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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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Arizona mortgage refinance? Can I still qualify if I am under water?


Can I still qualify to refinance my Arizona mortgage if I am under water?

Remember, the Obama administration has recommended to Fannie Mae and Freddie Mac to allow eligible borrowers to refinance up to 100% of their property value through the HomeStability refinance option.

Most homeowners who are under water are because they have a 1st AND 2nd mortgage.  The home stability option will ONLY allow you to refinance the first mortgage balance.  For example, the house value is $200K.  The first mortgage balance is $200K.  The second mortgage balance is $50K.  Both Fannie Mae and Freddie Mac will allow you to refinance the $200K balance (if eligible) under the home stability option and not be required to carry new private mortgage insurance! This is huge! It is still here AND it won’t be around forever!

In order to determine initial eligibility, the borrower needs to reference BOTH of these websites:

Fannie Mae:

http://www.fanniemae.com/loanlookup/

Freddie Mac: 

https://ww3.freddiemac.com/corporate/

The borrower enters their home mortgage information into both sites.  The site will return an answer as to whether Fannie Mae or Freddie Mac “owns” the mortgage. Based on that information we can determine the specifics as to the eligiblility to refinance under this option.  Once this option is gone, borrowers will not be able to refinance unless they have 20% equity in their homes.  This is an opportunity we cannot pass up!

There are ALOT of caveats to this loan so be sure to contact me if you have questions!

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