Phoenix AZ Urban » home mortgage

Downtown Phoenix Properties

Chris F Campbell — Tue, 02 Feb 2010 23:11:02 +0000

Downtown Phoenix residential properties are a good buy today. But it’s not surprising that you might be a bit nervous about buying a property right now even if it is in Downtown Phoenix. As you probably know, Downtown Phoenix has been in revitalization mode for the last number of years until the economic crash stalled almost everything. The good thing is that the real estate bubble burst has reduced prices back to something that regular folk can afford. There are many one and 2 bedroom condos priced under $100k that are within walking distance to a light rail stop and there are some very nice Phoenix Historic Homeswhose prices have come back down into the low $200k. Most of these prices are around 50% less then they were 2 and 3 years ago but as they say, “that was then, this is now.” Home prices from 2 and 3 years ago have no baring on the value today. Seller’s hate to hear that but facts are facts. So what do you do now? Call me to see if there is a property out there that meets your needs and rest assured that you are getting a Native Phoenician that specializes in Downtown and Central Phoenix and really understands the market and the neighborhoods.

Live/work condo in phoenix

Chris F Campbell — Mon, 01 Feb 2010 18:55:20 +0000

There are many condo communities that boast Live/Work units in the Phoenix, Scottsdale and Tempe downtowns but only Phoenix has true Live/Work units and there are only 10 of them and one is finally on the market. This is a great unit with a store front that is street level and living space upstairs and the two are connected making this a true Live/Work Condo. Located in the heart of the Roosevelt Arts District and the First Friday Art Walk, this is a great opportunity to start your own business.

The RooPho Realty office is located in another of the Artisan Village Live/Work Condos and speaking from experience, this is a great way to run your own business and have a store front in an up and coming area of Downtown Phoenix.

FHA 90 day rule

Chris F Campbell — Mon, 01 Feb 2010 17:59:52 +0000

The recent HUD announcement stated the HUD was lifting the 90 day flipping rule effective 2/1/2010 and will not loan on a property that has not been owned by the current owner for more than 90 days. Until now, the current had to own the property for 90 days before FHA would insure the loan. This is for contracts effective 2/1/2010. It does not apply to contracts or loans already in existance. Again this waiver DOES NOT apply to existing loans or contracts. It applies to new contracts 2/1/2010 and later.

This 90 day waiting period has kept many buyers from purchasing the home they really wanted because they wanted to use FHA financing. Now they will be able to us FHA for many homes and condos in the valley.

Phoenix Home Prices

Chris F Campbell — Tue, 22 Dec 2009 17:34:10 +0000

Phoenix home prices went up over 50% in the boom of the market and now they are down about the same. With interst rates still very low and federal tax credits, it’s a great time to buy. There are news reports all the time in the last 12 to 18 months saying lenders are not lending but I have many clients that didn’t have a problem with many different lenders. Try Legacy Home Mortgage, they do great work. Then, check out some of the great properties around the Phoenix Metro area. There are many great values all over town. Some of the best values under $100k will be in the Phoenix condo market. There are some nice Pheonix single family homes just under $100k but if you get down to $50k they normally need a lot of work.