HARP Update

Guidelines for the much anticipated HARP 2.0 have been released and are now being digested by the banks that will be funding these deals. We are currently waiting for specific rates and terms that will be available, and expect to be ready to close these deals in March 2012.

HARP, which was originally released in April 2009, is known by several other names: "goverment refinance program", DU Refi Plus, Obama's Refinance Plan, and Making Home Affordable Plan.

The first criteria to determine if you are eligible is to check to see if your loan is owned by Fannie Mae or Freddie Mac. Your loan must be backed by Fannie Mae or Freddie Mac and your acquisition/funding date must be prior to June 1st, 2009 (see your NOTE for that date).

Use these sites to check if your loan is owned by Fannie or Freddie:
Fannie Mae Loan Lookup
Freddie Mac

If your loan is not owned by either agency, you're not eligible for HARP, but you may be eligible for a regular refinance or possibly an FHA Streamline Refinance - if you'd like to explore your options for these types of refinances, please complete an application HERE.

Keep in mind also, that just because your loan is backed by one of these agencies does not instantly qualify you for HARP II.

If your loan IS owned by Fannie Mae or Freddie Mac, then it is probably a good idea to complete a loan application. You can do this online HERE, or feel free to call me and we can discuss your options over the phone.

A few points regarding HARP II:

* You must be current on your mortgage payments, and have no late payments in the past six months.
* There is no Loan-To-Value restriction with the new HARP - no matter how underwater you may be, you could still be eligible for a new 30-year fixed rate.
* You may not need an appraisal, however we will run an AVM (Automated Valuation Model) to get a rough estimate of the value of your home. Some banks may require a physical appraisal to check the condition of the home.
* HARP is for first liens only - any second liens must be resubordinated.
* There is no income check if your principal and interest payment stays with 20% of your old payment - if you're currently unemployed, or if you orginally purchased your home using 'stated income', you may still qualify.

This information is up-to-date as of January 24th, 2012. If you're ready to apply for a HARP refinance and see what rate may be available, call me! 602.206.3144.

Veteran's Day - Thank You

I wanted to take this day to thank you for your service and everything you do to protect our freedom. What you do ensures my family's safety, my freedom of speech, freedom to bear arms, and freedom to live my life as I see fit. It is my belief that those who have served and sacrificed for our country, and those who continue to do so, are the true heroes of this nation. So many have given their lives so that we can enjoy what we are today. I truly appreciate your service to our great nation, The United States of America. Thank you.

Testimonial From Another Happy Homebuyer

Mr. Maison,

To say it was a pleasure working with you is an understatement.  A business professional myself I have high expectations of those I do business with, and you exceeded in every way possible.  Not only did you find me a great rate with a reliable lender, you also were able to guide me through some of the most intricate and difficult aspects of obtaining a new loan.  Helping me land closing cost assistance through the lender was icing on the cake.  I highly recommend your services to anyone who may be looking to purchase a new home, or refinance their current mortgage.  Kudos, and keep up the good work.

Sincerely,
Tim

FHA Loan Limits Decrease in Maricopa County

As you've probably seen or heard, FHA Loan Limits are set to decrease on October 1st, 2011.  The max loan amount for FHA financing will be dropping from $346,250 to $271,050.  Financing with loan amounts greater than $271,050 must be processed and underwritten by September 30th, 2011.

If you have any questions on these new FHA guidelines, please feel free to contact me.

Inventory is VERY low in Phoenix...here's how I can help:

REALTORS

As you all have probably noticed, the inventory is VERY low and it's been harder than ever to find that perfect home for your buyers…especially those who need an FHA-eligible home.  That being said, this is a GREAT time to take advantage of either NOVA's Escrow Holdback Program or an FHA 203k Loan.

Attached is a flyer which highlights our Escrow Holdback Program; this is perfect for homes that need just a few items for FHA approval.  Say the dishwasher is missing and the seller (bank) refuses to put one it…use NOVA's Escrow Holdback Program!

Also, we now do all of our 203k loans IN-HOUSE.  I have completed the necessary education to efficiently see you and your buyers through a 203k loan.  Don't be afraid to use this loan anymore, I can help you close more deals!

If you think you have a buyer that could benefit from one of these programs, please feel free to contact me and we will get the pre-approved!

Hosting an Open House this weekend?

MSN Real Estate published a good article on some helpful hints when hosting an Open House:

Link: 8 tips for a successful open house | MSN Real Estate

1)  Take advantage of technology - Since most buyers start their search online, you want to make sure the home you're listing is ALL OVER the web.  Hopefully by now you're on Facebook, Twitter, and using all of the other social media devices to advertise your business.  If not...I can help get that set-up for you!
2)  Save paper, save money - With a little notice, I'm always happy to provide you with Financing Options Flyers for your Open House.  Most of your content on the Open House can be online to save paper and money, but having something with your information and a quick contact for a pre-approval that a potential buyer can take with them is key as well.
3)  Use low-tech too - Good old fashioned sign riders, advertising the Open House, should always be out.  I can also add to your For Sale sign the option for potential buyers to receive texted information about the house...a great way for you to follow up on the leads!
4)  Enlist the neighbors - Don't forget that neighbors checking out the house should be considered 'good traffic'.  Other potential buyers may get a higher sense of demand for the house, which may create some urgency.
5)  Create a neutral environment - Hopefully all the toilet lids are closed at your Open House...
6)  Leave - and take your pets with you
7)  Be security-conscious - It's a good idea to have more than one person with you at the Open House, not only for your safety, but to also help 'chaperone' potential buyers throughout the home to protect your clients' property.
8)  Choose an 'off' hour - Reading this in the article was a surprise to me, but it makes a lot of sense.  By doing your Open House a little later than most, you should see more traffic and they may be in less of hurry to see the next home. 

Please remember, I'm here to help YOUR business succeed!

 I am always willing and able to help advertise and sometimes sit with you at an Open House.  

Just give me a call, and good luck at your next Open House!

NOVA Home Loans is top-ranked

For a second consecutive week a company associated with the residential real estate business tops our good news. Tucson-based Nova Financial & Investment Corp., parent of Nova Home Loans, ranked as the largest Arizona-based originator of federal home loans in 2010, according to the trade publication Inside Mortgage Finance.

Nova, which is licensed to operate in 18 states, did $1.4 billion in mortgage originations last year.