Condo Living

There are some definite benefits to condo living.  Common areas are kept up by the HOA, exterior repairs are taken care of by the association, and condo's are generally convenient to city centers.

However, there are few disadvantages.  For instance, if you live on the first floor and the new family who moves in upstairs like the Roos:

(Courtesy: www.GoComics.com)

Until next time,

Craig Turley
NMLS 08917
480-385-1422

If you are in the market for a condo or a new home, contact Craig to discuss the many options which may be available to you.  Condo mortgage financing may have stricter lending guidelines than other single family properties.  

US home prices increase, led by Arizona and California housing markets

U.S. house prices rose 0.7 percent from January to February according to data released this week by the Federal Housing Finance Agency (FHFA).  FHFA said this was the fifth consecutive time its seasonally adjusted Home Price Index (HPI) had risen more than a half-point from one month to the next.  

Monthly prices have not declined since January 2012.

House prices have now increased 7.1 percent over the last 12 months to a level last seen in October 2004.  The HPI is now 12.5 percent below the peak it reached in April 2007.

(source:  FHFA)

According to Dataquick, the median price for new and existing houses and condominiums in Southern California jumped to $345,500, up 23.4 percent from the same period last year and the highest since reaching $348,000 in July 2008.  The median price was up $24,500 or 8% in one month due to tight supply and higher demand.

Meanwhile, Arizona home prices continue to rise due to demand and tight inventories.  According to Corelogic statistics, year on year sales in the Phoenix metro market continue to lead the nationwide housing recovery, recording a 20.8% year on year home price index (HPI) increase year on year for the month ending February, 2013.  

Please feel free to contact me with specific questions related to the housing and mortgage markets in California and Arizona.  

Every situation is different!

Until Next Time,

Craig Turley
NMLS 08917

Are you in the market for a mortgage in California or Arizona?  If so, contact Craig to receive a free no hassle mortgage quote today. Competitive rates, closings in less than 30 days, and 20 years of experience that matters in a tight lending environment.

Coach Frosty

Best read of 2013.    

Uniquely Memorable
by Chuck Culpepper

He sometimes halted practice to have players spend five minutes gazing beyond the giant evergreens to Mount Rainier. He sometimes halted practice to have players go to other sporting fields and cheer on, say, the soccer team. He always halted two-a-day practices in August and instructed players to go help freshmen move into dormitories.

Did you know one of the most remarkable American coaches died on Friday? Did you know that Frosty Westering, who had 32 seasons at Pacific Lutheran without a losing record in any, who never mentioned playoffs or titles to his players but won four national championships and four runner-up finishes on two levels, died at 85 surrounded by his considerable family? Please know. Please, please know.

An airline pilot wrote to the university president. He wrote because the Pacific Lutheran presence on his airplane had taken a routine day and whipped it up into memorable. He wrote because Westering insisted his players respect other people's work. He wrote because that respect included rapt attention to the flight attendants, which in turn included a phenomenal sound that came when the players clicked their seat belts in unison.

He wrote because at the destination gate, the college football players had held back and lined up on two sides in a "go" tunnel so they could give high-fives to disembarking crew.

A janitor wrote to the university president. He wrote because when he came upon Pacific Lutheran's visiting locker room one postgame in Portland, he found the chairs lined up in impeccable order. He wrote because he found the floors and lockers completely free of the normal detritus. He found the place just about spotless.

(continue)


Until Next Time,

Craig Turley
NMLS 80917
480-385-1422


If you you would like to keep up to date on the Arizona & California mortgage markets; and receive heads up on great stories like Coach Frosty, please subscribe here.  You won't be overwhelmed with the quantity of emails, but you may be overwhelmed by the quality.  

H/T:  Solitude Canyon Investment Advisors and Sports on Earth.

Harp Extended through 2015

Good news, bad news.

HARP, the Home Affordable Refinance Program, has been extended through 2015 by the Federal Housing Finance Authority. 

The Good:

HARP is designed specifically for current homeowners with mortgages owned or guaranteed by Freddie Mac or Fannie Mae (the GSEs) and high loan-to-value (LTV) ratios which make it difficult if not impossible to refinance through traditional programs.  The majority of HARP borrowers are actually underwater on their mortgages with the majority having LTVs in excess of 105 percent.

Find out if you may qualify for a Harp 2.0 refinance here.

The Bad:

The HARP extension did not move the dates for eligible borrowers.  The current HARP guidelines are specific to borrowers who have a loan that was sold to one of the GSEs prior to May 2009.  So, if you have a loan sold to a GSE after June 1, 2009 or not backed by a GSE (see Fannie or Freddie), you would still not be eligible for HARP.  

Until Next Time,

Craig Turley

Please contact Craig at 480-385-1422 if you would like to discuss the good news or the bad news related to the extension of HARP through 2015.

Qualifying for a mortgage with self employment income.

Are you self employed?  If so, qualifying for a mortgage may take a little additional paperwork than the standard income verification for most borrowers.

Gone are the days of reduced documentation or "stated income" loans based on credit score and equity.

So, if you are 25% owner of a business or businesses - including S Corp's and Partnerships, be prepared to provide the following income documentation:

• Pay yourself a weekly salary?  Pay stubs please.
• Pay yourself as a W2 employee in addition to the profits?  W2s for two years please.
• Two years federal tax returns - all schedules.  
• If you have filed an extension effective April 15, 2013 -please provide proof of extension and a signed 2012 P & L.
• Complete business returns for any corporation or partnership you own 25% or greater please. 

You may recall the times where qualifying was not as difficult for your mortgage - and you are correct.  However, those days are gone - and may or may not return.  So, if you are looking to qualify for a Jumbo mortgage, FHA mortgage, a Fannie/Freddie backed mortgage, or VA loan - you will need to be prepared for the paperwork involved.

Also, if you are not sure if you will qualify due to business write offs the previous year (s); you should provide all the paperwork possible so an experienced mortgage banker (see Craig) can review your options.  It is better to be proactive than reactive.

Until Next Time,

Craig Turley

Craig is a finance and mortgage professional with over 20 years industry experience.  You may contact him directly at his Southwest Direct Mortgage office - 480 385 1404.