I want to thank Steph and Joy for allowing me the privilege to be a guest blogger today.
Although I would love to talk to you about my favorite places to have lunch, such as Pita Jungle, or places I love to take my kids, such as the Agave Library… I am going to chat a little about Mortgages! Believe it or not, I have positive things to say. In fact, great things are happening in real estate for the Arizona Market this week!
First, I just want to squelch some of the myths out there and say, Homes are being bought and sold in Arizona! So many people are under the assumption that financing isn’t available, or they feel stuck in their current home. There is hope!
Let’s look at the options out there:
- Little money down – This week mortgage insurance became available on a 5% down conventional loan. The new minimum credit score went from 720 to 680! These changes give testimony that the Arizona market is IMPROVING! This is great news!
- Upgrade your home – Many people in our community do not have the equity they once had, and most have negative equity. Does that take you out of the market? Not necessarily! There are great opportunities in the rental market. Here is an AZ Central article that speaks of what is happening with the rental market. There is a growing NEED for rental homes! This may not be for everyone but it may be a great way to add an asset to your portfolio. With a renter paying off your mortgage, you may one day own the house free and clear! I just closed a loan where my client had his new property rented out before he even closed! He was an investor but you could use the same strategy with your current home. (Check with your CPA.)
Renting out your current home doesn’t have to be long-term, maybe your desire would be to sell once the market improves. I just thought I would throw some ideas out there because many people are not aware of their options! This is definitely a strategy that is working for many people! Keep in mind that the current rental home demand rests on family-friendly homes with reasonable rent. Unfortunately many great families have hit some hard times in this economy. Your family could help them as well as have the opportunity to make some dreams of your own!
Have a Happy Mother’s Day!
Jennifer is a VIP Mortgage, Inc Banker, Wife and Mom… who loves her hubby and kiddos with all her heart! She has a 5-year-old Josh and a 2-year-old Alexa. She has been a Mortgage Banker for almost 10 years moving from Omaha, NE in 2006. Wow! Who knew it would be a crazy time to move, but it has been an amazing experience! She loves her career and enjoys helping people through education.
To contact Jen email: [email protected]
Love the article Jen! Great information!
Thanks for giving some options! I think there have been a lot of misconceptions about the market.
We are moving to AZ this summer and will rent for the first year or so. How do think the housing market will look in a couple of years when we are ready to buy?
Hi! Thank you for your question! It is hard to say… currently the housing market is starting to have some positive things happening in Arizona. However it will really depend on economic conditions over the next year or two. The most important thing in buying a home is having a plan regardless of the market, and make sure the way you finance your home is done conservatively. Let me know if you have additional questions!
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