The Arizona weather is really starting to heat up and so is the real estate market. Click on the link below for a nice update on current AZ real estate statistics from our title agency partner Fletcher Wilcox of Grand Canyon Title.
Arizona Real Estate Market Update – April 2012
Sold prices are finally UP! When comparing March 2011 to March 2012, the median sold price per square foot for single family properties increased 15% in Maricopa County, 23.2% inPhoenix and 3% for Scottsdale. When comparing February 2012 to March 2012, the median sold price per square foot was up 4.3% in Maricopa County, 3.3% in Phoenix and 3.2% in Scottsdale. There is also a negative supply of homes under $150k.
Thanks goes out to Fletcher Wilcox of Grand Canyon Title Agency for another top notch report on the Arizona Real Estate market. Click on the link below for the full report.
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Benefits of Buying Real Estate Using Lease Purchase
Why Use Lease Purchase/Lease Option to Buy or Sell Your Next Home?
Lease purchase options are a great way to increase ROI for real estate investors. However, many don’t understand all of the risk and rewards associated with purchase or selling a home using a lease purchase option. Let’s approach the selling side first. There are three types of sellers:
- Sellers who are upside down – little you can do here
- Sellers who have Breakeven equity
- Sellers who have equity – Best option – Did you know that 30% of homes are owned free and clear in the USA? This trend is growing now that the real estate market is down.
There are many ways to negotiated a lease purchase option on a home, parcel of land or investment property. Visit “Lease-to-Buy May Be Good Option“ for a great article on Realtor.com discussing benefits for both Landlord/Seller and Tenant/Buyer sides.
The Keith Jackson Realty Team offers personal one-on-one training to help clients build their real estate portfolio. Call 480-788-7608 or email keithjacksonaz@gmail.com to schedule your complimentary one hour training session with one of our real estate professionals.
Posted in Buyers, Investors, Sellers
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HARP 2.0 Refinance Program for Arizona
I recently had a number of clients ask me about if they can qualify to refinance under the new HARP 2.0 guidelines. I have already had one client refi and it saved him over $200/month. The break even for him was 20 months so they went ahead and did it.
Below is a great post from Kelly Zitlow of Cherry Creek Mortgage discussing the HARP 2.0 Refinance Program which is designed to help underwater home owners.
“On October 24, 2011 the Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible Arizona borrowers who can benefit from refinancing their home mortgage in Arizona. The program revisions were developed with input from mortgage lenders, mortgage insurers, and other mortgage industry participants. It is currently slated to become effective Dec. 1, 2011 but may take a little longer for banks and investors to beable to process the loans.
Key Points for Arizona homeowners in the HARP program:
- HARP is raising the loan to value (LTV) ceiling for Fannie Mae & Freddie Mac backed mortgages. Actual loan to value ratios will be able to exceed 105% with more details to come from banks and investors in the weeks to come.
- The elimination for the need of appraisals where there is a reliable automated valuation model.
- Extension of the end date for HARP until Dec. 31, 2013 for loans orginally sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- HARP is unique in that it is the only mortgage refinance program that enables Arizona borrowers who owe more than their home is worth an opportunity to take advantage of historically low interest rates or get into a more stable loan product.
HARP Eligibility for Arizona Homeowners:
- The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The program is available to Arizona homeowners for loans with loan to values above 80%.
- Arizona borrowers must be current on their mortgage payments with no late payment in the past 6 months and no more than 1 late payment in the past 12 months.
1st STEP – CHECK YOUR CURRENT LOAN’S ELIGIBILITY!
2nd STEP – IF YOU MEET THE ABOVE ELIGIBILITY AND YOUR LOAN IS OWNED BY EITHER FANNIE MAE OR FREDDIE MAC.
- Call or email me immediately.
- My team and I, will walk through everything with you and what the next steps to taking advantage of HARP will be for you.
This is currently a fluid situation with more information concerning the HARP Refinance Program to come. I will continue to update you as we learn more.”
Thank you Kelly for the great information. With mortgages at record low interest rates it is definitely worth looking into because it could save thousands of dollars over the life of the loan.
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