Over the next several months I'm going to address some of the
many questions I get regarding credit, scores, repair, and more. We
will tackle a few issues and share some credit tips in an easy to
read and understandable format for those of us in the Arizona
mortgage and real estate industry as well as our friends, family,
Click here to read
the complete update on the "Basics of Credit" including scores
and what are they and where do they come from.
In our current market, there are many who have had a short sale,
foreclosure, or bankruptcy and don't know where to start to
reestablish their credit. Feel free to share this information as
well as my website www.buyingahouseafter.com.
Using an authorized user account to help a spouse or child can
be a good idea to help them establish or re-extablish credit. But
this should be only for short term and should be looked at before
thinking about applying for a mortgage.
Mortgage guidelines now require borrowers be romoved as
authorized users before approving a mortgage application. Planning
ahead and taking the right steps will ensure the borrower is ready
and able to obtain a mortgage. With so many first time buyers in
our Arizona market it's important that we are constantly being
updated to the most recent Arizona mortgage guidelines.
read the whole market update, click here.
Teaching "Residential Financing in Today's Arizona Market - What
you need to Know" next Tuesday, Oct 11th at Gainey Ranch. Good for
3 hrs Contract Law for ADRE.
We'll cover updates, changes, and the latest revisions regarding
qualifying for a mortgage in
If you need the CE hours or are just interested, hope to see you
For more info click here.
Believe it or not we are already starting to see buyers who have
met their waiting period time frames and are getting close to
buying a house after a foreclosure, short sale, or bankruptcy. Many
people think they have to wait 7-10 years and their is a lot of
rumors and miss-information circling around. Knowing what their
individual waiting periods are can be liberating.
The wiating period time frame following a foreclosure, short
sale, and bankruptcy is based on their completion date of their
To read last weeks update which broke down each situation and
the waiting period for a FHA Loan, VA Loan, Conventional and more,
just click here for waiting period update.
I have also launched a helpful and informative website to
educate borrowers about their waiting periods and how we can work
together during their waiting period to have them ready when their
individual time frames are up.
If you or a client ever has a question, do not hesitate to call
me. I'm here for you.
Our Arizona market has many investors paying cash today! These
buyers are in a position to pay cash now with the intention to
obtain a mortgage on the property in the future. Standard waiting
period has been 6 months.
Great News! Fannie Mae just released and "Exception" which can
waive the 6 month waiting period.
Read the requirments that need to be met here.
I know, I know.....there's a lot to digest! Good news is you
don't need to know ALL of the details. That's what I do!
If you're currently working with cash investors, I am happy to
research the mortgage guidelines and prepare a personal financing
strategy for them to leverage their cash position. Don't hesitate
to call me.
Did you know that ARMLS reported 10,868 residential sales last
month, surpassing the record of 10,252 set back in the bubble of
June 2005. At the same time a record was also set in single
family leases signed with 2280 and the highest number of short
sales reported at 2,734.
Also, CNN Money ranked Phoenix in it's top 10 cities in the
nation to invest in rental property.
read more about these exciting developments in more detail, just
We may find the business of being an Arizona Realtor and Arizona
Mortgage Lender to be frustrating at times, there is no doubt the
housing market in Arizona is thriving and opportunity exists!
During the liberal Arizona mortgage lending practices from 2002
- 2007 an appraisal in Arizona just wasn't scrutinized like it is
today. If an appraisal was needed for a
mortgage it was rarely questioned, it just needed to be in the
In 2009 Fannie and Freddie implemented the HVCC policy and then
FHA followed. The intent was to correct abuses within the industry.
One of the most important revisions that came down was that loan
officers could no longer order their appraisals or communicate
directly with an appraiser.
Many Arizona mortgage lenders turned to outside firms to
handle the appraisal process for them. That led to many other
problems including appraisers having to do appraisals all over
the valley and not in their specific area of expertise.
I want you to know that Cherry Creek does not work with outside
firms to handle our process. We manage the Arizona appraisal
process in-house and actually have an appraisal dept. devoted to
communicating with approved Arizona appraisers.
To read my whole Arizona Mortgage Market update regarding
this - click here.
Here to assist you, don't ever hesitate to call!
Did you know a 3% down conventional mortgage is once again
available in Arizona? Cherry Creek Mortgage is one of a select few
mortgage lenders in Arizona who can offer this program!
Click here to read more about this great Arizona Mortgage
This is exciting news and we are proud to have been selected for
this program in Arizona! Give me a call if you have any questions
about this fantastic opportunity or if you have buyers interested
in taking advantage of this 3% down conventional mortgage and want
to learn more about it.
Make it a great day!
The 1st quarter of 2011 closed out with a bang! ARMLS
reported nearly 10,000 residential sales in March in the Greater
Phoenix, Arizona area! June 2004, June 2005 & August 2005 are
the only other months in Arizona history when sales have hit
10,000. This is great news for our stressed housing market
and indicates buyers are taking advantage of the phenomenal
affordability that the Greater Phoenix area offers today.
How were these single family homes purchased?
46% with cash ~ investors are back in our
23% with an FHA loan
4% with a VA loan
And much more....
read the complete summary I compiled and put in my last Arizona
Mortgage Market Update click here.
There's no doubt our Arizona market is one of the most unique in
the country and it takes strong, hard working individuals to
survive! If you haven't already done so don't forget to RSVP to our
FREE Thriving in Challenging Times
event this Friday! Join me for a wonderful breakfast and learn a
few key items that will help to catapult your business! RSVP to me
or Lynn Doiron at firstname.lastname@example.org.
This is an exciting time....we're gaining true momentum!!! Let's
keep it up. Don't hesitate to call me in our current mortgage
environment with any scenarios or Arizona mortgage questions. I
look forward to talking with you.
There are more and more jumbo priced homes coming into the
Arizona market and with such the demand for jumbo financing is
growing. ARMLS shows 4,588 active listings priced over $450,000
right now. I wanted to share with you a few of the many very
aggressive jumbo mortgage programs we have to offer our Arizona
Listed on my most recent Arizona Mortgage Market newsletter were
two terrific Arizona jumbo mortgage programs. Click on the link
below and please don't hesitate to call me with any Arizona
mortgage related questions. I look forward to talking with you.
Mortgages in AZ Coming Back