Chris & Shannan's Real Estate Insights!

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

 

Feb. 7, 2017

End of Tucson's P2P Down Payment Assistance Program...Another is still available

The 10% Down Payment Assistance program known as P2P Program has ended

As you may already know the wonderful P2P program that offered 10% DPA has now ended because all of the funds allocated to Tucson have been exhausted.  Many of our customers in our Tucson market had taken advantage of this great program and they are now proud homeowners.  The statewide P2P program is still running and if you have borrowers in area's outside of Tucson, there may be funds available for them.  Please consult with us for more details.  There are rumors that the Tucson P2P program may receive an additional allocation of funds carved-out from the statewide funds, and if that is the case, we will be sure to promptly let you know!

 

4% Down Payment Assistance

Please keep in mind, the 4% DPA called Pima/Tucson Homebuyers Solutions program is still available for your customers and it is a great solution for many homebuyers.  This program offers alot of flexibility in many ways and is beneficial for many borrowers, even if they have a co-signer.   For a list of lenders...just ask!

UPDATE ON WISH

FHR has access to WISH funds that expire soon!

The Purchase Contract must be executed by March 31, 2017

Match your client’s contribution X3 for up to

$15,000 in Down Payment Assistance

Please see the attached flyerPima MCC 2016

Jan. 27, 2017

HUD rescinds Lower Monthly MIP on FHA Home Loans

Shortly after the new administration took office, HUD announced that the reduction in monthly MIP payments for FHA home loans that had been announced recently is being rescinded.

 

The monthly MIP cost is currently .85% annually for minimum down payment FHA loans and was scheduled to be reduced to .60% today. The difference in monthly payments to a consumer on a $250,000 loan amount is about $52 per month. In addition, FHA still charges an upfront premium of 1.75% of the loan amount that is financed into the loan.