Blog Archives

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Seller Financing Restrictions.

If you are thinking of selling your property with a carry back loan, the Dodd-Frank Act created rules applying to residential seller financing. A carry back loan makes a property more attractive as a buyer doesn’t have to come up with the entire purchase price in cash. The first restriction eliminates carrybacks on properties owned […]

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The Bank of Mom and Dad.

Coming up with a down payment can be difficult for young home buyers and those with high student-loan debt. But many mortgage programs allow parents to help fund their children’s down payment. There are of course hoops to jump through to assure the lender that the down payment is not an undisclosed loan. The money […]

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Floodplain Insurance Requirement Dropped.

Hundreds of Scottsdale residents in the Grayhawk master-planned community have been removed from the Rawhide Wash 100-year flood plain. This revision to the flood insurance rate maps means pricey flood insurance is no longer mandatory for those home owners with a federally-backed mortgage that are now outside the boundaries of the 100-year flood plain. Those […]

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Arizona’s Homestead Exemption.

Arizona’s homestead exemption allows a person to protect from certain creditors up to $150,000 of the equity in the home they live in (house, condominium, or mobile home). It applies only to non-consensual liens. A non-consensual lien is one which arises from a recorded money judgment. For example, a judgment that arises because the owner […]

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How to Finance a Fixer-Upper.

The FHA 203(k) program is a loan product designed to help owner-occupants remodel a home. Available when purchasing or refinancing a home, it wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for the area. There […]

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4 Reasons to Buy a Phoenix Area Home Now.

1. The price is right. Although overall median prices have risen, most of that increase is at the low end, and not in higher priced areas such as Scottsdale or Paradise Valley. 2. It’s cheaper to buy than rent in the Phoenix metro area, and in nearly every other Valley of the Sun city too. […]

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Get a Free Down Payment.

Need help coming up with a down payment? The AzHFA Home Plus Mortgage Loan Origination Program provides down payment assistance (DPA) throughout most of Arizona to qualifying home buyers who intend to occupy the home. The DPA is available in conjunction with a Home Plus loan, which is applicable to home buyers with an annual […]

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Get a Down Payment Gift

One of the biggest problems first time buyers have is coming up with the down payment. A solution is to use a down payment “gift” from relatives. The National Association of Realtors says that about one quarter of first-time buyers do that. But be careful – lenders have strict requirements regarding gifts. Why? Lenders are […]

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Refunds of Mortgage Insurance Premiums – Are you Eligible?

Recently, I was asked the question: Can I get PMI payments refunded? What was being asked pertains to “private mortgage insurance”, which is required if a down payment is less than 20% of the value of the home. In that event, the lender requires the borrower purchase a policy that insurers the lender against loss […]

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Purchase by Fed should help Borrowers

The residential real estate market and the mortgage industry received some good news this week. The Fed announced that it will purchase $600 Billion worth of mortgage-backed securities (mortgage bonds) backed by Fannie Mae, Freddie Mac, and Ginnie Mae. This should help increase the availability of credit, while also lowering fixed mortgage rates, as interest […]

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