Arizona Home Loan Pre-Qualification Form

The Arizona Real Estate market requires home-buyers to provide a state specific document from their Arizona Mortgage Lender to "prove" that they are pre-approved for a mortgage.  The evolution of this document has been the subject of much debate.   The latest and greatest version of this powerful document is called a "Pre-Qualification Form." Take a peak at what the Arizona PQF: Arizona Pre-Qualification Form.  Whether you are buying in Chandler, Mesa, Gilbert, Tempe, Scottsdale, Sun Lakes, … [Read more...]

The State of Real Estate Appraising

Its no secret - appraising a home for the purpose of securing a mortgage barely resembles appraising for the same reason just a few years ago.    Today's post-Dodd Frank, post-TRID appraiser faces far more scrutiny and regulatory oversight.  The end result is far reaching and it impacts home-buyers, mortgage lenders and real estate agents directly. Why is Real Estate Appraising more Difficult Now? In the "good ole days" of mortgage lending (before the end of the housing meltdown) appraising … [Read more...]

Pathway to Purchase – 2 BIG Days

The Pathway to Purchase Program has a subtle little teeny weeny guideline that if overlooked can quickly derail an on-time P2P closing.   This minor rule gets overlooked quite often based on the fact that other popular Down Payment Assistance Programs such as HOME Plus or HOME in 5 do not have this extra layer.  P2P requires this extra step based on the fact that Pathway to Purchase uses a Silent 2nd lien whereas many other Down Payment Assistance Programs utilize a different funding … [Read more...]

Condo Purchase Check you CC&R’s

Obtaining a home loan on a condo is a uniquely designed process.  In addition to getting yourself approved, the condo project itself has to pass the home loan eligibility test.  While a condo project / HOA may pass the home loan sniff test, buying a condo requires you look into the future and not just the "now." Condo Financing Hurdles One of the hardest to overcome hurdles involved in the condo financing process is entity ownership.  Once any single entity owns a disproportionately large … [Read more...]

Home in 5 DPA Status

Recently, the HOME in 5 down payment and assistance program in Arizona has had a spotlight shined down upon it!   The rumor mill is busy working overtime and I wanted to help set the record straight with a quick update of what is really going on. What Has Happened? Recently a reputable regional lender was called out by the Office of the Inspector General (OIG) relative to HOME in 5.  To my knowledge this lender was utilizing the HOME in 5 program ethically and in the same manner many other … [Read more...]