North Scottsdale Real Estate

MOVING to new location

2010-11-12T13:42:00.001-08:00

Hello Everyone...my blog is moving to
NorthScottsdaleRealEsate.wordpress.com ! See you there!

Why the banks are in the WIN WIN

2010-10-11T18:06:00.001-07:00

Tell me you thoughts on this one!

Fannie Mae Says Foreclosure Delays Represent a Breach by the Servicer

2010-09-16T14:52:00.000-07:00

Fannie Mae issued a notice this week alerting servicers that it is monitoring all delinquent loans in its portfolio and mortgage-backed securities (MBS) pools to ensure foreclosures are handled within an acceptable time frame.

By the tone of Fannie’s announcement, it wants these nonperformers off its books as quickly as possible. The GSE says it may assess penalties for poor servicer performance when it comes to completing foreclosures in a timely manner.

Fannie says it will be keeping tabs on all whole mortgages, participation pool mortgages, and MBS pool mortgages with a special servicing option referred to an attorney or trustee to initiate foreclosure proceedings on or after July 1, 2010. Company officials will be scrutinizing servicer data to identify delays in the default management process.

According to the GSE, it may elect to perform a more extensive servicing review – possibly on-site – to further evaluate the actions the servicer took on certain mortgage loans. Servicers must send the requested documentation or make it available…within the time frame specified in the notification. If the servicer fails to do so, Fannie Mae may assess compensatory fees without first reviewing the loan or exercise other available remedies, the GSE warned.

Fannie Mae will communicate any performance deficiencies to the servicer, who will then be given an opportunity to explain any mitigating circumstances or factors that justify the servicing actions it took or did not take within a reasonable time frame.

“A compensatory fee not only compensates Fannie Mae for damages but also emphasizes the importance placed on a particular aspect of the servicer’s performance,” the GSE stated in its servicing guide.

Fannie also updated the allowable foreclosure time frames for four states: Florida – 185 days; Maryland – 90 days; Nevada – 150 days; New York (upstate) – 300 days; and New York (downstate) – 420 days.

Why Unicorns and Loan Mods are Similar

2010-09-13T14:27:00.000-07:00

The Loan Mod Myth

What do Successful Loan Mods and Unicorns have in common? They are both mythical creations. The difference is that Successful Loan Mods did exist at one time before HAMP, but now seem to have gone the way of the dinosaur. Although there is that rare individual that receives a "permanent" modification, there are also rare individuals that win the lottery. Even if a homeowner does get a "permanent" modification there is about a 50/50 chance it will result in an increase in their monthly payments.

The MSA's (Mortgage Servicing Agreements) and PSA's (Pooling and Servicing Agreements) between the lender (servicer) and investment groups, defines the number of loans that can be modified in a portfolio. Typically this number is less than 5%, which is why the lenders allowed some modifications and then stopped. There was no consideration that AAA rated securities would have the default rates occurring today and therefore there were no provisions to handle the mess we are in now. Most of the residential loans were securitized into mortgage backed securities and pieces sold to junior tranche owners that get paid only after the senior tranche owner has been paid in full. The effect of MBS distributions and any funds paid by Mortgage Insurers have created a situation in which investors are typically receiving 95% of market value from a foreclosure of a property.

You may notice that we have used quotes on the word "permanent". That is the term used by lenders as it is defined in HAMP. The reality is that these loans in almost every modification are not permanent; meaning they are not fixed for balance of the term of the loan. Rather, the loan is modified for 3 to 5 years and then adjusts or returns to an increased interest rate. The 3 to 5 year period is just long enough to get the homeowner past the 2012 deadline for the Mortgage Debt Relief Act. This means that the homeowner could miss their opportunity for an exit without tax consequences by accepting a modification.

Another reason that the term "permanent" is illusory as it relates to loan mods is that many of the lenders will repeal the modification that was supposedly approved and granted. This leaves the homeowner unable to pay off the accrued, unpaid payments, interest and fees to prevent a default and the home will usually be taken in a foreclosure.

Even if the homeowner is extremely lucky and gets a loan modification, that lowers their monthly payment, the issue of negative equity has not been addressed nor resolved. Unless and until the homeowner receives a loan modification that includes a reduction of the principal balance so as to eliminate or appreciably reduce the negative equity, the primary problem faced by the homeowner will continue to exist.

The reason it is important to understand the fallacy of a loan mod is that homeowners spend months or in some cases even years playing this game with the lender and may miss their best opportunity for a clean exit from the property through short sale.

This information and some helpful tools are provided by www.mortgagemediationgroup.com .

Contact me at www.michellefischer.com for more information.

What If....

2010-08-06T13:45:00.000-07:00

Recently, a report came out showing the Case Shiller Index for resale housing prices. It displays the ebbs and flows of the index as our country experienced two World Wars, three real estate booms and one great depression. Then look below to the next chart...what if we didn't have the 2004-2006 real estate boom?

What if the Booom

2010-08-06T13:41:00.000-07:00

What if the Boom Never Happened

2010-08-06T13:39:00.000-07:00

Local MLS Stats in Arizona

2010-07-26T15:08:00.000-07:00

SALES Year over Year
2009 was a banner year in terms of number of homes sold, the third highest on record. 2010 is showing signs of exceeding that figure. Despite NAR’s most recent data (May)1 that indicated a 2.2% decline in existing home sales on a seasonally-adjusted annual basis, the pattern here is just the opposite. Since January, monthly sales have exceeded the previous year’s monthly total in five of the six months. If sales continue on the present track, 2010 sales could exceed 100,000, making this the second highest sales year ever, exceeded only by 105,000 in 2005.
ARMLS STAT JULY 2010
1NAR May Sales report - http://www.realtor.org/press_room/news_releases/2010/06/may_strong_pace

2010-06-14T15:26:00.001-07:00

Keep Your Home Purchase on Track

You’ve found your dream home. Make sure missteps don’t prevent a successful closing. Read

Understanding Real Estate Representation

Whether you’re buying or selling, it’s important to choose representation that meets your needs in the transaction. Read

4 Tips to Determine How Much Mortgage You Can Afford

By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read

7 Tips for Improving Your Credit

Here’s how to clean up your credit so you get the least-expensive home loan possible. Read

7 Steps to Take Before You Buy a Home

By doing your homework before you buy, you’ll feel more content about your new home. Read

Visit houselogic.com for more articles like this.

Breaking News

2010-05-27T13:09:00.001-07:00

Thursday, May 27, 2010, 11:39am MST

Home prices show first annual increase in three years

Phoenix Business Journal

New research from Arizona State University shows that Phoenix-area housing prices in April posted a year-over-year increase for the first time in three years.

The Arizona State University-Repeat Sales Index measures changes in average Phoenix-area home prices from year to year. The latest index finally reveals an estimated 1 percent increase from April 2009 to April 2010.

This follows a 13-percent fall from December 2008 to December 2009, a 9 percent drop from January 2009 to January 2010, a 7-percent decline from February to February, and an estimated 3percent drop from March to March.

This new data from ASU backs up a national report that came out Wednesday, also showing local home values increasing.

The median price for Phoenix-area single-family homes is projected to be $135,000 for April, which would put the market back at the same level as December of 2008.

“This report reflects an important milestone in the recent housing cycle, with preliminary April data showing the first year-over-year increase in house prices market wide,” said Karl Guntermann, the Fred E. Taylor Professor of Real Estate, who authored the new report with Research Associate Adam Nowak. “Also, prices for lower-end houses and the foreclosure segment of the market, which turned positive in March, continued to increase on an annual basis.”

Guntermann says higher-priced homes still didn’t show a significant slowdown in the rate of price declines until this April. They remain just out of positive territory, with an estimated 3 percent drop from April 2009 to April 2010.

Also, despite positive momentum marketwide, the cities of Glendale and Peoria lag others with prices still down more than 50 percent from their peak in 2006.

The townhouse/condo market also remains rough. The new index shows a price drop of 26 percent from February 2009 to February 2010. Preliminary numbers for March and April anticipate 19 percent annual decline. The median townhome/condo price in February was $86,400, with estimated drops to $83,500 in March and $81,000 in April.

The ASU-RSI is produced through the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. See the full report here.

Short Sale Tip

2010-05-21T16:48:00.000-07:00

Frequently the Lenders will attempt a Limited Authority Tactic to blame the denial or unreasonable position on someone else. "HUD denied
the short sale," "Freddie Mac wants this price," "We're just following the FDIC regulations." Don't just take their word for it - all of these entities are accessible and are often tax payer funded. The story you may hear from them is often quite different than what the
Lender represented. So, give them a call or shoot over an email and find out for yourself. If the answer you get is better, ask them to help you straighten out the Lender.

Greg Markov, AZ Short Sale Experts, LLC

Local Law Group helps see through the Deficiency mud

2010-04-30T13:51:00.000-07:00

Recourse and Deficiency; Q & A

In response to our last email entitled "Arizona Recourse and Deficiency What Every Realtor Needs to Know", we had many great questions, so we have decided to respond to these questions and have created a blog for continuing discussions.

Q: "Additionally a lender has up to 6 years to file a deficiency lawsuit after completion of a short sale. Is that for the 1st or the 2nd?"

A: It is not a question of lien position. The issue is whether or not these loans were purchase money. We find that about 30% of the clients who's loan documents we review are mistaken as to the nature of their loans.

Q: "You are absolutely correct unless, of course, the "short sale" is regulated; overseen by the Feds, to which or to the extent this recourse is quashed or set aside as a condition of the Short Sale. Are you familiar with HAMP?"

A: There is no preemption of state or federal laws in HAMP. It is simply a guideline that, if followed by the lender will result in monetary rewards to the lender. HAMP participation is not mandatory as the majority of the homeowners that applied for loan modifications found when they were rejected. HAMP does not change anything related to deficiency risk in a short sale. It is still of paramount importance that the proper language be in the short sale agreement to prevent "harm" to a borrower.

Q: "Doug – thanks for sharing this good info. I know there was some conversation around the liability associated with the Deed of Trust vs. the Promissory Note, both of which could be instruments involved in a real estate transaction for a homeowner. Where could we obtain some greater clarification on this?

A: Under AZ law, a creditor cannot release its security in a property and sue on the note if the loan was used to purchase the property. However, a creditor is allowed to release the security and sue on the note if the loan was an extension of credit, such as a HELOC or used for non-purchase money purposes. So, that brings us to non-purchase money second mortgages, typically HELOCs, that were so popular with many homeowners between 2002 and 2006. The second lien holder could release its security and sue on the note and they have. If the homeowner is working with the lenders i.e. short sale, then the short sale creates an opportunity to negotiate with the second lender and settle so that the second lien holder does not pursue a deficiency suit. This is a much bigger issue for homeowners who have engaged in the loan modification process on the first loan, but ignored their second lender and the time period has gone on so long that the second lender stops waiting, charges off the debt, and then sells the note to a third party. This third party can then collect or sue on the note.

Q: "What is the defensibility of a short sale on an investment property?"

A: With regard to the defensibility of an investment property, the same review and analysis of the loans must be completed. Some borrowers received full residential purchase money loans while others received investment property loans and/or used HELOCs, or any combination of these loan products to acquire investment properties. The historical use of the property by the borrower is also an important issue as many borrowers have personally occupied these properties before they decided to rent them. Generally, those loans that were purchase money loans for these properties are eligible for deficiency protection while those loans that were not directly used to purchase the property are not so protected.
www.MortgageMediationGroup.com

Freddie Mac has something to say about the new generation of Fraud

2010-04-30T13:49:00.000-07:00

The following article from Freddie Mac makes some good points about short sales. Property Mediators are popping up around the country trying to take advantage of this market.

_________________________________

Emerging Fraud Trends: Short Payoff Fraud

Given increased defaults and declining property values in certain locations, the mortgage industry is experiencing an increase in short payoffs, sometimes called short sales. In fact, over the last two years, short payoff volume at Freddie Mac has grown more than 1,000 percent (2007-2009). This upward trend in volume leaves the market ripe for incidences of short payoff fraud.

What is a short payoff?

A short payoff occurs when a borrower cannot pay the mortgage on his or her property and is permitted to sell the property for less than the total amount due, at a loss to the lender, investor and/or insurer. All parties consent to the mortgage being paid "short," primarily because the property does not need to go through foreclosure. Please note that many legitimate short payoffs take place in the real estate market.

What is short payoff fraud?

According to a member of Freddie Mac's Fraud Investigation Unit, a slight variation of our general definition of mortgage fraud also defines short payoff fraud – "Any misrepresentation or deliberate omission of fact that would induce the lender, investor or insurer to agree to the terms of a short payoff that it would not approve had all facts been known." Misrepresentations in these schemes may include the buyer of the short payoff property, a subsequent transaction at a higher price, and/or the selling borrower’s hardship reason used to qualify for the short payoff. In many instances, the short payoff fraud will involve a "facilitator," engaged by either the listing agent or the selling borrower, to assist with negotiating the transaction.

How is short payoff fraud committed?

There are many variations of short payoff fraud. The example below is just one way this type of mortgage fraud can occur.

A seller (delinquent borrower) owes $100,000 on a property that is worth $80,000.
The short payoff facilitator negotiates with the bank to accept a $70,000 offer to purchase the property. In several instances, Freddie Mac has seen that this offer will be made directly by the facilitator or through an entity under his/her control.
The lender/investor accepts the offer for $70,000.
The facilitator neglects to disclose to the lender/investor that there is an outstanding offer between the facilitator and a second end-buyer for $95,000.
Both transactions close on the same day with the net difference being pocketed by the facilitator and increasing the lender/investor’s net losses.

At first glance, this may look like a legitimate short payoff. However, in this example, the fraud is the failure to disclose the second, higher offer. The facilitator is willfully withholding important information the same way a scam artist would, and the lender does not realize they are walking into a premeditated short payoff fraud scheme. Because the facilitator is deliberately withholding the higher offer, Freddie Mac also experiences a larger than necessary loss on this sale.

Short Payoff Fraud Prevention Red Flags

Remain alert to the following flags, which may suggest short payoff fraud:

Sudden borrower default, with no prior delinquency history, and the borrower cannot adequately explain the sudden default.
The borrower is current on all other obligations.
The borrower’s financial information indicates conflicting spending, saving, and credit patterns that do not fit a delinquency profile.
The buyer of the property is an entity.
The purchase contract has an option clause to resell the property.

Short Payoff Fraud Prevention

The following protective measures are recommended in order to detect and mitigate the severity of short payoff fraud:

Review all short payoff documentation carefully, including the sale contract. This helps determine if there is an option clause to resell the property at a higher price without notifying the lender.
Draft a short payoff arm’s-length affidavit/disclosure notice for all parties involved in the short payoff to help avoid any hidden contracts, or side agreements. The parties involved should be, but are not limited to: the buyer, seller, listing agent, selling agent, short payoff negotiator(s)/facilitator(s), and closing agent.
Solicit information from your borrower.
Inquire if the borrower is aware of any other parties involved with the short payoff other than real estate professionals.
Is there a short payoff negotiator/facilitator involved?
Is the borrower aware of any other purchase contracts on the property?
Require an executed and signed IRS Form 4506-T, Request for Transcript of Tax Return,from each borrower and process the form to determine if the borrower’s qualifying income is accurate.
Order an interior Broker Price Opinion (BPO) and review all other BPOs that have been ordered on the property (drive-bys and full interiors) to establish a high/low value variance. The BPOs should include a past and present Multiple Listing Service (MLS) listing history, as this will determine if the property was relisted in MLS while the short payoff is being processed.
Review the Freddie Mac Exclusionary List to see if the parties to the short payoff are on the list. Seller/Servicers can access the Exclusionary List via the selling system, MIDANET®, MultiSuite®, and Loan Prospector®.
Immediately notify Freddie Mac if you are aware of a second purchase contract for a higher price.

Visit Scottsdale

2010-03-21T11:03:00.000-07:00

Click to see a great visitors guide!

FHA UFMIP increase April 5th

2010-03-21T10:45:00.000-07:00

Attention FHA buyers! Everyone is concerned about getting into contract by the end of April to qualify for the tax credit but don't forget...you need your case number by April 5th to pay the current (lower) up front mortgage insurance rate of 1.75%. After APRIL 5th, the up front mortgage insurance jumps to 2.25%

New for FHA BUYERS!!!

2010-01-19T10:38:00.000-08:00

Temporary Help on the 90 day seasoning rule!!!! Click the link.

Michelle Fischers 2010

2010-01-13T11:12:00.000-08:00

What is your 2010 going to look like? Mine, well it is very exciting. I took the time over the New Years break to sit down and put things in order. Surprisingly it was a bit overwhelming, but as I progressed, the momentum built and by the time I finished my "inspiration level" was through the roof! If you haven't taken the week and broke it down to hours, (which by the way is 168 hours and we are only sleeping for 56 hours) TRUST ME - it's worth the excersize. What are you doing with your other 112 hours in the week? Let's hear it!

Tax Credit Form

2009-11-10T12:10:00.000-08:00

Click Tax Credit Questions and Answers!

2009-09-15T14:07:00.001-07:00

Tax Credit Updates!

2009-06-05T06:57:00.000-07:00

Investor Report: First Time Home Buyersby Kenneth R. HarneySome real estate investors assume that the federal first-time home buyer tax credit has little relevance for them.After all, they already own their own houses, and the $8,000 credit was designed for people who are either buying their very first home -- or they haven't owned one in three years.But investors should be aware of a couple of recent wrinkles in the tax credit rules that they can put to good use themselves.Number one: The IRS has interpreted the law to allow unmarried co-purchasers, including investors -- to buy one-to-four unit properties with the credit flowing to a co-purchaser who qualifies for the credit, and will live in one unit, while the other units are rented out.Number two: The credit itself has just become more attractive for buyers using FHA financing. The Federal Housing Administration has issued new guidance to lenders allowing them to "monetize" the credit and advance cash to first-time purchasers for closing fees and other expenses, including interest rate buydowns.That, in turn, will allow investors selling houses to directly target first-time buyers who might not have enough money on hand to qualify under regular underwriting standards.Here's what you need to know about both these opportunities: Gibran Nicholas, chairman of the CMPS Institute -- a training organization for mortgage and financial professionals -- says IRS's guidance on the tax credit allows creative allocations of the credit among co-purchasers of investment property.The key requirement is that least one co-purchaser qualifies for the credit as a first-time buyer and will live in a unit for at least three years.For example, say a group of unmarried investors buys a triplex or quadruplex with the intention of renting out two or three units. The credit "can be claimed by one or more of the investors," according to Gibran, as long as they occupy one or more units as their principal homes.Now to the new "monetization" feature: As of June 1, FHA lenders can loan first-time buyers up to $8,000 on a short-term basis for use on closing and some downpayment costs.When buyers get their tax credit checks from the IRS, they pay back the lender. FHA buyers will still need to make downpayments of at least three and a half percent of the purchase price of the house from their own resources or gifts from relatives.But they can use the cash advances from lenders on closing costs, mortgage insurance premiums and to buy down their interest rates .For more information on the monetization feature, check out HUD's website. Look for Mortgage Letter 09-15 at this link.Published: June 5, 2009

Improved Tax Credit!

2009-05-18T08:15:00.000-07:00

Washington Report: $8,000 Tax Creditby Kenneth R. HarneyHome builders and Realtors cheered in Washington last week when HUD Secretary Shaun Donovan announced that FHA will allow lenders and government agencies to “monetize” the $8,000 federal homebuyer tax credit, providing purchasers with down payment cash upfront, available at closing, rather than waiting for the IRS to mail them a tax credit check.Speaking at the mid-year conference of the National Association of Realtors, Donovan said HUD supports “bridge loan” programs designed to help first-time buyers come up with needed cash.Under the bridge loan concept, an FHA-approved private lender, a state or local housing agency, or an FHA-approved nonprofit organization could advance as much as $8,000 for down payment and closing costs -- in anticipation of receipt of the $8,000 credit months or weeks down the road.Sanctioning bridge loans could improve the effectiveness of the federal credit program significantly, said Joe Robson, president of the National Association of Home Builders.Bill Riley, incoming president of the Washington State Realtors Association, estimates that half of all would-be first-time buyers lack the down payment resources needed to complete a purchase, and therefore aren't making use of the credit.Donovan said technical instructions to lenders for the bridge loan program would be provided by FHA shortly.In the meantime, 10 state housing finance agencies already run credit monetization programs on their own. They include the states of Missouri, Colorado, Delaware, New Jersey, Tennessee, Idaho, Ohio, Pennsylvania, New Mexico and Washington.Most of the programs provide second liens with no interest charges for a period of months, with the expectation they'll be paid off immediately after the homebuyers receive their IRS credit checks.In some cases the liens turn into second mortgages with 10 year terms and floating interest rates if the buyers choose not to repay the advance with the tax credit check.In the wake of Donovan's announcement, major mortgage lenders are likely to gear up their own programs, bringing bridge loans for first time buyers to all 50 states, not just the ten that pioneered the idea.However, anyone who wants to take advantage of all this needs to move fast. Under the federal tax credit rules set by Congress, purchasers must close no later than November 30 to be eligible. They must not have owned a principal residence at any time during the three years preceding their purchase. Buyers can claim the 2009 credit against their 2008 federal tax returns - they just need to file an amendment - or can wait and file next April.For a detailed Q&A on the credit program, go to www.federalhousingtaxcredit.com.Published: May 18, 2009

SAVERIO in action

2009-05-18T08:12:00.000-07:00

SAVERIO's Guys Night Out - covered by Arizona Foothills Magazine

http://www.arizonafoothillsmagazine.com/Photos/Saverio-Custom-Clothiers-Guys-Night-Out-Event/start=7.html#category

Need Mortgage Mediation! Who doesn't?

2009-05-01T15:52:00.000-07:00

Friends,

This powerful group of qualified people are legit and ethical...call them first or call them last, you won't be disappointed!

www.MortgageMediationGroup.com

Mortgage Applications

2009-01-13T12:34:00.000-08:00

...Applications for new mortgages to buy houses were up by more than 7 percent last week, according to the Mortgage Bankers Association's national survey -- up 2.3 percent for those seeking conventional loans and up an amazing 19.2 percent for buyers planning to use FHA financing.As the saying goes: Follow the money. There's something important stirring out there. Home prices are at 2004 levels in many markets. Buyers who can qualify are seeing real, tangible opportunities….and that dynamic, along with help from the stimulus package, should begin turning around housing even before the economy as a whole.Published: January 13, 2009 / Realty Times / Kenneth Harney

MOVING

2008-11-22T21:02:00.000-08:00

I am moving to Russ Lyon Sotheby's International Realty! Same number 480-227-8116

Real Real Estate

2008-10-18T13:00:00.000-07:00

Keep watching the news and stay depressed or...Come to Market Street in DC Ranch! With Today's farmers market bringing everyone out of thewood work it feels like old times! It get's even better...property showings are through the the roof today. Stay positive America!

2008-08-15T10:55:00.000-07:00

VOTE YES on Prop 100 - To no double taxation!

What is a Real Estate Transfer Tax?
A real estate transfer tax (RETT) is a state or local government imposed tax that is collected when you transfer ownership of our home, land or commerical real estate.Find out more The Problems With a Real Estate Transfer Tax:

*It Burdens Our Real Estate Market Further
*Causes Double Taxation
*Damages Equity by Punishing the Homeowner

PENDING Home Sales are UP

2008-06-09T12:58:00.001-07:00

Pending home resales rise More people are starting to buy homes, according to the National Association of Realtors.
The NAR's index of pending home resales rose an unexpected 6.3% in April to a reading of 88.2, the highest level in six months. "Bargain hunters entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner occupants," Lawrence Yun, NAR's chief economist, said in a statement.
The number of pending home resales is down 13.1% from April of last year.

Homebuying Assistance...Did you know

2008-06-08T19:35:00.000-07:00

Resources for Homebuyers

Scottsdale First Time Homebuyer's Program: This federally-funded program offers home purchase counseling, down payment and closing cost assistance, as well as post-purchase counseling for low and moderate income first-time homebuyers. Annual income for this program cannot exceed $48,100 for a family of four, $43,300 for a family of three, $38,500 for a family of two, and $33,650 for a family of one. Down payment and closing cost assistance are available for up to $25,000, depending on need. For more information and an application packet, contact Scottsdale's non-profit partner, Community Services of Arizona Inc. at (623) 435-2255 or visit the website at http://www.csaz.org/homeownership-assistance.html

Low-Interest Loans Available for First-Time Homebuyers: Scottsdale renters interested in becoming first-time homeowners are invited to apply for below-market rate mortgage loans and down payment assistance grants. The "Home in Five" bond program, administered by the Phoenix and Maricopa County Industrial Development authorities, have made funds available for first-time homebuyers purchasing a home in Scottsdale or other communities in Maricopa County. The program offers below market interest, 30-year fixed rate mortgages and grants equal to 5 percent of the loan amount to be used toward down payment and closing costs. The lack of a down payment is often the chief impediment to home ownership. To qualify, first-time home buyers must meet annual income limitations and normal FHA, VA, RHS or conventional underwriting requirements that show credit worthiness. There are maximum purchase prices for a home. For additional information, including a list of participating lenders, visit www.mcida.com or call (602) 506-7294.

Family Housing Resources, Arizona Homebuyer Solutions: This program is offered to first-time homebuyers across the State of Arizona. This program offers a competitive interest rate combined with down payment and closing cost assistance of up to 7% of the purchase price. There are maximum income and maximum purchase price limits under this program. To participate, potential buyers need to go through one of the participating lenders. Contact Family Housing Resources for more details at (800) 622-7462 or visit http://www.familyhousingresources.com/whichprogram.html

DC Ranch Activities

2008-05-31T13:07:00.001-07:00

SUMMER
Dive-In Movies
When temperatures rise, community members and their family are invited to “dive-in” to the Desert Camp Community Center pool to watch a family movie on the big outdoor screen complete with cool treats and movie munchies. Don’t forget your swimsuit!

Fourth of July Event
This annual holiday celebration includes activities for all ages. An authentic BBQ dinner kicks off the event as children enjoy festive arts and crafts and refreshing water play. Join your neighbors in a friendly competition of community tug-of-war, ping pong tournament, water balloon toss and watermelon eating contests. Live entertainment, a community sing-a-long and dancing under the stars close the evening under the stars.

Market Conditions

2008-05-31T13:06:00.001-07:00

"IT IS ONLY A BUYERS MARKET IF YOU BUY!" The Real Estate Market is showing signs of life again! 4885 total homes closed in April up from 4209 in March! The total number of homes pending sale continues to rise, currently at 7125 as of 5/6/08....

2008-05-31T12:50:00.000-07:00

Single family homes sales are starting to show some life with June's sales at 966, that's up 8% from May's 893 sales.

2008-01-24T15:50:00.000-08:00

Check out FOUNDERS DAY at DC RANCH

February 24th, 2008