Arizona Mortgage Team Podcast On PhoenixHousingBlog.com

Posted by Justin McHood on October 12th, 2008

Want to hear more about some of the latest hot-topics in the Arizona mortgage scene?

Be sure to listen to our podcast with Candace Robinson of PhoenixHousingBlog.com where we talk about many of the things on people’s minds including:

A special thanks to David who produced the podcast and Candace who was an excellent interviewer!

October 12, 2008 | Filed Under Miscellaneous Fun, The Business of Mortgages | Leave a Comment 

 

Arizona Reverse Mortgages Are Becoming More Popular

Posted by tammy.mchood on October 11th, 2008

Many people who are retired or are planning to retire soon have seen the $2 trillion loss in retirement savings over the past 15 months influence their planning for their golden years.

We have a seen an increase in the number of people right here in Arizona who are interested in whether or not the FHA Reverse Mortgage Program (aka the FHA Home Equity Conversion Mortgage program) is a valid option for them.

A reverse mortgage isn’t for everyone, but if interest is any indication, more and more people seem to be evaluating this as a possible solution to help them meet their monthly obligations during their retirement years.

Highlights of the FHA Reverse Mortgage Program

Borrower Requirements:

- Age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Participation in a consumer information session given by an approved HECM counselor

Mortgage Amount Based On:

- Age of the youngest borrower
- Current interest rate
- Lesser of appraised value or the FHA insurance limit

Financial Requirements:

- No income or credit qualifications are required of the borrower
- No repayment as long as the property is the primary residence
- Closing costs may be financed in the mortgage

Property Requirements:

- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes and leased land
- Meet FHA property standards and flood requirements

Learn more about FHA Reverse Mortgages on HUD’s website or call us directly!

October 11, 2008 | Filed Under Arizona Reverse Mortgages | Leave a Comment 

 

Chandler Mortgage Rates For October 10 2008

Posted by Tammy McHood on October 10th, 2008

With so many things happening in the market this week, we are recommending that you lock your rate as soon as possible if you are currently in the application process.

When emotion drives a market like it is now, it is better to be safe than sorry.

Some of the market moving highlights of the week include:

The Treasury may soon be buying ownership stakes in banks

AIG has tapped $70 of the 85 Billion bailout so far with another 40 Billion (or so) approved from the NY Fed to keep operations going

The Fed starts buying (an unlimited amount of) commercial paper

One year after hitting it’s all-time high, the DJIA has huge daily swings and ends on Thursday at its lowest point since 2003.

The Fed cut the overnight lending rate for banks by 1/2 point to 1.5% (note: NOT mortgage rates!) and got most other major world governments to make similar rate cuts.

The Treasury is said to be preparing term sheets to inject capital directly into individual banks.

Hopefully next week our crystal ball looks a little clearer, but we are not counting on it!

October 10, 2008 | Filed Under Arizona Mortgage Rates, Chandler Mortgage Rates | Leave a Comment 

 

Chandler Arizona Mortgage Rates for October 7, 2008

Posted by Justin McHood on October 7th, 2008

After getting some excellent advice from one of the best social-media consultants in the business… we are happy to be bringing you Arizona Mortgage Rates on a more regular basis to our blog.

Remember, although the financial markets have been very volatile in recent weeks, the basics of the real estate market have not changed all that much:

There are still more houses for sale in Maricopa county than there are buyers for those houses

And

Buyers who have good credit, enough money for a down payment and verifiable income are still able to get mortgages.

So although watching the evening news may make you think that the financial markets have made it impossible to get a mortgage due to the recent financial turmoil — the mortgage market is much the same as it was 2 months ago!

October 7, 2008 | Filed Under Arizona Mortgage Rates, Chandler Mortgage Rates | Leave a Comment 

 

FHA Hope For Homeowners Program - How It Works For Arizona Homeowners

Posted by Tammy McHood on October 5th, 2008

We have talked to many people recently about the new FHA Hope for Homeowners program and how it works.

The objective of the program is to help homeowners who are in a negative-equity (they owe more than the house is now worth) situation and may be in a toxic adjustable rate mortgage, get a fixed rate FHA mortgage loan they can afford.

The key elements of the FHA Hope For Homeowners loan program include (this is not an all-inclusive list):

  • Your current mortgage payment must be more than 31% of the your gross monthly income.
  • You must not have misrepresented your income on your original loan application.
  • You must be able to qualify for a new FHA 30-year fixed rate based upon your current documented income.
  • You will be required to share in future home appreciation with the FHA.
  • The new FHA mortgage loan will be a maximum of 90% of the home’s current appraised value.  All second mortgages or any other liens on the property will need to be extinguished — usually meaning that the 2nd mortgage holders will have to agree to a loss of principal.
  • The program is completely voluntary; lenders are not required to participate.

If you think you meet the above criteria and decide to engage us to work with you to get qualified, these are the things that you can expect:

Once you confirm that your current lender is participating in the program, the next step is qualify for your new loan.  You will need to have documented income and assets, there is no longer such a thing as “stating your income”.  Once we have determined that you can qualify for a new FHA fixed rate loan, we will proceed to the appraisal stage.

You will need to pay for an appraisal on your house which is usually between $350 and $400.  You will also need to pay for your credit report which is approximately $25.  The appraisal is a very important step in the process since the offer to the current lender is going to be based on the current appraised value of your home.

Upon approval by your current lender for them to accept a short-payoff under the Hope for Homeowners program, we will proceed with the loan as normal on our side.

This process is somewhat case-by-case and is not standardized by any means.  Each lender is different and has a different process of getting these approved. The biggest key if you are interested in the Hope for Homeowners program is to not delay finding out if your lender is participating and if you can qualify!

October 5, 2008 | Filed Under Arizona Home Financing Options, FHA Related Information | Leave a Comment 

 

FHA Hope for Homeowners Program Update

Posted by Tammy McHood on October 1st, 2008

The FHA Hope for Homeowners Program starts today!

Good news, right?

Maybe.

It depends on whether or not your current lender is willing to participate and as we have mentioned before, many lenders are not excited about this program.

According to an article in the Realty Times:

At a House financial services hearing last Wednesday, a top Bank of America executive, Michael Gross, said Congress may have unrealistic assumptions about how many lenders and investors will agree to participate in Hope for Homeowners refinancings.

“My biggest concern,” said Gross, “is that expectations for (this) program might be too high.”

In the meantime, borrowers who believe they might benefit from a Hope refinancing, should start talking with their servicers to see whether there’s a chance. The law expressly makes the decision voluntary for all financial institutions — borrowers cannot compel them or take them to court to force their hands.

Do you think that you are a candidate for the FHA Hope for Homeowners Program?

The first step is to get on the phone with your current lender and find out if they are participating in the Hope for Homeowners Program before you start talking with anyone about refinancing your loan.

October 1, 2008 | Filed Under Arizona Home Financing Options, Refinancing in Arizona | Leave a Comment 

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