Values

Buying a home today may be your best financial move. With Mortgage rates at all time lows and prices of homes a 10 year lows, buyers have the advantage of finding the right home for them and a price and payments they can afford. I was reading a blog today form Mike Oliver’s web site www.sellingtucsonrealestate.com about a Foreclosure home that is for sale. Mike is a Real Estate Agent from Tierra Antigua Realty. This home is listed for $161,500 and is almost 1900 square feet in NorthWest Tucson. From the pictures it looks like a nice home. His article states it needs some landscape but other than that it is ready to move into. I am seeing more and more home that are ready to move in. Currently an approved buyer could purchase this home for monthly mortgage payments under $1100 with a 5% 30 Year FHA Mortgage with as little as 3.5% down payment. This would be a wonderful home for a first time home buyer.


There are many of these “deals” out there for buyers to take advantage of. There is great value in looking at home that has been foreclosed on. The banks are not in the business of owning homes and the longer the foreclosed home is “on their books” the more money they loose. Banks loose a tremendous amount in a foreclosured home . They want to sell that home as quickly as they can to move it off their inventory. Some banks are offering to pay buyers closing cost to purchase these foreclosed homes. The most popular financing that we are seeing right now for these foreclosed homes is the FHA loan. FHA allows the seller to pay up to 6% of the buyers closing costs and buyers are only required to put a down payment of 3.5%. For buyers who don’t have the 3.5% down payment, FHA will even allows the down payment to come from a family member/close friend, a church, employer or other agencies.

In Pima County the 2008 Pima County Bond Money Loan has been extended to April 2009 for buyer’s to take advantage of 100%, NO MONEY DOWN LOANS. The Rate for the Pima County Bond Money 1st Mortgage is 5.99% fixed for 30 years. There is no discount fees charged and all lenders fees have to meet the guidelines of the Pima County Bond Loan Program. The Pima County Bond Money Loan will even finance the buyers closing costs is needed. It is one of the BEST LOANS in Pima County for buyers with little or no down payments.


Another great place to look for value is propertied that have been foreclosed on buy HUD. HUD repos are the fasted moving properties for 3 reasons. First, HUD Repo’s have been priced to be sold ASAP. HUD can not allow properties to be up for sale too long. By the nature of the HUD Repos, there is normally great value in these properties. 2nd Financing terms offered by FHA for HUD home require buyers to come in with ONLY $100 down for a FHA loan with current rates in the 5% range for a 30 Year Fixed Rate Mortgage. 3rd HUD sometimes offers these homes under their “ Good Neighbor Next Door” Program. This allows Police, Firefighters, Teachers and some Medical professionals to purchase these propertied at ½ of the listing price and on top of that they give these buyers the $100 Down HUD Reop FHA financing. (best deal in the world to buy a home)


If you are interested in buying any type of Foreclosed or HUD Repo it is very important to be PRE QUALIIED by an FHA approved lender and in Tucson/Pima County and Loan officer who is approved to offer you the Pima County Bond Money Loan. HUD Repos properties do not last more that a few days on the market. You need to be able to move quickly to buy these homes. Work with a proven Agent like Mike Oliver who know the market in Pima County and can find value in homes for buyers.