August Housing Trends Newsletter

Here is the link to my August Housing Trends Newsletter.  You can always go to my website for the link to the most recent HTN.

When Can I Buy a Home After a Bankruptcy? Foreclosure? Short Sale?

The following information has been provided by:  
 

 Obtaining a Conventional Loan

Ø  Chapter 7 Bankruptcy                            - 4 years from discharge date

Ø  Chapter 14 Bankruptcy                          - 2 years from discharge date

Ø  Foreclosure                                               - 4 years from completion date

Ø  Deed-In-Lieu of Foreclosure                - 4 years from completion date

Ø  Short Sale                                                 - 2 years from completion date

Obtaining an FHA Loan

Ø  Chapter 7 Bankruptcy                            - 2 years from discharge date

Ø  Chapter 13 Bankruptcy                          - 1 year of the payout must elapse & 
                                                                           payment performance must be 
                                                                           satisfactory – buyer must receive 
                                                                           permission from the court to enter into a 
                                                                           mortgage

Ø  Foreclosure                                                - 3 years from completion date

Ø  Short Sale                                                   - ***NOTE: This is a recent 
                                                                         change*** 1 year from completion date 
                                                                             if the  borrower was current at the time 
                                                                             of the short sale on their mortgage   
    

Obtaining a VA Loan

Ø  Chapter 7 Bankruptcy                            - 2 years from discharge date

Ø  Chapter 13 Bankruptcy                          - 1 year of the payout must elapse & 
                                                                           payment performance must be 
                                                                           satisfactory - buyer must receive 
                                                                           permission from the court to enter into a 
                                                                           mortgage

Ø  Foreclosure                                                - 2 years from completion date

Ø  Short Sale                                                   - No specific information on this yet but 
                                                                             assume foreclosure rule of 2 years 
                                                                             applies.   

                                                                             Once this is officially defined, I will 
                                                                             provide an update.

Obtaining a USDA Rural Housing Loan

Ø  Bankruptcy (Ch 7 & Ch 13)            - 3 years from discharge date

Ø  Foreclosure                                                - 3 years from completion date

Ø  Short Sale                                                   - No specific information on this yet but   
                                                                             assume foreclosure rule of 3 years 
                                                                             applies. 

                                                                             Once this is officially defined, I will 
                                                                             provide an update.

I hope this information helps!  One last note, FHA and VA 30 year fixed rates have dropped to 4.250% (with NO POINTS).  If you currently have either an FHA or VA loan, you can do a streamline refinance regardless of the equity, or lack thereof, in your home. 

- Michael McDermott

Live MLS IDX Search

I have always taken great pride in providing exceptional service for my clients as a consultant, negotiator, and overseer of transactional details.  Part of my service is creating searches and updates for clients, using parameters that meet their specific needs, as they begin the search process.  I will always continue to provide that service, however, the latest reports show that over 95% of Buyers prefer to use the Internet to begin their search for new housing on their own.  I understand that desire to dive in and poke around the listings... it's easy and it's fun.  There are many sources out there for doing such searches, but these searches are not "live" and, therefore, are not necessarily current.   

With all this in mind, I have created an opportunity for you to do live searches using the same search system that local real estate professionals use.  Whether you are looking for a new home or are just seeing what the market looks like in your area, you can now begin searching for properties in the greater Phoenix area using the official live ARMLS (Arizona Regional Multiple Listing Service) IDX search system.
(IDX stands for "Internet Data Exchange" commonly called Broker Reciprocity.)

Finding homes of interest is just the first step.  It allows you to become informed about the houses that are currently on the market... and I am here to take you to the next step, providing you with the valuable assistance you will need to make every step of your transaction run as smoothly as possible.   Together, we can make your dream home or investment property a reality!

By creating a free account, you can:

• Save your searches
• Get updates on new listings and price changes
• Track your favorites
• Add notes and messages
• Personalize your dashboard
• Forward links to friends and relatives

Click on this IDX LINK and start searching! 

For your convenience, I have created several searches for properties in Scottsdale in varying price ranges.  I have also created a search for golf properties in PV and Scottsdale.  All of these can be found at pookbellini.com.