Catalina Homes

Vineyard Mountain Ranch is a Catalina Homes community located in Phoenix, Arizona on 16th street between Baseline Road and Southern Avenue. Vineyard Mountain Ranch offers home buyers five 1 and 2-story floor plans to choose from starting from $208,000 - $265,900. These floor plans are 3 and 4 bedroom floor plans with as many as 2.5 bathrooms and up to 2,623 square feet. For more information about this Arizona new home community, visit www.catalina-homes.com.

Sanctuary Builders

Saddlewood Estates is a Sanctuary Builders new home community located just south of Ocotillo and just east of Ellsworth in Queen Creek, Arizona. This Queen Creek community consists of 28 one-acre home sites with floor plans ranging from 3,800 to over 5,200 square feet; homebuyers can also choose to build a custom home. For more information about Saddlewood Estates in Queen Creek, visit www.sanctuarybuilder.com.

Bison Homes

Bison Cove is a Bison Homes new home community located in Payson, Arizona just across the street from the Payson Town Hall. Bison Cove consists of 2 bedroom, 2 bathroom condominiums ranging from 1,000 to 1,400 square feet. These northern Arizona condominiums for sale begin in the high $100s, for more information about this new home community in northern Arizona, visit www.bisonhomes.com.

Cachet Homes

Carrara Estates by Cachet Homes is a single-family new home community located in Gilbert, Arizona. Carrara Estates offers two series of homes – The Hacienda Series of homes consists of three single-story floor plans on 90’x150’ home sites. The Veranda Series of homes consists of four single-story floor plans on 125’x160’ home sites. Both series of homes in Carrara Estates have floor plans with available second story casitas. Homes range from 3,984 square feet to 5,055 square feet and begin in the high $600s. For more information about this new home community, visit www.cachethomes.net.

For more information about each community, visit the home builder’s website; you can also view their community profiles on New Homes Section by searching Arizona new home communities in the real-estate section of New Homes Section.

…And the Impact to the Real Estate Market.

The Real Estate Market is in the tank, toilet, down the drain or is flat out awful.

Wall Street is reeling and the Government is jumping in and attempting to save us from all the potential problems we “could” be facing.

All this fall out has created constant changes at Fannie Mae making it is more difficult to borrow money for Real Estate purposes than ever before. I am not here to judge BUT I have to give an opinion every once in a while so here it goes!

Looking around my Real Estate Marketplace and seeing all the troubled financial situations that have been created by shady lenders and unprofessional mortgage consultants and can’t help but wonder how this problem, being multiplied nationwide, isn’t more significant than it seems.

I know that foreclosures are up and that those people in troubled loans continues to rise. I see my email volume increase monthly with desperate people just looking for a suitable solution. I am not quite sure that tightening lending guidelines is the solution here because I see these changes as making things worse not better.

If these rules continue to tighten we will see very few homes being purchased, banks left with enormous volumes of foreclosed properties and financial difficulties running rampant across the country. It’s a ripple effect, financial problems in one industry causes problems in others and yet other so on and so forth.

OK now that I have that off my chest here is a list of changes to lending guidelines that will have a lasting impact on the Real Estate market:

1. Unless you have more than 25% equity in your home expect the interest rate on a refinance to be considerably higher than someone who does. A three percent premium was just place on all loans whose loan to value exceeds 75% loan-to-value. Even at 75% you have a minimum 1.5% premium.
2. So you are an investor and want to leverage your purchases. You are now limited to 4 properties!
3. If you buy a property for cash for various reasons you will now have to wait 6 months to refinance that property for cash out.
4. If you get a loan on a property putting down 50% and want to refinance some of that cash out, you will now have to wait 6 months.
5. If you are looking to combine a first mortgage and a non-purchase second, a second mortgage taken out after the purchase, you will be considered a cash out transaction regardless of how long you have had that second mortgage. Because of this you are now limited to 75% loan-to-value on the new refinance.
6. So you attempted to sell your home with no luck and have a need to refinance. Well you now have to wait a full 6-months even for a rate and term refinance. Making matters worse you are now limited to 70% loan-to-value for that refinance.

There are several more but these will give you a good sample of the Fannie Mae changes. I know there are those niche lenders out there who have the ability to arrange for a loan even if you don’t meet these guidelines but you can expect to pay a large premium for that loan. Remember Fannie Mae and Freddie Mac are the most common loans given to homeowners in the US. As the guideline keep tightening you can expect to have more issues with homeowners not being able to purchase of refinance.

As always, find a professional to work with and ask questions. If your representative doesn’t know the answer he or she won’t pay the consequences of not knowing, you will.

I am here to help so contact me via my BLOG at www.thelanegroup.blogspot.com or www.brentlane.wordpress.com

]]> http://www.newhomessection.com/blog/home-loans/the-constant-changes-to-fannie-mae-lending-guidelines/feed/ http://www.newhomessection.com/blog/go-green/garden-roof-%c2%ae/ http://www.newhomessection.com/blog/go-green/garden-roof-%c2%ae/#comments Thu, 25 Sep 2008 17:54:31 +0000 NewHomesGuy http://www.newhomessection.com/blog/?p=402 Why not transform your roof into an eco-friendly, pedestrian accessible, landscaped environment? With a Garden Roof ®, those who own multi-story housing or office buildings can do just that. The McGraw-Hill Company recently published an article that highlights the benefits and features of having a Garden Roof ®.

Energy efficiency. The Garden Roof’s vegetation and soil acts as an insulator to protect against heat and cold from penetrating through the roof, while preventing energy lost from air-conditioning and heating the building. In addition, the vegetation will increase the solar reflectivity of the roof, reducing the amount of heat stored and released back into the atmosphere.

Water conservation. The Garden Roof assembly can hold between 50 and 90% of rainwater that falls on it. This decreases the stress on storm sewers, city drainage systems and treatment plants.

Perhaps the most appealing feature of the Garden Roof is its inviting therapeutic environment. The walkways and plant-life create a peaceful atmosphere for residents / office workers to take a break and to unwind.

So wouldn’t you know FHA found that the original rule for Buy and Bail was a little too steep and left many homeowners stuck in their home with no other course of action than to sell or head towards foreclosure.

If you are not quite sure what Buy and Bail means see my other articles on Buy and Bail Rules and Buy and Bail Part I and Part II

Now on to the new adjustments and how to work with this new rule to get what you want out of your Real Estate transaction.

1. To be eligible to purchase a home using a FHA loan you would need to be relocating for a new job.
2. The new home must reside outside a reasonable distance from your current residence and this is based upon underwriter’s discretion.
3. Must have a full 1-year lease agreement from the closing date forward.
4. You will need to show evidence of rental/lease by showing security deposit as cashed and/or first months rent.
5. The adjusted equity position in your existing home is now 75% up from 70% but the appraisal can only be 6-months old or less. Now there is a small wrinkle in there that states you can show you put a 25% down payment based upon original purchase price but they may still require an appraisal to support the purchase price. Again the underwriter’s discretion.

Now the above rules are a good start but be prepared to have your potential rental income put under a microscope. FHA is extremely concerned about inflated rental agreements and has put in extra measures on the underwriting side of things to prevent fraud in this area.

Good news is that this amount of income that can be applied to your loan application for potential rents may be increased 15% in some cases and that will really help in qualifying for your new home.

Just in case you missed it, there are a couple ways to play the game:

1. Add a non-occupying Co-borrower to you loan, must be a relative, to help you qualify.
2. Make enough to cover both mortgage payments, current home and the new one.
3. Short sale your home and buy before the negative reports on your credit report.

As always use a true Real Estate or Mortgage Professional because what you don’t know will hurt you in the end NOT the Realtor or Loan Officer.

Brent Lane

The Lane Group

www.thelanegroup.blogspot.com

Below are home builder incentives and information about Arizona real estate. All information was found in the Arizona Republic on September 20, 2008. The home builder incentives and events are considered reliable, but please contact each home builder or visit their website for more information about their mentioned event, incentives, location, sales pricing and disclaimer(s).

If specific information about a home builder’s community or new home pricing is not mentioned it was not in the paper or the home builder has several Arizona communities.

Single-family

William Lyon Homes – Experience the pride.

Meet your MATCH at www.lyongateaz.com

Home + Family = Love

Condominiums

Colbalt on 32nd Street – StarPointe Communities

Cheers to Nothing

Get a brand new condo for ZERO down.*

Last day fo ZERO DOWN!

Cobalton32nd.com or call 602-795-6000

Chandler Parc

Fall into our Autumn Sale!

It’s Time To Cozy Up In A Condo!

Spacious and Upgraded 2-bedroom Condos for $154,000

Spacious 1-bedroom Condos for $122,000

1287 N. Alma School Rd., Chandler AZ 85224

480-659-8620 ChandlerParc.com

Frank Residential

Luxury Condominiums

In Litchfield Park from $128,000 - $235,000

Call 623.535.5554 or visit www.renaissancevillas.com

Monterra - Scottsdale

Scottsdale Luxury from $139,000

FHA APPROVED-A/C INCLUDED IN HOA FEES

Luxury Condo Closeout

Call 480-991-2884 or visit www.MonterraScottsdale.com

The Arbors - Escape The Heart!

The perfect investment or second home

Free Upgrade and $500 gas card!

From an amazing $119,950

Call 1-866-649-5510 or visit www.thearborsflagstaff.com

LUMIERE – Chandler Condos

Resort-styl, gated community

Up to $5,000 in closing costs*

6 Unique floor plans

Two sparkling pools and spas

Contact Us Today! 866-391-2031

*The above information was gathered from the Arizona Republic and is considered reliable as of 9/20/08. All home builders have their own specifications and disclaimers attached to each incentive. Please consult a representative from each home builder for details.

Newspaper used to gather information:

AZ Republic

Buy and Bail: How to Avoid Any Negative Consequences!

So you own your home and your loan is upside down and the prices of homes are SO low that it’s hard not to consider moving into a bigger home for less than what you owe but you are concerned of what the repercussions may be.

Read through this email and response to see how things work and how you can apply it to your situation:

Hi Brent,

Read your article on your website and thought you might be the right person to answer some of my questions.

I have a property in M. CA, which I bought for $410k and now values $200k. I am thinking of the “buy and bail” option. I know it’s going to hit my credit which I am willing to take. What apart from the credit are other consequence should I look out for and can the bank come after my new house? Can they start taking income out of my paycheck? Can they put a lien on my new property? What are the tax consequences? Any help would be highly appreciated.

Thanks,

=Sabi=

___________________________________

Here is my response!

Hi Sabi!

Thanks for the email and for reading my articles!

Just like most people in our area who bought in the past 24-36 months you are experiencing the impact of 50% decreases in the housing market!

Ok, so if I were in your shoes and wanted to avoid any and all consequences for “buying and bailing” I would first be sure I could buy before I even considered the “bail” side of things!  In this market banks have eliminated what you might consider normal by not allowing someone to buy unless they meet certain criteria.  Here are some points I wrote for another format but they apply here:

• To buy while owning and renting another property you simply need to qualify for both payments! This can be done by either having enough income or by adding a non-occupant co-borrower on an FHA loan to buy your new property.
• The other way is a bit more drastic and risky but you could sell your home and then qualify for the new one.  This would take timing and negotiation skills but it can be done.  Short-sale the current home and buy the new one before your credit reflects a settled account. (not perfect but possible)
• Both situations are not fraud, not illegal and pretty much moral!

Now on the consequence side of things, you really just need to be smart when “bailing” on your home.  What I mean is you need to go about it in a way that will limit your exposure to banks by actively looking for “win-win” solutions for you and the bank.  This would be in the form of a Short-sale or deed in lieu of foreclosure.  It’s very important to approach the “bail” aspect properly because if you do that you will have the highest level of success and all your concerns will go away!

Read my posts on Loss Mitigation Negotiations and I look forward to putting it all together with you moving forward!

Let me know your thoughts.

Brent Lane
The Lane Group
www.thelanegroup.blogspot.com
www.brentlane.wordpress.com

_________________

I hope this information was useful. As always I am here to help so please let me know your situation and I will do my best to help you the best way I know how.

]]> http://www.newhomessection.com/blog/home-loans/buy-and-bail-how-to-avoid-any-negative-consequences/feed/ http://www.newhomessection.com/blog/home-loans/buy-and-bail-making-the-rule-work-for-you-part-ii/ http://www.newhomessection.com/blog/home-loans/buy-and-bail-making-the-rule-work-for-you-part-ii/#comments Mon, 15 Sep 2008 16:39:29 +0000 Brent Lane - Guest Blogger http://www.newhomessection.com/blog/?p=371

If you missed Part I of this post you should read it because this rant may not mean too much to you without it.

Sometimes the housing market can be a bit much for people and they get frustrated. Let’s see one persons opinion and let me know if you share her thoughts.

HI Brent

I find the whole situation just backward.

Banks loaned money to people they KNEW could not afford a 800,000 house….all hell breaks loose and now those of us who had and still have excellent credit will not be able to get a house unless we jump through hoops to get it….we still have credit scores in the 800’s….YES…I said 800’s……

we have bought and sold 5 houses in the last few years (we moved a lot) and ALWAYS came out great after each sell….but we have NEVER had 20% to put down…we always did around 10 to 15% then got an 80/20 for the remaining amount….

we made 60,000 on our last sell and then moved back to V. and paid 382,000 for our current townhouse…put 30,000 down, and then put 10,000 in remodeling, and we still have 20,000 in the bank….but now unless we come up with the full 20% a bank will not loan to us?????? i just don’t get it…..

we are just staying here for another year and scratching the money aside so that if we do find a REO Home we really like we can try to jump on it….there is no way we make enough money to cover two loans…..so that option is out for us….

i am just sick of this whole thing…..but thank you for getting back to me….

C.

____________________________________

It’s interesting, I appreciate the email and I can see how frustrating this whole situation can be. You may not be the person who is committing fraud but there is no way for us to convince the bank otherwise!

Keep your head down and focus because there will come that moment when this all goes away and those paying the most attention will reap the biggest financial rewards.

Brent Lane
The Lane Group
www.thelanegroup.blogspot.com

www.brentlane.wordpress.com

Subject: Buy and Bail

Brent,

I had never even heard of this until yesterday.

My husband and I own a townhouse. We have excellent credit, no late payments, no problems paying the mortgage at all…we simply want a house instead of this “hell” called townhouse living.

We paid 382,000 in March of 2007 and planned to stay here for only two years, then sell and get a real house. Fast forward to today, August 23rd 2008 and with 12 units in our complex for sale, all UNDER 320,000, some as low as $250,000, we know that we will not be able to break even let alone make a profit if we sell now.

As we drive around this city we see “real” homes that we could now easily afford if we could only get out of this townhouse. We have tried to think if every scenario possible to get us into a house but just ran into dead-ends all over the place. Yesterday, however, I spoke to a realtor about a really cute house that I saw.

Two bedroom, two bathroom, great landscaping, very modern upgrades and smack dab in a part of town that is almost always sunny..even when we have our horrible June gloom and May gray months.

I talked to the realtor for quite awhile about our situation and he gave us a lot of info on the sellers of the little house I like. Before he ended our conversation he then told me about “buy and bail”.

As home buyers who did not purchase beyond our means and who pay bills on time it is a real kick in the head to see people get refi after refi for hundreds of thousands of dollars or watch as they purchase a house that is WAY TOO MUCH MONEY…..then just casually walk away. Because of the thousands that have done this, my husband and I can not sell our home for what we paid for it and loan rules are going from no guidelines to “extreme” guidelines that even those of us with good credit will not qualify for.

Until yesterday I had never heard of buy and bail but I can tell you that this is now an option I am seriously looking into. I know we could actually get a renter for our townhouse but it would not be enough to cover the actual mortgage, HOA fees and taxes on this place. Maybe we should give it a go and hell…if we can’t make ends meet..looks like buy and bail might have to be our option.

Thousands of others are committing fraud…my luck…WE would get caught!

My response:

Hi C.!

I see it all the time, people who feel they are paying the price for others actions and honestly I can understand their point of view.

There are so many people out there who DO take advantage of the system and have gotten away with it! Now the banks have to make adjustments so they don’t continue to get burned.

Enter “Buy and Bail” here you have a scenario that is coming up all over the place but there are solutions to this issue.

To buy while owning and renting another property you simply need to qualify for both payments! This can be done by either (1) having enough income or (2) by adding a non-occupant co-borrower on an FHA loan to buy your new property.

The other way is a bit more drastic and risky but you could short-sell your home and then qualify for the new one. This would take timing and negotiation skills but it can be done. Short-sale the current home and buy the new one before your credit reflects a settled account. (not perfect but possible)

When you get thrown a guideline like this you need to get creative and work with the underwriters to find ways to work with the rule! Be Smart and NEVER LET THE BANK TELL YOU WHAT YOU CAN AND CAN’T DO! Find a way to get it done!

Both situations are not fraud, not illegal and overall follow a moral compass!

Let me know your thoughts!

Brent Lane
The Lane Group
www.thelanegroup.blogspot.com
www.brentlane.wordpress.com

Interested in buying a new home for sale in Albuquerque, New Mexico? We’ve taken the liberty of compiling several home builders in Albuquerque that we feel you should take a look at first. For additional information about any of the builders listed below, click on the link to each of their websites to learn more.

New Homes by Sky View Homes

Sky View Homes provides new homes in Albuquerque that are considered custom homes, by many, at single-family home prices. Locate a new home, by Sky View Homes, in one of their two New Mexico communities from the mid-$300s. New communities are located at Andalucia in Albuquerque, and Vista Manzano in Rio Rancho. For more information, visit Sky View Homes’ website or call (505) 828-9900.

New Homes by Scott Patrick Homes

For high-end custom homes, Scott Patrick Homes cannot be beat. These luxurious homes for sale are located in Albuquerque and pricing begins in the upper-$700s. Visit Scott Patrick Homes in The Wilderness, or Scott Patrick Homes at El Bosque at Andalucia to discover luxury living at its finest. To find out more about New Mexico’s premiere luxury home builder, to go Scott Patrick Homes online or call (505) 823-1053.

For additional information about home builders in New Mexico, click on the hyperlink to be redirected to NewHomesSection.com.

Are you looking to buy a new home in Sacramento, California? If so, you are in luck because we’ve compiled a list of several Northern California home builders that we recommend you visit. To learn more about each builder, each of their closeout specials, and their quick-delivery homes for sale, visit their official websites.

New Homes by Elliott Homes

Locate your new home by Elliott Homes in 10 subdivisions, located in the Sacramento area, priced from the mid-$300s. Neighborhood locations include Folsom – Miramonte, Chelsea, and Riata at Empire Ranch (brand new community); Galt – Woodbury Estates at River Oaks; Rancho Cordova – The Tuscany Collection and The Alexander Collection at Stone Creek; and in Roseville – Canyon View and Terra Vista at Stone Ridge. For more information, visit Elliott Homes online or call 1-866-984-1300.

New Homes by Shea Homes

Shea Homes has 8 new home communities, located in the Sacramento region, starting from the mid-$250s. Visit a Shea Community located in El dorado Hills – Bramasole at Serrano, Rocklin – Sierra Sky at Whitney Ranch, Roseville – Shadow Creek at Fiddyment Farm, Sacramento – Capistrano, Cortile and Portisaol at Artisan Square, and in West Sacramento – Bridgeway Lakes Hideaway and Westport. For obtaining more info, including community directions and floor plans, go to Shea Homes online or by calling 1-800-685-6494.

New Homes by Taylor Morrison

Find your new Taylor Morrison home in one of the 10 communities located in Sacramento and just north of the city. New homes range between the mid-$160s and the low-$400s, and can be located at Avenida , Teresina, and Mirabela at Madeira in Elk Grove; Bella Rio in West Sacramento; Boulder Glen, Westshore, and Brittany Park in Sacramento; Edgewater and Reflections in Marysville; Garden State in Yuba City; Lariat Ranch in Auburn; The Courtyards in Lincoln; and The Orchards at Fiddyment Farm in Roseville. Visit Taylor Morrison online or call (916) 355-8900, for more details.

New Homes by Syncon Homes

Syncon Homes currently offers 3 new home communities, in and around Sacramento, priced from the mid-$300s. New communities include Bacarra in Rancho Cordova, Vistancia in Elk Grove, and Cobblestone in Sacramento. Discover more new homes provided throughout California and Nevada, by visiting Syncon Homes website or calling (916) 772-5221.

Go to NewHomesSection.com for additional information on new community locations, new homes for sale, and home builders in Sacramento.

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