You would have to be deaf, dumb, blind & locked up somewhere to not know that our country is going through and has been going through a "housing crisis" in large part due to the large amount of "lousy mortgage programs" that proliferated during our country's real estate "run up". 

In the midst of all the craziness, a "recovery" has begun, led by "first-time homebuyers" obtaining 30 year fixed rate loans at very low interest rates.  Just as we were gaining some momentum, Congress and our President, recently passed some legislation that will discontinue what we call DPA or Down Payment Assistance programs.  Programs like Ameridream, allowed first-time buyers who have to meet all normal underwriting guidelines but who did not have "down payment" money set-aside, to obtain FHA loans.  These programs are scheduled to end on October 1st because of the recent legislation that was passed.

Having realized that they may have been wrong, a new bill called H.R. 6694, the FHA Gift Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 has been introduced by Congressman Al Green, (Texas).

You can help the Housing Recovery by contacting your Congressman and Senator and letting them know that you are in favor of H.R. 6694 and in continuing the Down Payment Assistance programs and that you would like to see them pass H.R. 6694 on or before September 26th, 2008.

If H.R. 6694 is not passed prior to September 26th, as many as 25,000 FHA qualified homebuyers monthly, including many first time homebuyers, minorities and women, will lose access to homeownership opportunities,

Find out more about the urgency to act

If you are a first-time homebuyer and are seeking more information about buying a home with zero down, contact Lyle Plocher with Urban Connection Realty at 602 373 3725 or lyle@urbanconnectionrealty.com

There is... One more month for purchasing with 0 Down FHA loans.

FHA is allowing until the end of September for accepted contracts with appraisal and underwritten approval to be allowed under the Down Payment Assistance through the Seller.

However... there is a provision not being discussed that allows the home buyer to still have Down Payment Assistance through a family member.  And the Government is willing to pay this loan back.

The IRS will be coming up with the money at tax time in January 09, to pay the Down Payment back to the family member, who actually is allowed to borrow the funds for the buyer's down payment.

And when you figure that now, the 6% Seller Contribution (that used to create the 0 Down can now create a BELOW MARKET FIXED RATE, possibly in the high 5%s, you have the potential to have $100 lower monthly payments on a typical FHA loan.

Amazing what the Government can do with numbers!

Andrew Schmidt - Nations Home Funding, Inc. BK0905991

Contact me at acschmidt4@aol.com for more information

As many of you have heard, the Legislature and President have now signed into law the INABILITY to do ZERO DOWN FHA LOANS as part of their RECOVERY PACKAGE.

Obviously, this does not appear to help in the RECOVERY of the Housing Market, as there will be fewer buyers to purchase the inventory-laden homes on the market.

However, the GOOD NEWS is that there is time to still purchase with ZERO DOWN FHA.  The window should be open for up to Sept, and possibly Oct, with loan submissions in by the end of Sept.

I already am working on a solution for buyers after this date to be able to purchase 0 DOWN, using FHA's quality loan program.  If you are interested in any information regarding the above topic, with which I'm familiar, please do not hesitate to ask.

Blessings and God's best to you and this country as we navigate through the interesting new laws and watch the results of our Congressmen and Congresswomen.

Andrew Schmidt Nations Home Funding, Inc. BK0905991

ACSchmidt4@aol.com  602-371-8600

As of July 14, 2008, FHA will be pricing their Zero Down FHA loans at tiered pricing for UFMIP, or up front Mortgage Ins premiums.  So, the higher the credit score, the lower the UFMIP.  Actually a a good thing for higher credit scores, but a slightly higher premium for credit scores that are lower.

For more info on the scoop on UFMIP changes, please call me.  For information on the 0 down FHA purchase money being offered up to $355,000 for single family homes, please email me.

Enjoy the 4th of July Holiday and remember that as the stock market falls, so do rates.  Remember what happened last week in stocks.

Andrew Schmidt, Nations Home Funding, Inc. BK0905991

ACSchmidt4@aol.com

If you haven't heard, FHA is continuing its allowance of ZERO DOWN PAYMENT GIFT ASSISTANCE with owner occupied purchases in the Phoenix area.

Phoenix is also poised to be removed from the Declining Market List with FHA, as Fannie Mae and Freddie Mac have already made this determination.

With ZERO DOWN FHA being so popular with even repeat home buyers, in addition to first time home buyers, we have seen multiple offers on homes that are priced below market values, many of them bank-owned, with the seller asking for the highest and best offer from the multiple buyers.

Keeping up with all the new News lately in this are is exciting.  Stay tuned for great opportunities in Real Estate!

Andrew Schmidt- Nations Home Funding, Inc BK0905991  ACSchmidt4@aol.com

Did you know that due to recent increases in the FHA loan limits, whether you are a first-time homebuyer or not, you can buy a home or condo up to nearly $350,000 with zero down?  These are 30 year fixed rate loans with rates hovering aorund 6%, not the old 80% first and 20% second scenarios. This represents a unique opportunity for homebuyers in this price range.  Go FHA and leave your cash in the bank. 

If you would like to know more about current financing options or would like to begin looking for a property in Central Phoenix, contact Lyle Plocher with Urban Connection Realty at 602 373 3725 or lyle@urbanconnectionrealty.com .

Fannie Mae announced that they will now lend up to 97% in Phoenix, AZ, despite having declared Phoenix as a declining market in the past.

The good news is that this opens another door for homebuyers to qualify for owner occupied homes with quality 30 year fixed loans.

FHA $0 down move in cost loans are still available, but this is the second major move in the credit markets (the first being FHA to raise their loan limits to $346,000) in the Phoenix area.

Yet another feather in the local market's cap for good changes coming... otherwise known as rising home values.

Andrew Schmidt- Nations Home Funding- BK0905991

ACSchmidt4@aol.com 602.371.8600

The most recent news in the last 2 weeks in Phoenix now finds Buyers pitted against each other, and against the savvy local investors, in a bidding war for properties in Phoenix.

Real Estate has dropped so low in Phoenix in some areas, that the $125k to $175k price range is now actually deluged with multiple offers.

Realtors are beginning to ask, "Is this the end of the downturn?" as they are losing out to other competing Realtors down the street and having to become aggressive again in their advice to, and bids on behalf of their clients.

Keep your eyes open and ears tuned in for the "psychological turn" that's coming soon.  Phoenix has always grown, and as the purchasing picks up, values will once again rise quickly off the bottom.

Thanks to FHA and $0 Down Ameridream Down Payment Gift Assistance, owner occupants can still enjoy the 0 down benefits of a great 30 year fixed, low rate guaranteed by FHA.

If you're interested in not missing the bottom, consider preparing quickly with your finance options, so you'll be prepared when you see the first Arizona Republic Headlines soon say, "PRICES RISING FOR FIRST TIME IN 2 YEARS".

Andrew Schmidt, Nations Home Funding BK0905991

ACSchmidt4@aol.com 602.371.8600

A free Seminar is taking place at Phoenix City Hall on Saturday, May 10th, 2008 from 9 AM to 1 PM. 

Resources Available to Help Homeowners Facing Foreclosure

• Morning panel with Q&A
• Individual Counseling Sessions in Spanish and English
• Informational exhibits and take-away materials

Credit and housing counselors, loan servicers, and lenders will be available for brief individual consultations throughout the day on a first-come, first-served basis. Please bring your loan documents and other financial information with you to the workshop.

Free Event. No charge for admission. Free parking at Third Avenue and Washington Street parking garage. Activities for children.

Register at fhlbsf.com

Registration begins at 8:30 a.m.
Workshop and counseling 9 a.m. – 1 p.m.

Phoenix City Hall
200 W. Washington St.
Phoenix, AZ 85003

Special Guest, Congressman Ed Pastor

Zero Down Loans (Yes, $0 Down) are still happening in the Phoenix area for owner occupied purchases, up to $365,000 sales price.

Due to the repeated requests for information on this topic, I will provide a Re-Print of the March's FHA 0 Down Ameridream Article.

Next week we will follow up with an article on How to Receive $20,000 Per Year- Through FHA Puchase- To Pay For Your New Mortgage

Here's the Re-Print of Last Month's Article

March 7, 2008

I want to update you on TODAY'S MAJOR ARIZONA MARKET CHANGE with FHA owner occupied purchases.  It will affect our economy and home values almost immediately.

                          AS OF TODAY:

                          $356,500 max purchase price

                          Max loan size- $346,250

                          Maricopa County                                

This news is revolutionary, and will begin turning the Phoenix market around with the supply and demand imbalances as FHA now allows first-time AND non-first time home buyers to purchase about 70% of the available Phoenix market's inventory of homes with HIGH QUALITY, LOW RISK FHA loan terms.

      5 Facts about FHA Loans to remember:

    1)  The COST PER THOUSAND with ZERO DOWN FHA is about $7.25 per $1,000.

    2)  ZERO DOWN ALLOWED!

    3)  FHA still allows DPA, or Down Payment Assistance, which means that AmeriDream and other DPA organizations are still ALLOWING ALL DOWN PAYMENT AND CLOSING COSTS TO BE PAID BY THEM, AND CONTRIBUTED BY THE SELLER OF THE HOME.

    4)  This means that ALL EARNEST MONIES CAN BE RETURNED TO BORROWER AT CLOSING.

    5)  NO CREDIT SCORE REQUIREMENT BY FHA- Low scores not a reason to be denied qualification.

    (HUD approval and credit approval required.)

Andrew Schmidt, Nations Home Funding, Inc. ACSchmidt4@aol.com        BK0905991