Phoenix, Arizona homes for sale. Gilbert homes, Chandler homes, AZ MLS http://azchadhomes.com Arizona Real Estate: homes for sale in AZ MLS. Search Gilbert homes, Chandler Homes, Queen Creek homes for sale. Access the Arizona MLS including bank owned homes, Chandler bank owned homes, Gilbert bank owned homes. Homes for sale in Phoenix, Gilbert homes for sale, Chandler homes for sale, Mesa homes for sale, Scottsdale homes for sale, Queen Creek homes for sale and others. Phoenix Real Estate listings and Arizona housing market news. Wed, 01 Sep 2010 16:44:00 +0000 http://snappages.com en Ashland Ranch homes for sale, homes for sale in Ashland Ranch, Gilbert http://azchadhomes.com/blog/2010/09/01/ashland-ranch-homes-for-sale-homes-for-sale-in-ashland-ranch-gilbert http://azchadhomes.com/blog/2010/09/01/ashland-ranch-homes-for-sale-homes-for-sale-in-ashland-ranch-gilbert Wed, 01 Sep 2010 16:44:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/09/01/ashland-ranch-homes-for-sale-homes-for-sale-in-ashland-ranch-gilbert www.AZAshlandRanchHomes.com and search all homes for sale in the community of Ashland Ranch, located in Gilbert Arizona. The website features Ashland Ranch real estate broken down by category. You can www.AZAshlandRanchHomes.com and search all homes for sale in the community of Ashland Ranch, located in Gilbert Arizona. The website features Ashland Ranch real estate broken down by category. You can view homes with pools in Ashland Ranch and large 5 bedroom homes in Ashland Ranch, just to name a few.

Ashland Ranch was built from 1999 to 2004 in Gilbert Arizona just North of Williams Field Road and East of Lindsay Road. It features several parks and greenbelts as well as the highly rated Ashland Ranch Elementary School.

Houses in Ashland Ranch range in price from $140,000 to over $400 thousand. There are 693 homes in Ashland Ranch with over 63%(439) of them having pools. There are 447 single level homes and 246 2 story homes in Ashland Ranch. The average house size in Ashland Ranch is 2570 square feet.

Visit www.AZAshlandRanchHomes.com today!




If you would like to take a tour of homes in this community or just have a question for me, please contact me.

Don't miss out on the current historically low interest rates and great pricing in one of Arizona's most sought after communities.





]]> Credit reports and qualifying for a home loan http://azchadhomes.com/blog/2010/09/01/credit-reports-and-qualifying-for-a-home-loan http://azchadhomes.com/blog/2010/09/01/credit-reports-and-qualifying-for-a-home-loan Wed, 01 Sep 2010 16:23:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/09/01/credit-reports-and-qualifying-for-a-home-loan Recently, experts reported that Mortgage Lenders may have to start pulling a second and final credit report just before a homebuyer closes on their new home purchase.

Mortgage giants Fannie and Freddie felt that loan applicants were acquiring debt during the application process and [...]]]> Recently, experts reported that Mortgage Lenders may have to start pulling a second and final credit report just before a homebuyer closes on their new home purchase.

Mortgage giants Fannie and Freddie felt that loan applicants were acquiring debt during the application process and not disclosing it properly.


The final ruling on this issue has come out and it turns out lenders do NOT have to pull a secondary/final report prior to closing. Instead, the original credit report “validity period” will remain at 90 days meaning that the credit report lenders pull in the beginning of the transaction is good for 90 days.


With all of this being said, it is still VERY important for homebuyers not to have their credit pulled AND not to make any purchases that would show up on their credit report until after their home has closed.

It is important to keep in mind that lenders are developing systems such as “FRAUD GUARD” that will help them detect any recent credit activity (such as an auto loan app, new credit card etc…).

In the end, while Lenders will not be required to pull new credit reports, homebuyers may as well act as if they will.

Here is a little bit of the “why” behind this development:


  • Over the past year $142 million in auto loan payments that were created during the home loan application process were magically left off of loan applications

  • The “missing” auto loans had an average payment of $361 per month – a pretty sizeable payment that could likely push some borrowers over the qualifying edge


]]> Ocotillo homes for sale, Homes for sale in Ocotillo, Chandler http://azchadhomes.com/blog/2010/08/11/ocotillo-homes-for-sale-homes-for-sale-in-ocotillo-chandler http://azchadhomes.com/blog/2010/08/11/ocotillo-homes-for-sale-homes-for-sale-in-ocotillo-chandler Wed, 11 Aug 2010 14:34:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/08/11/ocotillo-homes-for-sale-homes-for-sale-in-ocotillo-chandler Ocotillo Golf Resort, this is definitely one of the east valley's most popular communities to live in.

Visit Ocotillo Golf Resort, this is definitely one of the east valley's most popular communities to live in.

Visit www.AZOcotilloHomes.com and search all homes for sale in Ocotillo, Chandler. The website features Ocotillo real estate broken down by category. You can view bank owned homes in Ocotillo, waterfront homes in Ocotillo, golf course homes in Ocotillo, homes with pools in Ocotillo and much more.

Houses in Ocotillo range from as low as $150k to over 1 Million. If you would like to take a tour of homes in Ocotillo, please contact me.

Don't miss out on the current historically low interest rates and great pricing in one of Arizona's most sought after communities. Contact me today for more information about Ocotillo Real Estate.

Photo ©Florian via Flickr

What you will find at www.AZOcotilloHomes.com




]]> Upcoming FHA loan changes announced http://azchadhomes.com/blog/2010/08/05/upcoming-fha-loan-changes-announced http://azchadhomes.com/blog/2010/08/05/upcoming-fha-loan-changes-announced Thu, 05 Aug 2010 19:53:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/08/05/upcoming-fha-loan-changes-announced
GOOD NEWS!

Upfront Mortgage Insurance Premium (UMIP or MIP) Change
Current [...]]]>
HUD has announced their intention to change the factors for both Upfront Mortgage Insurance (the one time premium that is financed into an FHA loan) and Monthly Mortgage Insurance (the amount that is paid monthly by the homeowner).

GOOD NEWS!

Upfront Mortgage Insurance Premium (UMIP or MIP) Change
Current Up-Front Mortgage Insurance Premiums are calculated at 2.25% of a borrowers loan amount. The change will lower that to 1%. For example:

Currently UMIP on a $200,000 equals $4,500.
The new UMIP on a $200,000 will equal $2,000.

BAD NEWS!

Monthly MI Change
Current Monthly Mortgage Insurance is calculated at .50% - .55% per year depending on loan to value. The change will increase the Monthly MI factor to .85-.90% depending on loan to value. For example:

Currently an FHA Monthly Mortgage Insurance payment on a $200,000 loan equals $91.67 ($200,000 * .55%/12 months = $91.67).
The New FHA Monthly Mortgage Insurance payment on a $200,000 loan will equal $150.00 ($200,000 * .90%/12 months = $150).

Assuming a $200,000 loan at 4.5% (30 yr fixed) with 3.5% down the difference in payment is as follows:

Current payment: $1,167.70 PITI (assuming $150 for taxes and $50 for homeowners insurance)
New payment: $1,213.92 PITI (assuming $150 for taxes and $50 for homeowners insurance)

A borrower will need an additional $75-$80 (est) in monthly income to qualify for the same loan amount (per $100,000 in loan amount).

These changes are slated for case numbers assigned September 7th. Right now the change is awaiting the President’s approval. I will be sure to keep you posted.

Thank you for the update Jeremy House!

You contact Jeremy House at Prime Lending on his website by clicking the image below.



]]> Superstition Springs homes for sale, Homes for sale in Superstition Springs, Mesa http://azchadhomes.com/blog/2010/07/30/superstition-springs-homes-for-sale-homes-for-sale-in-superstition-springs-mesa http://azchadhomes.com/blog/2010/07/30/superstition-springs-homes-for-sale-homes-for-sale-in-superstition-springs-mesa Fri, 30 Jul 2010 16:25:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/07/30/superstition-springs-homes-for-sale-homes-for-sale-in-superstition-springs-mesa www.AZSuperstitionSpringsHomes.com to view all homes for sale in Superstition Springs in Mesa, AZ.

Superstition Springs is a master-planned community in South Mesa just off the US-60 freeway. Superstition Springs offers a wide range of housing options from [...]]]> www.AZSuperstitionSpringsHomes.com to view all homes for sale in Superstition Springs in Mesa, AZ.

Superstition Springs is a master-planned community in South Mesa just off the US-60 freeway. Superstition Springs offers a wide range of housing options from condos to luxury homes. Superstition Lakes condominiums are within walking distance to shopping and several nice restaurants and offer a gated community with a heated pool.

Click here to view homes with pools located in Superstition Springs.

Click here to view bank owned homes in Superstition Springs.

Superstition Springs Center is a full featured shopping mall with something for everyone.

Superstition Springs also features a PGA Tour Qualifying Superstition Springs Golf Course.



Visit www.AZSuperstitionSpringsHomes.com to view all homes

for sale in Superstition Springs in Mesa, AZ today.


Click here to search the entire Arizona MLS


As always, let me know if you have any questions about real estate in Arizona. I am here to help you with your home search online.

]]> New Policy for Borrowers Debt http://azchadhomes.com/blog/2010/06/05/new-policy-for-borrowers-debt http://azchadhomes.com/blog/2010/06/05/new-policy-for-borrowers-debt Sat, 05 Jun 2010 10:38:00 +0000 Jeremy House http://azchadhomes.com/blog/2010/06/05/new-policy-for-borrowers-debt
For those eager buyers that have slipped up and purchased a new car or TV too soon their saving grace has always been that we don’t have to pull a new credit report unless the one we have on file is over 90 days old. This loophole has allowed many people’s new debts to fly under the radar as there is no reason to “re-pull” credit and reveal the new payment (s). That policy is changing as we speak.

In a new “Quality Initiative” affecting all new loan apps on or after June 1st, Fannie Mae announced that it will be requiring validation of “No New Liabilities.”

Remember that Freddie/FHA/VA etc… all tend to follow Fannie Mae policy. For now this just means that borrowers sign a document stating they have acquired no new debt since we pulled credit (see attached). However, the credit companies are currently developing a soft pull method that will allow a new report to be run that will NOT count as an inquiry but that will update and reveal any and all debts up to the date of closing.



]]> NEW Arizona home search website launched! http://azchadhomes.com/blog/2010/05/19/new-arizona-home-search-website-launched http://azchadhomes.com/blog/2010/05/19/new-arizona-home-search-website-launched Wed, 19 May 2010 14:08:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/05/19/new-arizona-home-search-website-launched Arizona Real Estate Home Search By Category

Visit ChadHagenson.WeKnowTheValley.com today!

I have simplified your Arizona home search by breaking the search results into [...]]]> Arizona Real Estate Home Search By Category

Visit ChadHagenson.WeKnowTheValley.com today!

I have simplified your Arizona home search by breaking the search results into categories. Just choose a category of home for sale in Arizona and follow the links to narrow down your search to the city or the subdivision. IT IS THAT EASY!

You can search homes listed by city, bank owned homes and so much more. You can also create and save your own custom home searches in my Arizona MLS search. USE THE SAME MLS SEACH REALTORS USE EVERY DAY!

TRY IT OUT RIGHT NOW!
Click the links below to search Arizona homes for sale by the following categories


Please share this website with others you may know that may be searching for a home for sale in Arizona online. I'm sure you will find the new website to be very user friendly and easy to use.

]]> Be GREEN, Buy an Energy Star home today http://azchadhomes.com/blog/2010/05/01/be-green-buy-an-energy-star-home-today http://azchadhomes.com/blog/2010/05/01/be-green-buy-an-energy-star-home-today Sat, 01 May 2010 08:36:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/05/01/be-green-buy-an-energy-star-home-today ENERGY STAR homes to choose from. Most of the new homes you see in Arizona today are Energy Star rated but they can also be found in the resale market. If you are looking to build a new home today, ask me for a list of energy star builders. It can save you a lot of money in the long run.

 ENERGY STAR homes to choose from. Most of the new homes you see in Arizona today are Energy Star rated but they can also be found in the resale market. If you are looking to build a new home today, ask me for a list of energy star builders. It can save you a lot of money in the long run.

CLICK HERE for a current list of Energy Star resale homes.

A home must meet strict guidelines as determined by the U.S. Environmental Protection Agency to earn the ENERGY STAR rating. These homes are at least 15% more energy efficient than homes built to the 2004 International Residential Code (IRC). They also include additional energy-saving features which make them 20–30% more efficient than standard homes.

So the next time you are looking for a newer home in Arizona, be GREEN and be sure to look for the ENERGY STAR rating.

Please remember to contact me before you begin your new home search. I can $ave you lots of time by emailing you new homes that fit your style and budget. I can even email you floor plans to review! It is also very important that I visit the new home models with you on your first visit. I can represent your interests as a home buyer and it doesn't cost you anything, the builder pays my commission!

Remember: The sales agent at the new home models represents the builder, NOT you.


]]> Fannie Mae's Homepath Financing Program http://azchadhomes.com/blog/2010/04/30/fannie-maes-homepath-financing-program http://azchadhomes.com/blog/2010/04/30/fannie-maes-homepath-financing-program Fri, 30 Apr 2010 14:33:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/04/30/fannie-maes-homepath-financing-program Buy a home today for just 3% down payment, NO appraisal and NO mortgage insurance! [...]]]>
Buy a home today for just 3% down payment, NO appraisal and NO mortgage insurance!


Fannie Mae's Homepath program provides homebuyers with some awesome financing options. The program requires the purchase of a Fannie Mae owned property.

CLICK HERE for a current list of available Fannie Mae properties in Arizona.

The program allows for 97% financing (JUST 3% down payment) for primary residence properties, 90% for second homes and 85% for investment property, all with NO mortgage insurance and NO appraisal. FNMA owns a significant number of homes in Arizona, California and throughout the US.

Fannie Mae is also currently offering 3.5% of the sales price to the home buyer (investors excluded) to be used for Closing Cost Assistance and/or brand NEW Whirpool® Appliances. Recently extended to June 30, 2010!


Highlights for Condo Financing:

1. Condo must be on the "HomePath Eligible List"
2. Up to 97% financing on primary homes
3. Up to 90% financing on second homes (vacation home)
4. Up to 85% financing on investment properties
5. Seller can pay up to 6% (2% for investments) of your closing cost and prepaids
6. NO Appraisal required!
7. NO Mortgage insurance required!


Please contact me if you would like more information about HomePath financing from Fannie Mae.



]]> Average temperature in Phoenix, Arizona http://azchadhomes.com/blog/2010/04/19/average-temperature-in-phoenix-arizona http://azchadhomes.com/blog/2010/04/19/average-temperature-in-phoenix-arizona Mon, 19 Apr 2010 09:43:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/04/19/average-temperature-in-phoenix-arizona Welcome to Phoenix, Arizona. With over 300 days of sunshine, it's no wonder we are often referred to as "The Valley of the Sun." Take a look at the average temperature for Phoenix, Arizona as recorded by the weather station located at Phoenix Sky Harbor Airport.

Wheather you are looking for a winter vacation home or looking to [...]]]> Welcome to Phoenix, Arizona. With over 300 days of sunshine, it's no wonder we are often referred to as "The Valley of the Sun." Take a look at the average temperature for Phoenix, Arizona as recorded by the weather station located at Phoenix Sky Harbor Airport.

Wheather you are looking for a winter vacation home or looking to relocate to Arizona full time, I can help you find the perfect home.

There is plenty of sunshine for everyone in Phoenix, Arizona.

Take a look at these average temperatures. Arizona is a great place to keep warm during those cold winter months. You may want to consider getting a private pool to help you stay cool in the heat of the Arizona summer.

January
Average high temperature: 66
Average low temperature: 41
Warmest ever: 88
Coldest ever: 17
Average precipitation: .8

February
Average high temperature: 70
Average low temperature: 44
Warmest ever: 92
Coldest ever: 22
Average precipitation: .6

March
Average high temperature: 75
Average low temperature: 49
Warmest ever: 100
Coldest ever: 25
Average precipitation: .9

April
Average high temperature: 84
Average low temperature: 55
Warmest ever: 105
Coldest ever: 32
Average precipitation: .3

May
Average high temperature: 93
Average low temperature: 64
Warmest ever: 113
Coldest ever: 40
Average precipitation: .1

June
Average high temperature: 103
Average low temperature: 72
Warmest ever: 122
Coldest ever: 50
Average precipitation: .1

July
Average high temperature: 105
Average low temperature: 80
Warmest ever: 121
Coldest ever: 61
Average precipitation: .8

August
Average high temperature: 103
Average low temperature: 79
Warmest ever: 116
Coldest ever: 60
Average precipitation: 1.0

September
Average high temperature: 99
Average low temperature: 72
Warmest ever: 118
Coldest ever: 47
Average precipitation: .7

October
Average high temperature: 88
Average low temperature: 61
Warmest ever: 107
Coldest ever: 34
Average precipitation: .6

November
Average high temperature: 75
Average low temperature: 48
Warmest ever: 93
Coldest ever: 25
Average precipitation: .6

December
Average high temperature: 66
Average low temperature: 42
Warmest ever: 88
Coldest ever: 22
Average precipitation: .9


]]> Tax Break...FREE food or discounts for tax day http://azchadhomes.com/blog/2010/04/15/tax-break-free-food-or-discounts-for-tax-day http://azchadhomes.com/blog/2010/04/15/tax-break-free-food-or-discounts-for-tax-day Thu, 15 Apr 2010 08:43:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/04/15/tax-break-free-food-or-discounts-for-tax-day
Get out there today and release some stress....EAT!

Boston Market : Buy one individual plate and get one free from April 15 to April 18 with the coupon available on their website. Some restrictions [...]]]>
Get out there today and release some stress....EAT!

Boston Market : Buy one individual plate and get one free from April 15 to April 18 with the coupon available on their website. Some restrictions apply.

Cinnabon : Two free cupcakes from 6 p.m. until 8 p.m. at participating locations – not including airport or travel plaza outlets.

Maggie Moo's : Free small sample slices of its new MaggieMia's Ice Cream Pizza from 3 p.m. to 7 p.m.

McCormick & Schmick's : They are offering $10.40 dinner and drink specials and bar patrons will get a $10.40 gift certificate for future use.

Mr. Jim's Pizza : Get Mr. Jim's 1040 Pizza when you become a fan on Facebook and pick up a free small, one-topping pizza.

Papa John's : Now through midnight, you can use the "1040" promotional code at www.papajohns.com to order a large, original crust pizza with three toppings for $10.40.

P.F. Chang's China Bistro : Get 15 percent off food purchases.

Starbucks : Get FREE COFFEE by bringing in a reusable travel mug today.

Taco Del Mar : Get a FREE taco on Tax Day by downloading and printing a coupon on its Web site. www.tacodelmar.com

T.G.I. Friday's : Get your Tax Day bonus, including $5 Bonus Bites cards for purchases between $15 and $25 (excluding alcohol and tax.) For meals over $25, you'll get a $10 Bonus Bites card while supplies last.

Don't forget to take advantage of the home buyer tax credit! You will need to be under contract before the end of the month of April to qualify. Short sales included! Contact me for more information.



]]> HAFA - Home Affordable Foreclosure Alternative http://azchadhomes.com/blog/2010/04/07/hafa-home-affordable-foreclosure-alternative http://azchadhomes.com/blog/2010/04/07/hafa-home-affordable-foreclosure-alternative Wed, 07 Apr 2010 11:54:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/04/07/hafa-home-affordable-foreclosure-alternative short sell their home by following a set of established and simplified guidelines. The program does not cover every homeowner or every [...]]]>
The Home Affordable Foreclosure Alternative or “HAFA” is an initiative that was introduced to help struggling Homeowners successfully short sell their home by following a set of established and simplified guidelines. The program does not cover every homeowner or every property. See below for more detail.

Important dates to know when it comes to HAFA:

  • Program is effective as of April 5, 2010
  • Progam expires on December 31, 2012
  • Once Homeowner signs agreement with their Servicer they are under the HAFA contract for 5 months (can be extended if mutually agreed upon)

How will HAFA help Homeowners? HAFA has...

  • Created a set of standard processes and timeframes - one key timeframe is that lenders will have a maximum of 10 days to respond to buyers offers on a HAFA approved property
  • Established financial incentives payable to Homeowners, Servicers and Investors
  • Releases struggling Homeowner from all future liability for forgiven debt (this refers to mortgage balance and NOT potential tax liability – consult with a Tax Professional regarding your tax consequences)
  • Gives the Homeowner (the seller) the ability to receive pre-approved short sale terms before even listing their home
  • Keeps the Servicer from reducing Real Estate Commissions as a condition of the approval
  • Streamlines Homeowners HAFA eligibility by using information from HAMP analysis

Who qualifies for HAFA, more details?

  • Property is a primary residence
  • Owner is delinquent or about to be delinquent on their mortgage
  • Property is not financed through Fannie Mae or Freddie Mac (I can check for you)
  • The mortgage loan is a first lien mortgage originated on or before January 1, 2009
  • The current unpaid principal balance is equal to or less than $729,750
  • The owners total monthly mortgage payment exceeds 31% of their gross income.
  • $3,000 moving assistance check will be cut by the Title company at a successful COE
  • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.

Contact me for complete details on HAFA Timeframes and Guidelines or visit the HAFA website.



PARTICIPATING LENDER LIST

Allstate Mortgage Loans & Investments, Inc.
American Eagle Federal Credit Union
American Home Mortgage Servicing, Inc.
AMS Servicing, LLC
Aurora Loan Services LLC
Aurora Loan Services LLC
Bank of America, N.A.
Bank United
Bay Federal Credit Union
Bay Gulf Credit Union
Bayview Loan Servicing, LLC
CCO Mortgage
Carrington Mortgage Services, LLC
Central Florida Educators Federal Credit Union
Central Jersey Federal Credit Union
Chase Home Finance LLC
Community Bank & Trust Company
CitiMortgage, Inc.
Citizens 1st National Bank
Citizens First Wholesale Mortgage Co.
Countrywide Home Loans Servicing LP
CUC Mortgage Corporation
Digital Federal Credit Union
DuPage Credit Union
EMC Mortgage Corporation
Eaton National Bank & Trust Co
Farmers State Bank
Fidelity Homestead Savings Bank
First Bank
First Federal Savings and Loan Assoc of Lakewood
First Federal Savings and Loan of Port Angeles
First National Bank of Grant Park
First Keystone Bank
Franklin Credit Management Corporation
Fresno County Federal Credit Union
Glass City Federal Credit Union
Glenview State Bank
GMAC Mortgage LLC
Golden Plains Credit Union
Grafton Suburban Credit Union
Great Lakes Credit Union
Greater Nevada Mortgage Services
Green Tree Servicing LLC
Harleysville National Bank & Trust Company
Hartford Savings Bank
Hillsdale County National Bank
HomEq Servicing
Home Financing Center Inc.
HomeStar Bank and Financial Services
Home Loan Services, Inc.
Horicon Bank
Horizon Bank, NA
Iberiabank
IBM Southeast Employees Federal Credit Union
IC Federal Credit Union
Idaho Housing and Finance Association
iServe Residential Lending, LLC
iServe Servicing Inc.
J.P. Morgan Chase Bank, NA
Lake City Bank
Lake National Bank
Litton Loan Servicing
Los Alamos National Bank
Marix Servicing, LLC
Members Mortgage Company, Inc
Mission Federal Credit Union
Metropolitan National Bank
MorEquity, Inc.
Mortgage Center, LLC
Mortgage Clearing Corporation
National City Bank
Nationstar Mortgage LLC
Navy Federal Credit Union
Oakland Municipal Credit Union
Ocwen Financial Corporation, Inc.
OneWest Bank
ORNL Federal Credit Union
Park View Federal Savings Bank
PennyMac Loan Services, LLC
PNC Bank, National Association
Purdue Employees Federal Credit Union
Q lending, Inc.
Quantum Servicing Corporation
RG Mortgage Corporation
Residential Credit Solutions
Roebling Bank
RoundPoint Mortgage Servicing Corporation
Saxon Mortgage Services
Schools Financial Credit Union
SEFCU
Select Portfolio Servicing
Servis One Inc.,dba BSI Financial Services, Inc
ShoreBank
Silver State Schools Credit Union
Sound Community Bank
Specialized Loan Servicing, LLC
Spirit of Alaska Federal Credit Union
Stanford Federal Credit Union
Sterling Savings Bank
Tempe Schools Credit Union
Technology Credit Union
The Bryn Mawr Trust Company
The Golden 1 Credit Union
United Bank
United Bank Mortgage Corporation
Urban Trust Bank
Vantium Capital, Inc.
Verity Credit Union
Visit Financial Corp.
Wachovia Mortgage, FSB
Wachovia Bank, NA
Wells Fargo Bank, NA
Wescom Central Credit Union
Wilshire Credit Corporation
Yadkin Valley Bank

]]> HAFA and Principal Forgiveness Programs http://azchadhomes.com/blog/2010/03/25/hafa-and-principal-forgiveness-programs http://azchadhomes.com/blog/2010/03/25/hafa-and-principal-forgiveness-programs Thu, 25 Mar 2010 14:16:19 +0000 Jeremy House http://azchadhomes.com/blog/2010/03/25/hafa-and-principal-forgiveness-programs [...]]]>
A New Trend?

Yesterday’s article in the Arizona Republic entitled “Bank of America to lower mortgage principal” explained a program from B of A that is designed to cut principal balances. Unlike loan mods which are…well we all know what they are, this program seeks to reduce the balance of a borrowers loan. While this program is not open to all upside homeowners, it has created some curiosity as to whether or not this might be the beginning of a new trend. While most lenders are not jumping on this band wagon today, we all know that this is where the real “help” would be for homeowners. Lowering the rate or stretching out the amortization period on a loan that is significantly upside down does little more than delay the inevitable. Here is a link to the article for your reading pleasure ;). Please take a moment to read, this is a very interesting piece.

In addition, another article was released stating that the Treasury Department is very interested in Bank of America’s new program. This could be the beginning of a new trend or way of thinking and I wanted to make you aware of what’s brewing out there. With all of the political pressure and the undeniable statistics outlining what lies ahead the government is seeking some sort of resolution. I will be sure to keep you posted.

HAFA

HAFA was introduced in 2009 by the Treasury (revised March 12th, 2010) and it goes into effect on April 5, 2010. Essentially the program provides a set of guidelines and timeframes along with financial incentives for short sale transactions. I have attached a copy of the HAFA agreement letter for your review. It contains all of the guidelines and timeframes associated with the program. Please take a few minutes to read. This will be a big part of our market going forward. Some of the highlights include:

1. Servicers participating in HAMP are required to cooperate with HAFA guides – list of servicers participating in HAMP HAMP Servicers

2. Provides Pre-Approved Short Sale Terms (including minimum acceptable net proceeds to the servicer)

3. Requires Banks respond to offers within 10 days

4. Requires borrower be fully released from future liability for the 1st mortgage (no deficiency judgment allowed on forgiven sum) *this does not refer to possible tax liability

5. Provides $1,500 for “relocation assistance” to seller – basically helps pay for moving costs etc… - paid at closing through Title

6. HAFA program expires 120 calendar days after borrower receives letter (unless extended by servicer)

7. Provides up to 3% not to exceed $3,000 total to pay off subordinate liens (HELOC’s, HOA liens etc…)

8. Under HAFA agreement home cannot be sold to family, friends or co-workers – must be an arm’s length transaction

9. Real Estate Agent can NOT earn a commission if you sell your own home under the HAFA agreement

10. If the home does not sell by the end of the HAFA agreement the homeowner must convey ownership to the Servicer via Deed in Lieu of Foreclosure. In this scenario the homeowner would still receive the $1500 for “relocation assistance”

Please let me know if you have any questions.

Your Trusted Advisor,

Jeremy House, CMPS
602.435.2149 – business hours/weekends/evenings
Click Here To Apply Online



]]> FHA loan requirements are getting tighter http://azchadhomes.com/blog/2010/03/24/fha-loan-requirements-are-getting-tighter http://azchadhomes.com/blog/2010/03/24/fha-loan-requirements-are-getting-tighter Wed, 24 Mar 2010 14:06:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/03/24/fha-loan-requirements-are-getting-tighter
Tighter lending requirements, reduced seller contribution allowances and higher fees for borrowers that opt for an FHA mortgage or federally-insured loan are coming this Spring.

The reason for the change is due to mortgage [...]]]>
Recent news from the Federal Housing Administration (FHA) indicates some changes are just around the corner.

Tighter lending requirements, reduced seller contribution allowances and higher fees for borrowers that opt for an FHA mortgage or federally-insured loan are coming this Spring.

The reason for the change is due to mortgage insurance claims on FHA borrower defaults. Mortgage insurance is required on most home loans with less than 20 percent down payment. An FHA home loan now only requires 3.5% down payment to be made by the borrower.

FHA mortgages now account for about 50% of all new home loans today.


• The upfront mortgage premium will now cost borrowers 2.25% of the loan amount, up from 1.75% and the second increase in the past two years. The upfront premium can still be rolled into the loan.

• New borrowers must have a minimum FICO credit score of 580 to qualify for FHA's 3.5% down payment loan, otherwise the borrower must put 10% down. Most lenders still require a minimum credit score of 620 to qualifiy for a mortgage. A FICO credit score is a numerical representation of a borrowers credit, the higher the score, the easier and less expensive it is to qualify for a loan.

• Seller contributions have been very popular in today's real estate market. Currently sellers are allowed to contribute up to 6% of the sales price towards buyers closing costs and pre-paid items on their home loan. The new limit will be cut in half to 3% of the sale price.

FHA has also proposed tighter rules for lenders to reduce its risk in the market. Lenders will be required to have a new worth of at least $1 million in year one and $2.5 million within three years. The Federal Housing Administration also wants to impose tighter loan underwriting guidelines and increase liability for those that choose to originate, underwrite and service FHA loans.

]]> Chandler Real Estate, homes for sale in Chandler http://azchadhomes.com/blog/2010/02/21/chandler-real-estate-homes-for-sale-in-chandler http://azchadhomes.com/blog/2010/02/21/chandler-real-estate-homes-for-sale-in-chandler Sun, 21 Feb 2010 16:16:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/02/21/chandler-real-estate-homes-for-sale-in-chandler




]]> Gilbert Real Estate, homes for sale in Gilbert http://azchadhomes.com/blog/2010/02/21/gilbert-real-estate-homes-for-sale-in-gilbert http://azchadhomes.com/blog/2010/02/21/gilbert-real-estate-homes-for-sale-in-gilbert Sun, 21 Feb 2010 16:08:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/02/21/gilbert-real-estate-homes-for-sale-in-gilbert




]]> Float Down Interest Rate Lock Option http://azchadhomes.com/blog/2010/02/17/float-down-interest-rate-lock-option http://azchadhomes.com/blog/2010/02/17/float-down-interest-rate-lock-option Wed, 17 Feb 2010 18:14:00 +0000 Jeremy House http://azchadhomes.com/blog/2010/02/17/float-down-interest-rate-lock-option FLOAT DOWN LOCK. The Float Down Lock allows us to lock you in at a certain interest rate. In the event that the market improves and interest rates [...]]]> FLOAT DOWN LOCK. The Float Down Lock allows us to lock you in at a certain interest rate. In the event that the market improves and interest rates go down prior to closing, the Float Down allows us to lower your rate even though it is locked!

This option can help you as a buyer feel more secure, give you additional rate flexibility and keep you from being exposed to costly market fluctuations.

There is no cost for the Float Down Lock option.



]]> New FHA Guidelines - THE REAL DEAL http://azchadhomes.com/blog/2010/01/20/new-fha-guidelines-the-real-deal http://azchadhomes.com/blog/2010/01/20/new-fha-guidelines-the-real-deal Wed, 20 Jan 2010 16:17:00 +0000 Jeremy House http://azchadhomes.com/blog/2010/01/20/new-fha-guidelines-the-real-deal
  • 1. Raising the upfront Mortgage Insurance Premium – This change doesn’t directly make it more difficult for a buyer to get qualified yet it does provide additional capital for the ailing FHA insurance fund. Higher MIP simply raises the amount of insurance [...]]]>
    • 1. Raising the upfront Mortgage Insurance Premium – This change doesn’t directly make it more difficult for a buyer to get qualified yet it does provide additional capital for the ailing FHA insurance fund. Higher MIP simply raises the amount of insurance charged (as MIP) and rolled into the loan at the time of purchase. The only time this affects someone qualifying is if they were at the very tip top of the allowable debt to income ratio and the increased total loan amount pushed them over. The change takes the current 1.75% MIP up to 2.25% MIP. A Mortgagee Letter (FHA’s way of making official changes) is set to be released tomorrow making this change effective this coming spring.
    • 2. Increasing Down Payment in relation to Minimum Credit Score – FHA is considering creating a relationship between FICO score and down payment. This change may give borrowers with scores below the current 620 limit an option to buy as long as they can put 10% down. Look for specific details in February and look for the changes to take place this summer.
    • 3. Reducing the amount a seller can pay for a buyers closing costs – Right now a seller can pay up to 6% for an FHA buyers closing costs. The new rules will likely limit this to 3%. At the end of the day this should have relatively no impact on buyers. The exception being buyers under the $100k mark as sometimes total settlement charges can exceed the 3% of sales price. This effort is aimed at reducing sales price inflation to cover extraordinary closing costs.

    All of this comes as no surprise. FHA market share in the hay day of sub prime mortgages in 2006 was a mere 2%. Today that number is up to around 50% (of all new home loans) nationwide. Increased demand/pressure on FHA’s Insurance fund has raised the concern and need for more strict guidelines according to HUD. Loans originated during 2007 and 2008 continue to be a big part of the problem. Their default rate is near 24%



    ]]>     Shea Spaces. Modern. Practical. Smart? http://azchadhomes.com/blog/2010/01/16/shea-spaces-modern-practical-smart http://azchadhomes.com/blog/2010/01/16/shea-spaces-modern-practical-smart Sat, 16 Jan 2010 10:44:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/01/16/shea-spaces-modern-practical-smart



    Prices range from $199,000-$246,000 on a base price. They have 7 floor plans to choose from with just 2 models of the 1682 and 1776 floor plans. Please contact me for more information or a set of floor plans.

    So what is the BIG deal about SPACES? Well, it is a new vision on home building. Although it is not my type of home, I think the majority of the general public will fall for it. There are multifunctional LIVING SPACES with such names as watch, dream, splash (bathroom), eat, cook, greet, arrive, park, shade(covered patio) and sleep.

    The overall design is very modern with European style cabinets, sliding glass room dividers and square rooms with straight lines. The sliding GLASS room dividers are rather interesting. I'm just curious how sound proof they are and how they will hold up if you have a 2 year old with heavy toys??

    They are full of energy efficient features of which some are standard and some are optional. They include energy efficient lighting by using CFL and LED lights, Solatubes® for natural light, radiant barrier roofing materials and blown-in insulation in exterior walls. They even throw in a charging station for your electric vehicle in the garage. Some of the optional features include thermawraps, HVAC upgrades to 15 seer, solar power systems and tank-less water heaters.

    The first model home has a splash pad in the backyard to entertain the kiddos in the summer months so the parents can look at the models in peace. :)

    Now for my opinion. Be aware. They really have the model homes decked out! I will be interesting to see how the finish is on their average home. They do include dual shower heads and marble counters and surrounds in the "Splash." It will be interesting to see how the home sales are based on their pricing.

    Pricing rages from $199,000-$246,000 for a square foot range of JUST 1460-2288. That puts the 1682 model over $130/square foot which is considerably above market, at least right now.






    All Shea Spaces include a 42" flat screen TV!
    I wonder if they mount it for you or just give you the box?


    As always, if you would like more information on Shea Spaces or any new home community out there, please contact me so I can go with you on your FIRST visit to the models. You need buyer representation on any new home purchase.

    The new home sales agents work for the BUILDER, NOT you and will look out for their interests.

    Do you want to be SMART? Don't buy a new home without me by your side. It doesn't cost you anything!

    ]]>         Bye, Bye 90 day FHA flip rule! http://azchadhomes.com/blog/2010/01/15/bye-bye-90-day-fha-flip-rule http://azchadhomes.com/blog/2010/01/15/bye-bye-90-day-fha-flip-rule Fri, 15 Jan 2010 16:51:00 +0000 Jeremy House http://azchadhomes.com/blog/2010/01/15/bye-bye-90-day-fha-flip-rule
    I wanted to share some great news with you as we head into the weekend. Hot off the press, FHA/HUD has just announced that it is relaxing its 90 Flip rule for a period of one year. This waiver is effective for all sales contracts dated on or after February 1, 2010. HUD is waiving the 90 day waiting period which means [...]]]>
    I wanted to share some great news with you as we head into the weekend. Hot off the press, FHA/HUD has just announced that it is relaxing its 90 Flip rule for a period of one year. This waiver is effective for all sales contracts dated on or after February 1, 2010. HUD is waiving the 90 day waiting period which means that homes CAN be sold within 90 days of the date of their prior sale. Here are some of the key details:

    1. Applies to private sellers and investors selling their homes

    2. Arms length transactions only

    3. In cases where the sales price is 20% or greater than the seller’s acquisition, we must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work

    a. If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer

    b. We must order a property inspection and provide that report to the home buyer

    For a complete PDF copy of the waiver please click here.


    Yes this the real deal! The 90 Day Flip Rule has been waived.

    Here’s what to look out for:

    1. Make sure sellers can document their investment into the property in cases where price is greater than 20% of their cost/price

    2. Make sure the appraiser will be able to document/justify the value. Not to sound like Yogi Berra – if the value is there, it is there so I don’t see this as being an overwhelming challenge. – just make sure comps clearly support list/sales price



    ]]>         Wachovia Short Sale approval in 45 days! http://azchadhomes.com/blog/2010/01/11/wachovia-short-sale-approval-in-45-days http://azchadhomes.com/blog/2010/01/11/wachovia-short-sale-approval-in-45-days Mon, 11 Jan 2010 16:27:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2010/01/11/wachovia-short-sale-approval-in-45-days Are you having a hard time making your mortgage payment on your home? Contact me today. You DON'T have to be behind on your mortgage to qualify for a short sale! Consider a short sale because I don't want to see a foreclosure sign like this go up in your yard!

    Are [...]]]>     Are you having a hard time making your mortgage payment on your home? Contact me today. You DON'T have to be behind on your mortgage to qualify for a short sale! Consider a short sale because I don't want to see a foreclosure sign like this go up in your yard!

    Are you considering short selling your home but are hesitant because you have heard most short sales take 3 to 4 months or longer for approval?


    Maybe you are hesitant to submit your entire current financial paperwork to your lender. Don't hesitate, contact me today to see how I can help. No financial paperwork required!!

    Wachovia (World Savings) has a new program that may interest you if you are considering a short sale on your home and you qualify for the program. Contact me today to see if you qualify.

    This program is called a Fast Track Short Sale and it allows Wachovia (World Savings) to approve the short sale of your home in 45 days or less!!

    Don't walk away from your home and let it foreclose. It may destroy your credit and it will take much longer for you to be able to purchase a home again in the future.

    Contact me if you or anyone you may know is considering doing a short sale for further details about this exciting new program. I can sell your home, get in communication with your lender(s) and get you out from under the burden of your mortgage today.



    ]]>     Short sale my home and buy again now? http://azchadhomes.com/blog/2010/01/11/short-sale-my-home-and-buy-again-now http://azchadhomes.com/blog/2010/01/11/short-sale-my-home-and-buy-again-now Mon, 11 Jan 2010 16:04:00 +0000 Jeremy House http://azchadhomes.com/blog/2010/01/11/short-sale-my-home-and-buy-again-now HUD released its ruling on when/how soon a borrower may use FHA financing after a short sale.

    Here is how it is going to work.

    1. A buyer can immediately purchase a home if they executed a short sale on a previously owned residence if:

    • a. They were current on their mortgage and other [...]]]> HUD released its ruling on when/how soon a borrower may use FHA financing after a short sale.

      Here is how it is going to work.

      1. A buyer can immediately purchase a home if they executed a short sale on a previously owned residence if:

      • a. They were current on their mortgage and other installment debts at the time of the short sale (no 30 day late payments in previous 12 months from time of new loan application for new purchase) OR
      • b. The proceeds from the short sale serve as payment in full



      2. A buyer must wait 3 years from the time of a short sale if:

      • a. They did a short sale simply to take advantage of declining market conditions AND
      • b. They are looking to purchase at a reduced price, a property that is similar or superior and within a reasonable commuting distance from the property that was sold short
      • c. They were in default at the time of the short sale


      The exact methods being used to determine 2a. were not discussed in the mortgagee letter however I expect that we will need to explain and document a legitimate reason as to why the short sale was necessary. That reason would need to indicate that the client did not short sale merely to adjust their mortgage liability to current market values by selling one house short and buying a very similar or “better” house in the same marketplace.

      Exceptions may be made to reason 2c if:
      • 1. The default was due to circumstances beyond the borrowers control (death of primary wage earner, long term illness etc…) AND
      • 2. The review of the credit report indicates satisfactory credit prior to the circumstances beyond the borrowers control that caused the default


      Jeremy House, CMPS, CDPE



      ]]>       Government Announces Short Sales Guidelines http://azchadhomes.com/blog/2009/12/03/government-announces-short-sales-guidelines http://azchadhomes.com/blog/2009/12/03/government-announces-short-sales-guidelines Thu, 03 Dec 2009 15:57:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/12/03/government-announces-short-sales-guidelines Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

      The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.

      To qualify under these new [...]]]>       Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

      The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.

      To qualify under these new guidelines:

      • The property must be the home owner’s principal residence.
      • The home owner must be delinquent on the mortgage or close to defaulting.
      • The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
      • The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.


      Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

      Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)

      ]]>       Home buyer tax credit extended and expanded http://azchadhomes.com/blog/2009/10/28/home-buyer-tax-credit-extended-and-expanded http://azchadhomes.com/blog/2009/10/28/home-buyer-tax-credit-extended-and-expanded Wed, 28 Oct 2009 18:16:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/10/28/home-buyer-tax-credit-extended-and-expanded Great news! Today our Senators agreed to extend the first time home buyer tax credit of up to $8,000 which was set to expire at the end of November. How long is the extension?

      A home buyer will need to contract on a house by the end of April and close escrow by the end of June.

      They also will be offering a NEW [...]]]>       Great news! Today our Senators agreed to extend the first time home buyer tax credit of up to $8,000 which was set to expire at the end of November. How long is the extension?

      A home buyer will need to contract on a house by the end of April and close escrow by the end of June.

      They also will be offering a NEW reduced credit of up to $6,500 to repeat buyers who have owned their homes for at least five years.

      ]]>       The New Anthem...New homes from the $90's http://azchadhomes.com/blog/2009/10/05/the-new-anthemnew-homes-from-the-90s http://azchadhomes.com/blog/2009/10/05/the-new-anthemnew-homes-from-the-90s Mon, 05 Oct 2009 13:24:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/10/05/the-new-anthemnew-homes-from-the-90s prices starting in the 90’s. The all come with a 10 year structural warranty and heating and cooling guarantee!

      Take advantange of the savings of up to $16,000 for first time home buyers for a limited time.
      [...]]]>       prices starting in the 90’s. The all come with a 10 year structural warranty and heating and cooling guarantee!

      Take advantange of the savings of up to $16,000 for first time home buyers for a limited time.





      Quick Facts about Anthem at Merrill Ranch

      • 43 thousand square foot community center for Residents to enjoy
      • 16 million dollar Troon Golf Course
      • Two pools, including a Big Splash Water Park, beach entry leisure pool, lap pool with diving
      • 60 acre park featuring fishing, ball fields, a 2 story adventure playground,amphitheater for outdoor concerts and events plus much more
      • A full-service Anthem Marketplace offering restaurants, Starbucks,Safeway Grocery Store, banks and more
      • Future Hospital breaking ground on October 9th!

      Contact me to make an appointment for a tour of the new home models.



      ]]>             Zero or LOW Down payment mortgage options http://azchadhomes.com/blog/2009/09/18/zero-or-low-down-payment-mortgage-options http://azchadhomes.com/blog/2009/09/18/zero-or-low-down-payment-mortgage-options Fri, 18 Sep 2009 11:23:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/09/18/zero-or-low-down-payment-mortgage-options It is a great time to buy a home in the Arizona real estate market!

      Rates are very cooperative and at 5% or below and will not remain this low forever! Time is also running out on the First Time Homebuyer tax credit, contact me for details.

      Here are some great 0 or low down payment options as a home buyer [...]]]>       It is a great time to buy a home in the Arizona real estate market!

      Rates are very cooperative and at 5% or below and will not remain this low forever! Time is also running out on the First Time Homebuyer tax credit, contact me for details.

      Here are some great 0 or low down payment options as a home buyer today:
      • FHA 203K Rehab Loan for those homes needing some TLC Only 3.5% down
      • Your Way Home AZ AND City of Phoenix NSP - Up to 22% down payment assistance for foreclosed homes
      • Fannie Mae Home Path - Only 3-5% down for Owner Occupied, ONLY 10% DOWN for INVESTORS - No Appraisal or Mortgage Insurance
      • HUD Homes - Just $100 down payment required
      • Veteran - 0% down payment required for VA loans
      • USDA Rural Housing for Pinal County - Truly 0% down, no mortgage insurance
      • Conventional Loans available with 10% Down
      • Jumbo loans to $900K with Rates as low as 3.85%
      • FHA - still only 3.5% down


      ]]>             YourWayHomeAZ: NEW home buyer incentives http://azchadhomes.com/blog/2009/08/14/yourwayhomeaz-new-home-buyer-incentives http://azchadhomes.com/blog/2009/08/14/yourwayhomeaz-new-home-buyer-incentives Fri, 14 Aug 2009 16:14:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/08/14/yourwayhomeaz-new-home-buyer-incentives YES, 22 PERCENT in purchase assistance to qualified homebuyers purchasing an eligible foreclosed home.

      This program is statewide

      ADOH provides help in the form of a deferred second mortgage loan for purchase assistance. [...]]]>       YES, 22 PERCENT in purchase assistance to qualified homebuyers purchasing an eligible foreclosed home.

      This program is statewide

      ADOH provides help in the form of a deferred second mortgage loan for purchase assistance.


      Eligible Properties

      Foreclosed properties only.
      One‐unit detached single family homes, condos and townhomes.
      The property must be vacant at time of listing.

      Qualifications

      The household must have a gross income (the total income before taxes, health care costs, social security, etc.) of no greater than 120% of the average median income for the county they want to purchase a foreclosed house in. Contact me for details.

      If you own a residence, you must be leasing your primary residence at least 12 months before applying for the program.

      You must use a lender from the ADOH participating lender list. Contact me for lender.
      You must attend and complete an eight‐hour Homebuyer Education Class.
      The property you purchase must be your primary residence.
      You must have a maximum debt‐to‐income ratio of 31/43.
      You must be AUS approved eligible.
      You must have two months PITI reserves.

      ADOH Loan Terms

      22 percent of purchase price
      All loans are forgivable after a period of time based on the amount of the loan.
      5 years for assistance of $15,000 or less
      10 years for assistance of $15,001‐$40,000
      15 years for assistance of more than $40,000

      All loans are zero percent interest with no monthly payment.
      The balance of the loan is forgiven at the completion of the term.

      Down Payment Requirement

      A minimum of 3 percent of the purchase price is required as down payment.
      One percent must come from the borrower’s own funds.
      Two percent can come from any other approved source.

      Where do I begin?

      Contact me for an approved lender and more details on this great home buyer program.

      ]]>             Get off that fence! Time to buy a home in AZ http://azchadhomes.com/blog/2009/08/07/get-off-that-fence-time-to-buy-a-home-in-az http://azchadhomes.com/blog/2009/08/07/get-off-that-fence-time-to-buy-a-home-in-az Fri, 07 Aug 2009 10:35:00 +0000 Jim Passamonte http://azchadhomes.com/blog/2009/08/07/get-off-that-fence-time-to-buy-a-home-in-az 4.875% for several weeks have they ever been lower than they are right now.

      That the Fed allotted $1.25 Trillion to buy mortgage backed securities as part of our stimulus plan and that is what is holding our interest [...]]]>       4.875% for several weeks have they ever been lower than they are right now.

      That the Fed allotted $1.25 Trillion to buy mortgage backed securities as part of our stimulus plan and that is what is holding our interest rates artificially low? The Fed has already spent over $700 Billion of that allotment. Once they spend the remaining $500 Billion mortgage interest rates WILL RISE.

      The current average price for a home in Maricopa County is similar to the average price of a home in 2001 ($125,000)? In 2005 the average price for a home was $249,900

      May & June 2009 are ranked as the 8th& 9th top months EVER on record for Sales in Greater Phoenix?

      The average annual US Population growth is 1.1%. The demand for housing insures that we will again begin to see the appreciation of real estate.

      The average national appreciation for a home is 6%? If we began to see half of that (3%) a borrower buying a $100,000 home will see a year over year appreciation of $3,000. With a 10% down payment ($10,000), that is a 30% annual return on their investment.

      A BUYER CAN CURRENTLY PURCHASE A HOME AT THE LOWEST PRICES WE’VE SEEN IN 9 YEARS, AT THE LOWEST RATES OUR INDUSTRY HAS EVER SEEN AND WE KNOW THAT MORTGAGE INTEREST RATES WILL RISE IN THE NOT TOO DISTANT FUTURE…

      THE TIME TO BUY IS NOW!!!

      Jim Passamonte
      Your Mortgage Professional

      602-909-0862
      Peoples Mortgage

      ]]>             SmartBuy: a new buyer incentive program http://azchadhomes.com/blog/2009/07/23/smartbuy-a-new-buyer-incentive-program http://azchadhomes.com/blog/2009/07/23/smartbuy-a-new-buyer-incentive-program Thu, 23 Jul 2009 15:23:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/07/23/smartbuy-a-new-buyer-incentive-program SmartBuy, will benefit you as a home buyer for a limited time. As a home buyer of a primary residence, a home you are going to live in, you can receive 3.5% of your closing costs paid by Freddie Mac and a comprehensive 2 year Home Protect home warranty on select homes.

      SmartBuy, will benefit you as a home buyer for a limited time. As a home buyer of a primary residence, a home you are going to live in, you can receive 3.5% of your closing costs paid by Freddie Mac and a comprehensive 2 year Home Protect home warranty on select homes.

      SmartBuy warranty details (PDF).


      This promotion runs from July 17, 2009 - October 30, 2009.
      All sales must close before December 31, 2009.


      Qualifications:

      • Both the closing costs and the home warranty MUST be written into the contract
      • Owner occupied buyers only; If owner occupied but cash sale then buyer only qualifes for 1% seller paid closing costs
      • Sales price of $25,000 or more
      • SFR, 1-4 unit, Condos, Co-Op, Townhomes ONLY
      • Second Homes and Vacation Homes are NOT eligible
      • Buyers closing cost coupon MUST be presented with offer


      CONTACT ME today for a list of Homesteps properties that qualify for this great buyer incentive.

      ]]>       Using $8000 tax credit for down payment http://azchadhomes.com/blog/2009/06/02/using-8000-tax-credit-for-down-payment http://azchadhomes.com/blog/2009/06/02/using-8000-tax-credit-for-down-payment Tue, 02 Jun 2009 10:32:00 +0000 Jeremy House http://azchadhomes.com/blog/2009/06/02/using-8000-tax-credit-for-down-payment The biggest change is that the money can NOT be used for the minimum down payment on an FHA loan [...]]]> The biggest change is that the money can NOT be used for the minimum down payment on an FHA loan (3.5%). Here are some of the highlights of the new plan:


      1. The Homebuyer can receive the tax credit by purchasing a home and amending their tax return for 2008. They would receive the tax credit within a month or so from the time they amend. The Homebuyer may also simply apply the tax credit to 2009’s tax returns and receive the credit next year (as long as no taxes are owed).

      2. The Homebuyer may borrow money utilizing the tax credit as a plan to repay the loan through an approved institution. This would create a second lien against the property which is allowed per FHA guides.

      3. The Homebuyer may “sell” their tax credit through a gov’t agency, HUD approved non-profit or a HUD approved mortgagee. Any funds that the Homebuyer gets from selling the credit can NOT be used to satisfy the 3.5% minimum down payment requirement for an FHA loan. They may use the money to increase their down payment beyond the 3.5% and for any other loan costs.


      You can read the mortgagee letter here: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-15ml.doc


      You can read the IRS summary here:
      http://www.irs.gov/newsroom/article/0,,id=204671,00.html


      You can see the form that tax payers must file here:
      http://www.irs.gov/pub/irs-pdf/f5405.pdf


      You can read HUD’s press release here:
      http://www.hud.gov/news/release.cfm?content=pr09-072.cfm


      Please let me know if you have any questions related to this or anyone we can help pre-approve for you.


      Your Trusted Advisor,



      ]]>             How to Buy a Home with NO money http://azchadhomes.com/blog/2009/05/19/how-to-buy-a-home-with-no-money http://azchadhomes.com/blog/2009/05/19/how-to-buy-a-home-with-no-money Tue, 19 May 2009 15:00:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/05/19/how-to-buy-a-home-with-no-money Utilizing the Federal tax credit:

      Let's face it, Arizona is on SALE right now with a great buyers market. Home prices and interest rates are near an all time low in most areas. So you may be asking yourself, how do I get into a home without saving up $3,500, $5,000 or more for the down payment and closing costs? Many [...]]]>       Utilizing the Federal tax credit:

      Let's face it, Arizona is on SALE right now with a great buyers market. Home prices and interest rates are near an all time low in most areas. So you may be asking yourself, how do I get into a home without saving up $3,500, $5,000 or more for the down payment and closing costs? Many buyers want to take advantage of this market but don't know how. This is the true power of the $8,000 tax credit when combined with seller paid closing costs and "giftable" down payments.

      The Federal Government is giving up to $8,000.00 after close of escrow to anyone who has not owned a home in the last three years.

      For example:

      2005 Home sold for $250,000.00

      Bank now owns it and
      discounts price by 40 % $100,000.00

      2009 price would be $150,000.00
      60% of the high price

      Or monthly payments would be $1,000.00*

      FHA Loan Program**
      3½ % down payment that can be a gift $5,250.00

      Seller or Builder can pay up to
      6% for buyers closing costs $0.00

      Tax Refund after close of escrow $8,000.00

      = FREE***

      Appreciation:

      When prices go back, history shows they will, you get the gain TAX FREE if you lived in the home for at least three years up to:

      Individual: $250,000 Couple: $500,000

      Bottom Line:

      Buy real estate! This is how wealth is accumulated.

      *Estimated payment based on 5% interest rate and estimated tax and insurance payments
      **Buyer must be able to qualify for an FHA loan
      ***Upfront costs may apply for earnest deposit, appraisal, home inspections and other costs during a standard escrow period.

      ]]>             2009 Phoenix housing market is BOOMING? http://azchadhomes.com/blog/2009/05/14/2009-phoenix-housing-market-is-booming http://azchadhomes.com/blog/2009/05/14/2009-phoenix-housing-market-is-booming Thu, 14 May 2009 22:10:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/05/14/2009-phoenix-housing-market-is-booming 14,098 pending home sales on Arizona's regional mulitple listing service (ARMLS) on May 14, 2009. This is the highest recorded number of pending sales EVER!

      Bank owned homes in the Phoenix real estate market in Arizona are moving, and they are moving fast! Most are attracting multiple offers from buyers and many are [...]]]>       14,098 pending home sales on Arizona's regional mulitple listing service (ARMLS) on May 14, 2009. This is the highest recorded number of pending sales EVER!

      Bank owned homes in the Phoenix real estate market in Arizona are moving, and they are moving fast! Most are attracting multiple offers from buyers and many are selling for more than list price. Could this be the end of the price declines in Arizona and a positive step in the right direction? Only time will tell but the sales data has sure been looking good lately.

      ]]>             $90 million cancer center coming to Gilbert http://azchadhomes.com/blog/2009/05/11/90-million-cancer-center-coming-to-gilbert http://azchadhomes.com/blog/2009/05/11/90-million-cancer-center-coming-to-gilbert Mon, 11 May 2009 13:00:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/05/11/90-million-cancer-center-coming-to-gilbert
      This new cancer center is made possible by a partnership between Banner Health and the University of Texas, MD Anderson Cancer Center.

      This will undoubtably be a big boost for the city of Gilbert's economy and repuation as a whole. The [...]]]>
      This new cancer center is made possible by a partnership between Banner Health and the University of Texas, MD Anderson Cancer Center.

      This will undoubtably be a big boost for the city of Gilbert's economy and repuation as a whole. The center will feature 76 patient beds on two floors inside Banner Gateway with a 120,000 square-foot cancer outpatient center.

      To quote Majoy Steve Berman, "This center will bring in people from all over the world."

      Banner Gateway has plans for future expansion of the 60 acre site to occomodate three towers with 450 hospital beds as well as room for expansion as needed for the cancer center.

      This future growth and economic stability of Gilbert is looking good. This should be reflected in the stability of the housing market for years to come. Gilbert is truly headed in the right direction with this and other recent commercial developments along the SanTan freeway.

      ]]>             How low will they go? http://azchadhomes.com/blog/2009/05/05/how-low-will-they-go http://azchadhomes.com/blog/2009/05/05/how-low-will-they-go Tue, 05 May 2009 21:11:00 +0000 Jeremy House http://azchadhomes.com/blog/2009/05/05/how-low-will-they-go

      The Treasury”™s Mortgage Backed Securities purchase program is one of the pieces of kindling that has lit our market back on fire. The program has the Government contributing $1.25 trillion directly to the purchase of Mortgage Backed Securities. Since the start of this campaign in early 2009 the Fed has spent nearly 1/3 of the promised funds and effectively cut mortgage rates by 1.5% points (from 6.5% to just below 5%). That equates to a $212 monthly savings on a $200,000 mortgage when compared the high rates of October.

      The goal was to lower rates to the 5% range, not to drop to 4%. So don”™t expect interest rates to improve significantly beyond this point based solely on help from Washington. As soon as the market turns around the Fed will put their checkbook away! Rates will then be allowed to respond to natural market forces.


      Bottom line, the Fed and Treasury will be active in our mortgage market supporting low rates for now but their time and commitment are both measured. The relationship between mortgage rates and government support is similar to when you try to hold a beach ball under water. Once the Fed swims away, interest rates may pop back to the surface without the extra help to stay down.

      Courtesy



      ]]>             Buy a foreclosed home in Phoenix, get $15k http://azchadhomes.com/blog/2009/03/17/buy-a-foreclosed-home-in-phoenix-get-15k http://azchadhomes.com/blog/2009/03/17/buy-a-foreclosed-home-in-phoenix-get-15k Tue, 17 Mar 2009 10:21:00 +0000 http://azchadhomes.com/blog/2009/03/17/buy-a-foreclosed-home-in-phoenix-get-15k THIS JUST IN! New program anounced offering $15,000 dollars to buyers of foreclosed homes in Phoenix, Arizona.

      Single Family, townhome and condos all qualify for the program if they are bank owned.

      Buyers must be deemed creditworth by the Federal Housing Administration. Contact your favorite lender today [...]]]>       THIS JUST IN! New program anounced offering $15,000 dollars to buyers of foreclosed homes in Phoenix, Arizona.

      Single Family, townhome and condos all qualify for the program if they are bank owned.

      Buyers must be deemed creditworth by the Federal Housing Administration. Contact your favorite lender today for more information on this program.

      What's the catch?

      • Well, potential home buyers must complete an 8 hour counseling session on home ownership.
      • The contract must certain criteria as well. The sales price must be at least 15 percent of the appraised value.
      • There is also an income limitation, a buyer can not exceed 120% of the median income in the area of the home.
      • There may be tax consequences, consult your tax accountant for more details.
      • Buyers HAVE TO REPAY the full amount of the loan if they refinance or sell their home.
      • The home buyer must also invest at least $1,000 of their own money when the purchase the home. So, NOT a NO MONEY DOWN deal, but really close.
      • City of Phoenix claims they currently have enough money to award the $15,000 dollar loans to 188 families but could expand that number in the near future.
      • Neighborhood Stabilization Program (NSP) Information website


      CONTACT ME today for a list of properties that qualify for this great buyer incentive.


      ]]>             Make My Home More Affordable Please http://azchadhomes.com/blog/2009/03/17/make-my-home-more-affordable-please http://azchadhomes.com/blog/2009/03/17/make-my-home-more-affordable-please Tue, 17 Mar 2009 10:06:00 +0000 http://azchadhomes.com/blog/2009/03/17/make-my-home-more-affordable-please Modification Initiative Details Announced

      The Obama Administration unveiled the final details of its "Making Home Affordable Program," which is designed to help up to 9 million American families refinance or modify their loans to a payment that is affordable now and into the future. Last week we discussed the refinance portion of [...]]]>       Modification Initiative Details Announced

      The Obama Administration unveiled the final details of its "Making Home Affordable Program," which is designed to help up to 9 million American families refinance or modify their loans to a payment that is affordable now and into the future. Last week we discussed the refinance portion of the initiative, this week, we answer questions on the second part of the initiative, home loan modifications. Here are some common Questions and Answers about the Modification Initiative.


      Who is eligible?
      To apply for a Home Affordable Modification, you must:

      Own and currently occupy a one- to four-unit home.

      Have an unpaid principal balance that is equal to or less than $729,750 (for one unit properties).

      Have a loan that was originated before January 1, 2009.

      Have a mortgage payment (including taxes, insurance and home owner's association dues) that is more than 31% of your gross (pre-tax) monthly income.

      And, have a mortgage payment that is no longer affordable, perhaps because of a significant change in income or expenses.

      If you answered YES to all of these questions, you may be eligible for the Modification Initiative.

      Am I eligible if I missed some mortgage payments?

      Yes. If you missed two or more mortgage payments and answered "yes" to the Modification Initiative requirements above, you may be eligible for a loan modification.

      Do I need to be behind on my mortgage payments to be eligible for a Home Affordable Modification?

      No. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default.

      Examples of being "at risk" include facing a significant increase in your mortgage payment or a reduction in your income. Contact me to discuss your specific situation.

      I have a second mortgage. Am I still eligible?
      Yes, but only the first mortgage is eligible for a modification.

      I have an FHA loan. Can it be modified under this program? Are all loans eligible?

      Most conventional loans including prime, subprime, and adjustable loans; loans owned by Fannie Mae and Freddie Mac as well as private lenders; and loans in mortgage backed securities are eligible for a modification. Contact me to discuss your specific situation.

      I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?

      Yes. Mortgages on two, three and four unit properties are eligible as long as you live in one unit as your primary residence.

      What does the Modification Initiative do?

      If you are eligible for this plan and are approved, you will be put on a trial modification for three months at a new interest rate and payment.

      If you successfully make the payments and are current at the end of the three-month trial period, your servicer will execute a permanent modification agreement that will lower your interest rate to a fixed rate for five years.

      What happens after five years?

      Beginning in year six, the rate may increase no more than one percentage point per year until it reaches the "rate cap" in your modification agreement, which is basically the market interest rate on the date the modification is finalized.

      That means your rate can never be higher than the market rate on the day your loan is modified. This is great news because rates are currently at historic lows... and you can lock in now.

      How low can my interest rate go?

      Treasury is providing incentives to your investor to write the interest down as low as 2%, if necessary to get to a payment that you can afford based on your income.

      What happens if that is not enough to get to an affordable payment?

      If a 2% interest rate is not enough to bring your payment down to 31% of your gross monthly income, your servicer can extend your payment term--for example, give you a 40-year loan rather than a 30-year.

      If that is still not sufficient your servicer will defer repayment on a portion of the amount you owe until a later time. This is called a principal forbearance. A portion of the debt could also be forgiven. This is optional on the part of the investor. There is no requirement for principal forgiveness.

      Are there any other benefits to this program?

      Yes. For every month you make a payment on time, Treasury will pay an incentive that reduces the principal balance on your loan. Over five years the total principal reduction could add up to $5,000.

      How much will a modification cost me?

      There is no cost to borrowers for a Home Affordable Modification. You will not be asked for any money.
      If there are costs associated with the modification--such as payment of back taxes--your servicer will add those costs on to the amount you owe. Your servicer will also forgive any late fees.

      Is housing counseling required under this program?

      Borrowers are strongly encouraged to contact a HUD-approved housing counselor to help them understand all of their financial options and to create a workable budget plan.

      However, housing counseling is only required for borrowers whose total monthly debts are very high in relation to their incomes (55% of your gross monthly income).

      If you would like to speak to a housing counselor, call 1-888-995-HOPE (4673).

      How do I apply for the Modification Initiative?
      If you meet the general eligibility criteria for the program, you should gather the following information:

      Recent pay stubs to help determine your gross (before tax) household income.

      Your most recent income tax return.

      Information about your assets.

      Information about any second mortgage on your house.

      Account balances and minimum monthly payments due on all of your credit cards.

      Account balances and monthly payments on all other debts, such as student loans and car loans.

      A letter describing the circumstances that caused your income to be reduced or expenses to be increased (for example: job loss, divorce, illness, etc.).

      Once you have this information, call your mortgage servicer and ask to be considered for a Home Affordable Modification. The number is on your monthly mortgage bill or coupon book.

      My loan is scheduled for foreclosure soon. What should I do?

      If your mortgage has been scheduled for foreclosure or if you have missed one or more mortgage payments, should contact your servicer immediately.
      You may also want contact a HUD-approved housing counselor by calling 1-888-995-HOPE (4673).



      ]]>             Light Rail hits Phoenix, Arizona http://azchadhomes.com/blog/2009/03/15/light-rail-hits-phoenix-arizona http://azchadhomes.com/blog/2009/03/15/light-rail-hits-phoenix-arizona Sun, 15 Mar 2009 19:49:00 +0000 http://azchadhomes.com/blog/2009/03/15/light-rail-hits-phoenix-arizona here. (PDF)

      There are 8 park [...]]]>       here. (PDF)

      There are 8 park and ride lots where you can leave you car behind and get aboard the moderntrain. It has had a positive response so far and has been very popular withPhoenix commuters in 2009. Get a copy of the light rail user guide here. (PDF)

      ]]>             Bank owned bargains in Arizona http://azchadhomes.com/blog/2009/03/05/bank-owned-bargains-in-arizona http://azchadhomes.com/blog/2009/03/05/bank-owned-bargains-in-arizona Thu, 05 Mar 2009 16:24:00 +0000 Chad Hagenson http://azchadhomes.com/blog/2009/03/05/bank-owned-bargains-in-arizona a salt water pebble-tec pool with waterfall and slide, [...]]]> a salt water pebble-tec pool with waterfall and slide, granite slab counters, pre-wired for speakers throughout and in move in condition. Listed well below market at just $199,000!!

      Visit www.ArizonaRealEstateOwned.com for list of available bank owned homes right now!

      ]]>