foreclosure

$500.00 Move-In! Exceptional Value..Exceptional Home!

Yes, only $500.00 to move into a brand New Home! And it’s not a dinger either. This 1605 sqft home is loaded with upgrades. Upgrades like granite counter-tops. Tile floors in the kitchen, baths and utility rooms. The blinds are already installed. And get this…the home comes All Appliances. A beautiful Side by Side Refer, Built-in Range, Dishwasher and Microwave. And get this..a Washer and dryer!! The home comes with blinds too. This 3bed/2bth single level home is ready and waiting for you.  How much? Just $139,990. Remember, you can move in for $500.00

Snowbirds, why rent a space year after year? You can own a brand new home. Buy now while they are priced so low. These prices and incentives will not last. First Time Buyers, close on this home before April 30th and you may qualify for the $8,000 tax credit. Put your tax return to work for you.

Contact Michael Manning at 602-738-8236 for more info. My e-mail is michaelbmanning@cox.net or michael.manning@phoenixpowersearch.com

 See a video of this home.

http://picasaweb.google.com/lh/sredir?uname=judy.eldc&target=ALBUM&id=5431123299653348625&authkey=Gv1sRgCPHRxYTd6PPITQ&feat=email

foreclosure

Not a Short Sale..Not a Bank Owned, A Brand New Build For $500.00 Move-In!

No kidding. I know a builder who is competing with short sales and foreclosures and winning. You can get in for $500.00 with a PITI payment of only $903.87 per month, including HOA! A 1321 sqft single level home will cost $129,990. a 1767  sqft home only $137,900.  These  new homes are not dingers either. They are energy efficient, using Low E-Windows, 13 seer A/C units, Water-saving Plumbing Fixtures and Tile Roofs. 9′ ceilings, cultured marble vanity-tops, and raised panel interior doors are some of the upgrades included. Great kitchens include microwaves, deluxe dishwashers, spacious pantries and oak cabinets.

You get a large pool-sized lot, a covered patio, a door into the garage from the side, front and rear hose bibs. All the options you might want are already included. I only mentioned some of them.

Oh, did I mention that they come with a Side by Side Refer, Washer/Dryer and a 40″ LCD TV?

So, $5,000.00 in incentives, An $8,000.  tax credit, Side by Side Refer, Washer/Dryer and a new Big Screen TV. Low move-in (less the rent) and low monthly payment, again less the rent. What are you waiting for? Homes ready to move into now.

Michael Manning

EXP Realty, LLC

602-738-8236

foreclosure

Are you an FHA buyer but still “on the fence” about buying?

There have been many rumors flying around regarding the expected adjustments to the FHA loans provided. Do you want to use FHA financing due to the lower down payment requirements, experiencing some credit issues and or wanting to ask the seller to contribute up to 6% concession? If you are and are counting on utilizing FHA loan products for the purchase of your new home, but aren’t quite ready to get off the fence…You may want to re-think your current position.
Per a recent article in the Chicago Tribune –
FHA-insured mortgages have become the loan of choice — realistically, the only option available since the private mortgage industry’s problems arose — for consumers who are eager to purchase a home but don’t have a significant down payment or stellar credit history. Currently, borrowers have to make at least a 3.5 percent down payment and have a minimum FICO credit score of 500, but most participating lenders require borrowers to have a score of 620 or higher.
Those lending requirements have meant a banner year for the FHA. It has insured almost 30 percent of home purchases — more than 75 percent of which are to first-time homebuyers — and 20 percent of mortgage refinancings. Just three years ago, the FHA’s share of the mortgage market was 3 percent.
Among the steps outlined by Housing and Urban Development Secretary Shaun Donovan in congressional testimony Wednesday were plans to increase the down payment and FICO score required. The agency also may ask Congress for permission to increase either the upfront mortgage insurance premium, the monthly premium or both. Details of the plan are expected next month.
“We have made the decision to exercise our authority to increase the upfront cash that a borrower has to bring to the table in an FHA-backed loan — to make sure that FHA borrowers have more ’skin in the game’ and a stronger equity position in their loans,” Donovan said in written testimony submitted to the House Financial Services Committee.
One detail Donovan did provide is that sellers would be able to help buyers with only 3 percent, rather than the current 6 percent, of “concessions” that help fund closing and loan-related fees.
The moves are part of a plan by the FHA to lessen risks to its portfolio; an independent actuarial study found the agency’s insurance fund reserves have fallen far below the congressionally mandated minimum. The agency also plans to take steps to increase FHA capital and to hold lenders more accountable for the quality of loans they write.
This may be the time to get off the fence..
Please feel free to contact me with any questions you may have. I will be happy to assist you in the purchase of your new home. I can be reached at Julie@phoenixpowersearch.com or 480 628 2967
I look forward to hearing from you!
Chicago Tribune Article

foreclosure

WOW, no more FHA 90 day waiting period on flipped foreclosures.

Ah great news, I have had so many FHA buyers want a home that has been flipped, but can’t wait the 90 day seasoning period.  If you are not familiar with this, here is out it works.  An investor will purchase a foreclosure, rehab it, and put it on the market as soon as it has been flipped. There are stipulations to this and not all homes will qualify.  But it does open the door a little for buyers with an FHA loan.

The way the old way would work, is the home had to wait a 90 day seasoning period to qualify for an FHA loan.  This would limit FHA buyers to homes that were in really bad shape or a short sale.  In this market that is the majority we see, so when a home comes on the market that has already gone through the flipping process it is nice because most home buyers want a “move in ready” home.  A lot of people can’t see past  holes in the walls, missing light fixtures and all of the appliances are gone. 

When Realtors see homes that are already “flipped” with all of the “must haves” we find there are a lot of other people interested as well.  I just closed a deal on a flipped property with a conventional loan with 10% down.  The listing Agent was sceptic that we could close a conventional loan with only 10% down, but it closed in 30 days.  So it’s nice now to see we can do FHA loans on flipped foreclosure properties without the 90 day seasoning period.

Below is more information on the new revision:

On Friday, FHA announced the suspension of the anti-Flipping 90-day waiting period.

Prior to September 14, 2009, FHA products were denied to buyers purchasing homes from investors that buy homes, rehab them, and sell them within a 90-day period. Previously, the only option to purchase these homes was through conventional financing (which requires a higher down payment) or a cash-only purchase.

This revision allows home buyers to expand their market when searching for a home and gives them the opportunity to secure a much lower down payment.  More investors and buyers will be encouraged to purchase homes due to this major change.
Take a look at the revision:

Section 203.37a(b)(2) of the FHA regulations, 24 CFR, is hereby waived for a period of one year, September 14, 2009 through September 13, 2010, with regard to sales of previously foreclosed or abandoned properties acquired and resold by for-profit and non-profit entities using funding from and performing under agreements with state and local government agencies under the NSP program. 

http://www.nls.gov/offices/hsg/sfh/waivpropflip.pdf

If you are in the market to purchase a home and want more information on this.  Please contact me today, Rachel Anderson 480-309-7968

foreclosure

Buy a foreclosure property and receive 22% off the purchase price! LIMITED TIME ONLY!!

Here’s what you need to do.  

Find an approved lender to see if you qualify.  You can do this by calling me for a recommendation. Once you’re qualified, it’s time to find a home that qualifies.  It MUST be a foreclosure that was vacant at the time of the listing.  In Maricopa county the home price cannot exceed $346,250, other counties will be different.  Once you find a home that you’d like to buy, you will obtain a first mortgage for 75% of the purchase price.  Then through HUD’s neighborhood stabilization program you will receive a 2nd mortgage for 22%.  This second loan is ZERO interest and requires NO monthly payments.  It is then forgiven at the end of 5, 10 or 15 years, depending on the amount borrowed.   Obviously, if the conditions of the loan are not met during this period, you may be liable to pay back the 22%.

This grant program is called Your Way Home AZ.  In Maricopa County the gross household income cannot exceed $55,350 for one person, $63,250 for two and so on.  

foreclosure

Went through a short sale or foreclosure, now what?

So, you have sold your home as a short sale, now what?  How do you rebuild your credit, how long will it be before you can purchase a home?  How long will your credit remain bad? 

Where do you live after you have been through a short sale?  Most sellers are trying to avoid a short sale on their home and are willing to work with you and your situation.  Apartment complexes are pretty strict on their credit scores and if your credit score is botched because of short sale or foreclosure you will pay more in rent a month.

Lenders are saying it can take up to 3-5 years to be able to purchase a house after a short sale.  Right now this is also the same for a foreclosure, but there have been discussions to go 5-7 years before allowing someone to purchase a home after a foreclosure.

There is different information out there and to get the most up to date information here are a couple of great websites:

http://www.foreclosurefish.com/blog/index.php

http://www.mortgagefit.com/credit-rating/credit-repair.html

If you are considering to do a  short sale here is a great website to help you get started.  Make sure your agent is experienced in Short Sales and knows the process very well.

Short sale guidance:

http://ezinearticles.com/?Short-Sale-Guidance&id=2249889

If you want more information or are looking to short sale your property get a hold of me at 480-309-7968 or rachel@phoenixpowersearch.com

foreclosure

REO’S and FORECLOSURE, Helpful Links

Arizona Department of housing: http://azhousing.gov

Arizona Foreclosure Prevention Task Force: http://www.arizonaforeclosuretaskforce.com

Arizona Mortgage Trouble Assistance Line 877-448-1211 

http://azcms.housingaz.com

IRS Forelcosure Q&A: http://www.irs.gov/newsroom/article/0,,id=174034,00.html

Rescue Foreclosure: 602-682-3410

Facing foreclosure is something a lot of people are going through right now, YOU ARE NOT ALONE!

Rachel Anderson 480-309-7968 rachel@phoenixpowersearch.com

foreclosure

$50,000-300,000/ INVESTOR LOOKING FOR UGLY HOMES

foreclosure

Arizona Foreclosure Investors Get Help From Fannie Mae

IN A MOVE THAT MAY HELP speed recovery of the housing market, Fannie Mae announced it will begin purchasing and guaranteeing mortgages for borrowers carrying loans on as many as 10 properties, up from the current limit of 4.  A new limitation is  being placed, however, stipulating that the number of months of reserve payments that must be held by investors will rise to six from the current two.  This change will take place in June.

In February, Fannie Mae released Announcement 09-02, a five-page document outlining the new rules for real estate investors who own multiple properties.

“(We) are committed to providing financing opportunities for high-credit quality, bona fide investors. Experienced investors play a key role in the housing recovery and Fannie Mae’s continued support for investor borrowers is consistent with its mission to provide stability, liquidity, and affordability to the nation’s housing system. Fannie Mae is modifying out current policy to allow investor and second home borrowers to own five to ten financed properties if they meet certain eligibility and underwriting and delivery requirements.”

The new Fannie Mae guidelines allow second-home borrowers and investors to qualify for Fannie Mae financing on up to 10 properties if they meet strict underwriting requirements.

The new underwriting and delivery requirements include:

• Minimum credit score of 720
• For a single Unit Second-Home or Investor Property, the maximum Loan-To-Value (LTV)
• For 2-4 Unit Investor Properties the maximum LTV will be 70%
• Stricter Reserve Requirements are applied and vary depending on the number of units.

A borrower owning 1-4 financed properties needs 2 months reserves if it is a second home and 6 months if it is an investment property.  Two months reserves are required on each additional second home or financed property.

When the borrower owns 5-10 financed properties, two months reserves are required if the subject property is a second home.  Six months reserves are required  on subject property if it is an investment property and 6 months reserves are required on each additional property.

Fannie Mae states that by changing the current rules it’s intention is to support the housing recovery by expanding its policy regarding multiple mortgages to the same borrower.  The hope is that the move will prompt more investors seeking a haven from other more volatile markets to place their liquidity into the foreclosure property market as it approaches the bottom.

Peter Bourdeau has been a real estate investor for over 20 years.  He has been helping people make their dreams of home ownership and private real estate portfolio investing come true since 2000.

foreclosure

Arizona Home Buyer Alert – 203k FHA Loan And What It Means To You

HAS THIS HAPPENENED to you  during your Arizona home search?

You’ve been driving around all day, looking at foreclosure homes with an agent.  Every home you saw either is either missing its appliances, needs some fixing up or is completely outdated and unappealing.

That’s when the agent, who just took you through the 15th home of the day, turns to you and asks – “What’s next?  Do you want to see some more properties or write up an offer on one we saw today?”

The agent, who came recommended by a co-worker,  has been pretty nice.   In fact, all of the homes you saw were at the right price point and the agent only made two U-turns all day.

Despite these positives, you’re left  wondering if the agent has left something out.  Maybe the real estate agent could have made  suggestions on how to buy one of those homes that were almost perfect except for the mising appliances and the trashed carpeting.

Afterall, their location was perfect for you.  In fact, there was that one home you would love to own.

If only there was a way to pay for the needed repairs or renovations.  Without guidance from the real estate agent you shrug your shoulders and head home wondering what you are missing out on.

If you could buy one of those homes without paying out-of-pocket for the construcion or repair costs?  Would you?  If the answer is Absolutely!  Then I have the perfect solution for you.

“It’s called the FHA 203 (k)  Loan Program and it is great for home buyers for many reasons,” said Ruby Mason, a Certified Mortage Planning Specialist with Spectrum Financial Home Mortgage.

According to the FHA Website, the loan can be used in the following way: .

Structural alterations and reconstruction: (Repair or replacement of structural damage, chimney repair, additions to the structure, installation of additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites)

• Elimination of health and safety hazards.

• Changes for aesthetic appeal:
  (New siding, adding a dormer, covered porch, attached garage).

• Air Conditioning or replacement:
  (plumbing, heating, air conditioning and electrical systems).

• Installation of well, septic system or connection to public utilities.

• Major landscape and site improvement.

• Roofing, Gutter Downspouts, Flooring, Tiling and carpeting.

• Improvements to improve accessibility and functions for the disabled.

Here’s how it works.

Find a home that you like in the location you want.   After writing the offer with language informing the seller & the listing agent that this will be a 203 (k) loan transaction, you have your contractor put together a bid for the work, the lender gets an the appraisal that validates the total loan amount represented by the sales price plus the repair costs, then go you to close of escrow.

The 203(k) is like a construction loan and operates in draws.  The first draw pays off the lienholder and purchases your new home.  Subsequent draws are made as the work gets done.

When you move in you have a practically brand new home with the features and design styles that you picked out.

Richard Jefferson, a Senior Mortgage Consultant with OnQ Financial, an Arizona-based lender specializing in 203 (k) transactions warns that there are several important guidelines that need to be adhered to when dealing with a 203 (k) FHA loan.

• Being an FHA loan means the total loan amount must meet FHA guideline.  For Maricopa County that amount is $346,250.
• Repairs cannot include “luxury items” but can include most anything else. Appliances, new cabinets, countertops & bathroom fixtures.
• More significant renovations like a rip & tear project can be considered as long as the FHA and lender guidelines are met.
• The “Streamline” version of the 203 (k) loan is specifically for cosmetic items like paint & carpets.
• Ownership requirements must be met.

Mr. Jefferson’s website, www.richjefferson.com has a plethora of information on 203 (k) loans. Both he and Ms. Mason of Prospect Mortgage recommend relying upon a lender with experience with 203 (k) loan requirements.  Ask your lender if they have written any 203 (k) loans.  If not, give either of these two lenders a call.

Mason Cave,  owner of MAC Homes, an Arizona construction company specializing in performing 203(k) repairs and renovations breaks it down for us this way.

According to Mr. Cave, “This helps you help your client if someone wants a specific school district.  Or,  they want a specific neighborhood. ”

Another mportant point when dealing with a 203 (k) Loan when purchasing your home is that you have a contractor with knowledge of the FHA program and who can deliver the work in a timely manner.

Mr. Cave’s website, http://www.streamline203kloan.com provides basic cost of repair analysis based upon square footage, number of bedrooms and baths.

Imagine being able to buy that foreclosed property in the neighborhood you want and being able to go to a design center to pick out you finishes like a new home build.  That’s what a 203 (k) loan can do for you.

While buying a home with an FHA 203 (k) loan is pretty simple in theory.  Make sure the real estate agent you rely upon knows how to present the offer to the seller the right way.

Even though the asset managers whom oversee the sale of a bank’s foreclosed homes are becoming more accepting of these offers, don’t assume that the asset manager you are dealing with is even familiar with the loan.

And make sure your lender and contractor is also experienced.  For more tips on the FHA 203 (k) Renovation Loan Program, call me at 602-540-6832.

Peter Bourdeau has been a real estate investor for over 20 years.  He has been helping people make their dreams of home ownership and private real estate portfolio investing come true since 2000.

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