Arizona #3 in Construction Job Growth
The latest data from the Bureau of Labor Statistics shows Arizona enjoyed the 3rd highest spike in construction job growth in May, trailing only Texas and California.
FHA Streamline Loan Requirements
If you have an existing FHA loan on your primary residence and a fairly good credit score, you may be able to take advantage of the FHA Streamlined Refinancing Program, which eliminates many of the complex steps involved in a typical FHA refinance. No appraisal is required as long as the borrower reduces their payment by 5 percent, which has caused many to liken this program to the HARP 2.0 program.
Key requirements of the FHA Streamlined Program include the following:
- Your original FHA loan must have been taken prior to 2009.
- You must have made payments on time for at least one year and must be current on your payments at the time of application.
- Your lender must be FHA approved.
- You must have owned the property for at least 6 months prior to refinancing.
- You will be limited to the amount of your original loan unless you pay for a new appraisal to show that the home value has increased.
Tracking HARP and Other Programs in Arizona
This revamped version of the Home Affordable Refinancing Plan shows promise for helping seriously underwater homeowners in Arizona. Read more…
Arizona awards $20 milion in affordable housing tax credits
The Arizona Housing Department awarded $20 million in tax credits to 18 projects last week and has worked out deals for the projects to be completed in almost half the time. These credits are expected to save each developer approximately $1 million on new Arizona projects and encourage additional housing development over the next decade. Read more…
Foreign Purchases of U.S. Homes up 24 Percent
Between March 2011 and March 2012, U.S. homes sold to foreign buyers rose 24 percent, with 51 percent of the purchases by foreigners occurring in Arizona, California, Florida and Texas. Read more…