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!
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.
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!
Fannie Mae announced mortgage incentives for eligible
Arizona HomePath properties for loans closing by June 30,
2011. Arizona buyers who are purchasing the home as
their primary residence are eligible to receive 3.5% in
closing costs assistance and Arizona
selling agents whose buyers purchase and close within the allotted
time will receive a $500 bonus!
I am an experienced Arizona Homepath mortgage lender and these
fantastic incentives have lead to a lot of interest from agents and
buyers. It's a great time to buy using an Arizona HomePath
Mortgage! Call me to discuss the details.
Click here to read highlights of the Arizona HomePath Mortgage
This Arizona mortgage program could be great for buyers you are
currently working with or are trying to get started
with. Don't forget to remind your buyers about the Homepath
loan's flexibility as well as the great incentives Fannie Mae is
offering through the end of June!
Great news! The doors continue to open as another great
Arizona mortgage program makes its way back into the
market. The Arizona lending community recognized there
are many buyers with significant retirement assets that have chosen
to delay drawing income from the asset.
This "makes sense" Arizona mortgage program allows buyers to
qualify for a conventional mortgage, using their retirement assets
without actually drawing from them if the following guidelines are
CLICK HERE TO READ SOME OF THE GUIDELINES AND LEARN MORE
I've already been able to help several buyers qualify for a home
loan with this fantastic, "makes sense" Arizona mortgage program.
Feel free to call me with any mortgage questions or to discuss a
specific scenario ~ the interest rate and closing costs are the
same as any other conventional mortgage programs too!
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 email@example.com.
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.
Know the maximum allowable seller concessions
before you write the contract
Most of us in Arizona are aware maximum allowable seller closing
cost contributions vary by loan type. But did you know the maximum
allowable seller contributions vary dramatically on Conventional
Mortgages? It's true! The buyers down payment AND
occupancy type (owner occupied, a second home or an investment
property) will determine the maximum allowed. Knowing the following
before you write a contract will keep you and your buyers
I've seen several conventional mortgage transactions over the
last few months with the seller contributions exceeding the maximum
allowed by Fannie Mae. Investment properties have the
lowest threshold with the maximum allowable seller contribution of
Imagine this scenario ~ Short sale takes 3 months to get
approved. The executed Arizona contract calls for the seller to pay
3% of the closing costs. The buyer is buying a house that is an
investment property and therefore the maximum seller contribution
is 2%. You can see where this is going…not a fun phone call to
Here is a link to my Arizona Mortgage
Market newsletter that covered the details. You will
find a summary of the maximum seller concessions by loan type
for Conventional, FHA Loan, and VA Home Loan.
Maximum Seller Paid Costs by Loan Type
The Arizona market is once again very
affordable. With that, we are seeing many investors and
second home buyers interested in returning to our Arizona market.
Trulia.com analyzed the 50 largest cities in America as
to which are better to buy in versus rent in. They ranked
Phoenix, Arizona #8 as the best to buy in!
As you are likely aware, Fannie Mae
changed their guidelines a few years back which ultimately made it
a bit more challenging to obtain traditional mortgage financing for
those second home and investment property buyers who have multiple
Great news ~ Cherry Creek
Mortgage offers the Fannie Mae program which allows buyers to
finance up to 10 properties! As a direct Arizona mortgage lender we
have complete control over the loan process; from application to
funding, we do it all!
A few notable guidelines to keep in
I am very excited to have this option
for our Arizona clients! Feel free to contact me with any
questions or to discuss opportunities for you second home and
Another 70 degree weekend ahead of
us…boy are we spoiled. Enjoy!
Quote of the Week: Our
words reveal our thoughts; manners mirror our self-esteem; our
actions reflect our character; our habits predict the future. ~
William Arthur Ward