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The Final Walkthrough of Your Gilbert Home

Gilbert_New Home Purchase
photo credit http://bit.ly/15pvSDK

You have done the legwork and purchasing your new Gilbert home is almost complete.  The final step of a final walkthrough is extremely crucial.  It will help you feel more confident in your purchase because it is your last chance before closing to make sure everything in your new home is in working condition.  It can also help pin point any last minute problems that may need to be taken care of before the final settlement.  Troy Reeves and the Troy Reeves team can help make your final walkthrough process painless and easy when you are looking to purchase your new Gilbert home.

 

Schedule your final walkthrough roughly 24 hours before the closing of your new Gilbert home.  It should only take you about 30 minutes to complete, depending on the size of the home, but this will help point out any new items that have come up since the last time you looked at the home.  Be sure to take your time as well as this is the last step before your close on your new Gilbert home.

 

Some things to look for when you are doing your final walkthrough are:

 

  • Check all major appliances to make sure they are working
  • Check outlets and light switches
  • Make sure items that were in the contract to be left behind, are actually left behind
  • Check the condition of the yard
  • Check the condition of the walls both inside and outside
  • Check the overall condition of the home
  • Test the pool if there is one and make sure it is operating correctly

 

If you come across a problem, you need to make sure the problem gets fixed right away.  You need to determine if a repair cost is worth losing your Gilbert home or not and the severity of the situation.  You may also choose to postpone the closing until the seller fixes the problem.

 

So, the moral of the story is don’t forget to schedule your final walkthrough, as you can see it is extremely important.  Troy Reeves and the Troy Reeves team will help walk you through the process of buying your new Gilbert home and they will make sure you don’t miss anything while you are doing your final walkthrough.

 

“by Troy Reeves” at Google

My Spouse is Going to Default on Their Home Loan, Can I Qualify?

Once you have owned a home it is tough to go back to renting.  No one likes paying deposits, renewing leases, or living under someone Else’s rules.  For that reason, many couples that see foreclosure in the future are hoping their spouse can qualify for a home, in hope of continuing the life they have become accustom too.

Determining if a spouse can finance a home while their significant other is upside down on their current loan can be tricky.  The biggest determining factor is the relationship between the couple, these can be broken down into three basic groups.

  1. When qualifying for a loan, if the couple is not married and they are not living together the lender considers the couple two separate people.  The lender does not require the buyer to list the spouse on the paperwork, and will not hold them accountable for the debt acquired by their significant other.
  2. The situation is slightly more complicated if the couple is living in the same residence.  If the couple has been living at the same address for over 9 years the lender may require that the spouse be listed on the loan.   Fortunately if it has been less than 9 years neither person is under any duty to disclose information regarding their significant other.
  3. If the couple is married and the one wants to get a loan, as their sole and separate property, the lender will decide if the client is to be held responsible for the spouses’ debt.   It is important to note that if married you are responsible to disclose information about your spouse if asked by the lender.  It is then the lenders decision to proceed in the direction it sees best.

While there is a pretty good chance an individual will be asked about their spouses’ finances during the lending process, they are not required to volunteer the information.  Given today’s tight credit market it would be fair to assume that one will have a much easier time getting approved if they are living separate, or have been living together for less than 9 years, than it would be for a couple who is currently married.

“Your Way Home” Offers 22% Purchase Assistance

The Arizona Department of Housing (ADOH) has recently announced a plan it hopes will reduce the number of foreclosures on the market in Arizona.  The program has not generated much buzz yet, however word is spreading and it is set to help many area residents.

The “Your Way Home AZ” program will offer 22 percent in purchase assistance to qualified home buyers. The program has been tested in smaller counties since may, however it is set to go online statewide in July. The program provides purchasing assistance by offering a deferred second loan to qualified home buyers.

Qualifications for assistance:

1.) Household must have a gross income of no more than 120 percent of the average median income for the county wish to purchase in.

2.) If you own a residence, you must be leasing your primary residence one year before applying for the program.

3.) Your lender must be chosen from the ADOH participating lender list.

4.) An 8 hour Homebuyer Education Class must be completed.

5.) The Property purchased must be your primary residence.

6.) Your debt to income must be 31/43 or better.

7.) Two months PITI reserves are required.

8.) You must be AUS approved eligible.

If you are interested in qualifing for the “Your Way Home” program contact the Reeves Team today.  You can browse Unclaimed homes here.

More details on new Making Homes Affordable housing program

Here are some highlight for what other people are writing about the new program.

U.S. Department of Treasury press release

The Mortgage Reports by Dan Green

Not 10 minutes after The U.S. Treasury’s official Home Affordable announcement March 4, 2009, the nation’s news sources were already printing misleading headlines and incomplete stories.

The ranged from sensational to mundane. Mostly, though, they were incomplete. Rest assured, my friends, you’re not getting a 2 percent rate on your mortgage.

Here’s the bullet points from today’s announcement:

* Loan modification guidelines for “at-risk” homeowners are defined
* Refinancing guidelines for “underwater”, on-time homeowners are not defined

From Justin McHood at Arizona Mortgage Team

I really don’t have an opinion on whether or not the plan will actually help the number of homeowners as claimed by the media (9 million) – because after all, what most people really want to know is “will the plan help me in my situation” as in… “what’s in it for me“?

And each situation is individual, so be sure to speak with as many people as you can about your options. Real Estate Agents, Loan Officers, Hope Now, Loan Modification Companies, Loan Modification Attorneys – speak with all of these people if you are having trouble making your mortgage payment.

And it is entirely probable that they will all tell you different information — and hopefully with the sum of the pieces, you will be able to paint the picture of what is best for you in your situation.

From Rhonda Porter of Mortgage Porter

The Home Affordable Modification program does not involve a refinance (which is a new mortgage replacing the existing mortgage). With a loan modification, the terms of the existing mortgage are modified. You can read the borrower qualifications by clicking here. This applies to borrowers who are dealing with “financial hardship” and this is a “full document” transaction including providing income documentation and verification that the home is owner occupied. Families with high debt levels may be required to complete financal counceling through a HUD approved counselor.

Obama’s housing plan released: Making Homes Affordable

making-sausageLast month Barack Obama came to Mesa to outline his a plan to help the housing market. Today, the details of his “Making Homes Affordable” plan was released. Looking at all the reports online the only thing that is really clear is no one agrees what the bill will allow you to do and what the outcome will be. There seems to be as much confusion now as there was when Obama announced there would be a plan last month.

It appears that those who have fallen behind in their mortgage and can prove why that has happened with income and tax returns, the government will be giving incentives to both you and your lender to come to an agreement that gets you current on  your loan and keeps you there. We will try to get details from loan mod experts and let you know the details as the get clarified.

The plan aims to help nearly 4 million Fannie Mae and Freddie Mac customers who currently owe up to 105% of their home value to refinance the loan. The plan did not though specify how those homes could be refinanced, but instead left Fannie and Freddie to come up with refinancing guidelines. The Treasury Department did not say exactly who would qualify, but estimated it would be around 4 million. While details are yet to be developed the Treasury did say this program would be for those who are current on the mortgage payments. It appears by most reports this program appears to be more like a FHA Streamline Loan where no appraisal is required on the home.

So for now we recommend homeowners contact their mortgage servicer to get more details on how the refinancing or modifications may effect them.