by Michele on March 3, 2010
One of the pretty common financing questions I hear these days is, “how long do I need to wait to obtain financing after a bankruptcy, foreclosure or short sale?” Matthew Belmont, Sr. Mortgage Consultant with On Q Financial provided the following outline of the waiting periods by loan type.
Conventional Loan
- Chapter 7 Bankruptcy ~ 4 years from discharge date
- Chapter 13 Bankruptcy ~ 2 years from discharge date
- Foreclosure ~ 4 years from completion date
- Deed-In-Lieu of Foreclosure ~ 4 years from completion date
- Short Sale ~ 2 years from completion date
FHA Loan
- Chapter 7 Bankruptcy ~ 2 years from discharge date
- Chapter 13 Bankruptcy ~ 1 year of the payout must elapse & payment performance must be satisfactory – buyer must receive permission from the court to enter into a mortgage
- Foreclosure ~ 3 years from completion date
- Short Sale ~ 1 year from completion date if the borrower was current at the time of the short sale and all installment payments for a 12 month period~ 3 years from completion date if in default at time of short sale
VA Loan
- Chapter 7 Bankruptcy ~ 2 years from discharge date
- Chapter 13 Bankruptcy ~ 1 year of the payout must elapse & payment performance must be satisfactory – buyer must receive permission from the court to enter into a mortgage
- Foreclosure ~ 2 years from completion date
- Short Sale ~ No specific information on this yet, assume foreclosure rule of 2 years
USDA Rural Loan
- Bankruptcy (Ch 7 & 13) ~ 3 years from discharge date
- Foreclosure ~ 3 years from completion date
- Short Sale ~ No specific information on this yet, assume foreclosure rule of 3 years
Do you have additional questions about financing? Feel free to contact Matthew at 480-236-3541 or matthew.belmont@onqfinancial.com
by Michele on February 26, 2010
This 3-day juried show on the Avenue of the Fountains features nearly 480 artists and artisans from across the United States and around the globe, and attracts 200,000+ visitors. Food booths and seating areas abound throughout the venue, with great breakfast, lunch and rest stops situated at locations in the middle and at both ends of the festival area. Live musical entertainment.
Event is free. Parking is free. Rain or Shine. For the safety and consideration of others, please leave your pets at home.
Directions to the Festival:
From the South East Valley
Take 87 – (Country Club Drive) north to Shea Blvd., turn left at Shea Blvd. At the first traffic light, turn right on to Saguaro Blvd. Continue on Saguaro Blvd. to downtown and follow signs for parking.
From the South West Valley
Take 10 East to 202 East. Exit 202 at 87 – (Country Club Drive). Turn left at exit, heading North. Continue for approximately 12 miles to Shea Blvd. Turn left at Shea Blvd. At first traffic light, turn right to Saguaro Blvd. Continue on Saguaro Blvd. to downtown and follow signs for parking.
From the North West Valley
Take 101 South. Exit at Shea Blvd. East. Continue on Shea Blvd. for approximately 5 miles. Turn left to Palisades Blvd. Continue on Palisades Blvd. to downtown and follow signs for parking.
by Michele on February 25, 2010
We all know the economy is tough right now. Most people are looking for ways to cut cost and control their monthly expenses and spending. Often they do not realize how much they are paying to live in their homes. So let’s take a look at the home budget and see where you might be able to make some changes.
Mortgage: Your largest expense is probably your mortgage. Mortgage rates are historically low. You might be able to refinance and lower your monthly payment.*
Homeowner’s Insurance: Check in with your agent once a year to see if you are getting the right coverage at the best price.
Real Estate Taxes: The higher the assessed value of your property, the higher your real estate taxes. So the next time your city or town does a reassessment, don’t be afraid to ask for abatement if you think they have given your home too high a value. Do your homework. Look up the assessments for similar homes in your neighborhood. The records are public and usually available at the tax assessor’s office.
Recurring monthly expenses:
- If you pay for town/city water, town/city sewer or a homeowners’ association, those are probably fixed expenses you can not cut.
- If you pay for private trash collection, lawn and gardening services, exterminator services or pool maintenance periodically look around for cheaper rates. Even if you are happy with your current supplier, this information could help you get a better deal.
- Phone, internet and cable TV services should be reviewed at least once a year to see if competitors offer better prices.
- Energy costs. Oil companies should be reviewed once a year, before heating season begins. And if you think oil may be going up, pick a supplier who will lock in the price. In a growing number of areas, you can also find competing electric companies. Find out who has the best deal. If you heat and air condition with gas, ask your local gas company about special offers.
Maintenance and Repairs: It is always cheaper to fix a problem as soon as it comes up, rather than letting it go. It costs very little to re-caulk around a bathtub, but if you ignore it, you could wind up replacing a wall. Put aside $500 to $1,000 a year to take care of minor repairs and maintenance.
Major Improvements: If you have your heart set on updating a kitchen or bath, installing a deck, or even putting on a new addition, get a rough cost estimate and decide how many months from now you would like to start. Divide the cost by the months and begin putting money away for it each month.
Your home is your biggest investment. But with a little effort you can make your home costs smaller.
Tips provided from Home and Wealth Newsletter, Mike and Betsy Moshofsky, Prime Lending.
*Thinking of refinancing? Contact Mike today at (480) 332-8545.
by Michele on February 24, 2010
I went to the National Association of Realtor’s website today and found a lot of newly released reports on the Median Home prices by Metro Area.
Mean vs Median: A mean is calculated by adding up all the values in a distribution and then dividing the sum by the total number of values contained in that distribution. To find a median value, one takes all of the values in the distribution, sorts in ascending order, lines them up and finds the middle value.
They sound similar, and in may instances, there is not much difference between the two values. But the reason NAR concentrates on the median instead of the mean is because the mean value calculation has a limitation that can prevent it from reflecting an “average.” In calculating home sales price statistics this limitation occurs when the sale price of one home varies greatly from the remainder of the homes. This can skew the average.
The reason NAR concentrates on the median instead of the mean is because the mean value calculation has a limitation that can prevent it from reflecting an “average.” In calculating home sales price statistics this limitation occurs when the sale price of one home varies greatly from the remainder of the homes. This can skew the average.
For a interactive map, click on this link: Market Median Home Price map
For the 2009 4th Quarter Median Sales Price of Existing Single Family Homes by Metro Area Report, click on this link: http://www.realtor.org/wps/wcm/connect/7ec35f80415d4c56a9d1b908069f8e0c/rel09q4t.doc?MOD=AJPERES&CACHEID=7ec35f80415d4c56a9d1b908069f8e0c
For the 2009 4th Quarter Median Sales Prices of Exisiting Condos/Co-ops by Metro Area Report, click on the following link: http://www.realtor.org/wps/wcm/connect/5bcc3f00415d4928a9aab908069f8e0c/rel09q4ct.doc?MOD=AJPERES&CACHEID=5bcc3f00415d4928a9aab908069f8e0c
