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Home Buying in Phoenix : Real Estate Advice

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  • Home Buying924
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Activity 995
Tue Jan 31, 2017
Karen Peyton answered:
Your agent is your "go to" person since he/she knows the exact writing of the contract.
That said, if you used the most recent contract of the Arizona Association of Realtors, and did not omit, qualify, limit or define the buyer's loan costs so as to exclude discount points, they can included as "loan costs." ... more
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Sun Jan 22, 2017
Karen Peyton answered:
Sun Jan 22, 2017
Karen Peyton answered:
You aren't saying which fees you are trying to avoid...You can buy without an attorney - instead using a title and escrow company.
0 votes 1 answer Share Flag
Tue Jan 17, 2017
John Burke answered:
Hi Jrowe80512,

It depends on several factors.

Where did you get your score of 620? Is that your mid score?

How are you paid? Are you hourly or salary? Is any part of your 100K income from overtime, commission or bonuses & if so, do you have a 2 year history of receiving it? Are you self employed? Do you take just the standard deductions on your tax returns or do you itemize your deductions?

How did you calculate your debt to income of 10%? Is this just your current monthly debts or did you add an estimated housing payment?

How much money do you have for your down payment? FHA requires a down payment of 3.5% while a conventional loan will require 3 to 5% down.

If your mid score is 620 as pulled by a lender and your DTI is really 10% based on how a lender will calculate your income and you have enough money for a down payment, then YES you could qualify for a 300K mortgage in Phoenix.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
jburke@gpbankTX.net
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
... more
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Fri Jan 6, 2017
Karen Peyton answered:
What you want is "do-able" but I think your timeline is a bit ambitious.
There are several down payment assistance programs and two zero down mortgages in the Phoenix area. The qualification for each is different, yet all will consider income and debt-to-income ratios to determine the mortgage amount.
Credit wise, you'll need a score in the mid 600's.

Read more below. Call if you want help.
... more
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Wed Jan 4, 2017
Dave Jackson answered:
It is possible however you would have to find a down payment assistance program that would agree to the renovation loan. Down payment assistance programs are far and few as compared to 2012. the Real Estate down turn is over.

Both the loan and the down payment assistance program are slow closers. If I was a seller I would not accept an offer with both of those because I would rather close now than wait 45 to 60 days or longer.

From a lending stand point the renovation loan is higher risk than a non-renovation loan. All of the paperwork needs to be correct for not only loan approval, for the construction approval as well. I have not done a Conventional renovation loan. I have done a bunch of FHA renovation loans. They don't close quick, there are lots of hoops to jump through and because it is higher risk the rate and costs are higher as well.

And I have done a bunch of down payment assistance lending. The programs are very restrictive in credit and household income plus debt to income ratio. In addition there is an education class and added paperwork. I am all for education classes and can point you to some excellent online classes. The rest of it is just a lot of hassle.

Depending on how you define fixer upper, it is best to leave the real fixing and flipping to professionals. If you find a home that will pass a FHA appraisal (the toughest appraisal) buy that home and make your changes as you live there. If you want to jump into the world of renovation loan bring some cash. Both FHA and conventional have those products. Know that it will be a hassle and concentrate on the end result after the rehab. This is one trip that the destination needs to be the focus not the JOURNEY.
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Wed Jan 4, 2017
Dave Jackson answered:
If this was an investment it may have some merit.

As your primary residence you are buying a home that a friend will have an interest in. Meaning technically and legally they will have rights to your primary residence and could have a say in everything that involves the home.

You would want a well versed Real Estate attorney to draw up an agreement that covers all of the possibilities of the financial contribution. Like
What if they get sick who are their heirs?
What if you get sick/hurt ????
How are home improvements handled?
Does the condition of the home have to be maintained to a standard? What standard is that? Who inspects?
Will that person take lien position?
Will that person NOT have a recorded lien?
When would the debt be paid?

Or save your self the grief and strained relationship and get a smaller home or a home loan with a smaller down payment.
... more
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Wed Jan 4, 2017
Dave Jackson answered:
Yes that is possible.

Put dad (or anyone else that you want) on title after you have purchased the home.

Additional people on title can not be done at closing assuming there is a home loan. The lender won't
allow that assuming the other person is not on the home loan.

Not sure why you wan to do that.
And just because dad has a home with a home loan he could have another.

A non-occupant co-borrower is a hall mark of a FHA home loan. Fannie and Freddie have now embraced this to some degree with restrictions.
... more
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Tue Dec 27, 2016
Karen Peyton answered:
Review your contract with your agent and/or attorney for financing contingencies and remedies. Yes, in a normal "re-sale" using the AAR Purchase Contract, the appraised value must meet or exceed the purchase price, or the Buyer has the option to cancel and receive a full refund of their earnest deposit - but Arizona Association of Realtors contracts tend to favor buyers, and builders tend to favor themselves.

Whether or not the builder will meet the appraised price depends on the builder, the concessions already given, and how far apart you are appraisal vs sales price. It would seem you will try to negotiate. The reason for reviewing your contract is to find out whether or not the builder has a contractual obligation to negotiate. Walking away unimpeded? I sincerely doubt it.

Going back to the beginning, consult your agent and/or attorney.

Happy New Year!
... more
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Fri Dec 23, 2016
Cleaninglady56 asked:
Sat Dec 10, 2016
Andy answered:
I would rather put in my own pool. So many people think a huge pool is better, but later realize that means is it takes more maintenance and let’s face it, most of us aren’t Olympic swimmers and usually just play around in a pool. I’d much rather not pay for someone else’s idea of what a swimming pool should be like and put in just the right one for my family. ... more
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Fri Dec 2, 2016
John Burke answered:
Hi Jonnyjv47,


Thank you for your service.

The great thing about VA is you do not have to put money down & the seller can pay your closing costs so your out of pocket costs will be minimal compared to other loan programs.

I specialize in VA financing & would be honored to help you.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
... more
0 votes 3 answers Share Flag
Wed Nov 30, 2016
Paige Warmack answered:
Hi there! The average purchase price per square foot in 85143 zip code is currently ranging between $80-105. Are you currently in the market for purchasing a new home? I can take a look at your personal situation and determine exactly what purchase price you would qualify for. Having a pre-approval letter from a lender gives you ultimate buying power as a shopper. Here is a link to my website, if your interested fill out the information and myself or my business partner will reach out to you to discuss some options and get you pre-approved!

https://2383354679.mortgage-application.net/WebApp/Start.aspx?oempage=1&employeeID=69872
... more
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Wed Nov 30, 2016
Paige Warmack answered:
Hi There! Great Question. My company has worked with immigrants in the past and would love to take a closer look at your situation to see what we can provide for you! Here is a link where we could get some basic information and issue a pre-approval and discuss your home buying options together.

https://2383354679.mortgage-application.net/WebApp/Start.aspx?oempage=1&employeeID=68071
... more
0 votes 1 answer Share Flag
Wed Nov 30, 2016
Paige Warmack answered:
Hi! Great Question. Arizona offers several down payment assistance programs that require little to no money down. Select lenders have access to these programs. Take a look at the link below, there's a pre-qual form that you could fill out and we can take a look at some options that may be available for you to purchase your home with little to no down payment! I look forward to hearing from you.

https://2383354679.mortgage-application.net/WebApp/Start.aspx?oempage=1&employeeID=68071
... more
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Mon Nov 28, 2016
Katy.jacobs answered:
Just remember simple rule, make sure you are covered. Hire a professional http://premierchoiceaz.com/about-us/ to make sure you have the right coverage.
0 votes 6 answers Share Flag
Thu Nov 10, 2016
Scott Godzyk answered:
Set up an appointment with a lawyer, which probably should have been done from the start to check before you signed. It does not sound right
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Fri Oct 28, 2016
Notthegirlnextdoor asked:
the pennies on the dollar outfits, that refreshes the validity and I am liable. My family says to put on my big girl panties and find a church to be my family. Churches tell me to go home.…
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Thu Oct 27, 2016
Karen Peyton answered:
Since your agent is closest to the transaction, ask him or her to discuss your options and the associated costs if any. If you are truly buying in AZ, your inspection period is likely over and all contingencies of contract have been fulfilled. Again, your agent would know best the penalties of cancellation or where you may obtain additional information to make yourself comfortable and proceed in the contract. If representing yourself as the Buyer, consult an attorney about penalties of cancellation if that is your choice and decision.

Best of luck!
... more
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