Many Phoenix area homeowners are underwater and a few may be thinking that they may buy a new home and bail on their old one. That's exactly what a "buy and bail" is.
“Buy and Bail” is defined as acquiring a new house before the buyer’s credit rating is ruined, by walking away from the old one because the amount owed on it is more than it is worth. This practice is an attempt to escape payments on an “underwater” home while securing a new property at a lower price with a more affordable loan.
The continuation of the “buy and bail” underscores the lingering impact of the worst housing crash since the Great Depression. The value of homes fell in Phoenix by 55% as tracked by the S&P/Case-Shiller index.
Why put your Phoenix area dream of home ownership off any longer when the FHA can make it happen now? Before you search for a home in the Phoenix area, you'll want to get pre-qualified and you'll want to learn about different financing.
Let me introduce you to FHA. Since 2005 the FHA loan Program has seen an increase of over 900%. FHA Housing Loans are one of the best choices for prospective home buyers in today's market. These government backed loans allow many families to obtain a house by keeping their initial costs as low as possible. FHA Loans are guaranteed loans, which means that lenders will offer you lower, more affordable rates. FHA Loan qualifications include two years of steady employment with income remaining similar or increasing.
If you're looking to buy a wonderful home in Gilbert, Arizona... here it is.
This is a great addition to the real estate inventory in Gilbert, Arizona. The entire valley if feeling the pinch of low inventory and this home newly on the market and won't disappoint. It is gorgeous! It is so well kept and so nicely decorated, you'll feel like you walked into a Pottery Barn store. Four bedrooms and two bathrooms and has a great open floor plan. Just take a look at the pictures. It's even better in person, come take a look at it for yourself.
5856 S SIMPLE WAY Gilbert, AZ 85298
SEE FOR YOURSELF JUST HOW GORGEOUS THIS HOME IS. YOU'LL FEEL LIKE YOU'VE WALKED INTO A POTTERY BARN. THIS IS A WELL LOVED AND WELL CARED FOR 4 BED, 2 BATH HOME.
Buying a home in the Phoenix metro area entails a lot of steps. Your Realtor and real estate agent and your lender will walk you through every step of a way.
You're going to find out.....it's a lot to buy a home in Phoenix or Scottsdale or Tempe or anywhere in Arizona.
We're all going to go through this together. Today's lesson has to do with Morgtage Insurance.
Mortgage insurance, unlike other you would buy, does not protect you. It protects the lender. If the homeowner defaults on their mortgage, the mortgage issuer would sell the property. The difference between the amount the property sold for and the remaining loan amount, up to the policy value, would be reimbursed to the lender.
Military Vets Can Buy a Phoenix area home with great financing.
VA financing is a fantatsic option for military families looking to buy a home in the Phoenix area. The latest research shows over 27 million veterans and service personnel are eligible for VA financing. VA mortgages are economically designed for the specific challenges facing service members and their families. In most cases, advantages include no down payment or monthly mortgage premium, a maximum loan up to 100% of the established value of the property and the possibility of an assumable mortgage. For VA guaranteed loans, the law requires the borrower to pay the VA Loan Funding Fee. A veteran is asked to pay the VA Funding Fee as a contribution toward the cost of this unique