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

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

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

FHA is continuing to be the front-runner in low-down purchase loans in the country, with Phoenix picking up its share of users of the friendly product.

With ZERO DOWN loans up to $355,407 in Maricopa County, through the Ameridream program and other DPAs, or down payment assistance programs, 70% of the homes that sell in Phoenix fit into the favorable FHA guidelines and limits.

If you are looking at purchasing a home, do not forget to remember (did that make sense?) the FHA 'Old Friend that still works through market changes and conventional loan turmoil.

One other tip to remember is that you can purchase 2 plex, 3 plex or 4 plex with FHA with most of your payment being paid by other tenants, and even receive some CASH FLOW for your personal residence!

I hope you consider FHA when purchasing your next home.  Blessings to you and if I can be of help, do call me.

Andrew Schmidt Nations Home Funding BK0905991 602.371.8600 ACSchmidt4@aol.com

The news from Lake Woebegone is not very tumultuous.  Fixed rates near 5.875% and the Libor trending to the low 2% range, just about where it was before our last Real Estate Boom in 2003.

If you are considering a Real Estate purchase, do compare Fixed vs. the Libor, since a $200-$500 monthly cash flow difference can mean a lot more in principle reduction, and quicker payoff for your real estate.

My apology for a not-so-exciting weekly report, but I personally am enjoying the soon 4.5% rate I will be enjoying on my own mortgage.