Boomerang Buyers Making Moves to Return to Home Ownership

Now that the worst of the foreclosure crisis is in the rearview mirror, former home owners who lost their homes to a short sale or foreclosure are re-entering the housing market. They've spent the last few years rebuilding their credit — and they're ready to buy again. 

"We're about three years past the peak of the foreclosures, and that's about the time when most people would qualify for another loan," says Daren Blomquist, spokesman for RealtyTrac. "The market really needs boomerang buyers to maintain the current recovery."

Some boomerang buyers heading back to the housing market may find they have to make down payments of at least 20 percent to qualify for a loan, but others are finding opportunities to put down as little as 3.5 percent or 5 percent. 

The wait times for qualifying for a loan can vary depending on the former home owners' circumstances. Typically, the wait times following a short sale or foreclosure are as follows: 

• Seven-year wait for home owners with a previous foreclosure before they can qualify for a new mortgage through mortgage giants Fannie Mae and Freddie Mac. If the foreclosure was  included in a bankruptcy, the borrower has to wait only four years.
• Two-year wait for home owners who underwent a short sale before they're eligible for another Freddie Mac and Fannie Mae loan. 
• Three-year wait for home owners seeking a Federal Housing Administration loan after a foreclosure or short sale. Some home owners who underwent a foreclosure because of at least a 20 percent cut in their pay may be able to qualify for a new mortgage after just a year through FHA's Back to Work program. 

Source: "'Boomerang' Buyers Get Another Chance at Homeownership," Sun Sentinel (Feb. 24, 2014)

http://realtormag.realtor.org/daily-news/2014/02/25/boomerang-buyers-making-moves-return-home-ownership

For more information about Homes for Sale in Goodyear contact Rodney Barnes Real Estate at 623-217-7548

Baby Boomers considering buying in metro Phoenix’s newest community

By By Catherine ReagorThe Arizona RepublicFri Feb 21, 2014 3:54 PM

Baby Boomers considering buying in metro Phoenix’s newest community for people 55 and older will have four homebuilders from which to choose: Lennar, Maracay Homes, Standard Pacific and T.W. Lewis.

The builders recently completed deals worth about $41 million overall to buy land in the Victory District within Verrado in Buckeye. About 417 home lots are planned on the land sold.

Scottsdale-based developer DMB hired architects, universal-design experts and kitchen and bath designers to coach the homebuilders on how the lifestyle, needs and motivations of Baby Boomers differ from traditional homebuyers.

Design plans for the houses are being completed now. The first phase of houses will be for sale in January. Sizes will range from 1,400 to 3,000 square feet on four different-size lots.

Victory home prices are expected to range from the $200,000s to more than $500,000.

“By collaborating with multiple builders, Victory plans to offer its residents more choice, quality and personalization than other communities constructed by a single homebuilder,” said Nick Taratsas, DMB senior vice president and general manager of Victory. “No other developer has spent this kind of time and attention to educate builders on the specific needs of Baby Boomers.”

Victory is going up on 1,200 acres within the 8,800-acre Verrado.

Some cautionary advice about reverse mortgages

Reverse mortgages can be a viable option for anyone older than 62 facing foreclosure. But home-loan experts advise borrowers to be careful because they still can lose their home with a reverse mortgage.

New mortgage rules could offer more protection.

Homeowners looking at tapping the equity in their house through a reverse mortgage need to investigate all fees, interest rates and options involved with one of these loans before signing on the dotted line, said Don Frommeyer, national president of the Association of Mortgage Professionals.

“In premise the reverse mortgage sounds ideal, as older Americans can pay off any outstanding debt and have an additional source of funding,” he said. “I think one of the main issues with reverse mortgages is that people don’t realize how expensive they are. There is an origination fee, an upfront mortgage-insurance fee and a variety of additional fees that can result in a significantly smaller lump sum than expected.”

New rules for reverse mortgages, recently set by the Federal Housing Administration, are supposed to ensure borrowers have enough income to afford the loans. That income can include Social Security payments and savings.

Reverse-mortgage brokers in metro Phoenix advise people thinking of taking out one of the loans to make sure they can still afford property taxes and other costs to maintain their houses.

http://www.azcentral.com/business/realestate/articles/20140214buckeye-community-wooing-boomers.html

For More Information on Buckeye Homes and Goodyear Homes for Sale, Contact Rodney Barnes Real Estate at 623-217-7548.

Arizona's five hottest business districts

Arizona's five hottest business districts

By Catherine ReagorThe Republic | azcentral.comThu Feb 20, 2014 1:51 PM

Arizona's five hottest business districts 
What are the five hottest business districts in the state?  At the Urban Land Institute's ninth annual Arizona trends day held this week, a panel moderated by Mesa Mayor Scott Smith presented these five:

1. Chandler: The Price Corridor
2. ASU Stadium District 
3. Downtown Tucson
4. Loop 303 Corridor
5. Phoenix Mesa Gateway Airport

http://www.azcentral.com/business/realestate/articles/20140219arizonas-five-hottest-business-districts.html

For more Information on Homes for Sale in Goodyear AZ. Call Rodney Barnes Real Estate at 623-217-7548

IRS makes records of past tax returns available online | Inman News

Ability to download past tax returns online handy for mortgage applications and IRS audits!

Just in time for tax season, the IRS has launched a new online Get Transcript portal that taxpayers may use to obtain records of past tax returns — also called “transcripts” by the IRS.

By using the portal, taxpayers can download and print their transcripts immediately. In the past, they had to be obtained by postal mail, a process that took five to 10 business days. The IRS has given the portal a soft launch, so there hasn’t been much publicity about it.

IRS transcripts are often used to validate income and tax filing status for mortgage applications, and student and small-business loan applications. They can also come in very handy when you’re doing your taxes, or are being audited by the IRS or other tax agency, and can’t find a prior return in your records.

Get Transcript allows taxpayers to obtain five types of transcripts from the IRS:

Tax return transcripts: These are the most complete transcripts. They show most line items from your tax return a (Form 1040, 1040A or 1040EZ) as it was originally filed, including forms and schedules. However, this transcript does not reflect any changes made after you filed your return — for example, if you later amended your return for the year. A return transcript will usually meet the requirements of lending institutions offering mortgages and student loans. These transcripts are available for tax years 2011-2013.

Tax account transcripts: These are not as complete as return transcripts. They show only basic data, including marital status, type of return filed, adjusted gross income and taxable income. However, they include any adjustments either you or the IRS made after you filed your return. These transcripts are available for tax years 2010-2012.

- See more at: http://www.inman.com/2014/01/27/ability-to-download-past-tax-returns-online-handy-for-mortgage-applications-and-irs-audits/#sthash.Y3EAQmkv.6OpmyIW1.dpuf

IRS makes records of past tax returns available online | Inman News



For more information about Goodyear Homes for Sale. Contact Rodney Barnes Real Estate at 623-217-7548

Condo Revival Slowly Emerging?

Condo Revival Slowly Emerging?

DAILY REAL ESTATE NEWS | MONDAY, FEBRUARY 03, 2014

The condo market is on an upswing, but sales are still more than 30 percent short from its peak.

From 2009 to 2013, condo sales increased more than 55 percent, while total existing home sales rose by 29 percent during that time period, according to National Association of REALTORS® data. In comparison, during the boom years between 2001 and 2005, condo sales rose more than 50 percent and existing-home sales increased by 37 percent.

While the share of condo sales to total existing-home sales is nearing pre-recession levels, the number of sales is still not at its peak, the CoStar Group notes.

“Today’s condo market does not involve the irrational speculation of the mid-2000s, when renters fled apartments to get a share of the expanding home price pie,” CoStar Group reports. “A portion of the current sales are often to foreign investors in condo-rich markets like South Florida and to current home owners looking to downsize.”

In its latest existing-sales housing report, NAR reports that the median existing condo price was $198,600 in December, up 10.9 percent over year-ago levels.

Source: “A Look at the Growing Condo Market,” CoStar Group (Jan. 31, 2014)

For more information about Goodyear Homes for Sale Contact Rodney Barnes Real Estate at 623-217-7548

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