Justin McHood

Hmmm.

Well...

If you are really looking for that "Justin McHood" guy:

Find Justin McHood on justinmchood.com.

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Find Justin McHood on PhoenixArizonaRealEstateHomes.com.

Or -- just call me!

480.374.0303.

-- Justin

Can you use the 8000 tax credit as a down payment for your home? Not yet. But that may change soon. Yesterday, Secretary of Housing and Urban Development Shaun Donovan gave a prepared speech at the National Association of Realtors Real Estate Summit. He said something that was probably beyond interesting when he mentioned that FHA was currently working on a proposal that may involve people being able to use the 8000 tax credit as a down payment. An excerpt from that speech regarding FHA's position on the 8000 tax credit being used as a down payment:

And we are taking action to further help the housing market recover. I'm excited to announce here at NAR that FHA's policy on the "monetization" of the first-time homebuyer tax credit will soon be published. I know that you've been waiting anxiously to hear FHA's position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time homebuyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home. We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly.

Learn more about the 8000 tax credit being used as a down payment and what may possibly be around the corner for people who want to buy a house!

While rates are low, many people are checking with us to see if it makes any sense to refinance and what exactly the most popular Arizona refinance options are. Here are just a few of the popular refinance options right now with people.

Making Home Affordable

The making home affordable plan is also known as the Obama Refinance and is popluar with people who have good credit, have been making their payments and are currently barely upside down on their mortgage.

FHA Streamline Refinance

The FHA streamline refinance is designed to allow people who are currently in an FHA loan to take advantage of lower interest rates when they are available -- without having to completely requalify for a new loan. No income, no asset, no credit score required (note: some lenders are requiring a credit score, but we are not at this time). By far the most popular refinance program if you are currently in a Arizona FHA loan.

VA Streamline Refinance

The VA streamline refinance program is a close cousin to the FHA streamline - no income, no asset, no credit score -- and no appraisal. This is by far the best refinance program for veterans who are currently in an Arizona VA loan.

Arizona Loan Modification

Of course, for those people who are unable to refinance for whatever reason, there currently are many lenders who are willing to help people modify their current loan to make their home affordable.

Are you interested in any of these options? Let us know. We can help you with any of them.

With more homes owned by banks here in Arizona, the Arizona FHA 203k loan program is becoming popular with people who want to buy one of these homes that might be in need of a few repairs.

The FHA 203k streamline loan program has been around for years - but many people didn't know it because there hasn't really been that many properties that were sold that were in need of repairs.

Some of the most popular repairs that the FHA 203k streamline is used for include:

• Remodeled kitchen
• Remodeled bathroom
• Fixing termite damage
• New exterior work (stucco)
• Replacement of plumbing fixtures
• New flooring
• New roofing
• Installation of new smoke detectors
• Major landscape improvements
• Energy conservation improvements such as new windows and new insulated door

If you have more questions about the FHA 203k streamline program and are wondering who to ask - be sure to contact an Arizona loan officer today.

Arizona Mortgage Rates for March 23 2009

Are mortgage rates heading lower? I don't exactly have a crystal ball, but one really has to question whether or not mortgage rates can fall much farther. As it is, you can get a 4.875 - 5% 30-yr mortgage. The US government continues to be the primary (only?)buyer of mortgages, and they are only buying conforming loans -- not of jumbo loans. It is possible that if/when investors express an interest in owning mortgages, jumbo or otherwise, we may see mortgage rates drop – but until investors change their mind -- it is probably more of the same... until inflation kicks in.

Many people that we speak with are having trouble qualifying for a mortgage because of their large amounts of credit card debt. They may be able to benefit from an Arizona debt settlement option - and although we don't do debt settlement, we are hearing success stories. It is a viable option and beats filing bankruptcy.