Earlier this year the FHA loan limits forMaricopa County were at $346,250, but unfortunately it was  reverted back to the pre-2008 limit of $271,050 on October 1^st. At that time after October 1^st, the buying power of a home was significantly decreased for FHA loans.

The loan decrease of $271, 050 appeared to be a temporary adjustment.  Today, the word is out and it’s confirmed. The loan limit for FHA is now back to $346,250, as it was agreed upon in 2008! This is effective on or after November 18, 2011, and will last through 2013.  For those looking for FHA financing on a home, you will have more power and more options to search forsingle-family real estate in places like Scottsdale, Phoenix and the Valley Metro Area!

I will set you up with a lender who will assist you in obtaining that loan! Once you get that pre-approval, then I will assist you in your search for real estate! Here are the additional homes to choose from, listed after at least a 3.5% down payment on a FHA loan of $346,250.

Scottsdale Real Estate:

Showing properties 1 – 10 of 180. See more city of Scottsdale real estate.
(all data current as of 12/10/2011)

1. $310,000 : 5537 E Voltaire Avenue, Scottsdale
   
   4 beds, 4.00 baths

   Home size: 2,360 sq ft

   Lot size: 37,937 sq ft

   

2. $290,000 : 15746 N 104th Street, Scottsdale
   
   3 beds, 2.00 baths

   Home size: 1,817 sq ft

   Lot size: 5,524 sq ft

   

3. $339,900 : 5928 E Corrine Drive, Scottsdale
   
   4 beds, 3.00 baths

   Home size: 2,472 sq ft

   Lot size: 14,308 sq ft

   

4. $289,500 : 8344 E Clarendon Avenue, Scottsdale
   
   3 beds, 2.00 baths

   Home size: 2,032 sq ft

   Lot size: 6,854 sq ft

   

5. $309,000 : 13358 N 88th Place, Scottsdale
   
   3 beds, 2.50 baths

   Home size: 2,190 sq ft

   Lot size: 9,097 sq ft

   

6. $349,000 : 5814 E Lewis Avenue, Scottsdale
   
   4 beds, 3.00 baths

   Home size: 2,253 sq ft

   Lot size: 25,185 sq ft

   

7. $283,300 : 5817 E Waltann Lane, Scottsdale
   
   4 beds, 2.00 baths

   Home size: 2,278 sq ft

   Lot size: 15,297 sq ft

   

8. $299,000 : 7724 E Valley View Road, Scottsdale
   
   3 beds, 2.00 baths

   Lot size: 17,500 sq ft

   

9. $340,000 : 16603 E Morning Vista Lane, Scottsdale
   
   3 beds, 3.00 baths

   Home size: 2,780 sq ft

   Lot size: 4.77 ac

   

10. $326,000 : 6025 E Old West Way, Scottsdale
    
    4 beds, 2.50 baths

    Home size: 3,661 sq ft

    Lot size: 9,670 sq ft

    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Phoenix Real Estate:

Showing properties 1 – 10 of 298. See more city of Phoenix real estate.
(all data current as of 12/10/2011)

1. $344,900 : 3443 E Turney Avenue, Phoenix
   
   3 beds, 2.00 baths

   Home size: 2,121 sq ft

   Lot size: 6,290 sq ft

   

2. $299,000 : 40410 N Blaze Trail, Phoenix
   
   4 beds, 2.50 baths

   Home size: 2,805 sq ft

   Lot size: 10,602 sq ft

   

3. $329,900 : 26009 N 41st Way, Unit 0, Phoenix
   
   4 beds, 3.00 baths

   Home size: 2,731 sq ft

   Lot size: 6,394 sq ft

   

4. $299,000 : 7718 N 7th Avenue, Phoenix
   
   4 beds, 1.75 baths

   Home size: 2,800 sq ft

   Lot size: 16,710 sq ft

   

5. $349,000 : 16060 S 27th Place, Phoenix
   
   4 beds, 3.00 baths

   Home size: 2,915 sq ft

   Lot size: 8,529 sq ft

   

6. $310,000 : 5131 W Sweet Iron Pass, Phoenix
   
   6 beds, 3.50 baths

   Home size: 4,070 sq ft

   Lot size: 6,900 sq ft

   

7. $325,000 : 1540 E San Miguel Avenue, Phoenix
   
   3 beds, 2.00 baths

   Home size: 1,961 sq ft

   Lot size: 14,784 sq ft

   

8. $314,900 : 2830 W Glenn Drive, Phoenix
   
   4 beds, 5.00 baths

   Home size: 3,259 sq ft

   Lot size: 1.06 ac

   

9. $310,000 : 5335 N 32nd Place, Phoenix
   
   3 beds, 2.50 baths

   Home size: 1,556 sq ft

   Lot size: 8,925 sq ft

   

10. $285,575 : 44044 N 50th Lane, Phoenix
    
    3 beds, 2.50 baths

    Home size: 2,668 sq ft

    Lot size: 11,319 sq ft

    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Fountain Hills Real Estate:

Showing properties 1 – 10 of 30. See more city of Fountain Hills real estate.
(all data current as of 12/10/2011)

1. $320,000 : 15152 E Palomino Boulevard, Fountain Hills
   
   4 beds, 2.50 baths

   Home size: 2,458 sq ft

   Lot size: 10,049 sq ft

   

2. $349,900 : 11214 N Teller Drive, Fountain Hills
   
   3 beds, 2.00 baths

   Home size: 2,175 sq ft

   Lot size: 17,394 sq ft

   

3. $292,000 : 15018 N Brockway Lane, Fountain Hills
   
   3 beds, 2.00 baths

   Home size: 2,173 sq ft

   Lot size: 17,969 sq ft

   

4. $350,000 : 10275 N Nicklaus Drive, Fountain Hills
   
   3 beds, 3.00 baths

   Home size: 2,532 sq ft

   Lot size: 13,682 sq ft

   

5. $352,928 : 15865 E Eagle Rock Drive, Fountain Hills
   
   4 beds, 2.50 baths

   Home size: 2,590 sq ft

   Lot size: 1.03 ac

   

6. $349,000 : 12415 N Via De Penasco –, Fountain Hills
   
   3 beds, 2.00 baths

   Home size: 2,063 sq ft

   Lot size: 6,504 sq ft

   

7. $335,000 : 17104 E Rand Drive, Fountain Hills
   
   3 beds, 3.00 baths

   Home size: 2,145 sq ft

   Lot size: 24,000 sq ft

   

8. $355,000 : 14249 N Westminster Place, Fountain Hills
   
   3 beds, 2.00 baths

   Home size: 2,128 sq ft

   Lot size: 10,968 sq ft

   

9. $300,000 : 17023 E Oro Grande Drive, Fountain Hills
   
   3 beds, 2.00 baths

   Home size: 2,048 sq ft

   Lot size: 17,102 sq ft

   

10. $345,000 : 15262 E Mustang Drive, Fountain Hills
    
    4 beds, 2.50 baths

    Home size: 2,425 sq ft

    Lot size: 10,611 sq ft

    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The now amount will be $271,050… translating to to a sales price of $280,880 with a 3.5% down payment.

Most people think that a conventional loan has down payment requirements that are out of their reach. According to one of my trusted lender partners, Kelly Zitlow, there are options.

Kelly recently put out the following information regarding a 3% down conventional loan option:

• 3% down payment option up to a loan limit of $417,000!
• Credit does not have to be pulled on a disclaiming spouse. FHA loans require the lender to pull the disclaiming spouses credit and count obligations in the buyer’s debt to income ratio. 
• Conventional loans allow for PMI to be dropped or reduced after being in the loan for 2 years and once the loan to value is 78% or lower. Conventional loans use an appraisal to determine current market value. FHA loans require the buyer to pay mortgage insurance for a minimum of 5 years and after that point the MIP would only drop off if the principal balance reaches 78% of the original sales price NOT the current market value This means that unless the buyer has focused on paying extra toward their principal balance they will likely pay mortgage insurance for roughly 10 years.
• Allows for down payment and closing costs to be gifted by a family member, however, if the down payment is less than 20%, a minimum of 3% must be from the buyer’s own funds (mortgage insurance requirement).
• Conventional loans offer a variety of ways mortgage insurance can be paid.
• Interest rates are driven by credit score and loan to value on conventional loans. This isn’t the case with FHA loans.

Keep in mind, Mortgage Insurance companies have their own set of guidelines (i.e. fico score requirements, debt to income ratio guidelines & loan to value limitations, property flipping guidelines etc).  That said, it’s very important that lenders are well versed in both the loan program and mortgage insurance guidelines early in the pre-qualification stage..

A few of the most important Mortgage Insurance Guidelines today:

• 3% down with a 680+ fico, primary residence ~ condos are allowed (must meet Fannie Mae’s condo requirements)
• Low, competitive rates for loans with LTV’s at 95% and fico scores > 720
• Minimum fico score of 620 for LTV’s = 95% (keep in mind mortgage insurance is more expensive with lower credit scores)
• 10% down with a 620+ fico, second home ~ condos are allowed (must meet Fannie Mae’s condo requirements)
• Single premium and split premium options available for LTV’s = 95%
• Investment property are currently ineligible

Kelly has been a lender in the Valley for many years and has helped 100′s of homeowners with their financing. You can learn more about her and her team here. Give her a call if you have any mortgage questions.

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL!  Go to Metro Phoenix Homes For Sale and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

ATTENTION AGENTS…Is your Real Estate Career or Company taking you where you want to go?
Need MORE business?  Need MORE leads?  What has your company done for you lately?
Ask Me Why… I joined eXp Realty.

Yesterday, they revealed a report stating that 22.5% of all residential mortgages are UPSIDE DOWN. Well, that sounds scary enough…but looking at the Arizona  market they quote that figure to be 49%.

This means that 49% of borrowers here in Arizona owe more on their mortgages than the home is worth. That has translated into a large number of foreclosures and short sales. It also has a large impact on the number of sales AND the ability for homeowners to refinance.

What is the good news? Housing prices are more affordable than they have been since 1999. If you are considering buying a home DO NOT WAIT. This too shall pass and prices will increase. Don’t be one of the people who “wish they would have”.

Additionally, rates are AWESOME. It’s the perfect storm for a purchase…be it as your primary residence…or an investment opportunity.

If you are one of those folks that ARE upside down…and are considering a move…or HAVE TO move. Please call me. I can help guide you to the best possible solution for YOUR specific situation.

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL!  Go to Metro Phoenix Homes For Sale and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

ATTENTION AGENTS…Is your Real Estate Career or Company taking you where you want to go?
Need MORE business?  Need MORE leads?  What has your company done for you lately?
Ask Me Why… I joined eXp Realty.

” Why Buying Is Cheaper Than Renting”. 

Stephen Brooks

eXp Realtor

steve.brooks@phoenixpowersearch.com

www.thebrooksteamaz.com

As part of the agreement between the lender and the seller attempting to short sale their home in Phoenix , AZ, is often something termed an “Arm’s Length Affidavit”.

An arms-length affidavit is a document created by the banks to prevent agreements with relatives or friends to act as a straw buyer. Then, after the transaction closes, the pretend buyers quickly transfer title back to the seller. This practice really means the sellers have repurchased their home for way less than what they owed, which greatly benefits those sellers. But banks say sellers can’t benefit. If they wanted sellers to benefit, they probably would have agreed to a loan modification.

Each bank has different arm’s length verbiage but some of the things it typically address are:

No party to the short sale is a family member, business associate or person who shares a business interest with the seller.
There are no hidden terms or special agreements
Once the transaction closes the sellers shall not be allowed to remain in the home by renting back, and shall not regain title to the home
No parties to the transaction will receive any compensation except for commissions paid to agents.
These are the most common points made in most arm’s length agreements I have seen…however they do vary from bank to bank.

Of these points, I have most often seen agreements where the buyer of a short sale property is an investor and would be happy to rent the property back to the sellers. Depending on the verbiage in the arm’s length affidavit of the specific lender…this could potentially be a violation. The seller typically signs this form indicating they DO NOT intend to rent back the home. AND…the buyer and agents are required to sign this as well. So, as an agent, I do not want to participate in a transaction where I know there is a “side deal” between the principals to rent back. I like my real estate license and intend on keeping it!

IF YOU SIGN AN ARMS LENGTH AFFIDAVIT ON YOUR SHORT SALE AND ARE FOUND TO BE IN VIOLATION YOU COULD BE HELD LIABLE FOR MORTGAGE FRAUD WHICH FALLS UNDER THE JURISDICTION OF THE F.B.I.

Whether you are a buyer, seller or agent…be sure you take this document seriously. As of this writing, I can not find ANY evidence that banks are actually pursing people who have violated this affidavit. BUT…I do not want to be part of a deal that ends up being the test case for the F.B.I. Do you?

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL!  Go to Metro Phoenix Homes For Sale and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

ATTENTION AGENTS…Is your Real Estate Career or Company taking you where you want to go?
Need MORE business?  Need MORE leads?  What has your company done for you lately?
Ask Me Why… I joined eXp Realty.

How about another solution for some of you agents?  There exists a company built exclusively on the premise of utilizing cutting edge technology, cost effectiveness, education and revenue sharing while providing leads, coaching/mentoring and most importantly, Leadership.  This company is:  eXp Realty.

For seasoned Realtors eXp Realty offers the opportunity to build your own Brokerage within a Brokerage.  The sharing of information is open, positive and creative.  All agents are able to communicate utilizing a multitude of mediums, i.e. e-mail, VOIP (voice over internet provider) tele conferencing, instant messaging or even sitting across from one another in a virtual office cafe.  The experience is unparalleled with anything you’ve ever experienced.  (Welcome to the age of technology….Welcome to eXp Realty!)

For new agents eXp Realty has a Mentor program.  When a new agent is brought on board there is someone within the organization who has brought him or her to eXp Realty.  This person is unofficially designated as the Mentor.   But no matter how you slice it, there is always someone who knows more about something than someone.  At eXp Realty there are informative meetings, education classes, message boards, online “how to do it” televideos and much, much more.  The importance of getting a new realtor off to a successful start is the ultimate goal of eXp Realty. 

Find out why agents are making a Smart Move to our Smart Brokerage.  Check This Out!

Did you know eXp Realty is changing the landscape of the Real Estate industry and getting a lot of attention from some of the leading industry publications.  Read More….  

For an invitation to one of our upcoming Xcamp sessions click here.  Make sure to add my name in the notes section (Michael Lopez) so we can meet…..Virtually!

eXp Realty was Founded October 2009, Now in 17 States.  Let me help you bring eXp to your Market….Virtually!

Stephen W. Brooks

623-202-3833

I know you hear every day on the news that our market is recovering…right? I also know you hear every day on the news that our market is declining…right? What to believe? Who knows!

I can tell you the numbers. Like we can look at the Notices of Default (NOD’s) for the month of April and discover they were 30,799 units. That means that lenders have noticed property owners that they were in default and the lender intends on foreclosing on the home. That number is down from March 2011 (33,955) and much lower than our all time high in December 2009 of 47,606.

And actual foreclosures are also down. There were 5,451 in March of 2010…and 4,512 in April 2011.

Now let’s talk about my last week as a Realtor. I had two buyer clients make offers. One home was in the Central Phoenix area...a fix and flip…had been on the market for 32 days…and had three offers on it at the time we made our offer. List price was in the 130K range. We did end up getting this one…but still…we had to go in pretty high to make it happen. NOT an example of a “buyer’s market” is it?

The second was really interesting. The house had been on the market for 77 days. Listed in the high 200′s. My clients liked the home and were planning on paying cash. We offered $275K. The listing agent called and said they were “taking offers” through the weekend…and he already had two others…so a total of three. Mind you…this is NOT a bank owned home…where they typically make up their own rules…this was another fix and flip. A “traditional” sale if you will.

This morning we got a communication from the listing agent that they (the sellers) wanted 10K earnest deposit (this is HIGH from my experience in this price range). AND they wanted 5K of the money to go “hard” after the inspection period.  Hard really just means that it would be non-refundable. AND…they countered at full price. AND…they wanted us to cut our inspection period down to 5 days. Why? Because they COULD. They had a situation where the seller’s were in the drivers seat.

WHAT? But…it’s a BUYER’S market isn’t it? Well…this week my real life experience tells me no. It is NOT a buyer’s market.

Just because you hear on the news…or read in the paper… that prices in Arizona are “half-off”…that does NOT mean you can make an offer at 1/2 the listed price and expect to get the house. What this means…is that many homes are selling for 1/2 of what they sold for in 2006 or 2007. As a matter of fact many areas are priced at the level they were 10 years ago. They are ALREADY priced 50% off!  If you want a good house at a good price…make sure you know your market and LISTEN to your agent. They are experts at providing you data to help you make a reasonable offer…that gives you the BEST chance of getting the home you want.

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL!  Go to Metro Phoenix Homes and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

ATTENTION AGENTS…Is your Real Estate Career or Company taking you where you want to go?
Need MORE business?  Need MORE leads?  What has your company done for you lately?
Ask Me Why… I joined eXp Realty.