Your Source for Fountain Hills News and Real Estate Information: October 2012

Wednesday, October 24, 2012

Can You Buy a Fountain Hills Home After Foreclosure?

There's good news for prior homeowners in Arizona who experienced a foreclosure, personal bankruptcy or short sale: you can buy a home again. There is a minimum waiting period, and the amount of time you'll spend in the "penalty box" varies depending on the circumstances.

Here's an outline put together by the Wall Street Journal, with my own two cents thrown in:

If you completed a Chapter 13 bankruptcy, you may be eligible for a new FHA mortgage in as little as 12 to 24 months - as long as your credit history is clean, and you have a suitable income and down payment for qualifying.

If you had an FHA-backed mortgage in the past, and experienced a foreclosure or short sale, you need to wait at least 3 years before being considered for another FHA loan. If you can prove that the previous foreclosure or short sale resulted from events beyond your control, you have better odds of approval.

If your prior mortgage was backed by Freddie Mac or Fannie Mae, and you experienced a short sale or foreclosure, you may be waiting up to 7 years before you are eligible under their guidelines.

In general, short sales, depending on how they were reported by the previous lender, could be treated equal to a foreclosure event. VA and FHA mortgages are the most forgiving when it comes to issuing a new mortgage after a previous short sale, with a wait period of two or three years, respectively.

It's best to leave nothing to chance and obtain a copy of your credit history before beginning your Fountain Hills home search. The key to qualifying rests not only in waiting out the clock, but in improving your credit score to meet current underwriting criteria.

While mortgage underwriting will be stringent, lenders have shown a willingness to reconsider former homeowners who lost their home due to events beyond their control. Over 700,000 former homeowners nationally are now re-eligible for a mortgage. We can expect that the Arizona real estate market will have more than its fair share of returning home buyers.

With the escalating cost of rent, compared to reasonable home prices and low mortgage interest rates, home demand in Fountain Hills and the greater Phoenix-Scottsdale area is expected to increase!

Whether you are a first-time home buyer, or you are a former homeowner returning to the market, you need professional real estate guidance you can trust! As your Accredited Buyer Representative, I have the experience and local knowledge to guide you through our Fountain Hills real estate market. I have helped Arizona home buyers and sellers for over 30 years, and I'd like to help you too!

If you are ready to enjoy the splendor of panoramic, desert views from your own home, let me show you how to get started. Contact me today and find out more about home buying in Fountain Hills!

Tina Nabers
Nabers Property Management & Real Estate
Check Out My Website
See Homes for Sale in Fountain Hills
Become a Fan on Facebook
Find Out More About Investing on Facebook
Connect With Me on LinkedIn
Contact Me

..............................

Hi, my name is Tina Nabers. Selling Real Estate in Fountain Hills is not a job for me, it's a lifestyle. I relocated with my family from Tempe, Arizona in 1973 and began working in what is now the oldest real estate office in Fountain Hills (Nabers Realty) in 1977. I have literally grown up in Fountain Hills since it began.

I am a full time Realtor and believe ongoing education is key to staying on top of the dynamics of the real estate industry. Besides taking the required 24 hours of education every 2 years, I like to take additional real estate classes to further expand my awareness of the changes occurring yearly in this industry. I currently hold the designations of Accredited Buyer Representative, Graduate of the Realtor Institute and have my e-Pro designation which is the National Association of Realtors Technology Certification Program.

With my dedication, knowledge and reliability, I have assisted hundreds of Buyers, Sellers, and Investors realizing their dream of owning real estate in Fountain Hills. I'm sure I can help you too! I know the market and the market trends, after all, I've lived thru a couple of them myself over the years! THIS IS THE BEST PLACE TO LIVE, WORK & PLAY. I know because I do!

View My Complete Profile

..............................

Nabers Property Management & Real Estate is a full service real estate company with over 30 years of experience serving the community of Fountain Hills, Arizona. Conveniently located in the center of town, we invite you to stop by our office and introduce yourself. We are members of the Scottsdale Association of Realtors, Arizona Association of Realtors, National Association of Realtors and the Multiple Listing Service.

Whether you are a first-time buyer, property owner or investor, long term tenant or a visitor looking for a seasonal rental, Nabers Property Management & Real Estate Company can assist you with all your real estate needs.

..............................

Fountain Hills has been well known for its Fountain, its Great Fair, its Fountain Festival, its magnificent mountain views and very friendly people. Back in 1993 it was voted as one of the "50 Fabulous Places to Raise Your Family" and was featured on Oprah. After that review the community quickly became both a vacation Mecca as well as a place for permanent settlement. Accommodations from resort condos, bed & breakfasts and full service hotels have attracted vacationers as well as home hunters and investors. In the May, 2006 issue of the Phoenix Magazine's Annual "Best Places to Live" in the Valley, Fountain Hills was voted #1 out of 22 Valley communities!!

It was based on such issues as property tax rate, population, crime, school test scores and student-teacher ratios, park acreage and miles to Sky Harbor Airport, to name a few. When asked by visitors if Fountain Hills is a nice place to live we suggest they go to any local grocery or retail shop and at random, ask any shopper the same question. Obviously, residents will give the most objective answer and, as we can corroborate, we feel it is "one of the best places to raise a family", live, work and play.... Read more about Fountain Hills!