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Getting a Mortgage After a Short Sale

January 19, 2012 Leave a Comment

If you have ever been through a short sale, you may now be wondering “how long after a short sale can I get a new mortgage?”

In the case of Sharon Johnson-Smith, Academy Mortgage and Steve Alonso were able to get them into a new home with financing only one year after a short sale.

Have you had a short sale in the past and now want to get a mortgage? Contact Steve today to find out how.

Get a Mortgage One Year After a Short Sale

From: Sharon Johnson-Smith
To: Steve Alonso
Sent: Friday, January 13, 2012 11:12 AM
Subject: Endorsement

Hi Steve,

Here is our endorsement – and we mean it sincerely. -Sharon and Pinkie.

—–
And they said it couldnt be done My husband and I began to have our doubts, but Steve Alonso pulled it through.

We are elated about being able to get financing on a home after only ONE year since our short sale closing.

I was particularly doubtful after talking with several other realtors who were sure that it takes 2-3 years after a short sale before any lending institution will finance a mortgage.

I had serious second thoughts about going through with purchasing our new home, after talking with a couple of mortgage brokers who saw it highly improbably we would get financing this year.

However, Steve with his This will be done, attitude, actually did it. Thank you Steve for performing what was considered an impossible feat!

Sharon Johnson-Smith, REALTOR
480-893-0600
Fax:888-400-1956
West USA Realty
[email protected]
sjsrealestate.listingbook.com

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Mother In Law Moving In? Here Is A Possible Solution

September 13, 2011 Leave a Comment

As America gets older, many families are faced with the reality that grandma is moving in with them – permanently. The latest numbers reveal that somewhere close to 50 million people in America live in a situation where they are living with an extended family member and with the rising costs of health care, I don’t think anyone would be surprised to see those numbers rise over the coming decade.

Are you in a situation where you are considering moving junior out of his room so grandma can move in?

You may be in luck – one homebuilder has started designing solutions with this problem in mind — Lennar Homes.

Lennar Homes has recently introduced the Next Gen Casita option to some of it’s communities here in the Maricopa county area and with the number of senior citizens who already call Arizona home, don’t be surprised to see many other home builders attempt to copy this idea. Just a few of the features of the Lennar Next Gen Casita include:

  • Larget Kitchenette including dishwasher, full-size fridge, full-size sink and microwave
  • Private patio with room for a BBQ
  • Laundry space for washer and dryer
  • Private 1 car garage with direct access to the casita
  • Private bedroom and bathroom
  • Private living room
  • Private porch area great for relaxing

If you are in the situation where you may be having an elderly parent live with your family, the Next Gen Casita home provides a unique solution to an increasingly-common occurrence. Learn more about your home-buying options and see what it takes to get qualified to buy one of these homes that are designed for your expanded family needs.

Lennar Next Gen Casita: More Information

Lennar Phoenix

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Arizona Foreclosure Process: What Happens During Foreclosure In Arizona

July 18, 2011 1 Comment

Many people in Arizona are considering a strategic default and are wondering “what exactly happens in the foreclosure process?”

Kevin Hardin from Thomson Law did a nice job of laying out exactly what happens in the foreclosure process in Arizona.

Highlights from the video:

“It was the most purchases that we have had in about 7 years out of this office.”

We have never seen rates this low or prices this low – it is a great opportunity.

“The best thing that happend this month was that Corbin had a baby. The worst thing that happened this month was we had a loan that didn’t go that should have went.”

“I hate you! Ok, I worked on sixty files this month.”

“I worked on 50 files this month and yes it was easy.  Yes, that is my cell phone music on.”

“We got about 2,500 calls in our call center this month.  We referred out 416 calls out to our Realtor partners this month off of all lead sources.”

“Our grand opening in Scottsdale office was awesome – we had fun!”

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Are Loan Modifications Permanent?

June 28, 2011 Leave a Comment

Recently, Kevin Hardin at Thomson Law revealed 7 secrets about Arizona loan modifications that most people won’t tell you.  If anyone could explain the ins-and-outs of loan modification, I think Kevin can – his firm has helped thousands of Arizona residents understand the process of getting an Arizona loan modification over the past couple of years.

Permanent Loan Modifications Not Permanent?

Here is the #2 secret Kevin revealed about loan modifications – permanent loan modifications are not permanent.

Highlights in the video include:

We hear in the news about getting a trial mod.  Lenders will get you on the phone, tell you they understand that you are behind on your payment and then offer for you to pay $600 a month for the next three months while they get all the paperwork “taken care of”.

The problem with this is that it is a trial loan modification and there are no contracts that you have signed, there are no legal documents and after a six month period and you end up getting denied, you are going to be very upset.

Hardin further goes on in the video to talk about what happens if you actually get a “permanent” loan modification.

Let’s say that you actually get awarded a “permanent” loan modification. You are excited and think that you finally got your permanent loan modification.  Well, it is not permanent.  When you read the loan modification documents, you are going to find that your new interest rate is going to start at something like 2 or 3 percent — for the first year. Then after another year, it goes up another percent.  Until it gets to a market rate – and let’s say that market rate is 5.5%.   At that point, it is going to be a fully-amortized payment (PITI) and so you want to ask yourself today: could you afford a fully amortized payment on the home you own today.

Odds are, you probably can’t.

Which means with a loan modification situation like this all you will have achieved is to get a very temporary solution to a permanent problem.

Have more questions about loan modifications? Contact the Arizona loan modification experts.

Thomson Law PLC
2701 East Camelback Road, Suite 150
Phoenix, Arizona 85016
602.774.3757

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Phoenix Neighborhood Stabilization Program

June 1, 2011 Leave a Comment

There is an interesting program helping people get into homes called the Neighborhood Stabilization Program and it is supported by many Arizona banks. It is possible to get a $15,000 zero interest, no monthly payment loan to use toward closing costs and down payment to help you purchase a home in established neighborhoods within the Phoenix city area through one of the following programs:

  • Move-in Ready – Homes have been purchased and improved by the city of Phoenix to meet HUD Housing Quality Standards.
  • Home Improvement - Purchase your own unoccupied, foreclosed home that need a little TLC and receive up to $40,000 in addition tot he $15,000 loan to use toward eligible repairs to the home.
  • Homeownership Assistance Program – Buyers purchase any foreclosed home within the city of Phoenix; receive credit counselingand homebuyer education plus $15,000 in closing cost and down payment assistance.

Phoenix Neighborhood Stabilization Program Requirements

Homebuyers annual household income can’t exceed the amounts below based on household size (anyone living in the house). In determining income, all wages and salaries of all household members age 18 and older are considered, as well as other sources of income for the total household. Program income requirements are different than Lender income requirements.

HOUSEHOLD SIZE

1

 2 3 4 5 6 7

8
120% AMI Income $55,950 $63,950 $71,950 $79,900 $86,300 $92,700 $99,100 $105,500

Other eligibility criteria for thehomebuyer includes:

  • Contribute 50% of the required down payment or a minimum of $1,000 (whichever is greater) from personal funds
  • Cannot be on the title of any residential property
  • Must be a legal U.S. resident
  • First mortgage terms can be a 15 or 30 year term
  • Purchase price can’t exceed 95% of the FHA mortgage limit for one unit
  • Funds will be secured by a promissory note and recorded subordinate deed of trust
  • Funds will be paid directly to the title company and excess funds will be applied to the balance of the first mortgage

Neighborhood Stabilization Program Home Improvement Program Requirements

The Home Improvement program is designed for homes that are in need of a little TLC and are as follows:

  • The mortgage must be an FHA 203k loan
  • Home must fail a Housing Quality Standards (HQS) inspection by the city and require at least $5,000 in rehabilitiation but not exceed a maximum of $40,000. We recommend using $35,000 as a maximum to allow for a cushion on unforeseen costs.
  • Purchase price cannot exceed 99 percent of the “as is” appraised value of the property as determined by an appraisal conducted within 60 days prior to closing.

The Neighborhood Stabilization Program is popular with people who are interested in buying a home – and with the different programs available within the NSP program, many houses are put in reach of people who may otherwise be left out.

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FHA 203k Loan in Arizona: Good For Rehab Projects

March 18, 2011 1 Comment

Many people who are shopping for Arizona homes have found that many of the properties available for sale are either bank owned properties (lots of Phoenix banks have lots of inventory) or short sales. One person I spoke with recently was shopping for Tempe homes for sale that needed a little work. When buying a bank owned property or a short sale, chances are that the home is going to be in need of at least a few repairs — and many times, the most popular loan option for this scenario is the FHA 203k loan.

FHA 203k Program Highlights

The FHA 203k streamline loan has become in demand with the slowdown in the housing market. When a property is owned by the bank, chances are that the property may be in need of a little work and the FHA 203k streamline program is a great option. Some of the frequently asked questions we see about the FHA 203k loan include:

What is the FHA 203k mortgage?

The FHA 203k mortgage loan is a rehabilitation loan that works much like a development loan. The one who is buying the home is able to buy a home that is in need of repairs and is able to mortgage the repair work in the mortgage to fix items in the house. The FHA 203k loan consists of the purchase price of the home plus the construction costs for the work to be performed after close.

An FHA 203k Example Situation:
$100,000 purchase price of home
$20,000 Repairs Needed (see a list of the most common FHA 203k repairs)
$120,000 Total Loan Amount

The offer is the purchase price of the house only. You don’t need to include the cost of repairs anywhere in the sales contract or offer. In the above example, the purchase price on the sales agreement or offer would be $100,000.

Is the FHA 203k loan harder to qualify for than a traditional FHA loan?

Getting an FHA 203k loan is roughly the same as getting a regular FHA loan. What does it take to qualify for an FHA loan? Generally speaking, a credit score above 620, a good job and a down payment of 3.5%. Of course there are more details to being able to qualify, but those are the general highlights.

How do I find a contractor to do the repairs?

It is suggested that you work with a general contractor that can perform all needed repair work. Your loan officer can easily help recommend one they will need to know at least one good contractor. It is also vital that the contractor be practiced in FHA guidelines so that they can include any FHA required items in their contract.

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Sarah Reiter From ReMax: Buy A Home For $100 Down?

March 1, 2011 1 Comment

Are you on Twitter yet? If not, you might want to get on it, you can learn cool stuff.

For example, tonight I learned that you can buy a home for only $100 down.

Really?

Consider this tweet from local Phoenix Realtor Sarah Reiter at Remax:
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Sarah Reiter at ReMax Diamond: Can You Really Buy a Home For $100 Down?

Yes. And Sarah does a nice job of giving us more details and gives us a preview of the home that qualifies. Here is the home that she featured in her tweet:

But after watching this video, I couldn’t help but notice that there were multiple properties available that you could buy for $100 down.

Consider this one in Chandler — According to Sarah in the video, you can buy the property located at 4050 E Beechnut Place Chandler, AZ 85249 for only $100 down because it is a HUD home.

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