short sale
6 MORTGAGE MYTHS
Myth 1 – Automated Underwriting Systems (AUS) are optional.
Myth 2 – Private Mortgage Insurance (PMI) is good for the borrower.
Myth 3 – VA loans are too strict.
Myth 4 – FHA acquired dementia last year and forgot their mission statement to borrowers and increased their monthly mortgage insurance to ridiculous levels.
Myth 5 – There is no reason for borrowers to use FHA anymore.
Myth 6 – A good credit score can guarantee you a loan.
BABY, THEY’RE BACK!
SEVEN THINGS ALL BOOM-A-RANG BUYERS (BARB’s) SHOULD KNOW
Boom-a-rang buyers, former home owners who either short sold or foreclosed on a home, are re-entering the Arizona housing market.
Most of the BARB prospects are confident they can purchase another home. Boy, are they surprised at the qualification process.
What Are Flipped Properties?
Question: We have identified a home we would like to buy but we were told underwriting may require two appraisals. Why?
Answer: The home is probably a “flip” or in layman terms: a property that has changed ownership within 90 days. An investor bought the home at auction or as a short sale, and has placed it back on the market, for a profit.