Chris & Shannan's Real Estate Insights!

July 12, 2017

2nd Quarter Tucson MLS Market Report

Here is our

2017 2nd Quarter Tucson MLS Market Report  

 

 

Overall - prices are up and inventory is down.  See the report for more information!

 

Click HERE to See The Report

June 29, 2017

Home Loan Application Checklist

Home Loan Application Checklist

The thought of applying for a mortgage can be intimidating. In the past, the process was a complicated one. But mortgage companies have streamlined the process to make the application process easier. You may not need paper copies of everything since some mortgage companies can gather information electronically with your permission.

Personal information to gather would be to verify income, debts, credit score and assets. Of course, include a sales contract on the property to be acquired.

Download the Home Loan Application - CLICK HERE

June 12, 2017

Family Housing Resources Has Down Payment Assistance Funds Available

FHR has reserved its current allocation of WISH Funds

They still have HOME funds for 3.5% up to $3,700,

Which requires class prior to signing a contract

 

You must attend class and make appointment for counseling/eligibility

So they are ready when WISH funds become available later in the year

CLICK HERE for more information

June 2, 2017

Qualifying for Self-Employed Individuals

Qualifying for Self-Employed Individuals

 

Most loan programs require 2 years of self-employment for income from the business to be considered long-term and stable. Some exceptions do apply. These exceptions are most likely to be in the conventional, conforming loan programs rather than jumbo loans.

 

Individuals that have previous background in the same field of the newly established business may be able to get through the lending system with less than two years of self-employment.  For example, individuals who go from a W-2 position with their employer to a 1099’s position with the same employer may be able to demonstrate long-term and stable income with less than 2 years of self-employment. Professionals that move from employee to self-employed in the same line of work may be able to qualify with 1-2 years of self-employment.

 

These exceptions are made on a case by case basis so consult your lender.

 

May 26, 2017

Chris Pendleton & Shannan Marty - Accredited Better Business Bureau Real Estate Agents

Chris & Shannan are proud to announce that they are now Accredited Better Business Bureau Real Estate Agents!

Posted in Reviews
April 28, 2017

FNMA Eases Qualifying Rules on Student Loan Debt

FNMA Eases Qualifying Rules on Student Loan Debt

Student loan payments, even if deferred, are still counted in the debt ratio for mortgage qualifying. Previously, FNMA required 1% of the balance as a qualifying payment monthly.

FNMA will now allow the payment reported on the credit report to be used in qualifying. If the payment is 0 or not reported on the credit report, then lenders are required to use 1% of the balance or a fully amortized payment. This will make qualifying easier for may consumers.

Posted in Uncategorized
March 25, 2017

Chris & Shannan Announce Cutting Edge Technology to Sell Homes Faster!

Chris & Shannan today announced they have adopted the latest technology that allows them to do 3D 360 Virtual Tours of Homes. These specialized tours immerse the buyer into the property giving them the unique ability to take either self guided or automated tours of a home. This technology is the best way to showcase a home because of the high quality scans and the ability to add tags to special items in the home. Less than .002% of the real estate agents in the US have adopted this technology!

A sample of the technology is here:

Posted in Uncategorized
March 24, 2017

Keeping a Small Balance on Credit Cards Can Increase Your Credit Score

Paying off revolving accounts each month does not necessarily help your credit score. Keeping your balances at any one time under 30% of the limits will likely increase your score since it is when your credit card provider reports the balance that is one of the keys for credit scoring.

Studies also show that keeping a very small balance on revolving accounts, 1%-2% of the limit, will maximize the revolving component of your credit score. If your limit is $5,000, try to keep a balance of $50-$100 on your account to help improve your credit score over time.

March 2, 2017

Limited funds Available for Pathway to Purchase

As of this morning, Pathway to Purchase has about 1,600,000 of funds back available due to cancellations.

Remember, only this program is only for the city of Tucson properties.

See program details here: http://blog.tucsonrealpros.com/pathway-to-purchase-down-payment-assistance-program-for-city-of-tucson-starting-monday-july-18/

Posted in Uncategorized
Feb. 24, 2017

Fed Plans Aggressive Rate Increases

Interest rates play an important role in real estate.

For buyers, the interest rates often determine how much house a buyer can buy.  When a lender prequalifies someone to buy a home they are looking at ratios between income and current expenses.  Those ratios determine how much of a payment someone is allowed in purchasing a home.  As interest rates go up the payments go up, and the amount of home (maximum purchase price) someone can afford.

For sellers, as interest rates go up it makes homes less affordable and fewer buyers available as potential purchasers.  This can have an adverse effect on home values.

Yesterday, the Wall Street Journal reported that after review of the minutes of the most recent meeting that it appeared that policy makers could raise rates ‘fairly soon’ and could adopt a more aggressive rate increases this year than was currently expected.

Chairwomen Janet Yellen is scheduled to speak on March 3rd and may send a clearer message on rate increases.  Right now investors are saying there is about a 22% chance rates will increase when the Fed meets on March 14-15.

Current Rates as of Today:

4.16% with .5 Points 30 Year Mortgage

3.37% with .5 Points 15 Year Mortgage