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Is It Time to Make Your Move? The cost of waiting! Part 1


Available inventory is VANISHING!

Detecting signs of VANISHING Shadow Inventory

Check out this chart! —> Buyer Purchasing Power 

The percentage of shadow inventory is down 78% in Arizona!

What is Shadow Inventory: A looming mass of delinquent and foreclosed-upon homes that threatened to destabilize the market.

In April 2014, Corelogic released its most recent figures on Shadow Inventory.

  • The national residential shadow inventory declined 23% year over year this past January.
  • The inventory has experienced double digit year over year declines for each of the past 16 consecutive months.
  • The shadow inventory from Jan 2013- Jan 2014 has decreased an average monthly rate of over 41000 properties, according to CoreLogic.

Why the decline?

  • Healthy housing market.
  • Prices have been going up at a steady pace, positive home equity, simple increase in home value over the last few years.
  • An abundance of short sales or modifications.
  • Reducing inventory=less opportunity= higher prices= QUESTION? Why wait?

Is it time to make your move? What are you waiting for?  

Apply today! www.fcfs.net 

First Class Financial Services

Leslie Nilsen                                                    

602.294.9288   http://www.fcfs.net

     MB#0902810 / NMLS # 162494

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Investment properties are HOT but how many can you mortgage?


Investment properties are HOT right now but how many can you mortgage?

It is important to cover this at application time as many investors assume with good credit and the minimum down payment requirement they can mortgage as many as they would like. This can vary DRAMATICALLY between lenders and needs to be prior approved before the investor starts shopping!

Each lender makes a distinction as to what underwriting guidelines they are going to follow. Most lenders have “overlays” over the top of the traditional Fannie Mae/ Freddie Mac guidelines.
Fannie Mae’s standard guideline is that one borrower cannot have more than 10 financed properties including any financed primary residence.

Many lenders have an “overlay” restricting that to 4 financed properties including any financed primary residence.

Many lenders restrict the number the borrower can already have financed with them as well.

Freddie Mac has a maximum financed properties of 4 including any financed primary residence.

As an agent, be sure you ASK your loan officer what the restriction is for the number of mortgage properties. Many loan officers are not even aware of this restriction and again will only approve the borrower on credit/down payment merit.

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

http://www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453