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 5 down payment myths you may still believe

by Jamie Namock on July 19, 2017

More than 200 million Americans live in homes they own themselves, according to the U.S. Census Bureau. Still, despite the large percentage of the population that has successfully gone through the homebuying process, it remains a mystery to many citizens. For those considering a home purchase this year, myths about what is necessary to buy a home may keep them from joining the 64 percent of the country who live in owner-occupied houses.

Here are 5 down payment myths you probably still believe, but shouldn’t:

Myth No. 5: I need a 20% down payment.

Many people have heard that a 20% down payment – at minimum – is required to obtain a residential mortgage. This myth became popular because it’s generally recommended that most people have a 20% down payment ready when they wish to buy a home. However, that doesn’t mean it’s necessary. In fact, the typical down payment today is between 5 and 10%, according to SmartAsset.

Myth No. 4: My down payment has to be all my own money.

For many people, the most challenging aspect of buying a home is saving for the down payment, according to the National Association of Realtors. While the majority of people use their own money for the down payment, this is hardly required. Freddie Mac pointed out that there are several options for those saving up for a home, including:

  • Gifts from family – such as after a wedding or having a first child.
  • Grants from nonprofit agencies or public institutions.
  • Down payment assistance programs.

Myth No. 3: Down payment assistance programs are only for first-timers.

Down payment assistance programs can be a wonderful help to first-time homebuyers who are new to the world of real estate. But, as any second-time homebuyer may tell you, it’s not always smooth sailing on your second go-round.

This is particularly true for those who haven’t gone through the homebuying process in several years. And, considering the average time spent in a home is a decade, it seems safe to say that most home sellers are out of practice when it comes to navigating a home purchase.

Because of this, the definition of “first-time homebuyer” is a bit more complicated than one might assume. According to the U.S. Department of Housing and Urban Development, a first-time homebuyer is someone who:

  • Hasn’t owned a home in the past three years.
  • Is a single parent who only owned a home with a former spouse while still married.
  • Is a displaced homemaker who only owned a home with a spouse.
  • Owned a residence that was not permanently affixed to a foundation.
  • Owned property that wasn’t in compliance with state, local or model building codes, and which can’t become compliant for less money than it would take to build a permanent structure.

Beyond these many definitions, it’s important to note that not all down payment assistance programs specify that they’re only available to first-timers.

Myth No. 2: Programs are only available in big cities.

Down payment and homebuyer assistance programs are available in every corner of the country. Every homebuyer, whether they’re living in a big, bustling city like Los Angeles or New York City, or in a tiny, rural community, has access to a program that can simplify the homebuying journey. To find one for you, begin by browsing through the state housing agency loans available through Academy Mortgage.

Myth No. 1: Down payments are always required.

Not every home purchase is secured with a down payment. Crazy as it sounds (especially if you believed you needed as much as 20%), some homes can be bought with no cash down. Here are two popular 100% financing options you can look into:

VA Loans

If you or your spouse is a veteran, an active-duty service member or a part of a reserve program, you could qualify for a VA loan, and may not be required to make a down payment upfront.

USDA Loans

Also called farmers’ or rural loans, the U.S. Department of Agriculture backs these loans which encourage buyers to make a home purchase in qualifying areas of the country. While their name suggests that it only applies to far-away plains, it actually encompasses some surprisingly suburban areas. While you won’t find a qualifying home in the center of a major metropolitan area, you’ll likely find one within driving distance. Check out the USDA website to explore eligible areas.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

Provided by: Stephanie Boughton from Acadamy Mortgage

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2024 S. Baldwin #74 Mesa, AZ For Sale

by Jamie Namock on October 3, 2015

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Big News

Fannie Mae recently announced that the waiting period to finance a home after a short sale or pre-foreclosure sale is changing on August 16, 2014.

The waiting period requirement for borrowers who have had a previous deed-in-lieu of foreclosure or a pre-foreclosure sale/short sale has been reduced from 7 years to 4 years. Loans with 80% LTV/CLTV were previously allowed after 2 years; however, this is now only allowed with documented extenuating circumstances, but at the maximum LTV/CLTV. Four years is the new required waiting time, but the LTV restriction has been removed and maximum LTV/CLTVs are available.

Waiting Periods Under the Old Guideline:
7 years from the date the deed to the property was transferred back to the servicer.
New Guidline:
4 years from the date the deed to the property was transferred back to the servicer. No LTV/CLTV limitations.

Old Guidline:
4 years from the date the deed to the property was transferred back to the servicer. Maximum 90% LTV/CLTV.
New Guidline:
4 years from the date the deed to the property was transferred back to the servicer. No LTV/CLTV limitations.

Old Guideline:
2 years from the date the deed to the property was transferred back to the servicer. Maximum 80% LTV/CLTV.
New Guideline:
4 years from the date the deed to the property was transferred back to the servicer. No LTV/CLTV limitations.

Old Guideline:
A 2-year waiting period up to 90% LTV/CLTV permitted if extenuating circumstances could be documented.
New Guideline:
A 2-year waiting period will be permitted if extenuating circumstances can be documented. No LTV/CLTV limitations.

If you have any questions please do not hesitate to call.

602-740-0747

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Homes for Sale with guest houses in Gilbert AZ

by Jamie Namock on April 17, 2014

Homes for Sale with guest houses in Gilbert AZ

There has been a growing demand for homes with guest houses, casitas or mother in law suites in Gilbert and other Phoenix metro cities. As the real estate market changes in AZ,  families are finding themselves having to consolidate income to find housing they are comfortable with and still have a sense of personal space. New home builders have caught on to this growing trend and have scrambled to bring this type of  housing product to the area. They are building what they call a home within a home. Unfortunately with rising building costs these new homes with Guest quarters are still outside of the financial reach of most of the home buyers seeking a home of that type.  This has driven many potential home buyers to research the resale market in order to find these homes. There are currently just not enough of these homes to meet the demand so prices for them are on the rise.  The other road block consumers are facing is some of the homes just have a room & bath built in to the home and still feel like you do not have your own space while others have made an additions to the homes to accommodate. For this reason is why home builders are building some of these homes where the guest house has its own entrance, its own kitchen and in some cases its own garage but is still an integral part of the main house. The only other alternative to these homes is to build a completely separate structure which, for most home owners, is out of reach. To see all the currently available Homes for Sale with guest houses in Gilbert AZ, please click on the link below to see what I have available to see today. Please Call me direct at 602-740-0747 for more info on the New Constructions homes with guest quarters or casitas or what they like to call a home within a home.

 

Homes for Sale with guest houses in Gilbert AZ

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House Passes Flood Insurance Bill

by Jamie Namock on March 6, 2014

By Austin Perez

March 5, 2014

On March 4, 2014, the House voted 306-91 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370) with amendments. The House amendments further rein in and hold the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues. As passed, the bill would repeal FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. It also limits any premium increase to 18% annually and adds a small assessment on policies until everyone is paying full cost for flood insurance. The Senate must now pass the amended version before the bill can become law. NAR is pressing for a swift vote in the Senate.

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CoreLogic Reports 49,000 Completed Foreclosures in July

by Jamie Namock on September 16, 2013

Bill Campbell
Campbell Lewis
(212) 995-8057
Email Industry and Trade Media Contact
General News Media

Lori Guyton
Crosby-Volmer International Communications
(901) 277-6066
Email General News Media Contact

August 29, 2013, Irvine, Calif. –
—Foreclosure inventory down 32 percent nationally from one year ago—

CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its July National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to CoreLogic, there were 49,000 completed foreclosures in the U.S. in July 2013, down from 65,000 in July 2012, a year-over-year decrease of 25 percent. On a month-over-month basis, completed foreclosures decreased 8.6 percent from the 53,000* reported in June.

As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.5 million completed foreclosures across the country.

As of July 2013, approximately 949,000 homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in July 2012, a year-over-year decrease of 32 percent. Month over month, the foreclosure inventory was down 4.4 percent from June 2013 to July 2013. The foreclosure inventory as of July 2013 represented 2.4 percent of all homes with a mortgage compared to 3.4 percent in July 2012.

“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago,” said Mark Fleming, chief economist for CoreLogic. “Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year.”

“Completed foreclosures and delinquency rates continued their rapid descent in July. Every state posted a year-over-year decline in foreclosures and serious delinquencies fell to the lowest level since December 2008,” said Anand Nallathambi, president and CEO of CoreLogic. “Not surprisingly, non-judicial states have come the farthest the fastest in reducing shadow inventory and lowering delinquency rates.”

Highlights as of July 2013:

The five states with the highest number of completed foreclosures for the 12 months ending in July 2013 were: Florida (110,000),California (65,000), Michigan (61,000), Texas (45,000) and Georgia (41,000).These five states account for almost half of all completed foreclosures nationally.
The five states with the lowest number of completed foreclosures for the 12 months ending in July 2013 were: District of Columbia (141), North Dakota (484), West Virginia (505), Hawaii (512) and Maine (754).
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (8.1 percent), New Jersey (5.9 percent), New York (4.7 percent), Connecticut (4.0 percent) and Maine (4.0 percent).
The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.7 percent) and Colorado (0.8 percent).

*June data was revised. Revisions are standard, and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.
To download a copy of the National Foreclosure Report, please visit:

CoreLogic Foreclosure Report July 2013

Methodology

The data in this report represents foreclosure activity reported through July 2013.

This report separates state data into judicial vs. non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics.

A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender’s real estate owned (REO) inventory. In “foreclosure by advertisement” states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in “foreclosure by advertisement” states at the completion of the auction.

The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is “started,” and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender’s REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Homes with no mortgage liens can never be in foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data.

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company’s combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.

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How to buy a home for half price

by Jamie Namock on July 3, 2013

I am sharing the Guidelines for Good Neighbor Next Door for you and/or your friends, neighbors, colleagues, or clients that are full time teachers from K-12, for full time firemen, full time police officers, or full time paramedics/EMTs and are looking to purchase a HUD approved home.

 

A borrower still has to qualify and be credit worthy.  The best way to find out if this is a fit for someone you can recommend is for them to call me for their mortgage pre-qualification.

 

Just as an example with this program, they can purchase a HUD approved home for $450,000. (as an example), live in it owner/occupied for 3 years, make payments on 1/2 of the purchase amount of $225,000. and the house is theirs. The other half of the purchase amount is forgiven by HUD.

 

This loan program is only for approved HUD homes.

The lender that I know that has this program is Local to Phoenix AZ. Please contact me if you or someone you know can take advantage of this program.

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Selecting Your Real Estate Rep is Hands-On Activity

by Jamie Namock on April 29, 2013

 Your Gilbert Housing Sale: The One That Matters!

The Gilbert housing market’s recovery is still establishing itself. It’s not exactly in its infancy, but I would say it has a way to go before we can call it ‘mature.’ The majority of predictions for the rest of 2013 remain widely positive, and the young housing recovery is being strongly supported by continuing low mortgage rates.

This might easily lull prospective home sellers into assuming they will automatically have a simple selling process, but housing upturn or not, it’s no time to go to sleep. In short, it’s still a good idea for Gilbert sellers to take as much care as ever before — especially when it comes to choosing a real estate professional to represent their property.  

ASK. Don’t be afraid to ask every candidate for evidence that they have ample experience in selling Gilbert housing similar to yours. Experience will shape the marketing and all the other decisions that will be brought to bear on your behalf. Your home’s sale is no time to depend on trial and error!

WATCH. From the moment you meet any candidate for your representative, look for the kind of confidence that will resonate with potential buyers. Housing choices are extremely important to every prospect. They are bound to feel more comfortable when the representation of their next home is in the hands of an obviously capable pro. If an agent doesn’t display those skills when you interview him or her, how likely are they to do so later on?

CHECK. If all else looks good, do check into the candidate’s community ties. A real estate professional who has solid connections within the Gilbert community will provide instant exposure where it does the most good. And a lively website is more evidence that you’re headed toward a solid choice.

 Don’t fear to be inquisitive when locating the Gilbert Realtor to sell your home; the questions you ask will serve a double purpose: telling him or her that you are a focused client. Looking for a place to start?  Let me interview first — I will demonstrate how I can make your listing shine this spring!

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Laws extended to help home owners avoid fiscal cliff

by Jamie Namock on January 3, 2013

On January 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill will be signed shortly by President Barack Obama.
Below are a summary of real estate related provisions in the bill.
Real Estate Tax Extenders
Mortgage Cancellation Relief is extended for one year to January 1, 2014
Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
Leasehold Improvements: 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
Energy Efficiency Tax Credit: The 10% tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.
Permanent Repeal of Pease Limitations for 99% of Taxpayers
Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. These thresholds have been increased and are indexed for inflation and will rise over time. Under the formula, the amount of adjusted gross income above the threshold is multiplied by 3%. That amount is then used to reduce the total value of the filer’s itemized deductions. The total amount of reduction cannot exceed 80% of the filer’s itemized deductions.
These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years. They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012. Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income.
Capital Gains
Capital Gains rate stays at 15% for those the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%. The 250/500k exclusion for sale of principle residence remains in place.
Estate Tax The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40 percent, up from 35 percent. The exemption amounts are indexed for inflation.

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