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Financing in Maricopa : Real Estate Advice

  • All176
  • Local Info17
  • Home Buying57
  • Home Selling2
  • Market Conditions6

Activity 5
Thu May 10, 2012
Jason Coleman answered:
Our bank funds canadian second homes. We ask a slightly larger down payment, plus all normal income, asset conditions.
You can contact me below @
savingsandloans@yahoo.com
Jason Coleman
602_451_5472


LO 0912248
Peoples Mortgage
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Thu May 10, 2012
Anna M Brocco answered:
Much will depend on just how low the verifiable income is--start by checking with the bank you currently do business with, or any other smaller banks, credit unions, mortgage brokers..... ... more
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Sat Apr 6, 2013
answered:
Sorry to hear, but not too surprising from what I've heard about Arizona's property values.

Buying a home for $120k, refinancing and having it appraise for $105k isn't an issue unless you need a higher appraised value to refinance, which I suspect you do. But you are going to have to provide more details about your situation, hit "Answer this question" to add more information.

Do you live in the property? How much is owed on your mortgage? Does Fannie Mae or Freddie Mac own your mortgage? If so, they have a program for people who are underwater, but others can use it, and it's where you can refinance up to 125% of your home's value value so you can take advantage of today's better interest rates. The websites to check if Fannie or Freddie own your mortgage are http://www.fanniemae.com/loanlookup & http://www.freddiemac.com/mymortgage - your lender probably is aware of that program though, ask them, or if you are already doing that refinance program... what value do you need in order to refinance?

Regarding the value, are there any better comps out there that the appraiser didn't use? Did you and your loan officer go through the comps that were most likely to be picked, and determine that $120k would be a reasonable value? Or were you thinking the value would come in at something else? Did you not even review comps before? Is this appraisal not even part of a refinance and you just got one ahead of time to see what you could be dealing with?

Please explain your situation.
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Sun May 29, 2011
Doug McVinua answered:
Interest rates are low and it might be a good time to refinance and save some interest. Do you have equity in your home?

Rentals are doing well as most are cash flowing right away due to the low prices. Do you want a rental in Maricopa?

Arizona Homes for Sale by a Guy from Iowa
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Sat Jul 7, 2012
Carlos Ramirez answered:
Ken,

Have you discussed your situation with a local lender? Any reputable lender will be able to help you. If for some reason you can not do conventional lending you can try to use a hard money lender. Since it is an REO owner financing will not work.

Have you asked yourself why this property is priced at 33% of area comps and it is still available? Or why did they listed it that low? Make sure you are well informed before moving forward. When things seem too good to be true they usually aren't!

Good luck!

Carlos
ABR - Accredited Buyer Representative
www.SmartAZRealty.com
.
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