This That and some of Those
The unmistakeable sound of crunchy exoskeleton meeting old shoe leather can only mean one thing: Summer is here! What better way to incent youngsters to keep their room clean than a chance to take a whack at a bright florescent scorpion illuminated with a black light flashlight. The backyard is a great place to complete your encounter with these critters before you find them in your shoe as you hurry to summer school. With recent warm temperatures everybody is looking for shelter and a little AC relief. A small inconvenience given we have no tornados, tsunamis, earthquakes etc.
There will be a monthly real estate meeting Wednesday July, 6th at the Aviano community center. 6:30 PM sharp. Bring your laptop and questions! Free, casual and lasts an hour.
It is always a good idea to consult with a lawyer if you are a renter and find that your home has a trustee sale notice on it. Be advised that Congress passed S.896 with section 702 addressing the effect of foreclosure on preexisting tenancy. So if a 3rd party buys the home at the trustee sale or it reverts back to bank ownership, the length of your lease must be honored assuming your not related to the owner. There are a couple of other provisions so if this is a question for you - look into it.
Neighbor Sam sent me this article on limits to mortgage sizes. I asked Stuart Crawford to put it into language that simple folk like myself could understand and here is what I got: "Essentially, the Temporary High-Conforming Loan Limits are set to expire this fall. This only affects homes in what are classified as “High Cost Areas” (i.e. San Francisco, Los Angeles, New York, etc.).
The standard conforming loan limit was $417,000 nationwide (and is still the case in NON high-cost areas such as Arizona). In 2008, the government approved increasing the “Conforming Loan Limit” in certain areas that they deemed high-cost. For example, in San Francisco, the conforming loan limit is currently $729,750.
Once you exceed the conforming loan limit, the loan is classified as a JUMBO loan. JUMBO loans require larger down payments, have higher interest rates, and more stringent qualifying guidelines.
In high-cost areas, once the temporary loan limits expire, the consumer will then be subject to JUMBO loan requirements if their loan exceeds a certain amount. In my opinion, the most significant impact will be down payment requirements, as buyer’s will be forced to come up with a lot more cash to close in an equity strapped market.
As stated earlier, this will not affect Arizona in terms of conventional loans. Although, it will affect our market in regards to FHA loans. The temporary loan limit in Maricopa County is currently $346,250, and is set to expire this fall, and could be reduced back down to the $270,000 level (approximate). "
Thanks guys. I wonder what would happen if the government was not involved telling buyers and lenders what the rules are. One can dream.
Tags:aviano,desert ridge,phoenix,real estate,villages at aviano,fireside,Arizona,short sale,foreclosure,fireside at desert ridge,Toll Brothers,pulte del web,bella monte. Information and pictures supplied by MLS and deemed reliable but not guaranteed. Proud to wake up, live and work in the great State of Arizona.
There will be a monthly real estate meeting Wednesday July, 6th at the Aviano community center. 6:30 PM sharp. Bring your laptop and questions! Free, casual and lasts an hour.
It is always a good idea to consult with a lawyer if you are a renter and find that your home has a trustee sale notice on it. Be advised that Congress passed S.896 with section 702 addressing the effect of foreclosure on preexisting tenancy. So if a 3rd party buys the home at the trustee sale or it reverts back to bank ownership, the length of your lease must be honored assuming your not related to the owner. There are a couple of other provisions so if this is a question for you - look into it.
Neighbor Sam sent me this article on limits to mortgage sizes. I asked Stuart Crawford to put it into language that simple folk like myself could understand and here is what I got: "Essentially, the Temporary High-Conforming Loan Limits are set to expire this fall. This only affects homes in what are classified as “High Cost Areas” (i.e. San Francisco, Los Angeles, New York, etc.).
The standard conforming loan limit was $417,000 nationwide (and is still the case in NON high-cost areas such as Arizona). In 2008, the government approved increasing the “Conforming Loan Limit” in certain areas that they deemed high-cost. For example, in San Francisco, the conforming loan limit is currently $729,750.
Once you exceed the conforming loan limit, the loan is classified as a JUMBO loan. JUMBO loans require larger down payments, have higher interest rates, and more stringent qualifying guidelines.
In high-cost areas, once the temporary loan limits expire, the consumer will then be subject to JUMBO loan requirements if their loan exceeds a certain amount. In my opinion, the most significant impact will be down payment requirements, as buyer’s will be forced to come up with a lot more cash to close in an equity strapped market.
As stated earlier, this will not affect Arizona in terms of conventional loans. Although, it will affect our market in regards to FHA loans. The temporary loan limit in Maricopa County is currently $346,250, and is set to expire this fall, and could be reduced back down to the $270,000 level (approximate). "
Thanks guys. I wonder what would happen if the government was not involved telling buyers and lenders what the rules are. One can dream.
Tags:aviano,desert ridge,phoenix,real estate,villages at aviano,fireside,Arizona,short sale,foreclosure,fireside at desert ridge,Toll Brothers,pulte del web,bella monte. Information and pictures supplied by MLS and deemed reliable but not guaranteed. Proud to wake up, live and work in the great State of Arizona.
