframe is that lenders will have a maximum of 10 days to respond to buyers offers on a HAFA approved property
Established financial incentives payable to Homeowners, Servicers and Investors
Releases struggling Homeowner from all future liability for forgiven debt (this refers to mortgage balance and NOT potential tax liability – consult with a Tax Professional regarding your tax consequences)
Gives the Homeowner (the seller) the ability to receive pre-approved short sale terms before even listing their home
Keeps the Servicer from reducing Real Estate Commissions as a condition of the approval
Streamlines Homeowners HAFA eligibility by using information from HAMP analysis

Who qualifies for HAFA, more details?

Property is a primary residence
Owner is delinquent or about to be delinquent on their mortgage
Property is not financed through Fannie Mae or Freddie Mac (I can check for you)
The mortgage loan is a first lien mortgage originated on or before January 1, 2009
The current unpaid principal balance is equal to or less than $729,750
The owners total monthly mortgage payment exceeds 31% of their gross income.
$3,000 moving assistance check will be cut by the Title company at a successful COE
Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.

Contact me for complete details on HAFA Timeframes and Guidelines or visit the HAFA website.

PARTICIPATING LENDER LIST

Allstate Mortgage Loans & Investments, Inc.
American Eagle Federal Credit Union
American Home Mortgage Servicing, Inc.
AMS Servicing, LLC
Aurora Loan Services LLC
Aurora Loan Services LLC
Bank of America, N.A.
Bank United
Bay Federal Credit Union
Bay Gulf Credit Union
Bayview Loan Servicing, LLC
CCO Mortgage
Carrington Mortgage Services, LLC
Central Florida Educators Federal Credit Union
Central Jersey Federal Credit Union
Chase Home Finance LLC
Community Bank & Trust Company
CitiMortgage, Inc.
Citizens 1st National Bank
Citizens First Wholesale Mortgage Co.
Countrywide Home Loans Servicing LP
CUC Mortgage Corporation
Digital Federal Credit Union
DuPage Credit Union
EMC Mortgage Corporation
Eaton National Bank & Trust Co
Farmers State Bank
Fidelity Homestead Savings Bank
First Bank
First Federal Savings and Loan Assoc of Lakewood
First Federal Savings and Loan of Port Angeles
First National Bank of Grant Park
First Keystone Bank
Franklin Credit Management Corporation
Fresno County Federal Credit Union
Glass City Federal Credit Union
Glenview State Bank
GMAC Mortgage LLC
Golden Plains Credit Union
Grafton Suburban Credit Union
Great Lakes Credit Union
Greater Nevada Mortgage Services
Green Tree Servicing LLC
Harleysville National Bank & Trust Company
Hartford Savings Bank
Hillsdale County National Bank
HomEq Servicing
Home Financing Center Inc.
HomeStar Bank and Financial Services
Home Loan Services, Inc.
Horicon Bank
Horizon Bank, NA
Iberiabank
IBM Southeast Employees Federal Credit Union
IC Federal Credit Union
Idaho Housing and Finance Association
iServe Residential Lending, LLC
iServe Servicing Inc.
J.P. Morgan Chase Bank, NA
Lake City Bank
Lake National Bank
Litton Loan Servicing
Los Alamos National Bank
Marix Servicing, LLC
Members Mortgage Company, Inc
Mission Federal Credit Union
Metropolitan National Bank
MorEquity, Inc.
Mortgage Center, LLC
Mortgage Clearing Corporation
National City Bank
Nationstar Mortgage LLC
Navy Federal Credit Union
Oakland Municipal Credit Union
Ocwen Financial Corporation, Inc.
OneWest Bank
ORNL Federal Credit Union
Park View Federal Savings Bank
PennyMac Loan Services, LLC
PNC Bank, National Association
Purdue Employees Federal Credit Union
Q lending, Inc.
Quantum Servicing Corporation
RG Mortgage Corporation
Residential Credit Solutions
Roebling Bank
RoundPoint Mortgage Servicing Corporation
Saxon Mortgage Services
Schools Financial Credit Union
SEFCU
Select Portfolio Servicing
Servis One Inc.,dba BSI Financial Services, Inc
ShoreBank
Silver State Schools Credit Union
Sound Community Bank
Specialized Loan Servicing, LLC
Spirit of Alaska Federal Credit Union
Stanford Federal Credit Union
Sterling Savings Bank
Tempe Schools Credit Union
Technology Credit Union
The Bryn Mawr Trust Company
The Golden 1 Credit Union
United Bank
United Bank Mortgage Corporation
Urban Trust Bank
Vantium Capital, Inc.
Verity Credit Union
Visit Financial Corp.
Wachovia Mortgage, FSB
Wachovia Bank, NA
Wells Fargo Bank, NA
Wescom Central Credit Union
Wilshire Credit Corporation
Yadkin Valley Bank

HAFA and Principal Forgiveness Programs

Jeremy House — Thu, 25 Mar 2010 14:16:19 +0000

The upcoming Real Estate/Mortgage “issues” looming are no secret – especially in our Arizona market. I wanted to touch base with you on two interesting developments that indicate a potential shift in the market and how we are going to deal with the negative equity situation that we have all come to know so well.

A New Trend?

Yesterday’s article in the Arizona Republic entitled “Bank of America to lower mortgage principal” explained a program from B of A that is designed to cut principal balances. Unlike loan mods which are…well we all know what they are, this program seeks to reduce the balance of a borrowers loan. While this program is not open to all upside homeowners, it has created some curiosity as to whether or not this might be the beginning of a new trend. While most lenders are not jumping on this band wagon today, we all know that this is where the real “help” would be for homeowners. Lowering the rate or stretching out the amortization period on a loan that is significantly upside down does little more than delay the inevitable. Here is a link to the article for your reading pleasure ;). Please take a moment to read, this is a very interesting piece.

In addition, another article was released stating that the Treasury Department is very interested in Bank of America’s new program. This could be the beginning of a new trend or way of thinking and I wanted to make you aware of what’s brewing out there. With all of the political pressure and the undeniable statistics outlining what lies ahead the government is seeking some sort of resolution. I will be sure to keep you posted.

HAFA

HAFA was introduced in 2009 by the Treasury (revised March 12th, 2010) and it goes into effect on April 5, 2010. Essentially the program provides a set of guidelines and timeframes along with financial incentives for short sale transactions. I have attached a copy of the HAFA agreement letter for your review. It contains all of the guidelines and timeframes associated with the program. Please take a few minutes to read. This will be a big part of our market going forward. Some of the highlights include:

1. Servicers participating in HAMP are required to cooperate with HAFA guides – list of servicers participating in HAMP HAMP Servicers

2. Provides Pre-Approved Short Sale Terms (including minimum acceptable net proceeds to the servicer)

3. Requires Banks respond to offers within 10 days

4. Requires borrower be fully released from future liability for the 1st mortgage (no deficiency judgment allowed on forgiven sum) *this does not refer to possible tax liability

5. Provides $1,500 for “relocation assistance” to seller – basically helps pay for moving costs etc… - paid at closing through Title

6. HAFA program expires 120 calendar days after borrower receives letter (unless extended by servicer)

7. Provides up to 3% not to exceed $3,000 total to pay off subordinate liens (HELOC’s, HOA liens etc…)

8. Under HAFA agreement home cannot be sold to family, friends or co-workers – must be an arm’s length transaction

9. Real Estate Agent can NOT earn a commission if you sell your own home under the HAFA agreement

10. If the home does not sell by the end of the HAFA agreement the homeowner must convey ownership to the Servicer via Deed in Lieu of Foreclosure. In this scenario the homeowner would still receive the $1500 for “relocation assistance”

Please let me know if you have any questions.

Your Trusted Advisor,

Jeremy House, CMPS
602.435.2149 – business hours/weekends/evenings
Click Here To Apply Online

FHA loan requirements are getting tighter

Chad Hagenson — Wed, 24 Mar 2010 14:06:00 +0000

Recent news from the Federal Housing Administration (FHA) indicates some changes are just around the corner.

Tighter lending requirements, reduced seller contribution allowances and higher fees for borrowers that opt for an FHA mortgage or federally-insured loan are coming this Spring.

The reason for the change is due to mortgage insurance claims on FHA borrower defaults. Mortgage insurance is required on most home loans with less than 20 percent down payment. An FHA home loan now only requires 3.5% down payment to be made by the borrower.

FHA mortgages now account for about 50% of all new home loans today.

• The upfront mortgage premium will now cost borrowers 2.25% of the loan amount, up from 1.75% and the second increase in the past two years. The upfront premium can still be rolled into the loan.

• New borrowers must have a minimum FICO credit score of 580 to qualify for FHA's 3.5% down payment loan, otherwise the borrower must put 10% down. Most lenders still require a minimum credit score of 620 to qualifiy for a mortgage. A FICO credit score is a numerical representation of a borrowers credit, the higher the score, the easier and less expensive it is to qualify for a loan.

• Seller contributions have been very popular in today's real estate market. Currently sellers are allowed to contribute up to 6% of the sales price towards buyers closing costs and pre-paid items on their home loan. The new limit will be cut in half to 3% of the sale price.

FHA has also proposed tighter rules for lenders to reduce its risk in the market. Lenders will be required to have a new worth of at least $1 million in year one and $2.5 million within three years. The Federal Housing Administration also wants to impose tighter loan underwriting guidelines and increase liability for those that choose to originate, underwrite and service FHA loans.

Chandler Real Estate, homes for sale in Chandler

Chad Hagenson — Sun, 21 Feb 2010 16:16:00 +0000

Visit my NEW website for access to all homes for sale in Chandler. You can search homes for sale in Chandler by property type. View Chandler bank owned homes, Chandler luxury homes, Chandler horse properteis, Chandler waterfont homes, Chandler golf course properties, Gated communities in Chandler, retirement communities in Chandler, Chandler condos and all homes for sale in Chandler, AZ.

Search for homes in Chandler, Arizona

ChandlerHomes.weebly.com

Gilbert Real Estate, homes for sale in Gilbert

Chad Hagenson — Sun, 21 Feb 2010 16:08:00 +0000

Visit my NEW website for access to all homes for sale in Gilbert. You can search homes for sale in Gilbert by property type. View Gilbert bank owned homes, Gilbert luxury homes, Gilbert horse properteis, Gilbert waterfont homes, Gilbert golf course properties, Gated communities in Gilbert, retirement communities in Gilbert, Gilbert condos and all homes for sale in Gilbert, AZ.

Search for homes in Gilbert, Arizona

GilbertHomes.weebly.com

Float Down Interest Rate Lock Option

Jeremy House — Wed, 17 Feb 2010 18:14:00 +0000

In a market as volatile as the Mortgage Bond market Interest Rates can move in the blink of an eye. One of the tools we use to guarantee that you enjoy the lowest market rate is called a FLOAT DOWN LOCK. The Float Down Lock allows us to lock you in at a certain interest rate. In the event that the market improves and interest rates go down prior to closing, the Float Down allows us to lower your rate even though it is locked!

This option can help you as a buyer feel more secure, give you additional rate flexibility and keep you from being exposed to costly market fluctuations.

There is no cost for the Float Down Lock option.

New FHA Guidelines - THE REAL DEAL

Jeremy House — Wed, 20 Jan 2010 16:17:00 +0000

How will these changes really change things?

1. Raising the upfront Mortgage Insurance Premium – This change doesn’t directly make it more difficult for a buyer to get qualified yet it does provide additional capital for the ailing FHA insurance fund. Higher MIP simply raises the amount of insurance charged (as MIP) and rolled into the loan at the time of purchase. The only time this affects someone qualifying is if they were at the very tip top of the allowable debt to income ratio and the increased total loan amount pushed them over. The change takes the current 1.75% MIP up to 2.25% MIP. A Mortgagee Letter (FHA’s way of making official changes) is set to be released tomorrow making this change effective this coming spring.
2. Increasing Down Payment in relation to Minimum Credit Score – FHA is considering creating a relationship between FICO score and down payment. This change may give borrowers with scores below the current 620 limit an option to buy as long as they can put 10% down. Look for specific details in February and look for the changes to take place this summer.
3. Reducing the amount a seller can pay for a buyers closing costs – Right now a seller can pay up to 6% for an FHA buyers closing costs. The new rules will likely limit this to 3%. At the end of the day this should have relatively no impact on buyers. The exception being buyers under the $100k mark as sometimes total settlement charges can exceed the 3% of sales price. This effort is aimed at reducing sales price inflation to cover extraordinary closing costs.

All of this comes as no surprise. FHA market share in the hay day of sub prime mortgages in 2006 was a mere 2%. Today that number is up to around 50% (of all new home loans) nationwide. Increased demand/pressure on FHA’s Insurance fund has raised the concern and need for more strict guidelines according to HUD. Loans originated during 2007 and 2008 continue to be a big part of the problem. Their default rate is near 24%

Shea Spaces. Modern. Practical. Smart?

Chad Hagenson — Sat, 16 Jan 2010 10:44:00 +0000

I just returned from attending the public grand opening of Shea's newest design in housing, Shea Spaces. Let me begin by telling you the place was packed. I don't know how many were there for the free coffee and snacks, the free iMac drawing or if they were actually excited about the home product. I guess we will see how sales are in the next month. I don't expect them to last very long with a community size of just over 50 lots.

Prices range from $199,000-$246,000 on a base price. They have 7 floor plans to choose from with just 2 models of the 1682 and 1776 floor plans. Please contact me for more information or a set of floor plans.

So what is the BIG deal about SPACES? Well, it is a new vision on home building. Although it is not my type of home, I think the majority of the general public will fall for it. There are multifunctional LIVING SPACES with such names as watch, dream, splash (bathroom), eat, cook, greet, arrive, park, shade(covered patio) and sleep.

The overall design is very modern with European style cabinets, sliding glass room dividers and square rooms with straight lines. The sliding GLASS room dividers are rather interesting. I'm just curious how sound proof they are and how they will hold up if you have a 2 year old with heavy toys??

They are full of energy efficient features of which some are standard and some are optional. They include energy efficient lighting by using CFL and LED lights, Solatubes® for natural light, radiant barrier roofing materials and blown-in insulation in exterior walls. They even throw in a charging station for your electric vehicle in the garage. Some of the optional features include thermawraps, HVAC upgrades to 15 seer, solar power systems and tank-less water heaters.

The first model home has a splash pad in the backyard to entertain the kiddos in the summer months so the parents can look at the models in peace. :)

Now for my opinion. Be aware. They really have the model homes decked out! I will be interesting to see how the finish is on their average home. They do include dual shower heads and marble counters and surrounds in the "Splash." It will be interesting to see how the home sales are based on their pricing.

Pricing rages from $199,000-$246,000 for a square foot range of JUST 1460-2288. That puts the 1682 model over $130/square foot which is considerably above market, at least right now.

All Shea Spaces include a 42" flat screen TV!

I wonder if they mount it for you or just give you the box?

As always, if you would like more information on Shea Spaces or any new home community out there, please contact me so I can go with you on your FIRST visit to the models. You need buyer representation on any new home purchase.

The new home sales agents work for the BUILDER, NOT you and will look out for their interests.

Do you want to be SMART? Don't buy a new home without me by your side. It doesn't cost you anything!

Bye, Bye 90 day FHA flip rule!

Jeremy House — Fri, 15 Jan 2010 16:51:00 +0000

Good afternoon,

I wanted to share some great news with you as we head into the weekend. Hot off the press, FHA/HUD has just announced that it is relaxing its 90 Flip rule for a period of one year. This waiver is effective for all sales contracts dated on or after February 1, 2010. HUD is waiving the 90 day waiting period which means that homes CAN be sold within 90 days of the date of their prior sale. Here are some of the key details:

1. Applies to private sellers and investors selling their homes

2. Arms length transactions only

3. In cases where the sales price is 20% or greater than the seller’s acquisition, we must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work

a. If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer

b. We must order a property inspection and provide that report to the home buyer

For a complete PDF copy of the waiver please click here.

Yes this the real deal! The 90 Day Flip Rule has been waived.

Here’s what to look out for:

1. Make sure sellers can document their investment into the property in cases where price is greater than 20% of their cost/price

2. Make sure the appraiser will be able to document/justify the value. Not to sound like Yogi Berra – if the value is there, it is there so I don’t see this as being an overwhelming challenge. – just make sure comps clearly support list/sales price

Wachovia Short Sale approval in 45 days!

Chad Hagenson — Mon, 11 Jan 2010 16:27:00 +0000

Are you having a hard time making your mortgage payment on your home? Contact me today. You DON'T have to be behind on your mortgage to qualify for a short sale! Consider a short sale because I don't want to see a foreclosure sign like this go up in your yard!

Are you considering short selling your home but are hesitant because you have heard most short sales take 3 to 4 months or longer for approval?

Maybe you are hesitant to submit your entire current financial paperwork to your lender. Don't hesitate, contact me today to see how I can help. No financial paperwork required!!

Wachovia (World Savings) has a new program that may interest you if you are considering a short sale on your home and you qualify for the program. Contact me today to see if you qualify.

This program is called a Fast Track Short Sale and it allows Wachovia (World Savings) to approve the short sale of your home in 45 days or less!!

Don't walk away from your home and let it foreclose. It may destroy your credit and it will take much longer for you to be able to purchase a home again in the future.

Contact me if you or anyone you may know is considering doing a short sale for further details about this exciting new program. I can sell your home, get in communication with your lender(s) and get you out from under the burden of your mortgage today.

Short sale my home and buy again now?

Jeremy House — Mon, 11 Jan 2010 16:04:00 +0000

HUD released its ruling on when/how soon a borrower may use FHA financing after a short sale.

Here is how it is going to work.

1. A buyer can immediately purchase a home if they executed a short sale on a previously owned residence if:

a. They were current on their mortgage and other installment debts at the time of the short sale (no 30 day late payments in previous 12 months from time of new loan application for new purchase) OR
b. The proceeds from the short sale serve as payment in full

2. A buyer must wait 3 years from the time of a short sale if:

a. They did a short sale simply to take advantage of declining market conditions AND
b. They are looking to purchase at a reduced price, a property that is similar or superior and within a reasonable commuting distance from the property that was sold short
c. They were in default at the time of the short sale

The exact methods being used to determine 2a. were not discussed in the mortgagee letter however I expect that we will need to explain and document a legitimate reason as to why the short sale was necessary. That reason would need to indicate that the client did not short sale merely to adjust their mortgage liability to current market values by selling one house short and buying a very similar or “better” house in the same marketplace.

Exceptions may be made to reason 2c if:

1. The default was due to circumstances beyond the borrowers control (death of primary wage earner, long term illness etc…) AND
2. The review of the credit report indicates satisfactory credit prior to the circumstances beyond the borrowers control that caused the default

Jeremy House, CMPS, CDPE

Government Announces Short Sales Guidelines

Chad Hagenson — Thu, 03 Dec 2009 15:57:00 +0000

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.

To qualify under these new guidelines:

The property must be the home owner’s principal residence.
The home owner must be delinquent on the mortgage or close to defaulting.
The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.

Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)

Home buyer tax credit extended and expanded

Chad Hagenson — Wed, 28 Oct 2009 18:16:00 +0000

Great news! Today our Senators agreed to extend the first time home buyer tax credit of up to $8,000 which was set to expire at the end of November. How long is the extension?

A home buyer will need to contract on a house by the end of April and close escrow by the end of June.

They also will be offering a NEW reduced credit of up to $6,500 to repeat buyers who have owned their homes for at least five years.

The New Anthem...New homes from the $90's

Chad Hagenson — Mon, 05 Oct 2009 13:24:00 +0000

Anthem at Merrill Ranch located just outside of Queen Creek, in Florence, has over 31 floor plans with prices starting in the 90’s. The all come with a 10 year structural warranty and heating and cooling guarantee!

Take advantange of the savings of up to $16,000 for first time home buyers for a limited time.

Quick Facts about Anthem at Merrill Ranch

43 thousand square foot community center for Residents to enjoy
16 million dollar Troon Golf Course
Two pools, including a Big Splash Water Park, beach entry leisure pool, lap pool with diving
60 acre park featuring fishing, ball fields, a 2 story adventure playground,amphitheater for outdoor concerts and events plus much more
A full-service Anthem Marketplace offering restaurants, Starbucks,Safeway Grocery Store, banks and more
Future Hospital breaking ground on October 9th!

Contact me to make an appointment for a tour of the new home models.

Zero or LOW Down payment mortgage options

Chad Hagenson — Fri, 18 Sep 2009 11:23:00 +0000

It is a great time to buy a home in the Arizona real estate market!

Rates are very cooperative and at 5% or below and will not remain this low forever! Time is also running out on the First Time Homebuyer tax credit, contact me for details.

Here are some great 0 or low down payment options as a home buyer today:

FHA 203K Rehab Loan for those homes needing some TLC Only 3.5% down
Your Way Home AZ AND City of Phoenix NSP - Up to 22% down payment assistance for foreclosed homes
Fannie Mae Home Path - Only 3-5% down for Owner Occupied, ONLY 10% DOWN for INVESTORS - No Appraisal or Mortgage Insurance
HUD Homes - Just $100 down payment required
Veteran - 0% down payment required for VA loans
USDA Rural Housing for Pinal County - Truly 0% down, no mortgage insurance
Conventional Loans available with 10% Down
Jumbo loans to $900K with Rates as low as 3.85%
FHA - still only 3.5% down

YourWayHomeAZ: NEW home buyer incentives

Chad Hagenson — Fri, 14 Aug 2009 16:14:00 +0000

The Arizona Department of Housing (ADOH) will offer 22%, YES, 22 PERCENT in purchase assistance to qualified homebuyers purchasing an eligible foreclosed home.

This program is statewide

ADOH provides help in the form of a deferred second mortgage loan for purchase assistance.

Eligible Properties

Foreclosed properties only.
One‐unit detached single family homes, condos and townhomes.
The property must be vacant at time of listing.

Qualifications

The household must have a gross income (the total income before taxes, health care costs, social security, etc.) of no greater than 120% of the average median income for the county they want to purchase a foreclosed house in. Contact me for details.

If you own a residence, you must be leasing your primary residence at least 12 months before applying for the program.

You must use a lender from the ADOH participating lender list. Contact me for lender.
You must attend and complete an eight‐hour Homebuyer Education Class.
The property you purchase must be your primary residence.
You must have a maximum debt‐to‐income ratio of 31/43.
You must be AUS approved eligible.
You must have two months PITI reserves.

ADOH Loan Terms

22 percent of purchase price
All loans are forgivable after a period of time based on the amount of the loan.
5 years for assistance of $15,000 or less
10 years for assistance of $15,001‐$40,000
15 years for assistance of more than $40,000

All loans are zero percent interest with no monthly payment.
The balance of the loan is forgiven at the completion of the term.

Down Payment Requirement

A minimum of 3 percent of the purchase price is required as down payment.
One percent must come from the borrower’s own funds.
Two percent can come from any other approved source.

Where do I begin?

Contact me for an approved lender and more details on this great home buyer program.

Get off that fence! Time to buy a home in AZ

Jim Passamonte — Fri, 07 Aug 2009 10:35:00 +0000

Mortgage interest rates are at an all time industry low? Only earlier this year when they dropped to an average of 4.875% for several weeks have they ever been lower than they are right now.

That the Fed allotted $1.25 Trillion to buy mortgage backed securities as part of our stimulus plan and that is what is holding our interest rates artificially low? The Fed has already spent over $700 Billion of that allotment. Once they spend the remaining $500 Billion mortgage interest rates WILL RISE.

The current average price for a home in Maricopa County is similar to the average price of a home in 2001 ($125,000)? In 2005 the average price for a home was $249,900

May & June 2009 are ranked as the 8th& 9th top months EVER on record for Sales in Greater Phoenix?

The average annual US Population growth is 1.1%. The demand for housing insures that we will again begin to see the appreciation of real estate.

The average national appreciation for a home is 6%? If we began to see half of that (3%) a borrower buying a $100,000 home will see a year over year appreciation of $3,000. With a 10% down payment ($10,000), that is a 30% annual return on their investment.

A BUYER CAN CURRENTLY PURCHASE A HOME AT THE LOWEST PRICES WE’VE SEEN IN 9 YEARS, AT THE LOWEST RATES OUR INDUSTRY HAS EVER SEEN AND WE KNOW THAT MORTGAGE INTEREST RATES WILL RISE IN THE NOT TOO DISTANT FUTURE…

THE TIME TO BUY IS NOW!!!

Jim Passamonte
Your Mortgage Professional

602-909-0862
Peoples Mortgage

SmartBuy: a new buyer incentive program

Chad Hagenson — Thu, 23 Jul 2009 15:23:00 +0000

Freddie Mac's latest promotion, SmartBuy, will benefit you as a home buyer for a limited time. As a home buyer of a primary residence, a home you are going to live in, you can receive 3.5% of your closing costs paid by Freddie Mac and a comprehensive 2 year Home Protect home warranty on select homes.

SmartBuy warranty details (PDF).

This promotion runs from July 17, 2009 - October 30, 2009.
All sales must close before December 31, 2009.

Qualifications:

Both the closing costs and the home warranty MUST be written into the contract
Owner occupied buyers only; If owner occupied but cash sale then buyer only qualifes for 1% seller paid closing costs
Sales price of $25,000 or more
SFR, 1-4 unit, Condos, Co-Op, Townhomes ONLY
Second Homes and Vacation Homes are NOT eligible
Buyers closing cost coupon MUST be presented with offer

CONTACT ME today for a list of Homesteps properties that qualify for this great buyer incentive.

Using $8000 tax credit for down payment

Jeremy House — Tue, 02 Jun 2009 10:32:00 +0000

As you may have heard, HUD re-issued the mortgagee letter that relates to first time homebuyers “monetizing” the $8,000 tax credit (ML 09-15). There were some important changes from the originally released and then retracted version. The biggest change is that the money can NOT be used for the minimum down payment on an FHA loan (3.5%). Here are some of the highlights of the new plan:

1. The Homebuyer can receive the tax credit by purchasing a home and amending their tax return for 2008. They would receive the tax credit within a month or so from the time they amend. The Homebuyer may also simply apply the tax credit to 2009’s tax returns and receive the credit next year (as long as no taxes are owed).

2. The Homebuyer may borrow money utilizing the tax credit as a plan to repay the loan through an approved institution. This would create a second lien against the property which is allowed per FHA guides.

3. The Homebuyer may “sell” their tax credit through a gov’t agency, HUD approved non-profit or a HUD approved mortgagee. Any funds that the Homebuyer gets from selling the credit can NOT be used to satisfy the 3.5% minimum down payment requirement for an FHA loan. They may use the money to increase their down payment beyond the 3.5% and for any other loan costs.

You can read the mortgagee letter here: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-15ml.doc

You can read the IRS summary here:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html

You can see the form that tax payers must file here:
http://www.irs.gov/pub/irs-pdf/f5405.pdf

You can read HUD’s press release here:
http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

Please let me know if you have any questions related to this or anyone we can help pre-approve for you.

Your Trusted Advisor,

How to Buy a Home with NO money

Chad Hagenson — Tue, 19 May 2009 15:00:00 +0000

Utilizing the Federal tax credit:

Let's face it, Arizona is on SALE right now with a great buyers market. Home prices and interest rates are near an all time low in most areas. So you may be asking yourself, how do I get into a home without saving up $3,500, $5,000 or more for the down payment and closing costs? Many buyers want to take advantage of this market but don't know how. This is the true power of the $8,000 tax credit when combined with seller paid closing costs and "giftable" down payments.

The Federal Government is giving up to $8,000.00 after close of escrow to anyone who has not owned a home in the last three years.

For example:

2005 Home sold for $250,000.00

Bank now owns it and
discounts price by 40 % $100,000.00

2009 price would be $150,000.00
60% of the high price

Or monthly payments would be $1,000.00*

FHA Loan Program**
3½ % down payment that can be a gift $5,250.00

Seller or Builder can pay up to
6% for buyers closing costs $0.00

Tax Refund after close of escrow $8,000.00

= FREE***

Appreciation:

When prices go back, history shows they will, you get the gain TAX FREE if you lived in the home for at least three years up to:

Individual: $250,000 Couple: $500,000

Bottom Line:

Buy real estate! This is how wealth is accumulated.

*Estimated payment based on 5% interest rate and estimated tax and insurance payments
**Buyer must be able to qualify for an FHA loan
***Upfront costs may apply for earnest deposit, appraisal, home inspections and other costs during a standard escrow period.

2009 Phoenix housing market is BOOMING?

Chad Hagenson — Thu, 14 May 2009 22:10:00 +0000

14,098 pending home sales on Arizona's regional mulitple listing service (ARMLS) on May 14, 2009. This is the highest recorded number of pending sales EVER!

Bank owned homes in the Phoenix real estate market in Arizona are moving, and they are moving fast! Most are attracting multiple offers from buyers and many are selling for more than list price. Could this be the end of the price declines in Arizona and a positive step in the right direction? Only time will tell but the sales data has sure been looking good lately.

$90 million cancer center coming to Gilbert

Chad Hagenson — Mon, 11 May 2009 13:00:00 +0000

Gilbert's Banner Gateway Medical Center campus is getting a new cancer hospital in late 2011.

This new cancer center is made possible by a partnership between Banner Health and the University of Texas, MD Anderson Cancer Center.

This will undoubtably be a big boost for the city of Gilbert's economy and repuation as a whole. The center will feature 76 patient beds on two floors inside Banner Gateway with a 120,000 square-foot cancer outpatient center.

To quote Majoy Steve Berman, "This center will bring in people from all over the world."

Banner Gateway has plans for future expansion of the 60 acre site to occomodate three towers with 450 hospital beds as well as room for expansion as needed for the cancer center.

This future growth and economic stability of Gilbert is looking good. This should be reflected in the stability of the housing market for years to come. Gilbert is truly headed in the right direction with this and other recent commercial developments along the SanTan freeway.

How low will they go?

Jeremy House — Tue, 05 May 2009 21:11:00 +0000

Can you believe it, we are already one quarter through what is proving to be a pivotal 2009. The Arizona heat arrived a bit early and so too has an improvement in our local housing market. Suddenly there are multiple offers and people are wishing there was more inventory on the shelf. Wow, what a difference a few weeks can make! This turnaround has been made possible by some strategically positioned Federal support.

The Treasury”s Mortgage Backed Securities purchase program is one of the pieces of kindling that has lit our market back on fire. The program has the Government contributing $1.25 trillion directly to the purchase of Mortgage Backed Securities. Since the start of this campaign in early 2009 the Fed has spent nearly 1/3 of the promised funds and effectively cut mortgage rates by 1.5% points (from 6.5% to just below 5%). That equates to a $212 monthly savings on a $200,000 mortgage when compared the high rates of October.

The goal was to lower rates to the 5% range, not to drop to 4%. So don”t expect interest rates to improve significantly beyond this point based solely on help from Washington. As soon as the market turns around the Fed will put their checkbook away! Rates will then be allowed to respond to natural market forces.

Bottom line, the Fed and Treasury will be active in our mortgage market supporting low rates for now but their time and commitment are both measured. The relationship between mortgage rates and government support is similar to when you try to hold a beach ball under water. Once the Fed swims away, interest rates may pop back to the surface without the extra help to stay down.

Courtesy

Buy a foreclosed home in Phoenix, get $15k

Tue, 17 Mar 2009 10:21:00 +0000

THIS JUST IN! New program anounced offering $15,000 dollars to buyers of foreclosed homes in Phoenix, Arizona.

Single Family, townhome and condos all qualify for the program if they are bank owned.

Buyers must be deemed creditworth by the Federal Housing Administration. Contact your favorite lender today for more information on this program.

What's the catch?

Well, potential home buyers must complete an 8 hour counseling session on home ownership.
The contract must certain criteria as well. The sales price must be at least 15 percent of the appraised value.
There is also an income limitation, a buyer can not exceed 120% of the median income in the area of the home.
There may be tax consequences, consult your tax accountant for more details.
Buyers HAVE TO REPAY the full amount of the loan if they refinance or sell their home.
The home buyer must also invest at least $1,000 of their own money when the purchase the home. So, NOT a NO MONEY DOWN deal, but really close.
City of Phoenix claims they currently have enough money to award the $15,000 dollar loans to 188 families but could expand that number in the near future.
Neighborhood Stabilization Program (NSP) Information website

CONTACT ME today for a list of properties that qualify for this great buyer incentive.

Make My Home More Affordable Please

Tue, 17 Mar 2009 10:06:00 +0000

Modification Initiative Details Announced

The Obama Administration unveiled the final details of its "Making Home Affordable Program," which is designed to help up to 9 million American families refinance or modify their loans to a payment that is affordable now and into the future. Last week we discussed the refinance portion of the initiative, this week, we answer questions on the second part of the initiative, home loan modifications. Here are some common Questions and Answers about the Modification Initiative.

Who is eligible?
To apply for a Home Affordable Modification, you must:

Own and currently occupy a one- to four-unit home.

Have an unpaid principal balance that is equal to or less than $729,750 (for one unit properties).

Have a loan that was originated before January 1, 2009.

Have a mortgage payment (including taxes, insurance and home owner's association dues) that is more than 31% of your gross (pre-tax) monthly income.

And, have a mortgage payment that is no longer affordable, perhaps because of a significant change in income or expenses.

If you answered YES to all of these questions, you may be eligible for the Modification Initiative.

Am I eligible if I missed some mortgage payments?

Yes. If you missed two or more mortgage payments and answered "yes" to the Modification Initiative requirements above, you may be eligible for a loan modification.

Do I need to be behind on my mortgage payments to be eligible for a Home Affordable Modification?

No. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default.

Examples of being "at risk" include facing a significant increase in your mortgage payment or a reduction in your income. Contact me to discuss your specific situation.

I have a second mortgage. Am I still eligible?
Yes, but only the first mortgage is eligible for a modification.

I have an FHA loan. Can it be modified under this program? Are all loans eligible?

Most conventional loans including prime, subprime, and adjustable loans; loans owned by Fannie Mae and Freddie Mac as well as private lenders; and loans in mortgage backed securities are eligible for a modification. Contact me to discuss your specific situation.

I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?

Yes. Mortgages on two, three and four unit properties are eligible as long as you live in one unit as your primary residence.

What does the Modification Initiative do?

If you are eligible for this plan and are approved, you will be put on a trial modification for three months at a new interest rate and payment.

If you successfully make the payments and are current at the end of the three-month trial period, your servicer will execute a permanent modification agreement that will lower your interest rate to a fixed rate for five years.

What happens after five years?

Beginning in year six, the rate may increase no more than one percentage point per year until it reaches the "rate cap" in your modification agreement, which is basically the market interest rate on the date the modification is finalized.

That means your rate can never be higher than the market rate on the day your loan is modified. This is great news because rates are currently at historic lows... and you can lock in now.

How low can my interest rate go?

Treasury is providing incentives to your investor to write the interest down as low as 2%, if necessary to get to a payment that you can afford based on your income.

What happens if that is not enough to get to an affordable payment?

If a 2% interest rate is not enough to bring your payment down to 31% of your gross monthly income, your servicer can extend your payment term--for example, give you a 40-year loan rather than a 30-year.

If that is still not sufficient your servicer will defer repayment on a portion of the amount you owe until a later time. This is called a principal forbearance. A portion of the debt could also be forgiven. This is optional on the part of the investor. There is no requirement for principal forgiveness.

Are there any other benefits to this program?

Yes. For every month you make a payment on time, Treasury will pay an incentive that reduces the principal balance on your loan. Over five years the total principal reduction could add up to $5,000.

How much will a modification cost me?

There is no cost to borrowers for a Home Affordable Modification. You will not be asked for any money.
If there are costs associated with the modification--such as payment of back taxes--your servicer will add those costs on to the amount you owe. Your servicer will also forgive any late fees.

Is housing counseling required under this program?

Borrowers are strongly encouraged to contact a HUD-approved housing counselor to help them understand all of their financial options and to create a workable budget plan.

However, housing counseling is only required for borrowers whose total monthly debts are very high in relation to their incomes (55% of your gross monthly income).

If you would like to speak to a housing counselor, call 1-888-995-HOPE (4673).

How do I apply for the Modification Initiative?
If you meet the general eligibility criteria for the program, you should gather the following information:

Recent pay stubs to help determine your gross (before tax) household income.

Your most recent income tax return.

Information about your assets.

Information about any second mortgage on your house.

Account balances and minimum monthly payments due on all of your credit cards.

Account balances and monthly payments on all other debts, such as student loans and car loans.

A letter describing the circumstances that caused your income to be reduced or expenses to be increased (for example: job loss, divorce, illness, etc.).

Once you have this information, call your mortgage servicer and ask to be considered for a Home Affordable Modification. The number is on your monthly mortgage bill or coupon book.

My loan is scheduled for foreclosure soon. What should I do?

If your mortgage has been scheduled for foreclosure or if you have missed one or more mortgage payments, should contact your servicer immediately.
You may also want contact a HUD-approved housing counselor by calling 1-888-995-HOPE (4673).

Light Rail hits Phoenix, Arizona

Sun, 15 Mar 2009 19:49:00 +0000

There is a new way to get around Phoenix by way of Valley Metro's light rail. The light rail line covers 20 miles and runs from West Mesa, thru Tempe and into North Phoenix. View route map here. (PDF)

There are 8 park and ride lots where you can leave you car behind and get aboard the moderntrain. It has had a positive response so far and has been very popular withPhoenix commuters in 2009. Get a copy of the light rail user guide here. (PDF)

Bank owned bargains in Arizona

Chad Hagenson — Thu, 05 Mar 2009 16:24:00 +0000

I have been busy this week showing several nice bank owned properties in Chandler, Gilbert, Scottsdale and Queen Creek. They can be found in all parts of the Phoenix Metropolitan area. I recently sold this wonderful 4 year old home in Seville in Gilbert, Arizona. It has over 2000 sqft.
a salt water pebble-tec pool with waterfall and slide, granite slab counters, pre-wired for speakers throughout and in move in condition. Listed well below market at just $199,000!!

Visit www.ArizonaRealEstateOwned.com for list of available bank owned homes right now!