The FHA Less Than 90 Day Flip Rule Waived In Arizona and California for 2012

Today 12/23/11, FHA declared that the 90 Day Flip rule be waived and extended up to 12/31/2012, unless withdrawn or extended by FHA in Arizona and California. 

As you can already know many Arizona and California investors, agents and buyers are glad to know that the less than 90 Day FHA Flip Rule has been extended.  I hope that FHA comes to their senses and gets rid of the less than 90 Day FHA Flip Rule in Arizona and California, all together.   The less than 90 Day FHA Flip Rule was originally enacted to prevent the predatory practice of property flipping in Arizona and California; this means properties that are quickly resold at inflated prices to unknowing Arizona and California borrowers and where the property does not meet FHA's standards that protects Arizona and California home buyers from possibly costly repairs and/ or the property is deemed inhabitable; but with FHA's less than 90 Day FHA Flip Rule waiver, FHA have enough safe guards in place that this would prove to be very difficult to do.

To learn more about FHA Less than 90 Day Flip Rule Waiver in Arizona and California

Finance more than ten (10) properties in Arizona and California

Call me TODAY For more information @ 480.650.8602



Academy Mortgage is now providing a tool to assist borrowers’ that own and/or want to finance 5-10 properties that are looking to add to their investment portfolio or a 2nd home purchase when they have exceeded our standard policy of a maximum of 4 financed properties. This change should have an immediate positive sales opportunity for your realtor relationships that cater to these more experienced borrowers.

  The parameters for these loans are as follows: click here for information on how to finance more than 10 properties in Arizona and California

Can I buy a home after a short sale in Arizona or California ?

The answer is yes.

What do you do if had to short sale in your home in Arizona or California?   Often times, most lenders won't even bother listening and shut the door right in your face.  It almost feels like there isn't any hope.  The great news is that at Academy Mortgage in Arizona and California, we do care and we do understand that many families are deserving of that second chance. YOUR EYES ARE NOT DECEIVING YOU!  

I did just say that we can finance you after a short sale with a USDA Home Loan.  How you ask?  See the USDA Short Sale Matrix below for more information on how you can buy a home after a short sale in Arizona or buy a home after a short sale in California:

Short Sale with Late Payments:

• Must wait for a minimum of 12 months from the last late payment
• Short Sale Hardship Letter
• GUS (Automated Underwriting) Approval

Short Sale with No Late Payments:

• Must wait until the short sale appears on your credit report and we can finance immediately thereafter (1-2 months after the short sale)
• Short Sale Hardship Letter
• GUS (Automated Underwriting) Approval

Not only can we close most loans in ten days* but we can also finance families that are willing to purchase a home in an Arizona USDA designated area or California USDA designated area after a short sale. 

For more information on how to buy a home after a short sale, contact Ted Canto or call me directly at 480.650.8602.

Buying a home after a short sale in Arizona

Qualifying for a USDA home loan after a short sale is not very easy.

However, Academy Mortgage in Mesa, Arizona will approve a home buyer if they can meet the criteria when applying for a USDA loan with our Academy Office in Mesa, Arizona.
Most Arizona families who have had to make the hard choice or are forced to short sale their home, are often left wondering if they can or when will they be able to buy another Arizona home in the future. Most lenders have taken a standard stance that these families will need to wait for a period of 3 years before applying for a home loan. However, Academy Mortgage will approve certain USDA home buyers that can meet the following criteria:

• Credit Score of 660 or higher
• No late payments for the past 12 months
• If you have recently sold your home and have no late payments, it is possible to qualify immediately
• Obtain a GUS Approval (This is an automated underwriting approval for a USDA Home Loan).

Call me today for a free and confidential consultation and see if you qualify for a USDA Home Loan. Direct: 480.650.8602 Email: Ted@Tedcanto.com

FHA: Including My House In My Chapter 7 Bankruptcy

 

You filed a Chapter 7 Bankruptcy and included a mortgage/ or property in Arizona and you want to know when you can qualify for an FHA Home Loan in Arizona.. Am I correct?

What?
You may have even been told by a FHA mortgage loan lender in Arizona that after 2 years from the Chapter 7 Bankruptcy Discharge date you can qualify for an FHA Home Loan . Does that sound familiar? For the most part this information, technically, is true.
Like many others who have not been informed of the correct information, you now are being told that you do not qualify (After waiting for 2 years) and are left scratching your head as to what happened. The fact that you have included a mortgage/ or home home in your Chapter 7 Bankruptcy changes the well-known 2 year bankruptcy rule to the more conservative FHA 3 year foreclosure rule.

  Why?
The fact that there was an FHA mortgage and/or property included in the Chapter 7 will revert you to FHA's 3 year foreclosure rule which is obviously the more conservative approach. Lenders will almost always take the most extreme situation and apply the guidelines from that point. The foreclosure simply is considered more serious than the Chapter 7 bankruptcy.

Click here to learn more about Chapter 7 Bankruptcy including a mortgage.
For more information, call Ted Canto at Academy Mortgage in Arizona today and I will guide you and provide with sound advice on how to qualify for an FHA home loan after your Chapter 7 Bankruptcy

FHA Extends The Less Than 90 Day Flip Rule for 2011 in Arizona

FHA 90 Day Flip Rule Is Extend For the Year 2011 in Arizona

HUD has informed us that they are going to extend the FHA 90 day seasoning financing rule for buyers & sellers in the greater Phoenix & Arizona area.  This obviously will be extended to all states in the U.S.

What does this mean for you as a buyer?

The extended FHA 90 Day Flip Rule will allow you to purchase a home that was currently purchased, in the most recent 90 days, by an investor and sold for a profit. Read more about FHA Less Than 90 Day Rule for borrowers.

What does this  mean for an investor/ seller of a property that is seasoned for less than 90 days?

To learn more on what the FHA 90 Day Rule for sellers/ investors, click here for more information.

USDA Home Loan: Disclaiming Your Spouse’s Credit

Non-Purchasing Spouse/ Disclaiming Spouse in Community Property States:

Except for debt obligations specifically excluded by state law, the debts of Non-Purchasing Spouse’s also known as a “Disclaiming Spouse” (Spouse’s that will not go on the loan) must be included in the borrower’s qualifying calculations/ ratios when the home buyer resides in a community property state or the property guaranteed is located in a community property state. The Disclaiming Spouse’s credit history is not considered a reason to deny a loan application. Click here for more information on USDA Disclaiming Spouse's Credit

620 FICO Score for FHA Home Buyers in Arizona

While most lenders in Arizona have quit the business of lending to home buyers who have anything less than a 640 FICO score, The Canto Team aligned with Academy Mortgage have announced our commitment to helping homeowners with credit score of 620 or greater to obtain their home.

The Canto Team/ Academy Mortgage in Arizona will allow buyers with a 620 FICO Score to purchase a home. If you want to learn more.  Click to read more on 620 FICO score requirements

 

Your 2011 Business Plan Starts NOW!!  What will the Internet say about you?

Last year, I posted a featured post which earned me some attention as well as some business from REALTORS that were either impressed with my enthusiasm, experience and/or good looks (kidding).

I believe that this year will be more important than the last.  Let's face it, as we head for a new economic and political spectrum (please refrain from making partisan remarks), we will need to be ready for the GOOD, BAD or THE UGLY.   The truth is we, either, are going to sink or swim.  I don't know about you but I am not sinking! 

The truth is 2010 seemed uncertain for many of us and behold!  Here we still are doing what we know best and doing it right!  What I do now is this, if I was able to survive this long and perform in 2010, I can't wait to get into 2011.   

It is of no coincidence that I began last year's post with the title of Your 2010 Business Plan Started Days Ago: How To Market The Extended Homebuyer Tax Credit.    Maybe I saw something that many of us didn't see or it was plain old luck..

The reailty is that at the time:

• We didn't believe that 90% of First-Time Home-buyers were going to search online.
• We didn't believe that out of the 90%, there were approximately 70-75% of them that go with the first REALTOR they find (ONLINE). 
• We weren't convinced that adopting Internet Marketing, Social Media and Blogging was an effective tool to grow our business.
  
• We didn't believe that direct mail, postcards, and flyers were not only dead but that it was not a petrified species found at the bottom of our desks (sometimes useful if you know what you are doing. Sorry, many of you do not).

WE'RE CONVINCED NOW!!   And by any chance you haven't bought into this yet/ still, well read on.. I believe it still drives a message home.  My blog post went exactly like this except the stats are recent (the parentheses are last years numbers):

I posted a blog on USDA: Running Out Of Funds? UPDATE as of 06/01/10 - USDA NOW HAS FUNDS in AR and also on my Facebook.  I had approximately 5 (45) posts on the AR blog and about 47 (26) personal replies and on Facebook I had no posts and about 35 (30) personal replies. I hyperlinked the blogs with www.Bitly.com and had about 41 (33) people opt to follow me on Twitter. If you are left wondering what were the personal replies about, the majority of them were from REALTORS asking me to share with them some marketing ideas and as to when I thought USDA would have funds available.  Get this?  REALTORS asking ME for marketing tips!  Well, I confess!  This is my expertise and I am a marketing wiz of sorts.

                     

What is my point?  Well I started marketing the idea of marketing the USDA: Running Out Of Funds? UPDATE as of 06/01/10 - USDA NOW HAS FUNDS on my blog that resulted a total of 3398 (1300) views, 87 (134) replies and additions to my database of which I was able to generate 15 (7) appointments with REALTORS and it also generated about 12 (4) referral (buyers) clients to my team.  I would say that was a pretty big start.  Don't stop the press yet, I just got started!  To simplify what I have and continue to do, let me make it simple:

1. Blog, blog, blog and then blog some more.
   1. Sign up on as many blog sites as you can and write material worthy of reading and educate the masses (learn more at www.tedcanto.com).
   2. Let people know about anything and everything that is affecting, effecting or going to affect their home buying decisions.
2. Call, call, call and then call some more on your database.
   • This is the foremost important aspect to what we do as sales consultants.  WE TALK!! Do I need to say more
   • Do not call asking if your client wants to buy or sell.  They likely DO NOT!!  Use them to extend the word out to their sphere of influence.  Let them know that this is the best opportunity for them to help their friends and family take advantage of historic lows and INSANE LOW RATES!!
     
   • Ask your clients if they are in need of an attorney, accountant, housing counselor, loan officer - YOU GET THE POINT?
   • Conduct more calls!
3. Get together with your Marketing Rep and/ or Loan Officer
   1. Strategize on a viable marketing plan (FYI: This takes speaking to a real Marketing Rep. (Not someone who is going to just throw postcards at you) or even an LO who understands marketing (not many do). Not an LO who just answers calls and sends preapproval letters.  I am an LO and I can tell you that many just don't get it too well.
   2. Obtain a list of homeowners that purchased in 2003-2007 and still live in their homes.  Believe me, there are more than you think.  Here in Arizona the count was in the 100's of thousands. 
   3. With the help of your Marketing Rep and/or LO, devise a letter worth reading and highly informative. 
   4. Don't try to be elegant on the letter. 
      • Think about this.. When you get a letter solicitation in the mail in 10-12 size font: How Many Seconds Does It Take You To Throw It Away?
      • Now think about this:  When you get a letter solicitation in the mail with big 18-42 size font: How Many "MINUTES" Does It Take You To Throw It Away?
      • BIG, LOUD, and GAUDY WORKS!!
   5. Take out your check book. There will be an investment and make sure it is well worth it. The best things are not free and take TIME, MONEY and DEDICATION.  Sorry! No Freebies here.
   6. Talk to an web designer, call a Social Media company, talk to anyone and everyone who may have value for your business.
      
4. Repeat Step 1 through 3 all over again. 

Fellow associates... this is not rocket science but it does involve some hard work and dedication.  Keep in mind that Real Estate & Mortgage sales and is a lot like holiday shopping where now everyone begins as early as September to buy gifts.  For us, we go selling!  October, November and December is our 2011 New Year.  Our 2011 is already in the works.  If you are not devising and/or implementing a plan of attack, you leave the playing field open to the REALTOR & LO next door.  We must earn our keep and get our hands dirty and consult our clients to the best of our ability.  As you already know, the cream of the crops is rising in the industry and there will be more collateral damage.

As always, the 90/10 Rule Applies here.. What will the Internet say about you?

          Direct lender and licensed in most states across the U.S.

Real Estate Information You Can Trust

 

Ted Canto

Sr. Mortgage Consultant

Direct: 480.650.8602

Visit www.tedcanto.com

                          Ted's Blog:  www.thecantoteam.com

  Home of the 10 Day Close!  www.tendayclose.com

                                          Company site:  www.academymortgage.com/tedcanto

Who would say that despite the Dow closing above 11,000 for first time since May 2010 and after a decline in jobs that both would allow the release of the Mortage Backed Securitie to issue aggressive rates that allow escape from it's threshold of pain..  

I work at a National mortgage company, Academy Mortgage, and after congregating and talking around the water cooler in the office, it was made obvious that none of us Loan Originators noticed the mortgage/ home loan rates being so drastically low.  Who knows maybe since it is a long weekend we just all weren't thinking or worried based on our knowledge of the market (It's slow around a holiday weekend. Rates stay unchanged for the most part).. 

However, the rates are currently

• Conventional rates are at 3.875%
• FHA rates are at 4.00% 

Of course there are some downpayment and/or credit requirements that have to be met and reviews.  Let me know if you have questions or like to discuss the madness.

Ted Canto

Mortgage Consultant

Academy Mortgage

Direct: 480.650.8602     

Office: 480.344.3671  
Fax:  480.374.6958 

Email: ted@tedcanto.com

NMLS #: 228393