Phoenix Heritage Real Estate Group Bloghttp://www.phoenixheritage.com/blogGlendale AZ real estate market news provided by HomeSmartTue, 30 Mar 2010 00:00:00 GMTMortgage Update 07-08-10Rates based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Doc Income Verification, paying one "point."  Please note, this information is intended for Real Estate Professionals.
 
80% 30 year Fixed = 4.375%
95% 30 Year Fixed = 4.375% (Requires PMI)
80% 15 Year Fixed = 3.875%
96.5% FHA 30 Year Fixed = 4.5% (Requires MI)
100% USDA/Rural 30 Year Fixed = 5.25% (No PMI required)
100% VA 30 Year Fixed = 4.75% (No PMI required)
80% 5 Yr ARM = 3.375%
70% 5 Yr Jumbo ARM up to $1M = 4.875%
80% 30 Year Fixed Jumbo up to $1M = 5.75%
Refinances up to 105% of appraised value are available

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/Mortgage-Update-07-08-10http://www.phoenixheritage.com/Blog/Mortgage-Update-07-08-10Fri, 09 Jul 2010 08:20:00 GMTNational Licensing Requirement for Loan OfficersBeginning July 1, 2010, all loan officers working for mortgage brokers must have their national license in order to conduct business.  Licensing required 20 hours of classroom education and then successfully passing both a National and State Exam.   Loan officers also had to pass a criminal background check and submit a credit report to the Arizona Department of Financial Institutions.  The best part of the new licensing system is that complaints can now be filed against an individual's unique national license number that will stay with them from company to company and state to state.  The weak part of the law is that loan officers employed by federally-regulated institutions (the big banks) are completely exempt from these licensing and testing requirements.  At last count, there were still 1100 loan officers that waited until the last minute who were still waiting for their application packages to be processed and approved by ADFI.
For more information contact:
Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com
]]>http://www.phoenixheritage.com/Blog/National-Licensing-Requirement-for-Loan-Officershttp://www.phoenixheritage.com/Blog/National-Licensing-Requirement-for-Loan-OfficersFri, 09 Jul 2010 08:19:00 GMTMortgage Update 05-27-10Rates based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Doc Income Verification, paying one "point."  Please note, this information is intended for Real Estate Professionals.
 
80% 30 year Fixed = 4.75%
95% 30 Year Fixed = 4.75% (Requires PMI)
80% 15 Year Fixed = 4.25%
96.5% FHA 30 Year Fixed = 5% (Requires MI)
100% VA 30 Year Fixed = 5% (No PMI required)
80% 5 Yr ARM = 3.75%
70% 5 Yr Jumbo ARM up to $1M = 4.875%
80% 30 Year Fixed Jumbo up to $1M = 5.875%
Refinances up to 105% of appraised value are available

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/Mortgage-Update-05-27-10http://www.phoenixheritage.com/Blog/Mortgage-Update-05-27-10Tue, 01 Jun 2010 11:20:00 GMTVA LoansThe only 100% loan left in lending is a VA Loan.  VA loans have good rates and carry no monthly Private Mortgage Insurance even at 100% all the way up to a loan amount of 417k.  Many veterans do not realize that VA loans can go up to $1.5M but they require a down payment if the loan is above 417k (for example, a $700k purchase price would require a 10% down payment).  Another seldom known fact about VA loans is that a veteran can get a 2nd VA loan if his existing VA loan is less than $144k.  VA loans are only allowed on primary residences.  There are certain closing costs that a VA borrower is not allowed to pay which need to be included on line 79 of the AAR purchase contract.  The amount of the "VA non-allowables" varies between $600 and $1500 depending on the title company and the purchase price.  The seller is allowed to contribute up to 4% of the purchase price towards a VA buyer's closing costs and prepaids which would include the VA non-allowables.

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/VA-Loanshttp://www.phoenixheritage.com/Blog/VA-LoansTue, 01 Jun 2010 11:18:00 GMTMortgage Update 05-07-10Rates based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Doc Income Verification, paying one "point."  Please note, this information is intended for Real Estate Professionals.
 
80% 30 year Fixed = 4.875%
95% 30 Year Fixed = 5% (Requires PMI)
95% 15 Year Fixed = 4.5% (Requires PMI)
80% 15 Year Fixed = 4.375%
96.5% FHA 30 Year Fixed = 5% (Requires MI)
100% VA 30 Year Fixed = 5.25% (No PMI required)
80% 5 Yr ARM = 3.625%
70% 5 Yr Jumbo ARM up to $1M = 4.875%
80% 30 Year Fixed Jumbo up to $1M = 6%
Refinances up to 105% of appraised value are available

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/Mortgage-Update-05-07-10http://www.phoenixheritage.com/Blog/Mortgage-Update-05-07-10Sat, 08 May 2010 09:20:00 GMTClaiming your tax creditThe deadline to secure purchase contracts for buyers wishing to get the tax credit has now passed for everyone except for military members working outside the US (they have until April 30, 2011).  Recent buyers will now want to know how to claim their money from the IRS.  They can either wait until next tax season or they can file an amended return to claim their money this year.  The IRS requires this to be done in paper via mail and a final HUD-1 settlement statement needs to be included.  Here is a good link to forms and details on how to the claim the tax credit http://www.irs.gov/newsroom/article/0,,id=218698,00.html

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/Claiming-your-tax-credithttp://www.phoenixheritage.com/Blog/Claiming-your-tax-creditSat, 08 May 2010 09:19:00 GMT10 Markets Where Prices are Still FallingInteresting to note that the Phoenix Area is NOT on this list!!

Daily Real Estate News  |  May 5, 2010  | 

10 Markets Where Prices Are Still Falling
While the overall housing market appears to be on the mend, there are some Metropolitan Statistical Areas where prices are still falling.

Forbes magazine asked Local Market Monitor, a real estate research firm, to examine all 315 MSAs and identify those where home prices are still at least 10 percent above the point where home prices should be based on economic fundamentals.

Many of these locales have higher than average home prices because they are relatively small and their economies are dependent on a few businesses or a single industry. When those businesses run into trouble, the communities feel the pain.

Here are the top 10 places that Local Market Monitor identifies as most vulnerable to continued price declines:

  • Atlantic City/Hammonton, N.J.
  • Provo, Utah
  • Portland, Vancouver, Oregon, Ore.
  • Glen Falls, N.Y.
  • Bellingham, Wash.
  • Flagstaff, Ariz.
  • Charleston/Sommerfield, S.C.
  • Eugene/Springfield, Ore.
  • Salisbury, Md.
  • Salt Lake City, Utah


Source: Forbes, Francesca Levy (04/27/2010)

]]>http://www.phoenixheritage.com/Blog/10-Markets-Where-Prices-are-Still-Fallinghttp://www.phoenixheritage.com/Blog/10-Markets-Where-Prices-are-Still-FallingThu, 06 May 2010 00:00:00 GMTMortgage Update 04-29-10Rates based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Doc Income Verification, paying one "point."  Please note, this information is intended for Real Estate Professionals.
 
80% 30 year Fixed = 4.875%
95% 30 Year Fixed = 5% (Requires PMI)
95% 15 Year Fixed = 4.5% (Requires PMI)
80% 15 Year Fixed = 4.375%
96.5% FHA 30 Year Fixed = 5% (Requires MI)
100% VA 30 Year Fixed = 5.25% (No PMI required)
80% 5 Yr ARM = 3.625%
70% 5 Yr Jumbo ARM up to $1M = 4.875%
80% 30 Year Fixed Jumbo up to $1M = 6%
Refinances up to 105% of appraised value are available

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/Mortgage-Update-04-29-10http://www.phoenixheritage.com/Blog/Mortgage-Update-04-29-10Mon, 03 May 2010 13:36:00 GMTRates Remain LowInterest rates have remained low even after the Fed ended its Mortgage Backed Securities (referred to as MBS) purchase program on March 31, 2010.  In a knee jerk reaction, interest rates initially increased by roughly .25% in early April but they have now settled back down to the nice, low levels of the past several months.  The worldwide demand for MBS has remained strong even without the Fed purchases which have kept interest rates low.  The massive debt problems in Greece and several other European nations have caused many worldwide investors to move their bond money over to US MBS which they still view as a safe haven.  Interest rates will inevitably rise back to "normal" levels in the not so distant future but for now we continue to enjoy some of the lowest rates in history.

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/Rates-Remain-Lowhttp://www.phoenixheritage.com/Blog/Rates-Remain-LowMon, 03 May 2010 13:33:00 GMTMortgage Update 04-15-10Rates based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Doc Income Verification, paying one "point."  Please note, this information is intended for Real Estate Professionals.
 
80% 30 year Fixed = 5%
95% 30 Year Fixed = 5.125% (Requires PMI)
95% 15 Year Fixed = 4.5% (Requires PMI)
80% 15 Year Fixed = 4.375%
96.5% FHA 30 Year Fixed = 5% (Requires MI)
100% VA 30 Year Fixed = 5.25% (No PMI required)
80% 5 Yr ARM = 3.875%
70% 5 Yr Jumbo ARM up to $1M = 4.875%
80% 30 Year Fixed Jumbo up to $1M = 6%
Refinances up to 105% of appraised value are available

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com 

]]>http://www.phoenixheritage.com/Blog/Mortgage-Update-04-15-10http://www.phoenixheritage.com/Blog/Mortgage-Update-04-15-10Sat, 17 Apr 2010 07:50:00 GMTHelpful tip for InvestorsTenant Credit Checks

I often get calls from agents looking to run credit checks on prospective tenants. ACS Data 800-521-9082  or www.acsdatasearch.com seems to be the most cost effective provider of this service. They can provide a credit report with a score for $12 and a criminal background check for another $12.  Or, if the landlord allows it, the tenants could get their own report for free (plus $10/bureau for their score) on https://www.annualcreditreport.com or 877.322.8228.
For more information contact:
Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com
]]>http://www.phoenixheritage.com/Blog/Helpful-tip-for-Investorshttp://www.phoenixheritage.com/Blog/Helpful-tip-for-InvestorsSat, 17 Apr 2010 07:49:00 GMTFHA has approved DocuSignToday, April 8, 2010, e-signed third-party documents, including real estate contracts, are now being accepted by the Federal Housing Administration (FHA) with the issuance of today's mortgagee letter.

This mortgagee letter is the first in what is expected to be a series of responses to this initiative. With this policy statement from the nation's largest mortgage insurer, real estate professionals can use DocuSign to get real estate contracts, addenda and other documents signed electronically, and their buyers can apply for FHA insurance with confidence. The FHA mortgagee letter can be found on HUD.GOV website.

We've been working for you. DocuSign began direct conversations with FHA on this issue back in October of 2008, and we shared this blog post about FHA and Lender Acceptance of electronic signature back in July 2009. For those of you who were a DocuSign subscriber last fall, you may remember that DocuSign spearheaded an industry-wide effort to move the FHA to formally recognize e-signed third-party documents.

We don't want to take all the credit. The staff at the FHA has been pushing for progress for over two years. It took some early encouragement and help from many concerned parties such as the National Association of REALTORS® (NAR) and ESRA to help get this mortgagee letter published.

Without Ken Moyle, DocuSign chief legal officer, NAR, ESRA, and you, the voice of our customers, we would not be able to make this announcement today.

Thank you to everyone who participated by calling DocuSign and emailing the FHA, NAR or ESRA over the past several months - the FHA mortgagee letter is a result of your support throughout this effort!

Sincerely,
The DocuSign Team

]]>http://www.phoenixheritage.com/Blog/FHA-has-approved-DocuSignhttp://www.phoenixheritage.com/Blog/FHA-has-approved-DocuSignFri, 09 Apr 2010 10:15:00 GMT95% Primary Residence and 90% 2nd Home now availableLending guidelines rarely get easier these days but there have been some changes for the better lately on Conventional loans.  The Private Mortgage Insurance companies have had stricter rules for Arizona than they had for the rest of the country but they are now loosening up a bit.  They now allow a 95% Conventional loan for a Primary Residence with a 720 fico score.  They also now allow a 90% 2nd/Vacation Home with a 720 fico score.  A 2nd/Vacation Home would be someone from another state buying a home in AZ. Rental/Investment properties still require a 20% down payment.  The maximum loan amount for Conventional loans is $417,000.

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/95-Primary-Residence-and-90-2nd-Home-now-availablehttp://www.phoenixheritage.com/Blog/95-Primary-Residence-and-90-2nd-Home-now-availableFri, 09 Apr 2010 10:12:00 GMTMortgage Update 04-08-10Rates based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Doc Income Verification, paying one "point."  Please note, this information is intended for Real Estate Professionals.
 
80% 30 year Fixed = 5%
95% 30 Year Fixed = 5.125% (Requires PMI)
95% 15 Year Fixed = 4.5% (Requires PMI)
80% 15 Year Fixed = 4.375%
96.5% FHA 30 Year Fixed = 5% (Requires MI)
100% VA 30 Year Fixed = 5.25% (No PMI required)
80% 5 Yr ARM = 3.875%
70% 5 Yr Jumbo ARM up to $1M = 4.875%
80% 30 Year Fixed Jumbo up to $1M = 6%
Refinances up to 105% of appraised value are available

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/Mortgage-Update-04-08-10http://www.phoenixheritage.com/Blog/Mortgage-Update-04-08-10Fri, 09 Apr 2010 10:10:00 GMTWhy You Need A Good Buyers AgentToo many things can go wrong during the process of buying your dream home, especially in this complicated housing market where Short Sales and Lender Owned properties are beginning to dominate Active listings. 

A good Buyers Specialist Agent on your side can be invaluable when it comes down to finding and negotiating your dream home. 

Click here for more information, and contact us at Phoenix Heritage Real Estate Group to get the leg up on your home buying journey!

]]>http://www.phoenixheritage.com/Blog/Why-You-Need-A-Good-Buyers-Agenthttp://www.phoenixheritage.com/Blog/Why-You-Need-A-Good-Buyers-AgentThu, 08 Apr 2010 16:14:00 GMTHAFA UpdateApril 5th is the official launch of HAFA (Home Affordable Foreclosure Avoidance) Program.

Greg Markov of the Phoenix Heritage Real Estate Group and AZ Short Sale Experts speaks about the HAFA Program on CBS News / Channel 5.

Click here for the article (video link in the upper right).

More Recommended Resources:

Official HAFA Program Website

National Association of Realtors (NAR) HAFA FAQ

Greg Markov and Randy Kutz interview the Program Director of HAFA, Shane Hartzler

Realtor.org HAFA Overview


]]>http://www.phoenixheritage.com/Blog/HAFA-Updatehttp://www.phoenixheritage.com/Blog/HAFA-UpdateTue, 06 Apr 2010 14:38:00 GMTMortgage Update 03-25-10Rates based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Doc Income Verification, paying one "point."  Please note, this information is intended for Real Estate Professionals.
 
80% 30 year Fixed = 5%
95% 30 Year Fixed = 5.125% (Requires PMI)
95% 15 Year Fixed = 4.5% (Requires PMI)
80% 15 Year Fixed = 4.375%
96.5% FHA 30 Year Fixed = 5% (Requires MI)
100% VA 30 Year Fixed = 5.25% (No PMI required)
80% 5 Yr ARM = 3.875%
70% 5 Yr Jumbo ARM up to $1M = 4.875%
70% 30 Year Fixed Jumbo up to $1M = 6.25%
Refinances up to 105% of appraised value are available

Please feel free to call or email for prequalifications, LSR's, and any financing questions that you have. 
 
Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/Mortgage-Update-03-25-10http://www.phoenixheritage.com/Blog/Mortgage-Update-03-25-10Tue, 30 Mar 2010 10:23:00 GMTFHA increasing Upfront Mortgage Insurance PremiumsFHA's Upfront Mortgage Insurance Premium (UFMIP) will increase from 1.75% to 2.25% of loan amount for all FHA case #'s assigned after April 5, 2010.  Lenders can establish an FHA case # with borrower info. and the address of the property they are buying.  You will save your buyer money by requesting that your lender establish the FHA case # for any short sales that are accepted by buyer/seller but still awaiting bank approval.  FHA UFMIP is added on to the borrowers loan amount at closing on all FHA loans.  FHA also has monthly Mortgage Insurance equal to $45/month per $100k of loan amount.

For more information contact:

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com

]]>http://www.phoenixheritage.com/Blog/FHA-increasing-Upfront-Mortgage-Insurance-Premiumshttp://www.phoenixheritage.com/Blog/FHA-increasing-Upfront-Mortgage-Insurance-PremiumsTue, 30 Mar 2010 10:21:00 GMTDon't foreclose! Do a short saleBy Les Christie, staff writerMarch 29, 2010: 2:30 PM ET

NEW YORK (CNNMoney.com) -- Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.  Click HERE for full story...

]]>http://www.phoenixheritage.com/Blog/Dont-foreclose-Do-a-short-salehttp://www.phoenixheritage.com/Blog/Dont-foreclose-Do-a-short-saleTue, 30 Mar 2010 07:27:00 GMTAgent: Banks Foreclose During Short SaleOur own Short Sale Expert Greg Markov is interviewed by KPHO Channel 5:

Video Link Here

Sarah Buduson
Reporter, KPHO.com
POSTED: 8:48 pm MST March 29,2010
UPDATED: 7:09 am MST March 30,2010
PHOENIX -- Valley homeowners who are trying to sell their home through a short sale will often still end up in foreclosure."I hear these kind of stories from agents all the time where they will go and foreclose on the seller, despite their best efforts to mitigate the losses of the lender, bring the highest offer and work it out and settle,” said Greg Markov, a real estate agent for HomeSmart who teaches other real estate professionals how to do short sales.
Click  HERE  for the rest of the story...
And, don't miss the video included in the upper right hand corner of the article, too!
]]>http://www.phoenixheritage.com/Blog/Agent-Banks-Foreclose-During-Short-Salehttp://www.phoenixheritage.com/Blog/Agent-Banks-Foreclose-During-Short-SaleTue, 30 Mar 2010 00:00:00 GMT