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Tucson AZ News on Mortgage Revenue Bond or MRB
Military New Loan Program
The Pima County Bond Program (also called the Mortgage Revenue Bond or MRB) has been around for years now. Funds are depleted from time to time but there are currently $25 million dollars available. This is a subsidised interest rate program for first time buyers and veterans. The interest rate offered is adjusted periodically to keep it below the rate available on the open market. The news today is that the interest rate was adjusted on Friday to 2.99%! Mortgage rates are extremly low but it is safe to say that this is well below the open market.
The good, the bad, and the beautiful:
The good:
-This program can be used anywhere in Pima County including the city of Tucson
-The interest rate is available to first time buyers and veterans
-Subject properties do not have to be bank owned
-The interest rate is fixed
The bad:
-If a buyer holds the title to any other property they are ineligible
-There are income limits
-1 or 2 person households $70,800
-3 or more person households $82,600
-There are maximum purchase prices
-One unit existing $284,635 or new $347,485
-Two unit existing $364,365 or new $445,335
The beautiful:
There is a down payment assistance program that can be used with the bond program. The guidelines above apply as well as some additional ones.
-$8,500 is available for down payment assistance and closing cost
-The $8,500 must be repaid when the home is sold (a lien is recorded)
-Interest accrues on the silent second lien at 2%
-Income limits are tighter for the DPA
-1 person household $32,200
-2 person household $36,800
-4 person household $46,000
To see the source visit the website of the City of Tucson Industrial Development Authority. I promise, the procedure can be painless!
Steven Van De Beuken
Sunstreet Loan Officer
2840 E Skyline Dr Ste 230
Tucson, AZ 85718
Arizona Association of Mortgage Professionals/Southern Chapter
President
Cell 520-235-6862
Office 520-547-4149
RE/MAX EXcalibur 2012 Sales Rally Alex Charfen “Market Is Shifting”
Alex Charfen founder of Institute Of Certified Distressed Property Institute, CDPE, commented that Arizona has less than a month and half months inventory. There are investment opportunities everywhere with 12 percent cap rate. In Arizona, major lenders consider number of short sales are going through the roof and foreclosures have plummeted. Two lenders confirm the reason for the change is due to educated real estate agents. Real Estate agents are saving this market. The lenders recognized that they need educated real estate agents.
- Reserve Neighborhood Values
- Preserve Property Values
- Avoid Foreclosure
- Capitalize On Current Market Trends
- Overcome Seasonal Sales Slow Down
- Streamline transactions
- Build Wealth
Trends 13 percent of homebuyers own more than one home which is a 30 percent increase in one year have more than one homes.
With approximately 17 percent of homebuyers owning more than one home. People that have cash recognize the opportunity. 40 percent walk in and buy with cash. All properties closing with cash include persons 65 or older buying vacation homes.
Investors Purchasing more frequently with stats showing for 2007 the average homeowner moved every 6 years.
In 2011 it was every 9 years. The average investor buys every two years. Real Estate consistantly outperforms the stock market.
More than 33 percent of Americans depend upon real estate investors to provide homes. Real Estate appreciation from 1969 through 41 years real estate had 4 years of negative appreciation max. -.13%.
We had a bubble!!
Real Estate values have increased in the last decade despite the market turn-down.
What happens when you buy investment property?
Answer: You get an income stream.
Real Estate is an amazing investment.
Don Vallee is a Certified Investor Agent Specialist or CIAS with Alex Charfen’s Institute.
Contact Don at 520.544.5555 or email Don.
Alex Charfen "RE/MAX Excalibur 2012 Sales Rally"
Tucson Arizona Housing Market Stats As of January 06, 2012
As of January 06, 2012 the Tucson Arizona median home price for single family home price is $169,251 and the average property in Tucson has been on the market for about 166 days. It appears the housing market is showing signs of leveling out with inventory at approximately 5,000 properties on the market.
Let us know if you would like a report created for your neighborhood.
Contact Don or Kathy Vallee 520.544.5555
RE/MAX SOLD MORE REAL ESTATE IN THE WORLD
RE/MAX SOLD MORE REAL ESTATE IN THE WORLD
Dave Liniger founder of RE/MAX voted “Most Influential Leader” by Inman News at the New York “Real Estate Connect conference in 2012. RE/MAX Associates sold has SOLD more Real Estate than anyone in the World. According Dave Liniger “We have out produced our competition’.
We are number ONE in the United States and Canada.
We are number ONE in many countries around the globe.
In 2011 many clients spoke loudly about the service RE/MAX agents have delivered through real estate sales. J.D. Power and Associates 2011 Home Buyer/Seller study recognized RE/MAX for providing highest overall consumer satisfaction for both buyers and sellers. Dave Liniger, RE/MAX chairman and co-founder was delivered this great news! RE/MAX awarded the highest ranking for “Home Sellers” and “Home Buyers“. “It comes down to professionalism and commitment to a proven level of customer service”, said Dave Liniger.
Search Properties Around The World!
Don & Kathy Vallee with RE/MAX Excalibur Realty are listed as a Top real estate teams in Tucson and Oro Valley Arizona! If you want a to receive these same real experiences then call
520-544-5555
Vallee Gold Team “From Gold To Sold”
What Is Home Affordable Foreclosure Assistance or HAFA?
What is HAFA?
The HAFA program was designed to help people that borrowed money to buy a home and now they find themselves owing more on the mortgage than the home is worth. This program was to assist the borrower that is in default or distress and is no longer able to make the mortgage payments. Fannie Mae has created some guidelines to qualify for this program. Many borrowers have a ton of questions about the program, therefore Fannie Mae has created a frequently asked question document that addresses most of the questions. Don Vallee-Certified Distressed Property Specialist in Tucson Arizona
A short sale, also known as a pre-foreclosure sale, is the sale of a property for less than the balance remaining on the mortgage loan secured by the property. With a short sale, the mortgage lender agrees to release its mortgage lien on the property when it receives the proceeds of the sale of the property, even though the proceeds are less than the mortgage loan balance. Benefits to you may include:
- Avoiding foreclosure
- Satisfying the outstanding balance on your Loan
- Receiving a cash payment in the amount of $3,000 to use toward moving or other expenses
Deed-in-Lieu of Foreclosure (DIL)
With a DIL, you voluntarily transfer ownership of your property to your mortgage lender to satisfy your Loan. Benefits to you may include:
- Avoiding foreclosure
- Satisfying the outstanding balance on your Loan
- Receiving a cash payment in the amount of $3,000 to use toward moving or other expenses
- Qualifying to lease the Property at a below-market rate rental for up to 6 months with a possibility of extending the lease for an additional 12 months at market rate rental
If You Are Interested In Learning Hw To Avoid Foreclosure—Respond Today! Call Don at 520-544-5555
