FAQ - I'm prequalified for an FHA loan at 3.5% down. I can't find a new primary residence that I like. Can I buy the foreclosure down the street?
A - NO.
I know, I'm a real bummer aren't I? But no, you can't us an FHA loan to buy an investment property. And I won't help you use an FHA loan to say that you are buying a new primary residence that I know you don't intend to occupy so please don't ask. Most likely you lender won't allow it either.
If you are up-sizing, down-sizing, moving across town or buying in your coveted neighborhood and you will be occupying the property you can legitimately utilize an FHA loan. Depending upon your financials you may not need to sell or rent your current property to qualify for the loan. If you must rent your current residence to qualify for the loan you will most likely need to show 30% equity in your current property and have a signed lease agreement with deposit in place prior to closing on your new loan.
If you are only interested in purchasing an investment property FHA is not the loan for you. You will want to look into conventional loans for investment purchases. To my knowledge the lowest down payment for an investment loan is 10%, but I am not an expert. For information on your loan options please speak to your lender!
FAQ -I'm looking for a new primary residence. I'm qualified to purchase up to $xxx,xxx. After we purchase this property can you list my current home as a short sale?
A - NO.
I say no for two main reasons:
First, I would like to keep my real estate license and stay out of jail. The above scenario is loan fraud and is not looked upon kindly. If another agent has told you that they can help you with it, by all means, go with that agent. But please do yourself a favor and ask your local association of Realtors to point you in the direction of some information on the future ramifications of such actions.
Secondly, if you qualify for an additional mortgage you do not have a hardship. You can list your home as a short sale, but your lender must approve it. Your lender will want to see that you have a financial hardship that is keeping you (or will keep you) from making your mortgage payment. Assuming that you do not falsify the information you are providing to your current lender for the short sale financial statement you may go through the experience of showing your home and receiving offers only to find out that your sale will not be approved.
Briefly, it is an ethics thing in addition to not wanting to do work that I will not be paid for. I apologize if this is a bit blunt, but it is what it is. I do not recommend trying to take advantage of a situation like this and hope that you will heed my advice.
All the best!
If you are looking for knowledgeable, ethical, hardworking real estate professionals in the Gilbert area look no further! Contact The Porter Team 480.202.2475 for buyers and 602.818.0473 for sellers. Or TeamAR@MyPorterHouse.com
For access to all of the latest MLS property listings in Gilbert and the surrounding areas please visit www.MyPorterHouse.com The search is Free. No registration required.
Q: I am having difficulties making my mortgage payment(s). Should I contact my lender(s)?
A: Notifying your lender of your hardship is the only way to find out if you have any workout options available to you. The most common workout options are loan modification and short sale but there are several others options that may be available to you. If you have enough equity (or more commonly not too much loss of equity) in your home and depending upon who bought your loan on the secondary market you may actually have the option of refinancing. This may or may not help you depending upon the cause of your difficulties making payments.
You do not have to be behind on payments before you make contact with your lender. Waiting until you are late on your payments may reduce the number of programs that you can qualify for. When you call into your lender they will direct you to a department called home retention or something similar. They will verify your identity and then collect information on your financial situation so that they can get a full picture of the problem. Once they see how your income compares to you expenses they will tell you whether or not you qualify for any of their workout options.
To be eligible for a loan modification your income cannot have decreased too dramatically. Conversely, to qualify for a short sale you must demonstrate some sort of signification financial hardship. Common causes would be job loss, hospitalization, divorce, or even the need to relocate. When neither of these options work for you some lenders offer a deed in lieu of foreclosure.
If your financial difficulties lead you to bankruptcy that's a whole new can of worms! Please contact an attorney for more information on bankruptcy proceedings and the impact on your home.
If you have questions about listing your home as a short sale in the greater Phoenix area
please visit www.FreeShortSaleAZ.info or contact 602-818-0473 to for more information.
As a Selling Agent Select for HomeSteps (Freddie Mac) we receive updates on Freddie Mac HomeSteps bank owned properties that are about to hit the Gilbert real estate market before they are listed. If you are looking for information on Freddie Mac REO homes in Gilbert that are not yet on the market or even bank owned homes in Gilbert that are listed in the MLS the information you are seeking is only a phone call or an email away.
For more information on buying a bank owned property
please call 480-202-2475 and speak to Debby
or email REO@MyPorterHouse.com
The following homes are Freddie Mac HomeSteps properties currently on the market. For a full list of Gilbert premarket HomeSteps properties please contact us!
|
Address |
Price | Rooms | Beds | ||
| 1295 NORTH ASH STREET 1024 GILBERT, AZ |
$44,900 | 2 | 1 | 1.00 | |
| 4089 E JASPER DR GILBERT, AZ |
$100,700 | 5 | 3 | 2.00 | |
| 104 W COMMERCE COURT 93 GILBERT, AZ |
$119,900 | 7 | 3 | 2.00 | |
| 437 N HOLLY CT GILBERT, AZ |
$119,900 | 8 | 4 | 2.00 | |
| 417 WEST OAK STREET GILBERT, AZ |
$119,900 | 6 | 3 | 3.00 | |
| 4748 EAST WATERMAN STREET 10 GILBERT, AZ |
$124,900 | 6 | 3 | 2.00 | |
| 518 SOUTH SUNRISE DRIVE GILBERT, AZ |
$124,900 | 7 | 3 | 3.00 | |
| 1639 EAST CHELSEA LANE GILBERT, AZ |
$133,500 | 5 | 3 | 2.50 | |
| E 3089 MILLBRAE LN GILBERT, AZ |
$133,800 | 5 | 3 | 2.00 | |
| 3065 EAST SANTA ROSA DRIVE GILBERT, AZ |
$134,900 | 6 | 3 | 2.00 | |
| 250 WEST JUNIPER AVENUE 15 GILBERT, AZ |
$134,900 | 7 | 3 | 2.50 | |
| 2525 EAST JASPER DR GILBERT, AZ |
$139,900 | 6 | 3 | 2.00 | |
| 3932 E YEAGER DR GILBERT, AZ |
$142,000 | 8 | 3 | 2.50 | |
| $144,900 | 6 | 3 | 2.00 | ||
| 2213 EAST ARABIAN DRIVE GILBERT, AZ |
$159,000 | 6 | 3 | 2.00 | |
| 3861 EAST GIDEON WAY GILBERT, AZ |
$157,500 | 7 | 3 | 2.50 | |
| 1490 EAST ELGIN STREET GILBERT, AZ |
$158,900 | 7 | 4 | 3.00 | |
| 1138 E CANYON CREEK DR GILBERT, AZ |
$161,120 | 8 | 3 | 2.50 | |
| 936 EAST CANTEBRIA DRIVE GILBERT, AZ |
$164,000 | 6 | 3 | 2.50 | |
| 866 SOUTH HUISH DRIVE GILBERT, AZ |
$178,900 | 7 | 4 | 2.50 | |
| 4626 EAST MURRIETA ROAD GILBERT, AZ |
$179,900 | 7 | 4 | 2.00 | |
| 1181 S LARKSPUR ST GILBERT, AZ |
$192,900 | 6 | 3 | 2.00 | |
| 1674 E SPUR STREET GILBERT, AZ |
$194,600 | 9 | 5 | 2.00 | |
| 3296 E MERLOT ST GILBERT, AZ |
$198,000 | 9 | 5 | 3.00 | |
| 6005 SOUTH LEGEND DRIVE GILBERT, AZ |
$213,000 | 8 | 4 | 3.00 | |
| 2476 SOUTH NIELSON STREET GILBERT, AZ |
$217,500 | 7 | 3 | 3.00 | |
| 3953 S BRIDAL VAIL DR GILBERT, AZ |
$224,900 | 8 | 4 | 2.00 | |
| 1528 E DOUGLAS AVE GILBERT, AZ |
$254,900 | 8 | 5 | 3.00 | |
| 2931 E POWELL WAY GILBERT, AZ |
$263,900 | 9 | 4 | 2.50 | |
| 819 EAST ENCINAS AVENUE GILBERT, AZ |
$269,900 | 10 | 5 | 3.50 | |
| 962 E BENRICH DR GILBERT, AZ |
$280,170 | 8 | 4 | 2.50 | |
| 3104 EAST VALLEJO DRIVE GILBERT, AZ |
$288,900 | 10 | 5 | 4.50 | |
| 4186 EAST BLUE SAGE ROAD GILBERT, AZ |
$289,900 | 9 | 5 | 3.00 | |
| 630 NORTH SABINO DRIVE GILBERT, AZ |
$314,900 | 10 | 5 | 3.00 | |
| 3846 EAST LAFAYETTE AVENUE GILBERT, AZ |
$325,000 | 10 | 5 | 4.50 |
Current HomeSteps promotions included a 2 year Smart Buy warranty on qualifying properties, 30% discount on appliances and 2% of the purchase price in seller paid closing costs. Buyers must present HomeSteps documents at the time of initial offer to qualify for these promotions.
The Southeast Valley is home to Apache Junction, Chandler and Chandler Heights, Gilbert, Gold Canyon, Mesa, Queen Creek and San Tan Valley, Sun Lakes and Tempe.
There are thousands of bank owned REO properties at amazing discounts right now. While it is best to be a cash buyer if you want an amazing deal on a bank owned property, convention, VA and FHA buyers are still able to buy Bank foreclosures at extremely low prices. If you are looking for southeast valley bank owned bargains and REO listings please explore the links below.
Southeast Valley REO (bank owned) Properties
Southeast Valley Single Family Detached REO Properties
Apache Junction Bank Owned homes for sale
Chandler Bank Owned homes for sale
Gilbert Bank Owned homes for sale
Gold Canyon Bank Owned homes for sale
Mesa Bank Owned homes for sale
Queen Creek Bank Owned homes for sale
Sun Lakes Bank Owned homes for sale
Tempe Bank Owned homes for sale
For more information on buying a bank owned property
please call 480-202-2475 and speak to Debby
or email REO@MyPorterHouse.com
 |
|
|
Co-founder of Porter-Porter, PLLC Real Estate Professionals specializing in distressed properties, investments and short sale listings. Info for Buyers 480.202.2475 Info for Sellers 602.818.0473
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
