What is HomePath Financing

With the number of REO properties increasing, I’m being asked more often about HomePath financing. HomePath financing is available for Fannie Mae REO’s with the HomePath logo found on HomePath.com. I’ve personally noticed a significant increase in questions about this financing so I thought I would cover the basics. First, there are two types: a Home Path Mortgage and a Home Path Renovation Mortgage. The difference being, the Home Path Renovation Mortgage will allow minor fixes to the property.

Here is a quick synopsis of the Home Path Mortgage:

Minimum 3% down for primary residence, 10% down investment property
Borrower can own up to 10 financed properties (but need 25% down if they own more than 4)
NO APPRAISAL NEEDED
NO MORTGAGE INSURANCE
High balance (jumbo) and interest only products available
Seller contributions can be 6-9% on primary residence (the larger the down payment, the larger the allowable contribution), only 2% on investment property
This loan does price with a higher rate than your average 30 year fixed conforming loan. If you want an equivalent rate to the going 30 year fixed, this loan would price with an additional approx 1% to 3.75% discount points. Keep in mind, much of this can be covered by the seller and there is no mortgage insurance. Of course one can just opt for the higher rate in lieu of the discount points.
Same basic underwriting requirements of a conforming loan, but without the property issues (appliances missing - no problem)
The HomePath Renovation Mortgage is currently only offered by 3 lenders nationwide. This will allow for light renovations to the property that can be included into the loan. Information about this specific product is scarce. In general, renovation and construction type of products work like this:

An appraisal is done “subject to” the completion of the repairs. The value will typically be the appraised value or the cost of the house plus renovations, whichever is lower. The down payment is based on this value (hence, most of the renovation work gets financed into the loan).
The loan closes and the repairs are completed by a licensed contractor within a specified amount of time
There is more involved with these types of loans, such as: bids, inspections, draw schedules, etc.
The interest rate is typically higher than your general conforming 30 year fixed
Overall, the Home Path Mortgage is a great loan. I can’t attest to the Home Path Renovation Mortgage but I’m sure it’s great loan as well. If you are “handy” and can do most of the work yourself, you may consider the Home Path Mortgage. When a lender is going to finance renovation work, they will require the work to be completed by a licensed contractor so this sometimes may not work for the “do-it-yourself er”.

Phoenix Bank Owned Homes | Greater Phoenix FREE Foreclosures For Sale | Phoenix REO MLS Search

Search REO, Foreclosure, Pre-Foreclosure, Short Sale Properties in Phoenix by map, by zip code, city, community, school and styles.

Welcome to the AZPrideProperty.com foreclosure / lender owned & pre-foreclosure / short-sale home search.

This search has been segregated already to only include pre-foreclosures and foreclosed properties.


Overall REO home prices are lower then normal homes for sale but often the REO properties are sold "as is" and they almost all need some work: some need lots of work while others just a bit of cosmetic improvements.

The process of buying an REO properties is a bit different then a normal sale but its still easier then a short-sale which has lots of risks for the buyer.

Call Linda Wieczorek to view Foreclosures 602-391-8246 or email AZhomes4u@gmail.com.

SEARCH FORECLOSURES

PHOENIX is one of the most popular cities in the entire United States!

* 2,164 single family detached homes were purchased in July 2009 vs. 1,120 last year (July 2008).

* The average price paid was $134,082 vs. $226,429 last year.

* The median price came in at $86,900 vs. $180,000 last year.

* The ratio of purchase price to list price was 103% vs. 97% last year.

* The average time on the market was 74 days vs. 86 days last year.

* There were 8,871 Active single family listings vs. 14,170 last year.



Phoenix (and the greater metropolitan area) is being impacted by bank owned (foreclosed/REO) properties continuing to hit the market in record numbers. As a result, several unique conditions currently exist:

The selection of available homes for sale in Phoenix is good, but significantly less than just a few months ago. Regardless of the price point, many of the bank owned (foreclosed/REO) properties are in deplorable condition (trashed/stripped by former owners and/or vandalized after being vacated/abandoned), but perhaps 10-20% of them are in terrific locations, have quality upgrades and a private pool, and are in move-in condition. There are also hundreds of single family homes, townhouses and condos in Phoenix that are on the market by homeowners who want or need to sell their homes, many of which are in outstanding condition and priced quite aggressively.

Prices in Phoenix have fallen to the point where many nearly new homes are actually priced below current comps/appraisals. Some areas have seen prices correct downward by as much as 50%. Home prices are extremely attractive and affordable in virtually every area of Phoenix, including gated communities and waterfront properties, and are arguably at or near rock-bottom levels.

In spite of the sub-prime lending crash that started in 2006, and national banking/liquidity crisis that surfaced in 2008, mortgage loans in Phoenix are still readily available. Credit requirements are more stringent than they were in recent years, but solid loan products and pre-approvals are indeed accessible. Several loan products have made a roaring come-back, including FHA loans requiring only a 3.5% down payment and VA loans requiring no down payment.

Mortgage interest rates continue to hover in an historically low range. Like most everything on this planet, the reasons for such super-low mortgage interest rates are numerous and complex. The obvious benefit is that many buyers are indeed able to finance their home purchases. And given the tremendous choice of homes and almost unbelievable pricing, bargains, deals and steals in Phoenix are happening daily.

The result of the foregoing conditions ~ abundant supply of homes, extraordinarily low prices, availability of mortgage financing and low interest rates ~ is a noticeable, steady increase in buying activity in Phoenix. Properties that are priced aggressively and in above-average condition (bank owned or not) are often drawing multiple offers and selling in just a few days.

Whether your interest is in single family homes, town homes or condos... and whether you're focused on bank owned (foreclosed/REO) properties, pre-foreclosures, short sales or homes being offered by traditional homeowner-sellers... and whether you're looking for smaller, larger, older, newer, waterfront, gated, private pool, no pool, active adult, horse property, mountain views or any other type of home in Phoenix, we're here to serve you and help you find and purchase just the right home at just the right price.

For FREE access to ALL of the currently available listings in Phoenix (or anywhere in the Valley of the Sun), simply go to AZPrideproperty.com

For FREE email delivery of ALL of the currently available listings that meet your exact wants and needs, or FREE access to a customized website where all of the details on all of the homes are displayed and updated daily ~ including photos, virtual tours, property features and even addresses ~ simply email AZhomes4u@gmail.com No registration required!



For fast, friendly, professional information and assistance regarding homes in Phoenix, email AZhomes4u@gmail.com, or call 602-391-8246. We'll respond to you quickly and courteously, by email or phone, whichever you prefer. No pushy salesmen! No pressure! No obligation! We take pride in your investment.

6 Historic Willo Homes

Willo Neighborhood History
Nestled in the very heart of urban Phoenix, Willo was once the epitome of suburbia - a collection of subdivisions on the outskirts of the small, but thriving metropolis of Phoenix. The Willo neighborhood between 7th and Central Avenues can be divided into two sections. J. P. Holcomb used a Homestead Patent in 1878 to acquire and settle the southern portion of Willo between Encanto Blvd. and McDowell. Mr. Holcomb acquired the northern portion, between Thomas Rd. and Encanto Blvd. in 1886 through a Timber Culture Land Patent.

For the next 20 years or so, the land was primarily for agricultural purposes and lay on the outskirts of town. In the early 1900's, four subdivisions were platted, containing home sites with long narrow lots. In the early 1920s, Home Builders, a residential construction firm, built 41 homes in the Bungalow style. During the mid to late 1920s Phoenix, like the rest of the West, experienced tremendous growth and a building boom.

Standards were set for residential construction, and "exhibition houses" (now called model homes) were developed to market the new construction. Most of the building activity in Willo during this period occurred in the N. Kenilworth and Broadmoor subdivisions, and included a "Spanish Rancho Home" exhibition house.

During the 1930's the Period Revival movement brought tremendous variety in architectural styles, including Tudor Revival, Greek Revival, American Colonial Revival, Spanish Colonial Revival and Pueblo Revival. However, the Depression brought construction to a near standstill. The mid to late 1930s and the development of the Federal Housing Administration (FHA) brought construction back to Willo. Construction from this period and later years often featured French Provincial and Monterey styles, with an architectural design that would eventually become what we know today as the Ranch Style house. Construction was also more standardized due to the influence of the FHA and other government-imposed standards. Most of these newer homes are found in the northern section of Willo.

In all, 22 separate subdivisions were platted and developed in Willo by various entrepreneurs from the turn of the century up to the beginning of WWII. Eventually, with the growth of Phoenix over the last century, the individual subdivisions platted by early developers were forgotten and the area blended into one cohesive whole. Unfortunately, the amazing growth of the city resulted in the encroachment of commercial development on what were once quiet suburbs. In the 1980s, residents of Willo successfully lobbied for status as a special conservation district, achieving historic status and assuring that this beautiful part of Phoenix history will be preserved for the enjoyment of future generations.

For Information on Historic Willo Downtown Phoenix Call Linda 602-391-8246