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Jumbo Loans Easing/ Down Payments Recently Being Lowered

August 4th, 2015 by Michael Oliver

Banks are starting to get more comfortable with lending in the jumbo loan market compared with just a few years ago. Currently JP Morgan just released a statement stating they would now look at 15% down payments for their jumbo loans. (A Jumbo loan is a mortgage over $417,000. Prior JP Morgan required at least a 20% down payment.)

On top of the lower rate JP Morgan also plans to start offering jumbos to mortgage borrowers with FICO (credit) scores as low as 680 from the current 740 standard. That would only apply to owner occupied mortgages and second homes/ refinances of them. This easing of credit in the mortgage market should fuel the already warm Tucson luxury home sector.

Mortgage Rates Jump

June 8th, 2015 by Michael Oliver

As an update to what is ongoing in the Tucson real estate markets; Mortgage rates jumped up on Friday and remain a decent amount higher this week than just a few weeks ago. Mortgage rates right now on average in Tucson are running just over 4% for a 30 yr fixed.

Just a few weeks ago the average was closer to 3.625%. While that’s not a huge difference the speed of the change is what is impacting the market. Homes that were affordable a few weeks ago are still affordable today however the extra $20-$40/ month takes a bite out of purchasing power if you are on the fringe of the upper end of your borrowing range. While mortgage rate moves of this size are rare if it were to continue the real estate markets in Tucson could see home buying demand pull back.

Condo Buying Risks- Pending Litigation Pitfall

April 13th, 2015 by Michael Oliver

"Tucson AZ condos for sale"

Condo Buying Has Risks Most Buyers/ Owners Never Realize Potential Litigation Ranks Among Them.

Many people like the idea of condo ownership specifically those looking only for seasonal property. These buyers associate condo ownership as a lock and leave situation as the home owners association takes care of all of the day to day maintenance of pool(s), gates, common grounds, roof, parking, etc. For the most part all this is true but what happens when the home owner association either doesn’t follow through or is negligent affecting other owners units?

3% 30 Year Fixed Rates Now Being Offered By Some Tucson Home Builders!

January 23rd, 2015 by Michael Oliver

Lennar Homes Now Offering A 3% 30 Year Fixed Mortgage As An Incentive To Buy Their Homes. One Of The Best Incentives In Tucson Right Now In New Homes

In Tucson some new home builders are getting aggressive on incentives with one builder offering 30 year fixed mortgages at 3.00%! Lennar Homes one of the largest home builders in America is now offering a 3% mortgage as an incentive to buy their homes.

Mortgage Rates 2015 Starting Out Low Should Push Demand In Market!

January 3rd, 2015 by Michael Oliver

"tucson luxury home for sale"

Low Mortgage Rates Along With Increased Out Of State Demand Is Looking To Push Up The Market In Tucson In 2015

The first mortgage rate sheets of 2015 came out yesterday and the mortgage rates being offered are as low as I have seen since mid 2013 (which lasted about 2 weeks).  Right now here is what I have seen for rates (obviously all kinds of criteria must be meet however this is always the case when looking at mortgage rates)

 

30 Year FHA Fixed: 3.25%

 

30 Conventional Fixed: 3.625%

Lower Interest Rates Equal More Demand For Homes In Tucson

October 24th, 2013 by Michael Oliver

Interest rates are down a decent amount from this summer (rates in August saw rates as high as 4.75% on a 30 year FHA) when we started to see the Tucson real estate market cool from the demand side slightly. Currently a buyer can get a 30 year FHA mortgage starting around 3.75% and a 15 year at 3.25%. Since FHA accounts for a majority of the financing used in today’s market this is what influences many purchasers. On the higher end conventional rates are also similar to FHA rates with 30 year mortgages under 4% and ARM’s in some cases touching 3.00%. Mortgage rates at these levels allow for home prices to rise since most buyers buy based on amount qualified for on the monthly basis. As we saw this summer however if mortgage rates increase quickly; home prices can weaken slightly as fewer buyers qualify for the higher rates at the same price levels.

Lower Rates This Week Will Push Tucson Market

September 20th, 2013 by Michael Oliver

This week mortgage rates went down by roughly 1/2% on a 30 year fixed. Such a large drop is not common but due to the federal reserve staying the corse with bond buying the markets responded accordingly. Anyone that has been looking for a home this summer has seen an unrelenting increase in rates weekly with rates going from low to mid 3% range in April to up until last week was almost 5%.

 

Jumbo Loan Options That Don’t Require 20% Down For Luxury Tucson Home Purchases

September 3rd, 2013 by Michael Oliver

New Foothills Listing That Could Be Financed Using Less Than 20% Down

As mentioned in recent posts there are a lot of buyers looking to buy higher priced homes right now, and many of them do not have the 20% down payment “most” people think is a requirement on a Jumbo Mortgage (a mortgage the lender is going to keep on their books over $417k in loan amount.) Somewhat recently I have seen new Jumbo loan products for luxury Tucson homes that deal with this segment of the market. My assumption as to why is because the banks now feel the market has finished its down cycle and Jumbo loans allow them to make a lot of money in that type of environment.

Best Ideas When Financing A Home

January 15th, 2013 by Michael Oliver

Financing A Home Today Is Less Expensive Than Ever But It Still Pays To Know What's Best

Financing a home (mortgages and Deed in Trusts in Arizona) is the most profitable segment of the real estate industry. As a buyer looking to finance a home in Arizona here are some ideas that should not only save you a lot of money but also make the process of obtaining a mortgage easier:

Pima County (Tucson) Land Trust Homes For Sale -Tucson Low Income Home Buying Programs

November 28th, 2011 by Michael Oliver

There’s a new program out that is pretty good for first time buyers on a budget looking to get a nice home. The program is the Pima County Land Trust. These homes are foreclosures purchased by Pima County (most are within Tucson) the homes are then fixed up to like new standards and placed on the market for sale. The idea of these homes is to allow low income first time buyers an opportunity to be able to buy their own home.

What are the benefits of buying a Pima County Land Trust Home In Tucson?

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