Home Buying in 85050>Question Details

fatboy, Home Buyer in Phoenix, AZ

Planning to buy a home in Desert Ridge area

Asked by fatboy, Phoenix, AZ Sat Jun 6, 2009

Hi
I am planning to buy a 3 bed room home in Desert ridge area, the only option for me is to go through a FHA.
What king of properties shall i look for ?

Are there any problems in going with FHA, when making offers to short sales or Foreclosed homes ?

Help the community by answering this question:

Answers

13
Right Now FHA is second only to Cash. Do not limit yourself to a certian type of property. Look at everything find the home you want and make the FHA offer.

There are several FHA limits, here are just a few.

With Bank Owned Homes. Mainly the Pool, must be filled and in working condition, Stoves and toilets are a must have.

As for Short Sales, they are still a Challange. So going FHA wont make a difference.

So again dont limit your options, A good Buyers Agent can help you through the risk, and details, and put the deal together.

Dont get caught up in the Hype, this is not a buyers market it is a " Bankers " market. They own the loans, Inventory, and set he price, So they control the market.

Here is a site to help answer some of the details

http://www.nls.gov/buying/loans.cfm
Good Luck
Patrick
480-543-9899
Web Reference: http://www.AZRE.TV
2 votes Thank Flag Link Sat Jun 6, 2009
Mr.P, Other/Just Looking in Arizona
MVP'08
Ash,

There wouldnt be any problems with FHA. However for some of my recent buyers I have asked them to put as much earnest deposit down as possible since the market is flooded with cash buyers and conventional loan buyers.

I work in this area and live close by!

Would you let me know your price range and what amenities you prefer such as pool or no pool, planned community ect..

Lucinda Tkach
Windermere Central
lucindat@windermere.com
602-799-6846
1 vote Thank Flag Link Sat Jun 6, 2009
HI Ash
Log on to http://www.DesertRidgeLifestyle.com to keep up with homes available in Desert Ridge. A majority of my buyers right now are FHA and they still get homes. So can you. You know where you wish to live, now it's about identifying the home and makeing the best offer for the bank to accept. There are ways to secure first position on short sales. My cash buyers still play a strong preference I find but don't let it deter you. It can be done.
I will help you find your home if you are looking for a professional that specializes in the area. Contact me through my website or call.

Laura Myers
http://www.DesertRidgeLifestyle.com
480-600-6213
1 vote Thank Flag Link Sat Jun 6, 2009
I'd love to help you out. Feel free to contact me through my Trulia profile.
0 votes Thank Flag Link Mon Aug 11, 2014
About the FHA - have you discused your options with a lender?

About the properties - I can send you a list of properties that meet your criteria.

Best Regards,

Residential Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Bianca@InvestInArizonaHomes.com
Website: http://www.InvestInArizonaHomes.com
0 votes Thank Flag Link Tue Feb 25, 2014
no, this is not a problem. I live in Desert Ridge and I"m a loan officer in Desert Ridge as well. The bad news in that FHA is limited to $271,050 max loan amount, so if you are looking to buy above that you will need cash difference. Short sales and foreclosures are fine for FHA financing as long as there are no major issues with the home (cosmetic is OK, but can't be missing the kitchen, or gutted bathroom, or anything like that that would affect the functionality of the home). Feel free to contact me with additional questions.
davetimmerman.com
thanks,
Dave Timmerman
0 votes Thank Flag Link Sun Feb 23, 2014
Homes in Desert Ridge are generally in very good condition so being an FHA buyer should not be an issue from an inspection stand point. You will want to work with a REALTOR who can be an advocate for you and your offer. I get a high percentage of my offers accepted by selling my experience as someone who knows how to get a deal done. I have twenty-plus years of experience in a previous career as a transactional real estate attorney and title insurance attorney. I have "won" bids for my client without submitting the highest dollar bid.

I live and work in Desert Ridge. Please do not hesitate to call with any questions.

Mario Micheli
Nextage Realty Professionals
480-440-0077
LinkedIn Profile: http://www.linkedin.com/in/hiremario
0 votes Thank Flag Link Sun Jul 14, 2013
Hello,


There are no issues with this keep in mind FHA mortgage max limit is 346250.00, so as long as you are going with a loan amount below that you should have no problem.


Feel free to contact me if you have any further questions.

City North/ Desert Ridge Location
Timothy Potempa
Sr. Loan Officer
Office/Cell: 623.570.0781
Fax: 602.464.7396
NMLS:454708

5450 E. High Street Suite 260
Phoenix, AZ 85054
0 votes Thank Flag Link Wed Jul 3, 2013
Hi Stew,

You have come up with a interesting point,
First of all this will be my first home, and i will reside in it.

Now, the only reason i asked this question is , "what will happen if i change my job and move to different state?"
In that case, can i rent out this home ?

Thanks
0 votes Thank Flag Link Sat Jun 13, 2009
Ash,

It sounds like you are trying to purchase a home for investment using an FHA loan.

This would not be possible.

FHA will require you to reside in the home.

Stew Keene
Signature Realty Group
0 votes Thank Flag Link Thu Jun 11, 2009
Hi Again Ash
The rents run about $1100-$1450 for the smaller 1300-1700sf homes all the way up to $3000 for the larger. the builders are different and demands for them bring different values as well. The corner of Deer Valley and Tatum where the Continentals are have many rental properties.
If I can help let me know
Laura Myers
Keller Williams Arizona Realty
0 votes Thank Flag Link Thu Jun 11, 2009
I will like to know ,, how is the rental situation in Desert ridge area. what are the chances of 3 bed room home going out on rent. how much is the rent in this area ?
0 votes Thank Flag Link Thu Jun 11, 2009
Ash,

Are you a first time home buyer?

Stew Keene
Signature Realty Group
0 votes Thank Flag Link Sat Jun 6, 2009
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