You Have More Choices Thank You Think!

I'll concede that choices in the mortgage industry have been severely limited for several years. Buyers are amazed that they can no longer obtain a loan with no documentation or without providing proof of income. Admittedly regulatory entities have overreacted a bit, but for the most part these new guidelines protect us all. Home buyers however are not seeing things in exactly the same light. They're thinking that maybe they’re missing the boat. Interest rates are at an historical low and home prices are fantastic right now. Are their no mortgages available other than the standard FHA and Conventional? You need to know that you do still have options. I've listed a few below but there are many more if you do your research. I'm always happy to answer your questions, my expertise is in the Arizona mortgage industry.

USDA - 0% Down
          For home purchase in rural areas. The allowable area is shrinking so you'll want to check into this loan as soon as possible.

3% Down Conventional
          Did you know that you can get a conventional loan for as little as 3% down? If you have additional available funds try 5 or 10% down.

VA - 0% Down
          VA loans are often overlooked. You do not have to be active military, just a veteran of any branch of the service.

FHA Low Credit Score
          It is not widely known that you can obtain an FHA mortgage with a credit score as low as 580.

203K Re-Hab
          A fantastic option for that less than perfect home that won't qualify for standard financing. You can roll the cost of remodeling right into your mortgage!

Extended Locks
          Thinking about purchasing a short sale or REO property but afraid that rates will jump while your waiting for your offer to be accepted? We have extended locks, up to 6 months, just for these and similar scenarios.

Less than 90-Day Flips
          Please be aware that not every lending institution can finance these. If you've been turned down by another lender give me a call.

Neighborhood Stabilization Programs
          Varied by community, these programs contribute down payment and closing costs to buyers purchasing in designated areas.

Foreign Nationals
          No US credit necessary!

DO NOT be scared off! The truth about the 2012 real estate tax.

Do not be scared off by the flood of inaccurate information floating around about a new real estate sales tax levied in 2012. The truth is yes, there is a new tax and yes it will subsidize health care. However it is not a sales tax, and it will not be applied to every estate sale. The effect is not nearly as wide spread as you might have been led to believe and in fact, most people will not be impacted at all.

The 3.8% assessment is on investment income only. The same $250,000 per person and $500,000 per married couple, that is currently exempt from capital gains, will also be exempt from this tax. That means that a married couple selling their primary residence must realize more than $500,000 in profit, and only the gain ABOVE $500,000 is subject to tax.

And please let me dispell completely, the outright fabrication in alarmist e-mails stating that buyers will be taxed on their real estate purchases. This is NOT TRUE and nothing of the sort is included in the above mentioned tax.