Maricopa County Arizona:
We have one of highest amounts of residential home inventory in the country. We broke lots of firsts over the last couple of years. We had the fastest appreciation gains in the country and now we had the fastest depreciation values in the country. Now with prices so low and interest rates attractive, the property investors and first time home buyers are flooding the market with purchases. With that flood of home sale activity, inventory levels seem to be improving. In the last two months bank foreclosure inventory in the price range of $200,000.00 or less has dried up. I got one report put out by Fletcher Wilcox with Grand Canyon Title Agency that shows inventory levels for homes priced under $200,000.00 with about 2.5 months of inventory.
Now I am being told by many real estate sources that the banks held back on releasing more inventory until they knew for sure how the new federal home bailout programs would work. Now that the banks know there is not much incentive, we are told that a flood of more foreclosures should be hitting the market.
But are the banks really going to release all this inventory?
I am not a conspiracy believer, but I have a trustworthy source stating that banks will not be
releasing all their inventory and will take advantage of higher rates to help offset losses
over the last couple of years. They are also taking advantage of multiple offers now that "big brother" is offering so much incentive to first time home buyers.
I am not 100% buying into this one, but thought I would pose the question.
Are Banks Holding Back on Releasing Home Foreclosure Inventory and for what reasons?
Business Referral Network would like the chance to get to know you! Referral Networks are a great way to expand your business and get connected with new clients. We work together to make sure our friends, family, and customers receive quality services from reputable businesses.
We invite You to Our: Business Referral Network Happy Hour Event
May 27, 2009, 5:00pm at Darcy Magees, Tempe Market Place
Increasing Buying Power-Understanding Credit
Cherry Creek Mortgage Company will be holding a free class on understanding the in's and
out's of credit scoring on May 20, 2009 at 4:00pm . This class will be held at
Cherry Creek Mortgage 1630 South Stapley Drive Ste. 100, Mesa, AZ 85204.
This class will be taught by Charlie Brandes with Advantage Credit. Charlie is an expert
speaker/instructor on this topic and travels the entire state of Arizona talking to
realtors, consumers and borrowers about the power of credit.
Charlie will be covering the following topics:
What is the best mix of credit to obtain the highest scores
The do's and don'ts with credit for buying property
How degrogatory information will impact your credit and buying potential
How to increase your potential buying power with better credit scores
Plus Charlie will go over proven tips to help prevent fraud and identity theft.
If you would like to attend, please RSVP by emailing me.
Cherry Creek Mortgage Company announced on February 20, 2009 that they are now requiring minimum credit scores of 620 or higher for most FHA and VA loans. This comes as no surprise since most industry standards with investors have already moved in this direction. These new credit score requirements will not apply to borrowers who are applying for an FHA Streamline Refinance or VA Interest Rate Reduction.
Now please be aware that this is NOT an FHA or VA rule. FHA and VA loans in general are not credit score driven programs. However, due to higher default rates on these type of loans, the investor market who buys these loans put in certain stop gaps to get a better handle on marginal credit score borrowers and high default rates.
Every time I turn on the television or listen to the radio I hear another media talking head share with the public that banks are not making mortgage loans for buyers with credit scores less than 680, 720 or 740. Well I want to first set the record straight that this is not entirely true.
Now Let me make myself clear that "YES WE CAN" get you a mortgage if your credit score is lower than 680. There are conditions, but it is possible and I do it everyday for a lot of my clients.
Now that I set the record straight, let me explain this a little further.
Mortgage Loan Programs for Credit Challenged Buyers
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I provide full service mortgage planning and guidance for the Tempe Arizona community. I specialize in helping first-time homebuyers obtain homeownership through FHA, VA and conventional mortgages.
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