The Top Giving Companies In Arizona

Any company can put together a profitable strategy to pad their pockets but it’s rare to find a business that thinks outside of themselves. For the sake of income, many corporations ignore their community and do whatever it takes to work in the black – but not every company. Below is a list of the most giving companies in Arizona that are all-stars in both business and their communities.

  1. The Top Giving Companies In Arizona %spacebasenameJP Morgan Chase – While most credit and banking institutions are not getting the best rap as of late, JP Morgan Chase remains one of Arizona’s most generous companies. In fact, JP Morgan Chase donated over $1 million in 2010 to help two Phoenix communities struggling with unemployment, poverty and low graduation rates. This was just one of their many charitable donations in 2010.
  2. The Top Giving Companies In Arizona %spacebasenameJawa is a Scottsdale based software company that has launched an impressive philanthropic feat: each month, one employee’s charity of choice receives a monetary donation on behalf of Jawa. It’s a program called “Jawa Gives” and it has helped many Arizona communities, organizations and citizens in need.
  3. The Top Giving Companies In Arizona %spacebasenameGo Daddy – Known as the world’s largest Web host provider and number one domain name registrar, Go Daddy is headquartered in Scottsdale and widely revered as a philanthropic giant. How much exactly? Well, they donated $2.5 million to charitable causes in 2009 (including a $100K donation to the Arizona Humane Society) and have largely exceeded that amount in 2010.
  4. The Top Giving Companies In Arizona %spacebasenameSalt River Solar & Wind – Not every company can afford to donate millions per year but charity is relative. That said, a local Arizona company, Salt River Solar & Wind, has been known to dig deep into their pockets to better their community. Recently, they donated an $11,000 solar array to another local business, Peoria Theater, and will ultimately save that theater $5,000 per month in energy costs. The Peoria Theater is just one of many organizations that Salt River Solar & Wind has donated to in the last year and a half.
  5. The Top Giving Companies In Arizona %spacebasenameHarrah’s Ak Chin Casino Resort – Owned by the Ak-Chin Indian community and managed by Harrah’s Entertainment, the Ak-Chin Casino and Resort has earned all kinds of recognition for their philanthropic ventures including being ranked number one on Business Week’s list of “Most Generous Cash Givers as a Percentage of Pre-Tax Profit” and number 14 on the list of “Largest Cash Givers.”
  6. The Top Giving Companies In Arizona %spacebasenameBashas’ SuperMarkets – Bashas’ is an Arizona-based chain of SuperMarkets that proudly supports various charities throughout the year through its extraordinary Charity of the Month program – similar to Jawa’s program above. As suggested, selected charities are featured in their stores each month and have highlighted their support in causes such as the Juvenile Diabetes Research Foundation, City of Hope and various holiday oriented drives.
  7. The Top Giving Companies In Arizona %spacebasenameAvnet Inc – Based in Phoenix, Avnet Inc. is an electronics parts distributor that is ranked amongst the most elite businesses in Arizona in both revenues and their charitable donations. Though their numbers can’t compete with that of JP Morgan Chase and Go Daddy, they have recently donated $4,000 to Maggie’s Place, a support group for expecting mothers, and a $10,000 grant to Ecademie High School.
  8. The Top Giving Companies In Arizona %spacebasenameUS Airways – Based in Tempe, AZ but servicing the entire nation, US Airways rounds out our list as a noble company in a not-so-popular industry. In fact, their company functions around the belief that good corporate citizenship is in the best interest of their business to ensure the airline’s long-term viability. Because of this belief, they have an educational foundation that provides scholarships to the less fortunate and a corporate giving program that invests in nonprofit arts and culture, health, human services, education, environment and civic organizations to enhance the quality of life in their hub, Phoenix.
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Acceptable Sources of Funds For Closing Costs / Down Payment

Every now and then, someone will ask me “is it okay if I ______________ to pay for my closing costs?” So I thought I would outline what most lenders will accept as an acceptable source of funds for closing costs and/or down payment when getting an FHA loan.

Remember: no matter what funds you plan on using, they are going to have to be documented as to the source of the funds.

Acceptable Sources of Funds For FHA Loans

  • Checking/Savings Accounts/CDs
  • Lease to Own/Rent Credit with Option to Purchase
  • Interested Party Contributions (subject to limitations)
  • Loan Repayment Proceeds (with appropriate and acceptable paper trail)
  • Corporate Relocation Buyout
  • Relocation Benefits
  • Use of Business Funds (as per policy and if allowed by underwriter)
  • Disaster Relief Grant or Loan
  • Non-Traditional Savings Plan/IDA Accounts
  • Employer Assistance
  • Gifts
  • Gifts-Pooled Funds
  • Gifts of Equity
  • Gifts/Grants from Non-Profit
  • Gifts – Wedding
  • Retirement Accounts
  • Proceeds from Sale of Home
  • Sale of Assets
  • Government Bonds
  • Stocks/Securities
  • Inheritance
  • Trade Equity
  • Land Equity
  • Trust Account
  • Life Insurance Net Cash Value
  • Bridge/Swing Loans
  • Income Tax Refunds
  • Saving Funds to Close
  • Gambling or Lottery Winnings (this is my favorite one)
  • Lawsuits or Insurance Settlements
  • Borrowed Funds Secured by an Asset
  • Financing Concessions
  • Cash-on-Hand

Whew. Sure, there might be more places that you could possibly come up with for a down payment / closing costs – but there are probably about 99% of all of the ones I have seen. Have questions about where your down payment can come from when getting an FHA loan? Be sure to ask your loan officer.

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FHA Financing With A Family Trust

Today, it seems to be somewhat common for someone to have a family trust set up for estate planning purposes. Family trusts are great, but when it comes to financing a home with an FHA loan, there are a few things that need to happen in order to have everything go smoothly and as it was intended.

FHA Financing For Trusts

Generally speaking, in order to be eligible for FHA financing using a trust, the borrower remains the beneficiary and occupies the property as a principal residence. Trust agreements are typically going to be required to be seen by the underwriting department and usually they will get the lenders attorneys to also review the trust (so be ready for it to take longer to close).

Eligible borrowers include:
One or more borrowers with one living trust, or Two or more borrowers with separate living trusts, or Multiple borrowers with one or more holding title as an individual and one or more holding title as a living trust.

Eligible properties include:

  • 1-4 unit primary residences
  • 1-2 unit second homes

FHA Financing With A Trust: What Documentation Is Required?

Although each lender may be slightly different when it comes to required documentation, at least one item that you can reasonably expect will be required is an Attorney’s opinion letter from the borrower’s attorney to the lender’s attorney verifying that:

  1. The trust is revocable,
  2. The borrower is the settler of the trust and the beneficiary of the trust,
  3. The trust assets may be used as collateral for a loan,
  4. The trustee is duly qualified under applicable law to serve as trustee and is the borrower,

Of course there are other requirements when it comes to FHA financing with a Family Trust – and because of the complex nature of these loans, you will want to be sure that you talk with a loan officer who has experience closing these.

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FHA Guidelines on Mixed-Use Properties

From time to time we get an inquiry from someone who wants to have an FHA loan on a property that they also want to have a small business run out of.

For example, someone wants to buy a home and also run a day care facility from their home.

When it comes to FHA loans, you want to be sure to follow the rules when it comes to mixed use properties — otherwise, it could pose a problem.

FHA Guidelines on Mixed-Use Properties

A mixed-use property is a property has been modified to accommodate a small business, such as

  • a day care facility
  • a hair care salon
  • a professional service office like a medical or financial office
  • a photography studio

in addition to having the residents live in the property.  Anytime a property is going to be used for business and residential purposes, the appraiser must specify that the property is being used for that purpose.

Mixed-Use Properties Allowed For FHA Loans With Conditions

Mixed-used properties are allowed with the following restrictions:

  • Must be single family detached owner-occupied dwelling;
  • Must represent a legal, permissible use of the property under the local zoning requirements;
  • Borrower must be both the owner and the operator of the business.
  • Property must be primarily residential in nature;
  • There may not be any structural changes that affect the marketability of the property;
  • Market value of the property must be primarily a function of its residential characteristics rather than the business use of any special-use modifications that were made.

Just a couple more notes on getting an FHA loan for mixed-use properties:

  1. Mixed-use properties in urban areas where the business is at street level and the living quarters are either upstairs or behind the business are also acceptable. The appraisal should illustrate through use of similar and approximate comparable sales that this type of residential/business use is common to the area.
  2. Also eligible: condominium projects that do not have more than 20% of the floor space of the common areas devoted to commercial retail space, subject to credit policy verification that the investors will still accept this type of project.

Have more questions about mixed use properties and FHA loans? Be sure to contact one of our experts.

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Thomson Law: Phoenix Arizona Loan Modification Attorney

Here in the Phoenix metro, many areas have seen property values go down by 50% or more. And sure, there are plenty of real estate agents who are more than happy to help you with your short sale.

But did you know that there are legal risks associated with a short sale / loan modification / foreclosure that your real estate agent may not even be aware of.

Which is why it would be wise (very wise) to speak with an experienced loan modification / short sale attorney who can assist you with a legal strategy to mitigate the risks for both you and your Realtor.

Enter Thomson Law in Phoenix.

Thomson Law: Phoenix Short Sale Legal Experts

Just a small excerpt about Thomson Law that speaks directly to some of the things they have done to help their clients:

How Do You Define Experience?
Is it simply discussing the close ratio of a short sale? Is it the number of listings? Is it the degree of difficulty? Not really, as everyone deserves professional representation from simple to more complex. The problem with that, is there are many short sales that should never have closed because the sale failed to satisfy the seller’s true objectives or created an increased liability for the seller to his or her lenders…

Thomson Law has maintained the view that the true evaluation of experience is “Did the client receive the guidance that had their best interests in mind”. Thomson Law believes it has done so. Thomson Law attorneys are AV rated, the highest peer rating, from Martindale-Hubbell with more than 20 years of experience in Arizona real estate and mortgage lending. Still many have wanted to know what we have done lately.

To date, no client of Thomson Law has received an adverse decision awarded against them by a court for deficiency liability. But that really does not begin to tell the whole story.

Thomson Law has never really publicized what the Mortgage Mediation practice group has accomplished over the last two and a half years. The firm is very proud of the results of this practice group. The Mortgage Mediation practice group has focused on assisting homeowners and real estate agents with their short sales and or retaining their homes when faced with a point where they can no longer afford the current mortgage. Keep in mind, we are retained in a minority of situations as we provide our services to the real estate industry at large.

Since August of 2008 the accomplishments of the Mortgage Mediation Group are as follows:

  • Our staff has fielded over 8,000 incoming phone calls from distressed homeowners.
  • We have averaged over 16 consultations a week for a total of 2018 consultations with homeowners that are having difficulty paying their mortgage.
  • Of those clients 719 have retained our Mortgage Mediation services beyond the initial consultation.
  • The 719 retained clients represent $235,034,092 in total resolved residential mortgage debt. This number does NOT include ANY bankruptcy work.

If you are one of the many homeowners in Phoenix who has seen their property value plummet and are considering your options, it would be wise (very wise) to speak with a legal expert who can help you prepare for the road ahead.

In my experience, there is nothing more expensive than cheap legal advice.

And if you don’t believe me, just ask those people who have their lenders chasing them down after a short sale for the deficiency.

Contact Thomson Law:

Kevin Hardin
THOMSON LAW PLC
2701 East Camelback Road, Suite 150
Phoenix, Arizona 85016
602.774.3757
602.840.3290 Fax
[email protected]

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VA Funding Fee: How Much Is It?

Many Veterans who are interested in getting a VA loan have heard about the VA funding fee – but aren’t quite sure exactly how much it is or maybe even exactly what it is.

What is the VA funding fee and how much is it?

The VA funding fee is a fee that may only be paid in cash or financed as part of the VA loan.

However, the funding fee may be split only when the total loan amount with the funding fee will exceed the current maximum mortgage amount. On loan amounts exceeding $417,000, if the combined loan amount plus the funding fee exceeds the county limit, the portion of the total funding fee that exceeds the county limit may not be financed into the loan amount.

Amount of funding fee charged is based on the loan-to-value, veteran status, transaction type, and prior use and here are a few graphics that show the percentages for the require VA funding fees for closing.

VA Funding Fee For VA Purchase Loans

VA Funding Fee: How Much Is It? %spacebasename

VA Funding Fee For VA Refinance Loans

VA Funding Fee: How Much Is It? %spacebasename

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Declining Markets: What Is A Declining Market?

In certain areas of the country, there are “declining markets” and the term becomes very relevant if you are buying a home or refinancing a home in a “declining market” because there are guideline restrictions for properties in these areas.

Appraisal Reports For Declining Markets

Appraisal reports prepared for collateral in declining markets, oversupply and over six month marketing time (as noted by the appraiser) should detail neighborhood marketing data for any changes in the market for the most recent quarter and preceding quarter for which data is available to include:

  • Number of listings
  • Average marketing time
  • Sale to list price ratio
  • The appearance or absence of seller concessions

In every appraisal, there is something “comparables” which is a list of sales of comparable properties that have sold in the area.  The comparable sales section of the appraisal must include:

  • Two sales must be within a three month period
  • Two listings with list to sales ratios and supporting value
  • If comparable sales within a three month period are not available the appraiser must provide an acceptable narrative to explain the considerations for negative time adjustment. The rate of adjustment and the source of the marketing trend data must both be cited, or
  • An explanation with reference to the supporting data, why such time adjustments would not be applicable.
  • Two comparable sales from outside the subject subdivision if the subject is new construction. The sales can be post-developer re-sales or units offered by a competing builder. The appraiser must note the consideration of occupancy trends in the development regarding investors who may have purchased one or multiple units in subdivision for future re-sale.

If this additional data does not support the value or the data indicates projected continued decline, an AVM must be obtained to be able to review previous sales in the area, value, and support that the area is no longer in a declining market. If the AVM does not provide the additional support needed, a second full appraisal from the investor’s preferred appraisal vendor must be obtained.

Are you excited about Declining Markets now and what they mean for appraisals and guidelines about lending?  Chances are, neither is your loan officer.

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USDA Home Loan: Your Spouse’s Credit

Non-Purchasing Spouse/ Disclaiming Spouse in Community Property States:

USDA Home Loan: Your Spouse's Credit %spacebasename

All of the debt, except for debt obligations that are excluded by state law, the debt obligations of a Non-Purchasing Spouse also known (according to USDA) as a “Disclaiming Spouse” (Spouse’s that is not applying for the loan) must be included in the primary borrower’s qualifying ratios when the home buyer resides in a community property state or the property guaranteed is located in a community property state.

The “Disclaiming Spouse’s” credit history is not considered as a reason to deny the applicant’s loan application.  However, the “Disclaiming Spouse’s” obligations will be considered in the debt-to-income ratio unless it is excluded by state law. A credit report that meets the USDA’s requirements must be pulled for the “Disclaiming spouse” in order to accurately find out whether the spouse’s debts  will be counted in the total debt ratio/ calculation. 

This could possibly adversely affect the primary borrower’s ability to qualify for a USDA Home Loan.

Community property states include:

Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

For more information, you can contact Ted Canto directly at 480.650.8602 or email me at [email protected]

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Canadian Citizen Mortgage Loans In Arizona

Can a Canadian citizen get a loan in Arizona to buy a house?

Yes.

If you know where to look.

Many of the local Arizona mortgage lenders have chosen not to specialize in this market – which means they can be somewhat difficult to locate.

One of my friends who works at BBVA Compass bank has passed along some information about Canadian Citizens who want to get mortgage loans in Arizona.

BBVA Compass in Arizona

BBVA Compass now offers a mortgage program designed specifically for foreign nationals (non- permanent residents) who want to purchase or refinance a home in the United States. Your clients can count on BBVA Compass to offer the mortgage they want and the service they deserve. Here are a few of the details you and your clients should know about this program:

For more information about the foreign national mortgage program and BBVA Compass’ vast range of additional mortgage options, please contact your local mortgage professional.

Contact BBVA Compass in Arizona

Here is the contact person who can help you at BBVA Compass in Arizona regarding these loans:

David Rush
Real Estate Loan Officer
10633 W Olive Ave
Peoria, AZ 85382
Cell 480-254-6974
Fax 866-839-7295
[email protected]

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