Arizona Home Talk

Add 10 points to your credit score

Here is a helpful tip from a smart loan officer - Ryan Halldorson.  His contact info is below if you need some advising about getting a mortgage loan. -Becky Want to add roughly 10 points to your credit score and get a lot less junk mail?  Logging in to www.optoutprescreen.com will keep Experian/Equifax/TransUnion from selling your credit [...]

City of Phoenix $15,000 downpayment grant program

Here is the scoop about a program I get asked about a lot.  Many mortgage lenders and real estate agents will tell you this program isn’t a viable option.  Two main reasons seem to prevent it from happening - 1) banks won’t accept offers 1% below appraised value 2) the 8 hour class the buyer must [...]

What is a HUD Repo home?

What is a HUD home? If a loan that is insured by the Federal Housing Administration (FHA) goes into default, the lender must take steps to collect on the loan.  This may result in the lender taking possession of the Real Estate Collateral.  If this occurs, the lender may submit a claim against the FHA insurance [...]

Mortgage rates fall to 4.87%

Oct. 8, 2009 08:05 AM Bloomberg News Oct. 8 — Mortgage rates for 30-year fixed U.S. home loans fell for the second consecutive week, pushing borrowing costs to near record lows. The average U.S. 30-year rate dropped to 4.87 percent from 4.94 percent last week. The 15-year rate was 4.33 percent, mortgage buyer Freddie Mac of McLean, Virginia, [...]

Mortgage Rates Right Now

The days of being able to read the market have dissipated. Most seasoned loan officers would keep a financial website open throughout the day to watch the stock market, 10 year bond market and a myriad of other reports that come out throughout the month, quarter, and year. But, with the recession, times are not [...]

Am I Eligible For Making Home Affordable Refinance

Fannie and Freddie have officially announced and launched Making Home Affordable Plan Program! Making Home Affordable program “looks the other way” with respect to falling home values, approving mortgage applications based on borrower payment history and benefit to the homeowner.

Obama’s “Making Home Affordable” - which banks are participating?

Loans with Fannie and Freddie MUST participate in this program. All other banks can voluntarily participate. I’m working on getting a complete list - but most banks are since they need to participate in order to get federal financial help. Chase bank is participating. Don’t know what type of loan you have? Find [...]

FHA Loan Limits Increased, Again.

Good news. The FHA loan limits have increased! The new limit in Maricopa County for a single family house is now $346,250. Most of my clients are getting FHA loans (at awesome rates - 5-6% right now), and are doing the minimum downpayment required with a FHA loan - 3.5% of the [...]

Fannie Mae Rolls-Back Investor 4 Property Limit

Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The fannie_mae_logo1restriction reversal does come with new minimum requirements, however. Homeowners buying a 5th, 6th, 7th, 8th, 9th or 10th home must meet the following standards, as set forth by Fannie Mae:

New Mortgage Guidelines 2009

With a New Year brings New Guidelines. guidelines Many in response to HR 3221. This is not the all encompassing list of New Guidelines; just the ones I feel have a major impact on purchase and refinance transactions. (Read all of HR 3221)