As more and more bank owned properties are bought here in Arizona, many people are starting to become aware of the various loan programs designed for homes that are in need of repair. The most popular ones are the FHA 203k Streamline, the FHA 203k loan and the Fannie Mae HomePath loan programs. When it comes to the two FHA loan options, many people ask me "why would someone want an FHA 203k … [Read more...]
Using Mediation to Resolve Real Estate Disputes in Arizona
Conflicts in real estate transactions are inevitable. As long as there have been real estate transactions there have been issues. Disputes in real estate can include repair issues, disclosure issues, earnest deposit, agency issues and many others. Going to court to settle a real estate dispute is always an option but most would rather try to settle with less costly methods. Most people think … [Read more...]
102% Financing at 4% Available Now. No Tricks. Here Is How.
I know, I know - everyone already knows that you can get 102% financing at 4%. Wait. You can? Yes. You can. Right now. No catch. And I am going to look super smart for telling you this next part about how you actually get this deal... You buy a house that is designated rural according to the USDA rural database (hint: you might be surprised at how rural it doesn't have to be) … [Read more...]
HomePath Mortgage Loan: Maximum LTV (Loan To Value)
Many people seem to be interested in the Fannie Mae HomePath mortgage program, and one of the most popular questions people have is "how much do I have to have as a down payment?" In mortgage-speak, how much money you put down when you buy a property is how you calculate what is called a loan-to-value ratio or also commonly referred to as LTV. As an example, if the sales price of your new … [Read more...]
FHA 203k Streamline or HomePath Renovation Loan: Which Is Best?
We get plenty of people asking us questions here and from time to time, we get so many questions about a particular subject, we turn it into a full-blown post because it is popular enough that everyone wants to know about it. Today's question comes from a question someone submitted asking about buying a house that "needs a little work" and what kinds of loan options there are: I am hoping to … [Read more...]
Mortgages For Canadian Citizens: Now Available
We now have financing available for Canadian citizens who want to buy a 2nd home here in Arizona. I haven't been to Canada recently, but someone told me that it can get awfully cold up there during certian times of the year. What better way to thaw-out than buy a home somewhere where you can pretty-much-wear-shorts-every-day-in-January if you want? Starting about 6 months ago, lenders were … [Read more...]
Home Path Mortgages: Great HomePath Mortgage Deals From Fannie Mae
We are currently working with a couple of people who are buying a home that is owned by Fannie Mae and are getting approved for the new HomePath mortgage program. As mortgage guidelines have gotten tighter over the last couple of years, it is nice to see a program come out that actually has features like no appraisal and no mortgage insurance. If you are interested in buying a home that is … [Read more...]
8000 Tax Credit Questions and Answers
Are you interested in buying a new home this year and have questions about the 8000 tax credit? You are not alone. UPDATE: The 8000 Tax Credit Has Been Extended and Expanded: $8,000 First-time Home Buyer Tax Credit Expansion Details The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a … [Read more...]
FHA HECM for Purchase Program: From The Inbox
We have been getting more than just a few questions lately about the FHA HECM for Purchase program - where seniors can purchase a home using the FHA HECM reverse mortgage program. Here is one recent question that came in from Frank who is thinking about buying a home in Queen Creek using the FHA HECM for Purchase program. Frank's email: Have you actually done a FHA HECM purchase reverse … [Read more...]