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While we're losing some jobs, we're also gaining jobs. Intel for one is hiring and I believe their fab plant will hire around 1,000.
There are builders who are starting to build again. Several tracts have opened up in Gilbert and Queen Creek. That's putting sub-contractors back to work.
The General Motors Proving Ground project will begin construction within the next couple years, and that's a major project.
That Gateway Project in Mesa is going to be a major development that will provide many jobs for Mesa and the east valley for years to come. The 3200 acre parcel will be developed into a planned community with a Work, Live, Play theme with walkable streets.
A championship golf course is planned.
Gaylord will be building a large convention center there, and if you've ever been to Opryland you'll know that they know how to do it right. Because of the cost of the Opryland flood clean up, they had to ask for a 3 year extension on building, but it will happen.
The Gateway area around the airport envisions creating over 100,000 high wage, high value jobs.
There will be a loop off of the 202 that will go past the airport and have an exit into a new east side terminal area
If anyone thinks that the Phoenix area and the east valley cities of Chandler, Gilbert and Mesa aren't poised for future growth, then read these C-D posts, and also go and read the General Plans of each of the cities. Gilbert expects to build out within 20 years with a population of 300,000.
I'm still looking for some compelling reasons that the Phoenix real estate prices will start to decline again. So far, I haven't seen any. I'm still under the impression that the reason the public buying isn't as strong is they're still reading the negative press, and what has actually been happening in the market is not being conveyed to them.
The investors are certainly tuned into the market, but unfortunately the public isn't.
Those new developments are encouraging, to say the least. and the Intel jobs, 1000? That's a good thing. But for the most part, the public is afraid of their own jobs, their own debt, their own retirement funds, and not in a mood to plunk down bucks for a 30 year commitment in light of the $50 trillion in unfunded liabilities of the U.S. debt.
Quote:
Originally Posted by Captain Bill
The investors are certainly tuned into the market, but unfortunately the public isn't.
Is winter usually the best time to buy (more inventory/lower prices) than summer in Arizona? Last winter, like January & February, there was a lot more inventory at lower prices. Is it always like that? I would have thought summer would have been the best time to buy, thinking most people wouldn't want to buy and move during the hottest months, but I'm finding very little inventory in my price range (less than $60,000) compared to this past winter.
The prices this last winter were unbelievable and didn't even make any sense. I believe this last winter was rock bottom in the way of pricing. Of course the prices now for homes are still really great for a buyer. If you are looking to buy just get in you won't regret it.
The loans today are low fixed interest loans, and it's not easy to get one. The rates are very low, and an FHA loan is assumable. So when the interest rate gets to 8-9% again the person with an FHA loan will probably have a pretty good chance of selling it quickly.
Has the criteria for getting an FHA loan changed a lot over the past few years? I have a fixed interest FHA loan right now, and this is the second home I have gotten with an FHA loan. Although I'm low income, I've never been late with a house payment. My credit is not stellar, due to a bankruptcy I had in 2000 (I did not default on my house though, it stayed out of bankruptcy). Bankruptcy was due to becoming disabled and having to wait for disability to be approved (in TN average wait is 3 years for approval, as the process is very slow), not due to overspending or anything irresponsible, and my savings that I was living on ran out. I held out until I had no other option. Had perfect credit my whole life up to that point, and all credit I've had after the bankruptcy has been good, so my rating is improving but that bankruptcy makes it not as good as it could be.
When I sell my house, do you think I'd qualify for another FHA loan, or has it become that much more difficult now that I probably couldn't get one? I plan on buying a house priced lower than the loan I got for my current house, and plan on making a 20% downpayment. Maybe I should try to pre-qualify before I sell my current home. I've been assuming I could get another loan since I've had no trouble paying my current mortgage and would be buying a cheaper house, but I would hate to sell my house here, moved to Arizona, and then find out I can't qualify for a new loan, and be without a house.
Those new developments are encouraging, to say the least. and the Intel jobs, 1000? That's a good thing. But for the most part, the public is afraid of their own jobs, their own debt, their own retirement funds, and not in a mood to plunk down bucks for a 30 year commitment in light of the $50 trillion in unfunded liabilities of the U.S. debt.
Do you think many people really take into account the U.S. debt when they want to buy a house?
Don't you think their main concern is will the price of their home decline after they buy it?
I believe they may be more concerned with their jobs. However, there are a lot of people who have very secure jobs, but may just be afraid that the home prices will decline further. They also believe what the press is saying, that home prices have declined 30% yoy from June 2010, without having the slightest idea that apples and oranges are being compared.
I'm certainly not taking away the importance of our national debt problem, but I'm not sure that many people on the fence are using that to factor into their decision making process.
When I first began reporting that we were in a Sellers market, very few believed me, because they were still listening to the press. They didn't have access to the statistics to see what was actually happening.
Now, almost every buyer on this forum has experienced the low inventory and high competition, creating multiple offers.
Has the criteria for getting an FHA loan changed a lot over the past few years? I have a fixed interest FHA loan right now, and this is the second home I have gotten with an FHA loan. Although I'm low income, I've never been late with a house payment. My credit is not stellar, due to a bankruptcy I had in 2000 (I did not default on my house though, it stayed out of bankruptcy). Bankruptcy was due to becoming disabled and having to wait for disability to be approved (in TN average wait is 3 years for approval, as the process is very slow), not due to overspending or anything irresponsible, and my savings that I was living on ran out. I held out until I had no other option. Had perfect credit my whole life up to that point, and all credit I've had after the bankruptcy has been good, so my rating is improving but that bankruptcy makes it not as good as it could be.
When I sell my house, do you think I'd qualify for another FHA loan, or has it become that much more difficult now that I probably couldn't get one? I plan on buying a house priced lower than the loan I got for my current house, and plan on making a 20% downpayment. Maybe I should try to pre-qualify before I sell my current home. I've been assuming I could get another loan since I've had no trouble paying my current mortgage and would be buying a cheaper house, but I would hate to sell my house here, moved to Arizona, and then find out I can't qualify for a new loan, and be without a house.
It is important that you get information on what you'll need in order to qualify, before selling your home.
If you'll send me a PM, I'll give you the name of a mortgage broker who will talk to you and let you know what you'll need in order to qualify. I refer people to her because she is good and thorough.
Has the criteria for getting an FHA loan changed a lot over the past few years? I have a fixed interest FHA loan right now, and this is the second home I have gotten with an FHA loan. Although I'm low income, I've never been late with a house payment. My credit is not stellar, due to a bankruptcy I had in 2000 (I did not default on my house though, it stayed out of bankruptcy). Bankruptcy was due to becoming disabled and having to wait for disability to be approved (in TN average wait is 3 years for approval, as the process is very slow), not due to overspending or anything irresponsible, and my savings that I was living on ran out. I held out until I had no other option. Had perfect credit my whole life up to that point, and all credit I've had after the bankruptcy has been good, so my rating is improving but that bankruptcy makes it not as good as it could be.
When I sell my house, do you think I'd qualify for another FHA loan, or has it become that much more difficult now that I probably couldn't get one? I plan on buying a house priced lower than the loan I got for my current house, and plan on making a 20% downpayment. Maybe I should try to pre-qualify before I sell my current home. I've been assuming I could get another loan since I've had no trouble paying my current mortgage and would be buying a cheaper house, but I would hate to sell my house here, moved to Arizona, and then find out I can't qualify for a new loan, and be without a house.
FHA loans are not any harder to qualify for from a credit perspective, the difficulty is with the house - appraising at the sale price and meeting the standards..
Many FHA appraisals are written by the cheapest & least experienced appraisers. There are no potential repercussions for an appraiser setting the value too low, but they can run into problems if they set the value too high, and you default on the loan, even years later... so the appraisals (at best) come in at your contract price. Sometimes they come in insanely low..
FHA appraisals have some weird requirements - the appraiser must try out a "representative" number of light switches and outlets during the inspection. Light switches are 3/$1 at the depot, and I think outlets are 4/$1 - but if there's a bad one, you're looking at hiring a licensed electrician to replace that switch or outlet, and likely adding a couple extra weeks to your closing timeline (you need permission from the seller to make the repair, hiring the electrician, sending proof the repair was completed, and likely sending the appraiser out again to re-inspect the property!).
In addition to FHA's requirements, banks can add their own conditions to the loan - I had a pretty heated discussion a while back with an appraiser who insisted that FHA requires a stove in the house (they don't, and they've written a letter to appraisers, explicitly stating that stoves aren't required - but arguing with an idiot is often a waste of energy) - if the appraiser makes a note about any possible future repairs, you can count on the bank making that into a "loan condition", and a delaying your closing or possibly completely kinking your deal...
That said, if you've got a good banker to work with, FHA has a "rehab" loan available that does cost a little more & involves jumping through some hoops - the advantage is, any repairs can be added to the loan & done after closing. This allows you to look at properties most retail buyers run from... Instead of getting into a "bidding war", you'll likely be the only bidder and you can demand the seller pay your closing costs & negotiate a much lower purchase price to boot.
I wouldn't worry about your BK - 2-3 years after it's discharged the impact on your credit score is minimal.
Yeah, I remember with this house, closing got held up a couple of weeks due to required repairs to get the FHA loan. They were major repairs, but this.....
Quote:
Originally Posted by Zippyman
FHA appraisals have some weird requirements - the appraiser must try out a "representative" number of light switches and outlets during the inspection. Light switches are 3/$1 at the depot, and I think outlets are 4/$1 - but if there's a bad one, you're looking at hiring a licensed electrician to replace that switch or outlet, and likely adding a couple extra weeks to your closing timeline (you need permission from the seller to make the repair, hiring the electrician, sending proof the repair was completed, and likely sending the appraiser out again to re-inspect the property!).
Seriously? Hiring an electrician for something that is basic DIY work? Wow! I'm getting ready to switch out most of my old almond outlets and switches for white ones, and will be doing it myself. And I'm a girl.
Yeah, I remember with this house, closing got held up a couple of weeks due to required repairs to get the FHA loan. They were major repairs, but this.....
Seriously? Hiring an electrician for something that is basic DIY work? Wow! I'm getting ready to switch out most of my old almond outlets and switches for white ones, and will be doing it myself. And I'm a girl.
The closing on my house was delayed for a couple of weeks due to a broken garage door spring ($75 - installed!). I had it fixed only a couple of days after the appraisal was completed (without even mentioning it to the bank - they didn't mention it when they got the appraisal) - and the underwriter laid an egg a few days before our scheduled closing - demanding a "paid" receipt & a re-inspection (at my expense!).
When you apply for a loan, there are two stages it goes through - the "processor" and the "underwriter"... the processor works the file first... then, usually only a couple of days before closing, the "underwriter" will look the file over and give you a list of "conditions" that must be met...theoretically, the processor should have caught these items, but, at big banks, they don't - so in practice, you're given a list of conditions to meet at the last possible moment... and "too bad, so sad" if you can't meet those conditions.. it's also too late to find another lender when that happens...
Then..... they didn't get the fax, they didn't get the email, they didn't get the fax, they couldn't open the email... we sent the same documents over and over to several different people at the bank... it's infuriating to see how much money the bankers walk away with in a deal they did nothing to close. To be truthful, they were completely worthless & incompetent at a level I've never seen in any privately-owned company.
The lenders can impose their own policies over and above the FHA requirements.
While the FHA, since they rewrote their guidelines don't require a stove, some of the lenders do. BofA does. Underwriting required a stove on a recent BofA loan that my client was involved in.
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