What’s happening in the market – June 2014 (Part 3)
CASH BUYERS SKYROCKETS
In the first quarter of 2014, 42.7% of all US residential property sales were all cash purchases, reported by RealtyTrac. That is up from 19.1% in the first quarter of 2013.
“Strict lending standards combined with low inventory continue to give the advantage to investors and other cash buyers in this housing market,” said Daren Blomquist, vice president at RealtyTrac. “The good news is that as institutional investors pull back their purchasing in many markets across the country, there is still strong demand from other cash buyers including individual investors, second-home buyers and even owner-occupant buyers to fill the vacuum of demand left by institutional investors.” (housingwire.com)
ARIZONA IS STILL GIVING AWAY MONEY TO UNDERWATER HOMEOWNERS
The State of Arizona currently has more than $150 million to contribute to homeowners that are underwater and qualify for HARP, FHA, or VA. The Arizona Department of Housing will offer up to $100K per homeowner(s) that owes more than their home is worth in principle reduction.
The State assistance is not a 2nd mortgage, does not require repayment, and is forgivable after five years and may now be combined with Second Mortgage Extinguishment up to $60,000! If you or someone you know, owes more than your home is worth, and obtained the mortgage prior to June 1st, 2009, call or email me to see if you qualify for a principle reduction. Borrowers that have already completed a HARP refinance do not qualify.
CORPORATE HOME OWNERSHIP BENEFITS PROGRAM
For the last several years, Geneva Financial, LLC has been offering free home ownership mini seminars for local companies and organizations. Seminars are generally 60 minutes in length and are on one of several topics (i.e. First Time Home Buyers, Real Estate Investment, Home Owners in Distress, and The Importance of Home Ownership); and can be catered to an individual company’s or organization’s needs. Seminars are free to both company and employees. If your company or organization is interested in learning more about our free corporate mini seminars, please contact Aaron VanTrojen at 480-368-2000 or email@example.com.
RATE WATCH – LOWER
|MORTGAGE TYPE||INTEREST RATE||APR|
|30 YEAR FIXED||4.125%||4.174%|
|15 YEAR FIXED||3.125%||3.209%|
Interest rates as of 05/29/2014. Conforming interest rates. Interest rates and APR based on loan amounts not to exceed $417,000. Loan to value not to exceed 80%. 740+ credit score. Owner occupied only. Purchase and rate in term refinances. Not all applicants will qualify. Call today for your individual scenario rate quote. Published rates do not apply to HARP loans.
APPLY ONLINE: www.genevafi.com
This is the final part of the three part blog series.