Blog Archives

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Phoenix is Veteran Friendly.

Metro Phoenix ranks number 2 in VA home loan originations in the U.S. That means lots of veterans are moving to or buying homes in the Valley of the Sun. This demonstrates the continuing popularity of Arizona to the U.S. armed forces community (and their dogs).

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Loan Limit Increase.

The Federal Housing Finance Agency has increased the conventional loan limit from $484,350 to $510,400. This gives borrowers more buying power, allowing them to avoid more expensive Jumbo Loans and their stricter restrictions. So you can now afford to buy more home in the metro Phoenix area – one of the hottest housing markets in […]

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Don’t Pay Mortgage Insurance.

A new program is providing lender-paid private mortgage insurance on conventional loans through December 31, 2019. Save big when you buy a home by avoiding the traditional 20% down required to avoid monthly PMI payments. You can avoid PMI by putting down 15% as little as of the purchase price. Eliminating PMI can result in […]

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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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What Lenders Look For.

Many buyers only focus on their credit rating when they are ready to buy a home. But when deciding whether to grant you a loan, lenders evaluate four things to make sure you can make the loan payments: Capacity – your current and future ability to pay back the loan, through your income, employment history, […]

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Do you Qualify for HARP?

The Phoenix metro area has the 8th biggest pool of potential HARP   loan refis. Its estimated that over 10,000 homeowners qualify. The criteria are more than 20% under water, and a Fannie or Feddie loan made before 5/09. Learn more at harpprogram.org.

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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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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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