Federal Funds Aid Foreclosure-Home Purchases

If you are a thinking about buying home in the near future you may wanna check this out! You can get money towards your downpayment!!!! Check out this site....www.yourhomeaz.com!!!!!!! You could possibly get up to $15,000 towards your downpayment and closing costs!! WOW!!!

Funding is made available through the U.S. Housing and Urban Development Neighborhood Stabilization Program (NSP). The state of Arizona and nine other counties and communities received more than $121 million to help stabilize our hardest hit neighborhoods through a variety of efforts.

FIND OUT IF YOU ARE ELIGIBLE!!!

New programs, backed by federal funds, now are available to help people buy foreclosure homes across metropolitan Phoenix.

Money for the programs, which include down-payment and closing-costs assistance, is coming from the $121 million in Neighborhood Stabilization funds Arizona is receiving.

The money must go toward helping the state's neighborhoods hardest hit by foreclosure, and most of those areas are in the Valley.
Neighborhood Stabilization programs are being offered by the state, Maricopa and Pima counties and the cities of Avondale, Chandler, Glendale, Mesa, Phoenix, Surprise and Tucson. Information on most of the programs is on the Arizona Department of Housing's new Web site, YourWayHome Az.com. Go to the site to see if you qualify. In some cases, buyers could qualify for more than one program.

Most cities are offering qualifying buyers help in purchasing and even renovating foreclosure homes. Phoenix received the biggest share of the federal funds, $39.5 million. It is offering eligible buyers as much as $15,000 in down payment and closing costs.

The state is using more than half of the $38 million it is getting to help people with down payments on foreclosure homes. Borrowers who earn 120 percent or less of an area's average median income are eligible.

Arizona's Neighborhood Stabilization funding was approved in December, but the money wasn't available until April. Not all of the programs are fully operational yet, but prospective buyers can put their names on waiting lists.

Most programs require home-buyer counseling.

Also, watch out for company Web sites with similar names that ask for money.

All information on the state's Web site is free, said Donald Cardon, who took over as director of the Housing Department in March. He said the Neighborhood Stabilization programs will help some people afford homes who couldn't just a year ago.

The YourWayHomeAz Web site will be updated as new programs are available. Neighborhood Stabilization funds must be spent by 2011. One concern is that in some of the neighborhoods, the supply of foreclosure homes is falling as more investors purchase the properties. The recent drop in Valley foreclosures could also impact the programs.

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Weekly Video Update!

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Great Home In Surprise Just Reduced In Price For A Quick Sale!

Beautiful newer home at a great short sale price! This home is located on one of the largest lots in the subdivision. Upgrades galore, including: 9,150 sf lot, Huge family room, Maple Cabinets, Stainless Steel appliances, 18 inch tile floors and upgraded carpeting. Fully landscaped front and back yard. Master bedroom with double door entry, walk in closet, separate tub and shower, and dual sinks! 3 Car Garage. Seller has never occupied this home! BRING AN OFFER and for just a little patience you will get your dream home for a steal!

FHA Lowers Loan Limits

FHA lowers limits on loans, an article from azcentral.com, reports that starting in January the new FHA loan limit for Maricopa County will be $271,050. The current FHA limit in the Valley is $346,250. So, for anyone interested in using an FHA loan to purchase a home - now is the time to do it. Every Arizona county will see their FHA loan limit drop to $271,050, except Coconino, where it will be $333,750.http://www.azcentral.com/arizonarepublic/business/articles/2008/11/19/20081119biz-catherine1119.html

Please call or email me with questions.
Staci McCarville
480-778-2614
staci.mccarville@prospectmtg.com

Contrywide Loans to be Modified

I read this article in the republic and wanted to share with everyone. If you have a Countrywide loan, call your lender and see if you can get a loan modification. You don't have to be in foreclosure of trouble to get the modification...Jeff Cameron

Countrywide loans to be modified

13,000 mortgage holders on Ariz. Eligible for program

By J. Craig Anderson
THE ARIZONA REPUBLIC

Thousands of formers Countrywide Financial customers on the brink of foreclosure will be eligible for lower mortgage payments in the coming months, thanks to a settlement agreement.
Borrowers with subprime and other adjustable-rate loans will be eligible for significant loan modifications beginning in December, Arizona Attorney General Terry Goddard’s office said Monday.
The deal requires Bank of America to modify the loans of struggling borrowers to make their homes.
About 13,000 Arizona mortgage holders are eligible for loan modifications under the agreement, said Susan Segal, Goddard’s public-advocacy division chief.

BofA agrees to modify Countrywide mortgages

The modifications would be based on what each borrower can afford, Segal said, and most borrowers would end up with fixed–rate loans. Some also would get a reduction in the loan’s principal, she said.
In cases where foreclosure already has occurred or cannot be prevented, Segal said the borrowers would be eligible for relocation assistance from Bank of America.
A group of attorneys general representing Arizona, Texas, Ohio, Iowa and Washington state, agreed not to pursue any legal action against the former Countrywide based on its “alleged use of deceptive practices in their mortgage lending business.”
“There is no admission of guilt.” Segal said about the agreement.
Still, it could take weeks or months for every eligible borrower to get a loan modification, she said.
Countrywide is supposed to launch the program Dec. 1 but has said it will need about 60 days to prepare.
Segal said the bank has committed to a staff of 3,200 loss mitigation specialist to provide service to all of the affected customers nationwide.
Six other states, including California, have worked out their own loan-modification deals with Countrywide, formerly the nation’s No. 1 sub-prime lender and overall largest mortgage lender, in exchange for dropping consumer-protection lawsuits.
Segal said similar deals with other subprime and “alternative” mortgage lenders should be forthcoming.

How to get help

The Arizona Attorney General’s office suggests that customers of the former Countrywide Financial open all letters pertaining to their mortgage in coming weeks for further information about loan modifications.

They can also call:

Bank of America
(Acquired Countrywide in June)
800-669-6607

Arizona Attorney General Office
602-542-5763

Arizona Foreclosure Help line
877-448-121

Foreclosures, Short Sales - "Fix My Credit"

So many clients have called in Foreclosure or short sale status, this market have destroyed their credit. I was contacted by a long time colleague the other day. He is working with a credit repair company. He claimed to be able to clear defaults, short sales and foreclosures in about a 6 month period. I don’t know if it works, but he is very reliable. His address is below. You can also call us or email for F.A.Q. sheet we can send you. Please reference “clean up my credit”. I hope this is helpful to some of you.

CREDIT BUREAUS HATE US!
BILL COLLECTORS DESPISE US!
OUR MEMBERS LOVE US!

WE must be doing something right!

Hi, my name is Dennis Duarte. I wanted you to know that you can be released from Credit Prison. Find out what the credit bureaus don’t want you to know. It is much easier than they want you to know restore your credit standing and regain financial freedom.

Included for your information:
• You’re Consumer Rights.
• FAQ About Legal Credit Repair.
• 10 Myths of Credit Repair
• Testimonial letters from past members.
• Summary of your Members Benefits.

DON’T DELAY! Financially speaking, this may be the most important opportunity of your life. Procrastination is the biggest enemy.

• The final results will be well worth the time and money invested.
• Very soon, you will enjoy all the benefits of a fully restored credit standing.
• The credit repair process is usually completed by your lawyer within an average of six (6) months.

Congratulations on your decision to take the first step in becoming “credit worthy”. Once again, thank you for your trust and confidence. Together we will break the vicious cycle caused by a poor credit rating. Should you have any questions or if you require additional information you may visit our web site WWW.35minutevideo.com or call and speak to me.

Dennis Duarte
AmWest Capital
7047 E Greenway #250
Scottsdale, AZ 85254

www.CreditRepairProof.com

Rates

30 year fixed 6.125%
15 year fixed 5.5%
5 year ARM 5.125%

FHA 30 year fixed 6.25%

Jumbo 30 year fixed 7.625%

Rates change often. Please call to get your personalized rate quote.

Staci McCarville
Indymac Bank
480-538-1402

Mortgage Rates

30 year fixed 6%
20 year fixed 5.875%
15 year fixed 5.5%
5 year ARM 5.25%

FHA 6.125%

Jumbo 30 year fixed 7.5%

Interest rates change many times a day and depend on many factors. Please call for a rate customized for your needs.

Staci McCarville
Indymac Bank
480-538-1402

Rates!

5.75% - 30 year fixed
5.25% - 15 year fixed
5.25% - 5 year ARM (same for Interest Only)

7.375% - Jumbo 30 year fixed (no points or origination fees)

6% FHA 30 year fixed

Rates change often. Please call or email me for a customized quote.

Happy Memorial Day!

Staci McCarville
Branch Manager
Indymac Bank
480-538-1402
staci.mccarville@imb.com

Today's Rates!

Conventional
30 Year fixed 5.5%
40 Year fixed 6.125%
15 Year fixed 5.25%
7 Year ARM 5.375% (Interest Only same rate)

Jumbo 5 Year ARM 6.25%

FHA 30 year fixed 5.5%

All of these rates are quoted with 1% origination fee and $787 in lender costs. Rates can change a few times a day.

Please call for more information on our Indymac Bank Owned Properties!
Staci McCarville 480-538-1402