Fannie Mae "HomePath" Foreclosure / REO Financing Program

It seems like there are a lot of people out there these days getting into real estate investing because of the vast number of foreclosure / "REO" bank-owned properties on the market.

Nova Home Loans has recently started offering very attractive financing for these types of properties. Fannie Mae is now offering what they call their "HomePath" financing program which makes it easier than ever for the average person or family to purchase a foreclosed property as either their primary home OR as an investment property.

This program offers up to 97% financing if you purchase the home as your primary residence - possibly up to 100% financing in combination with some of the home buyer assistance programs currently available in Pima County.

For real estate investors looking to pick up a foreclosure as an investment property, we are also offering up to 90% financing, which up until now (since the "credit crunch") has almost been unheard of.

ADDITIONALLY, as if that isn't enough, both mortgage insurance (typically for buyers purchasing properties with less than 20% down) and a property appraisal (usually $300-$400 dollars) ARE NOT REQUIRED when purchasing one of these properties.

It should be noted however that these special REO financing conditions are ONLY available on Fannie Mae "HomePath" registered REO / foreclosure properties.

For a current list of available properties, go to: http://reosearch.fanniemae.com/reosearch/

To find out more or to get pre-qualified TODAY, please feel free to give me a call today at (520) 360-7360!

Tucson Homeowner? Now is a great time to Refinance...

With the sharp decline recently in mortgage interest rates, if you own a home in Tucson or elsewhere throughout Arizona, now is a great time to refinance and save some serious cash on your monthly mortgage payment.

Mortgage interest rates are currently as low as 4.00%. Typical 30-year fixed-rate mortgages are even as low as 4.50% at the moment.

To put this into perspective - If you currently owe $250k on your home with a 6.5% interest rate and refinance into a 30-year fixed-rate mortgage at 4.5% your principal and interest payments would go from approximately $1580/mo to $1266/mo saving you approximately $314.00 per month.

Refinancing is a typically a very simple and quick process and if your interest rate is currently higher than 5.25%, you would really be hard pressed to find a reason NOT to refinance at the moment.

Considering the overall state of the economy, conserving cash is becoming vital to many Arizona homeowners and families. There are few better and easier ways for home owners to save cash than to refinance their home right now.

Give me a call today at 520-360-7360 or you can even refinance online directly through my secure website at http://jcmillermortgage.com/tucson_refinance.html.

I Have Moved to Nova Home Loans!

Hey Everyone,

I just wanted to post a quick message to say that I have made the move from Home Loan Executives to Nova Home Loans here in Tucson.

My loan partner Francine Martineau and I will now be working out of the Nova Home Loans office at River & Campbell.

As many local mortgage companies here in Tucson continue to evolve their business model to keep up with the constant ongoing changes in the mortgage industry these days, I believe that I will be able to better serve my clients as a part of the Nova Home Loans Team.

The simple fact is that Nova Home Loans has a far superior team-based environment and is capable of closing mortgage loans faster and more efficiently than any other mortgage lender in Tucson. This is especially important these days for not just mortgage loan officers such as myself, but my clients who would like to purchase or refinance their home.

In many cases as I have already seen, Nova Home Loans can close loans other mortgage lenders in Tucson simply can not. Additionally, Nova Home Loans also has far superior rates. Because of this, the decision to make the move to Nova Home Loans was really a "no-brainer" and because we have access to such great mortgage products and rates, it has also allowed me to implement a new "Better Rate Guarantee" in which I can guarantee that I can provide you with the best rate on your home mortgage or refinance.

My contact information remains the same, so if you have any questions regarding mortgages, home loans, hard money loans, or even private equity loans, please feel free to contact me anytime.

The Mercado District - Tucson, Arizona

There is a really cool new development being built near the base of "A mountain" on Congress called "the Mercado District". 6 different local developers are participating and when finished its going to feature all kinds of unique lofts, condos, and even shops. I just talked to my developer friend who is involved with the Rio Nuevo project and he told me the developers just purchased an additional 14 acres today to expand on the project. Its the coolest thing I have seen in quite a while... Lots of solar and "green tech". Its master-planned to be a community that will feature lots of cool shops, boutiques, restaurants, and most of what you need on a daily basis within walking distance. I can't wait to see how it looks when everything is finished.








More Info | http://www.mercadodistrict.com/index.asp

"Hard Money" Loans for REO Properties

I have been getting quite a few calls lately from local Tucson real estate investors (as well as people looking to get started in real estate speculating and flipping homes) who are interested in the "hard money loans" we offer to purchase bank-owned foreclosure aka "REO" properties, so I thought I would post a bit more information on how I can help if you are interested in purchasing bank foreclosed properties.

First off, I offer what are called "Hard Money Loans".

What exactly are Hard Money Loans?

Hard Money Loans are equity-based, private investor loans generally for non-owner occupied residential and commercial investment properties.

These types of loans are specifically tailored to real estate investors and investment properties. Although these loans typically have higher interest rates than you would get with a conventional home mortgage, there are many benefits to these types of loans including...

• No qualifying
  
• No personal credit requirements
• Short, interest-only loan terms from 3 months to 3 years available (amortized over 30 years)
  
• Payments and fees can be rolled into the loan amount, so you can avoid paying payments over the term of the loan
• Quick closing processes

Hard Money loans are great because generally the only requirement for obtaining a hard money loan is that the property is indeed a good investment and you can generally put at least 30% of the purchase price towards the deal yourself. In some cases where you can purchase a property for less than 50% market value or the owner agrees to carry a portion of the loan amount, we can finance with little or no money down.

Besides purchasing REO properties, Hard Money loans are also great for purchasing Trustee sales (pre-foreclosures), rehab properties, and rental properties.

Here are some links that can help you find Foreclosures and Pre-Foreclosures in the Tucson area.

• Countrywide Foreclosed Properties - http://www.countrywide.com/purchase/f_reo.asp
• Tucson Trustee Sales - http://www.azbiz.com/daily_territorial/trustee_sales/
  

For more information on Hard Money Loans contact Josh Miller at (520)360-7360 or at Josh @ JCMillerMortgage.com.

I am more than happy to give you information to help you get started flipping houses or just give you an idea of how we can help you purchase any prospective properties you might be interested in purchasing.

Existing Home Sales Prices Continue to Climb in Tucson

It appears that there are also good deals to be found on new homes as well, which should prove to be good news for consumers interested in purchasing a new home.

Worried about Home Prices Continuing to Drop in Arizona? - DON'T...

Well, maybe "don't" is a little too certain of a word, but here is an angle you may not have considered...

Since the Federal Reserve recently lowered interest rates, one effect has become certain - Inflation is skyrocketing.... or to put it more accurately, the value of the U.S. dollar is plummeting faster than ever.

So why am I telling you not to worry? Because in general, this will cause is the price of everything to skyrocket - including homes.

To be completely honest; you probably should worry.... just not about the dollar value of your home.

Even if home values technically continue to decline, what you will notice soon (hopefully) is that the simple fact that EVERYTHING is going up in price and the dollar today probably won't be worth as much as it will be worth tomorrow or two years from now, the actual U.S. dollar value of your home should remain steady if not increase.

I don't believe this is good news in general considering the same model BMW or Toyota you can buy today could probably cost 25% more 5 years from now, but this is probably the best, honest bit of good news you will hear if you own a home or are thinking of buying a home and you are worried that you will end up owing more than the home is worth.

Interest Rates Are Falling

On a nation average, fixed-rate interest rates dropped from 6.46% to 6.31% this week, which is certainly good news. That basically means that fixed-rate mortgage interest rates in the 5% range are still available to most home buyers in Arizona with good credit.

This ALSO makes it an even BETTER time to REFINANCE your Adjustable Rate Mortgages (ARMs) if your rate-lock is expiring.

For more current information on mortgages or refinancing as it relates to Tucson, and all of Arizona, visit my mortgage web site - JCMillerMortgage.com