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Phoenix Real Estate for Sale

Moon Valley, Desert Ridge and Scottsdale Realtors

By Kimberly Anderson | Broker in Scottsdale, AZ
  • New FHA Guidelines to Help Short Sale and Foreclosure Victims Buy Much Sooner Than Before

    Posted Under: Home Buying in Phoenix, Financing in Phoenix, Home Ownership in Phoenix  |  August 22, 2013 12:22 PM  |  722 views  |  No comments

    In the last few years, when we would be discussing with a client about consequences of a short sale or foreclosure, we would have to say it would likely be 2-3 years before they could try to buy a home again.  That was based on current mortgage guidelines at the time.  Now due to some recent changes, that time frame could be shortened.

    FHA has finally acknowledged that the Great Recession has been a contributing factor to many prospective buyers that have had a Bankruptcy, Short Sale, or Foreclosure within the last 3 years and has just come out with a new Mortgagee Letter providing detailed instructions to lenders on when it is appropriate to overlook one of these major derogatory credit events that has until now prevented borrowers from buying again.

    If you have been prevented from obtaining new home loan financing because of a Short Sale, Foreclosure, or Bankruptcy within the last three years AND the reason for the event was due to a job or income loss (20% gross family income or more), then give us a call so we can put you in touch with a lender who can see if your situation meets the guidelines.

    What a great opportunity to be able to jump back into home ownership at affordable home prices and very low interest rates!  We have the team to get you there. View more detailed information at www.360RealEstateTeam.com.

    My name is Kim Anderson and I have been a licensed real estate broker and professional for over a decade.  I focus on Metro Phoenix Arizona real estate and am happy to help with any real estate needs you may have. Call me at (480) 567-9747.

  • The Bank of America Short Sale Relocation Assistance Program

    Posted Under: Home Selling in Phoenix, Financing in Phoenix, Foreclosure in Phoenix  |  May 19, 2012 7:55 PM  |  293 views  |  3 comments
    Bank of America is excited to announce that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.

    The Bank of America Short Sale Relocation Assistance Program.

    If you own a Metropolitan Phoenix or Scottsdale home, and your mortgage is with Bank of America, do not miss this limited-time offer to get the help you need by initiating a preapproved price short sale today. Call us IMMEDIATELY so we can help get your home preapproved and listed for a short sale.

    Do you already have an active preapproved price short sale? Don’t worry; Bank of America is reviewing all current, in-process preapproved price short sale agreements to determine who is eligible for this limited-time offer. Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America’s proprietary program) will receive a letter if they qualify for the additional relocation assistance. The relocation assistance will be paid at closing.

    If you have interest in this program, contact us IMMEDIATELY. This is a LIMITED TIME OFFER from Bank of America.

    *The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $2,500, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability. 

  • Facts Regarding VA Financing - Zero Down Option

    Posted Under: General Area in Phoenix, Home Buying in Phoenix, Financing in Phoenix  |  March 8, 2012 4:40 PM  |  314 views  |  No comments
    If you are a Veteran eligible for a VA loan, now would be a great time to use your VA loan benefits and buy a home, given the low interest rates on home mortgages. If you are not sure about your eligibility, visit the Department of Veteran Affairs VA home loan eligibility page. Many lenders are VA endorsed and can process your VA home loan very easily. We are also happy to provide a list of Phoenix Arizona VA endorsed lenders should you require assistance.

    Here are some of the other benefits of getting a VA loan:

    1. VA loans include 100% financing with zero down payment required.
    2. VA loan limits are $417,000 which can basically get you into an estate sized home in this current Phoenix Arizona real estate market!
    3. There is no monthly mortgage insurance on a VA loan so your payments comparatively, will be lower.
    4. Buyers can get up to 4% in closing costs covered by the home seller. Some VA fees (like escrow fees and lender processing fees) cannot be paid for by the buyer in a VA home loan transaction.
    5. Rates are competitive because the VA home loans are guaranteed by the government; there is much less risk for the banks.
    6. No pre-payment penalties if you pay off loan early.

    These are only a few of the reasons why you may want to use your VA eligibility now when Phoenix Arizona homes prices and mortgage rates are so low.

    You’re a United States Veteran – you deserve this home buying opportunity!

  • How Soon Can I Purchase a Home After a Short Sale has Closed?

    Posted Under: Home Buying in Phoenix, Home Selling in Phoenix, Financing in Phoenix  |  February 24, 2012 9:01 AM  |  334 views  |  No comments
    Phoenix Arizona short sale specialists can help you with the short sale on your home.Many home owners are not aware of how a short sale would affect their ability to purchase a home after the short sale transaction of their current home closes.

    The waiting period is not as long as many would think and in some cases, it could be even shorter than most lenders would lead on.

    There are many factors which come into place when a home buyer is having to qualify for a home loan or mortgage. Often, one of the more critical aspects of the process for a home buyer, aside from ensuring that he or she has enough income and a low enough debt-to-income ratio, is how much money will be put down on the purchase of the home. This point is better exhibited in the chart below:

    Waiting periods for home purchase after a short sale has closed.If you are a Greater Phoenix Valley home owner and you are considering a short sale because you need to get out of your home, click here to contact our team of Phoenix Arizona short sale specialists immediately (time is of the essence in most of these situations) and allow us to layout your options specific to your entire set of unique circumstances. 

  • FHA Loan Financing....Did you know?

    Posted Under: General Area in Phoenix, Home Buying in Phoenix, Financing in Phoenix  |  February 1, 2012 9:34 AM  |  294 views  |  No comments
    I was speaking with a tenant that was living in a home that one of my clients just purchased in Glendale.  She had expressed to me that she wished she could purchase a home and specifically the home they were renting.  She told me that she thought her credit score was over 700 but didn't think she could get a loan because of job history and no large down payment.

    Contact 360RealEstateteam.com for all your Greater Phoenix Arizona real estate needs.I let her know that FHA loan financing allows a person to go to school for one year and have it count as job history.  This person had worked before she went to school and already had job offers for when she graduated.  So she won't have job history issues.  I also reminder her that FHA only required 3.5% down payment and closing costs could be rolled into loan.  On a $100,000 purchase that is only $3,500 down and with rates where they are at, they payment would be about $400 less that their rent payment.

    There is still other factors to consider, but the moral of this story is that I realized how many people operate off of a lack of information or bad information.  I speak to so many people who believe you need 20% down to buy a home these days.  I realize that as real estate professionals, we have to continue to reach out and educate so those who desire home ownership truly know what their options are.

    Click here to contact us.
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