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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.
Showing posts with label economic stimulus package. Show all posts
Showing posts with label economic stimulus package. Show all posts
Wednesday, May 6, 2009
Monday, July 28, 2008
AN ENERGY PLAN COULD SOLVE OUR HOUSING ISSUES
The answer, in this writers opinion to many of our problems lies in energy. We are sending $60 billion of our wealth to the OPEC nations each month. A clear plan on energy could create new investment in our economy, new investment in research and development, new research in our universities and lower oil prices today. Those lower prices are like a tax break to the American public. Think of a person who spent $400 per month on gasoline 2 years ago, that today needs $700 to $800 to pay for the same gas. Business that are paying double. Corn and everything made from corn is more expensive. It can't happen over night, but a clear plan will drive speculators out of the oil market and could lower oil $40 to $60 per barrel. That is a $300 to $1,000 bonus to most American households on a monthly basis. Way better than a one time $600 or $1,500 check. If the US government would have pledged $200 billion, or what ever the cost was from the recent stimulus plan, into an energy plan; the American public would benefit and so would our economy.
Below is an article I enjoyed by Thomas Friedman.
9/11 and 4/11
'By THOMAS L. FRIEDMAN
new_york_times:http://www.nytimes.com/2008/07/20/opinion/20friedman.html
By THOMAS L. FRIEDMAN
Published: July 20, 2008
I am reliably told by a Bush administration official that there is an old saying in Texas that goes like this: “If all you ever do is all you’ve ever done, then all you’ll ever get is all you ever got.”
Could anyone possibly come up with a better description of President Bush’s energy policy? America is in the midst of its worst energy crisis in years and what is the big decision our Decider has decided? Drum roll, please: Our Decider decided to lift the executive orders banning drilling for oil and natural gas off the country’s shoreline — even though he knew this was a meaningless gesture because a Congressional moratorium on drilling passed in 1981 remains in force.
The economist Paul Romer once said to me that “a crisis is a terrible thing to waste.” President Bush is well on his way to being remembered as the leader who wasted not one but two crises: 9/11 and 4/11. The average price of gasoline in the U.S. last week, according to the Energy Information Administration, was $4.11.
After 9/11, Mr. Bush had the chance to summon the country to a great nation-building project focused on breaking our addiction to oil. Instead, he told us to go shopping. After gasoline prices hit $4.11 last week, he had the chance to summon the country to a great nation-building project focused on clean energy. Instead, he told us to go drilling.
Neither shopping nor drilling is the solution to our problems.
What doesn’t the Bush crowd get? It’s this: We don’t have a “gasoline price problem.” We have an addiction problem. We are addicted to dirty fossil fuels, and this addiction is driving a whole set of toxic trends that are harming our nation and world in many different ways. It is intensifying global warming, creating runaway global demand for oil and gas, weakening our currency by shifting huge amounts of dollars abroad to pay for oil imports, widening “energy poverty” across Africa, destroying plants and animals at record rates and fostering ever-stronger petro-dictatorships in Iran, Russia and Venezuela.
When a person is addicted to crack cocaine, his problem is not that the price of crack is going up. His problem is what that crack addiction is doing to his whole body. The cure is not cheaper crack, which would only perpetuate the addiction and all the problems it is creating. The cure is to break the addiction.
http://www.nytimes.com/2008/07/20/opinion/20friedman.html?_r=1&oref=slogin
Below is an article I enjoyed by Thomas Friedman.
9/11 and 4/11
'By THOMAS L. FRIEDMAN
new_york_times:http://www.nytimes.com/2008/07/20/opinion/20friedman.html
By THOMAS L. FRIEDMAN
Published: July 20, 2008
I am reliably told by a Bush administration official that there is an old saying in Texas that goes like this: “If all you ever do is all you’ve ever done, then all you’ll ever get is all you ever got.”
Could anyone possibly come up with a better description of President Bush’s energy policy? America is in the midst of its worst energy crisis in years and what is the big decision our Decider has decided? Drum roll, please: Our Decider decided to lift the executive orders banning drilling for oil and natural gas off the country’s shoreline — even though he knew this was a meaningless gesture because a Congressional moratorium on drilling passed in 1981 remains in force.
The economist Paul Romer once said to me that “a crisis is a terrible thing to waste.” President Bush is well on his way to being remembered as the leader who wasted not one but two crises: 9/11 and 4/11. The average price of gasoline in the U.S. last week, according to the Energy Information Administration, was $4.11.
After 9/11, Mr. Bush had the chance to summon the country to a great nation-building project focused on breaking our addiction to oil. Instead, he told us to go shopping. After gasoline prices hit $4.11 last week, he had the chance to summon the country to a great nation-building project focused on clean energy. Instead, he told us to go drilling.
Neither shopping nor drilling is the solution to our problems.
What doesn’t the Bush crowd get? It’s this: We don’t have a “gasoline price problem.” We have an addiction problem. We are addicted to dirty fossil fuels, and this addiction is driving a whole set of toxic trends that are harming our nation and world in many different ways. It is intensifying global warming, creating runaway global demand for oil and gas, weakening our currency by shifting huge amounts of dollars abroad to pay for oil imports, widening “energy poverty” across Africa, destroying plants and animals at record rates and fostering ever-stronger petro-dictatorships in Iran, Russia and Venezuela.
When a person is addicted to crack cocaine, his problem is not that the price of crack is going up. His problem is what that crack addiction is doing to his whole body. The cure is not cheaper crack, which would only perpetuate the addiction and all the problems it is creating. The cure is to break the addiction.
http://www.nytimes.com/2008/07/20/opinion/20friedman.html?_r=1&oref=slogin
Friday, February 8, 2008
SUB PRIME I, ONE YEAR ANNIVERSARY
Today is the one year anniversary of "Sub Prime I." Our real estate market in metro Phoenix was recovering from the slow down one year ago, until the sub prime bomb went off. I was happy to see the market recovering: Inventory was at 37,906; Pending home sales were at 6,905, Supply based on Pending was 5.5 months and sales for the week were at 1,264. In contrast, today our market is: Inventory level is 45,676; Pending home sales are at 4,388; Supply based on Pending is at 10.4 months; and sales for the week are at 881. As bleak as that might sound it is much better today that we were right after Sub Prime II in August. Let me put this in a chart:
Period ---Inventory ----Pending Sales --Months Supply --Wkly sales
pre SP I --------37,906-------- 6,905------------- 5.5 ----------1,264
Post SP II ------47,406-------- 3,694 ------------12.6 -----------516
Today ----------45,676-------- 4,388 ------------10.4 -----------881
It really appeared as we had survived the slow down in February of 2007, as these numbers show. However, the hidden bomb was SP I and SP II (sub prime 1 in March of 2007 and sub prime 2 in August of 2007). The question today is are we moving out of the woods or is there a SP III on the horizon. I hope we are headed out of the woods and here is why I feel that way:
1. Interest rates are much lower today. Our real estate market is very interest rate sensitive.
2. Demand is moving back into the market. Pending home sales are up almost 50% from the beginning of the year.
3. Prices are down. In some areas prices have fallen over 50% and in many areas they are below the boom pricing.
4. Raising the Jumbo limit. If this is true for the valley, it will be the shot of adrenaline we need.
Only time will tell. One thing about finding a bottom to any market. You won't know until the market has started to recover.
Period ---Inventory ----Pending Sales --Months Supply --Wkly sales
pre SP I --------37,906-------- 6,905------------- 5.5 ----------1,264
Post SP II ------47,406-------- 3,694 ------------12.6 -----------516
Today ----------45,676-------- 4,388 ------------10.4 -----------881
It really appeared as we had survived the slow down in February of 2007, as these numbers show. However, the hidden bomb was SP I and SP II (sub prime 1 in March of 2007 and sub prime 2 in August of 2007). The question today is are we moving out of the woods or is there a SP III on the horizon. I hope we are headed out of the woods and here is why I feel that way:
1. Interest rates are much lower today. Our real estate market is very interest rate sensitive.
2. Demand is moving back into the market. Pending home sales are up almost 50% from the beginning of the year.
3. Prices are down. In some areas prices have fallen over 50% and in many areas they are below the boom pricing.
4. Raising the Jumbo limit. If this is true for the valley, it will be the shot of adrenaline we need.
Only time will tell. One thing about finding a bottom to any market. You won't know until the market has started to recover.
FANNIE MAE AND FREDDIE MAC TO RAISE LIMIT TO $729,750
From what I am reading this morning the Economic Stimulas Package sent to Bush includes steps to help the housing market. The most important step is to raise the ceiling for FNMA and FHLM. By raising the ceiling to $729,750 from the current level of $417,000 it lowers the interest rate for those borrowers. One thing I have been trying to discover is will the limit be $729,750 everywhere. I have heard rumors of the limit going up to 125% of the average price, not to exceed $729,750. I cannot find any data regarding that specification. For us in Arizona we want the limit to go to $729,750, not 125% of the average price. Our average price is $313,000. So, to raise the limit to 125% of that does us no good, the limit is already higher.
Let's pray the limit goes to $729,750 EVERYWHERE!
Sunday, January 27, 2008
STIMULUS PACKAGE, RAISE CONVENTIONAL AND FHA LOAN LIMITS TO $729,750
Yes, the economic stimulus package includes raising conforming loan limits from $417,000 to $729,750. That is if it passes!
This is the best news I have heard and here is why. Today, when a loan amount is over $417,000, then you need to get a JUMBO loan. I know prices of homes are down, but come on. It use to be that JUMBO rates were .25% to .375% higher than conforming rates (conforming means not JUMBO or under $417,000, loans that are covered by FNMA and FHLM). However, today, because of the mortgage meltdown, we see a spread of 1% or more. This is a huge spread. When we look at today's rates at 5.375% for conforming then a JUMBO maybe 6.375%. That is an 18% jump in the interest rate a borrower pays. It causes people to qualify for a lower mortgage and thus have less affordability. Right now we need to increase affordability to increase demand and give the real estate market momentum. They are also looking at raising FHA limits to the same price. Again, I am all for that move. This is something the government can do that can actually help. Go get em...
Let me put this in perspective. A borrower with a $600,000 loan would pay interest of $3,188 per month at 6.375% interest rate, given a JUMBO loan. That same borrower paying the same amount of interest would be able to buy a home worth $111,628 more or have a loan amount of $711,628 and the same payment. This increases there purchase power. Or it can lower their monthly payment. If they stuck with the $600,000 loan, then their payment would go from $3,188 to $2,688. Saving them $500 per month. That will stimulate the economy!
It also helps people refinance while rates are low today. Because a borrower may not qualify today at a payment of $3,188, but does qualify at $2,688. Again, helping stimulate the economy and giving home owner security with their mortgage.
BREAKING NEWS
Federal stimulus package raises conforming loan limit
Thursday, January 24, 2008
BY WILLIAM JASONSTAFF REPORTERNORTH BAY, Jan. 24, 2008 – An economic stimulus package announced today in Washington includes mortgage reform that could serve as a major boost to the local real estate market. The package, agreed upon today by Democratic and Republican House leaders and the Bush Administration, would increase the size limits for government-sponsored loans to as much a $729,750.The proposal includes a one-year increase in the size of loans that can be purchased by Fannie Mae and Freddie Mac – government-affiliated companies and the largest buyers of mortgages on the secondary market – from $417,000 to up to $729,750. It would also let the Federal Housing Administration guarantee loans of up to $729,750, up from $362,000.
read the rest of this article at this link
http://www.busjrnl.com/article/20080124/BUSINESSJOURNAL/304340210/1218
This is the best news I have heard and here is why. Today, when a loan amount is over $417,000, then you need to get a JUMBO loan. I know prices of homes are down, but come on. It use to be that JUMBO rates were .25% to .375% higher than conforming rates (conforming means not JUMBO or under $417,000, loans that are covered by FNMA and FHLM). However, today, because of the mortgage meltdown, we see a spread of 1% or more. This is a huge spread. When we look at today's rates at 5.375% for conforming then a JUMBO maybe 6.375%. That is an 18% jump in the interest rate a borrower pays. It causes people to qualify for a lower mortgage and thus have less affordability. Right now we need to increase affordability to increase demand and give the real estate market momentum. They are also looking at raising FHA limits to the same price. Again, I am all for that move. This is something the government can do that can actually help. Go get em...
Let me put this in perspective. A borrower with a $600,000 loan would pay interest of $3,188 per month at 6.375% interest rate, given a JUMBO loan. That same borrower paying the same amount of interest would be able to buy a home worth $111,628 more or have a loan amount of $711,628 and the same payment. This increases there purchase power. Or it can lower their monthly payment. If they stuck with the $600,000 loan, then their payment would go from $3,188 to $2,688. Saving them $500 per month. That will stimulate the economy!
It also helps people refinance while rates are low today. Because a borrower may not qualify today at a payment of $3,188, but does qualify at $2,688. Again, helping stimulate the economy and giving home owner security with their mortgage.
BREAKING NEWS
Federal stimulus package raises conforming loan limit
Thursday, January 24, 2008
BY WILLIAM JASONSTAFF REPORTERNORTH BAY, Jan. 24, 2008 – An economic stimulus package announced today in Washington includes mortgage reform that could serve as a major boost to the local real estate market. The package, agreed upon today by Democratic and Republican House leaders and the Bush Administration, would increase the size limits for government-sponsored loans to as much a $729,750.The proposal includes a one-year increase in the size of loans that can be purchased by Fannie Mae and Freddie Mac – government-affiliated companies and the largest buyers of mortgages on the secondary market – from $417,000 to up to $729,750. It would also let the Federal Housing Administration guarantee loans of up to $729,750, up from $362,000.
read the rest of this article at this link
http://www.busjrnl.com/article/20080124/BUSINESSJOURNAL/304340210/1218
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