FHA Throws Lifeline to Would Be Buyers With Short Sales and Foreclosures

Yesterday, FHA announced that it was cutting the timeframes which some qualified would-be buyers who had gone through a short sale, foreclosure or bankruptcy would have to wait before purchasing another home. “FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity […]

Bernanke Declares the End of the World is Near

Did you hear the news yesterday? From the CNNMoney article … If unemployment falls to 7% by mid-2014, the Federal Reserve will stop buying U.S. bonds and mortgage backed securities, he said. That’s the first hard number the Fed has given for when it may end its stimulus policy, known as quantitative easing. For now, though, the […]

FHA and VA Buyers – Think About New Builds

Here’s the basic reality of purchasing a home with either a VA or FHA loan. It’s bloody difficult in this market, especially under $175,000. Why? It’s rather simple … Multiple offers are the norm and, if someone else comes in with cash, an FHA or VA offer is DOA. FHA offers often have seller concessions […]

Phoenix Real Estate Appraisal Trends

I touched on this ever so briefly on my Memorial Day/VA loan post yesterday (and thank you to all who shared that one across the interwebs.) Some 17 months after the real estate market well and truly turned here in the Phoenix area, appraisers are catching up. I’ve had recent listings where we had no […]

Memorial Day Surprises

On Sunday, a buyer of mine sent me a list of properties he wanted to look at yesterday. He’s a veteran and using a VA loan (because, really, if you can, why wouldn’t you.) On Monday – Memorial Day – I e-mailed the agents to set appointments, since only a couple of the properties were […]

Realities About Loan Preapprovals

There has been a radio ad running on ESPN Radio where one person is telling the other how much smoother their effort to buy a home has been since they received a pre-approval from XYZ Mortgage (not the actual name, and my apologies if there really is an XYZ Mortgage out there.) In the ad, […]

FHA Home Buyers – The News is Getting Worse

Here’s a little known (dubious) fact … In the original script for Groundhog Day, the character played by Bill Murray was supposed to be an FHA appraiser, not a weatherman. The studios, however, felt it would be difficult for the public to relate to the all-too-real scenario of an FHA appraiser trapped forever in the […]

HARP Revision – Some Additional Info

Here’s an interesting aspect of the changes to the Home Affordable Refinance Program, better known as HARP, according to a story on Fox Business: Those who bought a house as their primary residence but now hold the property as an investment will be able to refinance through HARP at an additional cost. In other words, […]

HARP Finally Comes to the Phoenix Real Estate Market

Let’s jump into the Wayback Machine to February 2009, when President Obama visited my alma mater, Dobson High School in Mesa, and unveiled the Home Affordable Refinance Program. At the time I wrote: The overall goal is to modify loans in manners that allow homeowners to remain in ther homes rather than face foreclosure. Eligibility […]

An Appraisal Tale

So what does an appraisal really mean? Buyers usually view the appraisal as a declaration of a property’s value. Lenders view an appraisal as a benchmark for risk assessment. Real estate agents view appraisals and, more to the point, appraisers, as the bane of our existence. Cached amidst the flowery legalistic language, disclaimers and overly […]