Audrey Myers

Do you want to buy a home but afraid you won’t win it because you have to sell your house first?

Well, There’s loan options for you! It’s called “Recasting.”

Before we get into what recasting is, let’s talk about a contingent offer v. a non-contingent offer.

A contingent offer means that in order to qualify for your new home loan, you must sell your current house first and use that leftover money to put towards the new home. A non-contingent offer means you can afford the new home without selling your current home. A contingent offer is less attractive to a seller because they are afraid your house may not sell and your loan falls through. No need to fear, you can recast your loan!

If you can qualify with your current mortgage payment & new mortgage payment you can put as little as 5% downpayment on the new house. Once you sell your home you can put down the equity in the home towards your new home’s mortgage payment to lower your payment, drop mortgage insurance and keep the same interest rate!

Remember you have options! You just need to contact me and I’ll put you in touch with a qualified lender to assist you! Happy house hunting!

Exciting news! Fannie and Freddie Mac have announced the new conforming loan limit to increase from it’s current $548,250, up to about $625k!
I have a few lenders who can already offer this new higher loan limit!! Typically, we need to wait until the beginning of a new year, before the new loan limit increase takes effect, but not this year!!
Let me know if you are interested in hearing more about this!!

Do you want to buy a high priced home but worried you have to put 20% down? When your loan amount is over $548,250, it’s called a Jumbo loan and you have to put 20% down. But what if you don’t have that much money for a down payment?

You can get both a 1st and 2nd mortgage. Then you only need to put 10% down. Example. 20% of $548,250 is $151,750 down payment. 10% is $70,000. Bonus, your 2nd mortgage is at an extremely low interest rate and you can pay it off as soon as you’d like without a pre-payment penalty!

You don’t have to sweat about your huge downpayment. Contact me to hear more about a 1st and 2nd mortgage!

This is your agent Audrey and it’s time for a housing market update! Here’s the December 2021 top market update take-aways Cromford Report Slides:
1) There’s still a shortage of homes for sale due to population growth exceeding housing unit growth. Unlike in 2006 before the market crash which was an overbuilding period.
2) Both Phoenix and the Nationally homes are in the normal affordability range
3) Unemployment claims are down to pre-pandemic levels
4) Job gains in Arizona are 94% recovered from February 2020. Phoenix, Mesa Scottsdale are 102% recovered
5) Median lease price continues to rise at $2,200/per month
6) Loan Forbearances are down 22% over the past 30 days, representing the fastest rate of improvement since the start of the pandemic.
7) Pre-foreclosures (which are owners who are sent a delinquent missed payment notice to them by the bank) are down
8) Overall still a seller’s market

There you have it the top 8 market update take-aways from the December 2021 Cromford Report

Interest Rates p 19 30 year 3.14%, 15 year 2.37%, but rising – buy now!