Short sales, in most cases, are one of the most economical solutions for all parties involved when a borrower can no longer afford their home. The bank typically incurs a smaller financial loss than would result from an ultimate foreclosure or continued delinquency on the mortgage payments. Borrowers may be able to soften the overall [...]
How can a fully approved loan get denied for funding after the borrower has signed loan docs?
Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.
In the past, this generally wouldn’t happen. However, after June 01, [...]
Many experienced real estate agents in the Phoenix metropolitan are have a general understanding of the mortgage approval process, but there are a few important details that frequently get overlooked which may cause your loan to be delayed or denied when you’re buying your new home.
New Federal and State regulation, updated disclosure policies, appraisal guidelines, interest rate [...]
So you’re in the market to purchase a home in Phoenix, Arizona? You’ve saved your money, but were hoping to find something with a low down payment. Unfortunately, most of the affordable houses in your price range are unable to be financed with a FHA home loan. It is beginning to seem like your only [...]
You have probably heard the buzz by now: Big changes are happening in the mortgage lending industry, triggered by new requirements under the Real Estate Settlement Procedures Act (RESPA), which governs many of the processes and procedures that mortgage lenders and brokers must follow in order to comply with the law and to ensure consumers [...]
USDA Home Loans - 100% Financing
If you’re interested in purchasing a home in Arizona but don’t have the available resources for a down payment, look no further than the U.S. Department of Agriculture (USDA) Home Loan. The USDA has a guaranteed home loan program available to help individuals and families purchase a home in Arizona located in certain qualified rural areas.
How do you qualify [...]
Its Wednesday, January 13th 7:30 am and I am sitting in my office in Phoenix. I’ve just returned from Atlanta, GA after a 3-day event called Mortgage Revolution. I have hundreds of emails to return, many voicemails and I’m putting on a 3-hour seminar this afternoon to 35 Real Estate professionals, which I desperately should [...]
Does creative financing still exist or are there ways to purchase homes in Phoenix without traditional financing these days? If you’re like me, you’re probably saying, “No way”. If so, read on.
Recently, I had the privilege of speaking with a real estate investor, by the name of Nick Johnson, that specializes in Short Sales and “Subject To” purchases. Nick [...]
So you’ve decided that you want to buy a home in Phoenix, AZ. Besides the many advantages to living in the Valley, interest rates reaching all-time lows coupled with the recent plunge in home prices make Phoenix a very affordable and attractive option. Nowadays, it is actually cheaper to purchase a home in the Phoenix [...]
You’ve been pre-qualified for a 3.5% down-payment, FHA home loan, to buy the house of your dreams in Arizona. You and your Realtor have searched for months and finally narrowed it down to one home. It’s a short-sale located in beautiful Phoenix, AZ. This is the ideal location; not too far from your office, great schools for the kids, plus terrific dining [...]
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