Last week I posted and sent an Arizona Mortgage Update
concerning revisions to FHA Loan guidelines that could really
affect some closings. If you have a client that will be a FHA Loan
borrower and they are self-employed, have disputed credit accounts
, or a collection account you will want to read this first.
Click here to access Arizona FHA Loan
Then have your client talk to us about it upfront. We can
eliminate any last minute problems that could effect the FHA Loan
Always here to answer your questions.
The FHA property flipping waiver was set to expire On Dec. 31st
of 2011 has been extended through December 31st of 2012!!! Great
news for the Arizona mortgage and real estate market. For now all
terms of the existing waiver remain the same. It may have been some
time since you reviewed the FHA Loan rules on properties flipped
and owned for less than 90 days in Arizona.
Click here to
read some reminders that may be helpful.
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.
Conventional mortgage volume should be increasing as the FHA's
loan limit is set to decrease Oct 1st and as I have reminded many
of you, 3% down conventional mortgages are available again. Due to
borrowers ability and desire to put down less than 20%, mortgage
insurance is becoming more common again.
Is mortgage insurance tax deductible? It might be? Last weeks
market update covered this and the summary can be read here.
Our thoughts and prayers go out to the people on the east coast
who have dealt with the hurricane and the resulting power
As you may know, FHA has MPR - Min. Property Requirements which
have to be met to obtain a FHA Loan in Arizona. The appraiser will
reveiw the FHA list of items and if an item needs to be addressed
they will be listed as "subject to" the required repairs. Typically
the FHA lender will require the repairs be completed and
re-inspected prior to close of escrow.
I included a list of the most common areas of concern for
FHA Loans in my Arizona Mortgage Update this week.
here to read the summary of that list.
Have a safe and fun holiday weekend
In Arizona with our unique real estate market, ever-changing
mortgage guidelines, and all the different buyer or property
circumstances it can seem like the perfect storm with any deal
today. I am constantly solving problems where big banks couldn't
perform and deliver for the clients and their realtors.
In just the last couple of weeks my team and I solved the
problems and closed the loans on time witht he following scenarios
Mortgage education is my passion and sharing my knowledge and
experience with you and my clients is my goal. You can call me with
any "tricky or difficult" scenario and we will work through
To read more specifics on the loan scenarios above, click
here or call me.
Barring congressional action by October 1st of this year, the
FHA Loan limits will revert back to their original levels. To fight
the economic downturn, Congress temporarily increased them to
$346,250. But without any action taken in time, they will revert
back down to $271,050.
This is only 3.5 months away and should be something that is
discussed with any potential buyers.
To read my complete FHA Loan Limit Update concerning this,
adjusted purchase prices, and ARMLS stats from this year -click
I'll be sure to keep you posted as I hear more on FHA Loan
Limits and Arizona Mortgage developments. In the mean time,
please don't hesitate to contact me should you have any
I get many calls & emails on this topic and there still
seems to be some confusion out there if FHA loans can be obtained
on property flips. Yes they can!
Earlier this year FHA extended the FHA property flip waiver to
Dec. 31, 2011 which allows a buyer using a FHA loan to purchase a
property being flipped in less than 90 days when the new sales
price is 20% or more than the seller's acquisition price.
Click here to read more guidelines that Az mortgage lenders
FHA property flips don't have to be frustrating! Don't hesitate
to call me with any questions. Enjoy the long holiday weekend!
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.
HUD Homes are starting to gain traction in Arizona again!
These HUD homes may be a great opportunity for your buyers, but
there are many quirks. Understanding the nuances of this very
unique process will help create a smooth mortgage transaction for
you and your buyers.
I've summarized some of the many terms and the many
different Financing Types on my weekly Arizona Mortgage Market
Click here to read the entire newsletter post.
There are scenarios listed that qualify for FHA Loans and
the rehab 203K FHA Loans, as well as a few that do not qualify for
FHA Loans. These are definitely different than the normal loan
process and there's little to no room for error with HUD!
The key is to be well prepared for the process with an
experienced Arizona Mortgage Lender. I have years of experience
originating FHA loans for buyers of HUD REO homes. I'm happy
to talk with you in more detail about this fantastic opportunity
for your buyers. Don't hesitate to call with any questions.