Home In Five First Time Home Buyer S Program

Category: Finance, Real Estate.

Kiss Your Landlord Goodbye! Last year at this time, I don t think a new home buyer had a chance in heck of buying a house.

I m writing this at the end of August, 200Information changes but this article has some good stuff in it about first time home buyer s buying from the Phoenix MLS or any Phoenix real estate for that matter. The investors literally invaded the Valley of the Sun including Phoenix, Chandler and Gilbert, Ahwatukee and bought everything in sight. Homes one year ago had an average listing life of 14 days. Even legitimate home buyers had a hard time buying. Now it s more like 14 months. It s more like about 75 days.

Okay, I was exaggerating a little. And this is good news for first time home buyers. And I was just quoted 51% which in historical terms is great! Other good news is that the lending industry is creating more affordable loans that should more than make up for the slightly higher interest rates. And there is no pressure to raise the rates soon so think hard about buying a new home. There are lots of homes on the market, and their average listing life is longer, that s true. We in the industry are all watching the market right now.

It causes lots of buyer hesitation because they think the market will force home pricing down in the Phoenix Real Estate market. It means when you think it s a good time to buy, buy, like right now! Pigs are fed, Hogs are slaughtered is an old stock market term. By the time you see signs that the stock market or the Phoenix real estate market has bottomed out, it will have already have started back up, and you will have lost an opportunity. The market is leveling out as I type. The first sign that the buyer s market is ending is that each month now more homes are being sold than the previous month. Home buyers who make an effort can get a ton of help right now.

Call Arizona Housing Department: 602- 771- 1000. Homes for Arizonans: Must be first time home buyers. Fannie Mae s" My Community Mortgage" Offered by most major lenders: Can use non- traditional sources of income like income from boarders. Grants for up to 5% of closing costs or down payment. Home in Five First Time Home Buyer s Program. Offered through the Industrial Development Authority of Phoenix and Maricopa County.

Lender breaks on mortgage insurance: A few lenders offer loans to first time home buyers that don t require mortgage insurance if they take classes for home buying counseling. Call 602- 262- 6606 or 602- 506- 7294. The following groups offer counseling: Community Housing Resources: 602- 631- 9780. Housing for Mesa: 480- 649- 1335. Neighborhood Housing Services: 602- 258- 1659. Fannie Mae Phoenix Partnership: 1- 800- 732- 6643.

Chicanos Por La Casa: 602- 257- 0700. Consumer Credit Counseling Service: 1- 800- 308- 2227. Community Services of Arizona: 623- 435- 225