HARP 2 Makes Inequity Refi Simple

As you may have heard, the government is overhauling it's HARP refinance program.  This upgrade will drastically improve the existing HARP (“upside down/no equity refi program”) that may finally allow this program to reach the millions of American and Arizona homeowners that need it. However, there are 3 key proposed changes that would allow many more Arizona homeowners to take advantages of HARP2:   1. The new proposed HARP 2 refinance eliminates the 125% cap meaning that there is … [Read more...]

Having More Than One FHA Loan

Typically FHA only allows a borrower to have 1 FHA loan. However that is just a "rule" and if you a rebel like me you know that rules are meant to be broken! Okay, maybe just bent a little. FHA does allow a borrower to have more than 1 FHA loan in certain cases. When Can You Have More Than 1 FHA Loan? 1. Re-locations - Borrowers relocating to another area that is not within a reasonable commuting distance from their current principal residence (the home with the FHA loan on it).  This … [Read more...]

Refinancing When you are Upside Down

Great News!!!  Rates are at all time lows. Frustrating News!!!  Many people don't have enough equity to refinance their homes. While not everyone that is the lucky owner of a home that has decreased in value has an option to refinance, many equity deficient homeowners have options.  Phoenix Area Mortgage Rates are at all time lows and now is the time to take advantage!  Here are a few options for homeowners that do not have equity in their current home: 1. FHA, VA and USDA homeowners: … [Read more...]

Buy New Home While Upside Down

If I told someone I was upside down back in the 90's they would think I was confused, lost or just nutz!  Today, everyone immediately knows that "upside down" means your house is worth less than you owe.  I receive calls on a daily basis from clients wanting to know if the fact that they are upside down on their current home will prohibit them from buying a new home.   They want to take advantage of record low mortgage rates and home prices in the greater Phoenix Area (and across the … [Read more...]

Home Loan Approval After Short Sale

When can I buy after a short sale?  This is a riddle all too many homeowners are trying to answer today.  In Arizona mortgage balance often exceeds home value putting many in a tough spot.  The majority of loan options available today come custom fit with guidelines that prohibit short sellers from buying right after their short sale.   There are exceptions.  Here is a success story about one of those exceptions. VA financing does not have an official guideline for buying after a short sale.  … [Read more...]