Phoenix Mortgage and Real Estate Updates

Latest Announcements for the Phoenix Mortgage and Real Estate Market

• Fannie Mae, Freddie Mac and some of the bigger banks (Wells Fargo and Chase) are putting foreclosures on hold over the 2011 holiday season.  Starting Dec 19^th until after Jan 2^nd families in foreclosed homes won’t be kicked out.

• Fannie Mae officially announced the Conventional loan limits for 2012 are unchanged (Conventional limit in Arizona is $417K for one unit home).  Please click here to see full mortgagee letter.

• Well, the VA decreased funding fee was short lived.   On Nov 21^st the President signed into law that the reduced funding fee will once again revert back to the previous amounts until Sept 30^th 2016 – unless otherwise updated (For loans with a down payment of less than 5% the funding fee is 2.15% for a Veteran using it for the 1^st time or 3.3% for a Veteran subsequent use.)  Click here to see entire chart.

• Click here to see where Arizona’s unemployment numbers compare to the rest of the United States

HUD has announced that the loan limit will revert back to the previous limit of $346,250 through Dec 31^st, 2012.

Please click here to see the mortgagee letter.