No Doc Loans are not Sub Prime Financing

Or you may know them as Stated Income, No Income Qualifiers, NINA, and SIVA or, well you get the point. These products were initially designed for the self employed business owner, who for a variety of reasons may not be able, or desire to evidence their income to qualify for a traditional mortgage in order to buy real estate.

The designers of this niche mortgage product came up with other underwriting guidelines to compensate for the lack of verifying the applicant's income. These guidelines included superior credit a sufficient down payment and some form of remaining liquid assets in reserve. Over the years however these products have become more lenient in some regard and they are being confused with sub prime mortgages. When in fact sub prime has more to do with credit than income.

The interesting thing is that these so called "No doc loans" underwritten with superior credit, equity and reserves as originally designed perform as well as a standard conforming loan, not as sub prime. In fact as many 35% of all loans these days may have some form of a no doc element to them, yet the foreclosure rate for these mortgages is under 2% even in today's troubled times.

These mortgage products are readily available in their original form although the true sub prime loans have undergone serious scrutiny and more restrictive guidelines in some cases disappeared altogether. For more information regarding mortgage products you can visit our affiliate Choice Mortgage at http://www.choicemortgage.us/ or contact 480-905-1900 to speak with a loan professional.

You can always count on Choice Group Realty to help you with finding homes for sale in Phoenix Metro area.

Can I get a Home Loan today?

A lot of people asking this question nowadays based on news about mortgage industry facing problems. And the answer is - Yes! - you can buy your Arizona Home. And with a such low interest rates and a great selection of available homes for sale you should.

If you meet the reasonable credit, income and down payment requirements of the "Conforming" Loans:

• VA with a maximum loan value of $359,650
• FHA maximum loan value of $263,160
• Conventional maximum loan value of $417,000
  

In Central and East Valley alone, there are 20562 homes for sale today that meet the criteria of one or more of these programs.
Homes for sale in:

• Phoenix 10213
• Tempe 724
• Scottsdale 1660
• Mesa 3904
• Chandler 2005
• Gilbert 2056
  

Even though, "Non-Conforming" loans are being impacted the most, they are still available just have stricter qualification guidelines.

Choice Group Realty is affiliated with Choice Mortgage and can help with your real estate financing needs. Have a question about Phoenix homes, call us today!

Phoenix: Home of the Fizzies

Okay, as if we haven't given you enough reasons already to move to the Phoenix/Scottsdale areas, here is another one: Phoenix is the exclusive test market for a new/old product called Fizzies. Fizzies are tablets that were popular in the 50's that flavor drinking water, turning them into a soft drink.

The company that is manufacturing the product has chosen Phoenix because of the large number of senior citizens here. The company is betting that the older population will be more likely to remember the product and purchase it for their younger relatives, thus spreading word about the product.

Fizzies come in seven flavors, including lemon lime, fruit punch, and root beer. They are a healthier alternative to colas, as they are made from Splenda and contain Vitamin C. They are available in area Hi-Health stores.

So there you go. Not only is this the land of the sun, but we have soft drinks you can't get anywhere else!

If you are considering relocating to the Phoenix or Scottsdale areas, please contact Choice Group Realty today.

Branded Cities: the Future of Real Estate?

Westgate City Center is 223 acre $850 million development located near Glendale, Arizona. The "mini-city" will include work and recreational projects, as well as 2,200 condos. The development is located near two major sports venues, Jobing.com arena (the home of the Phoenix Coyotes hockey team) and the University of Phoenix stadium, which will be hosting the 2008 Super Bowl. Annual visitation to the city is expected to be around 22 million.

What's really interesting is that the development represents the beginning of a new wave of branding initiatives by major companies. Nissan has signed on as the "Official Automobile of Westgate City Center" and will have a major presence through the city.

The concept is being spearheaded by the Branded Cities division of Clear Channel Outdoor, a company that specializes in billboards and other forms of outside advertising. For its sponsorship dollars, Nissan will get signage on three 100 foot tall Times Square style media boards, product placement at numerous other locations throughout the city, and live events sponsorships. Nissan will also be the sponsor of many sporting events and related broadcasts, such as ESPN pre-game shows.

With 20 to 30 large multimedia boards, the city will very much be a live, branded advertising environment, which Nissan will largely control. So is this the future of real estate? Or just a fad? We think it's very likely this could be a major development, especially as real estate prices continue to escalate. By building tightly controlled mini-city environments and attaching it to corporate sponsorships, economies of scale can be achieved. It may be cheaper to live in places like this, where large companies are pouring money in to get their marketing message across. But do people really want to live in an environment surrounded by advertisements? Only time will tell. We're still rather partial to the idea of having one's own house and back yard.

Choice Group Realty knows Phoenix/Scottsdale real estate. If you're looking for the home of your dreams, call us today!

Real Estate Advice: Have Faith. Have Patience.

Unless you've been hiding under a rock, you've probably heard about the difficulties the real estate/mortgage industries are suddenly having. There are a lot of homes on the market, and credit has gotten very tight. Some of the largest mortgage companies in the world are in very real danger. And a lot of people are losing their homes.

Our advice?

Have faith!

If you are looking for a new home but are worried that it may be out of your reach, here is what we advise you to do. Create a picture in your mind of your ideal home. Envision it. Hold that picture there every day. Then start talking to people who can help you find that home. If you're searching for a home in the areas of Scottsdale or anywhere else around Phoenix, then please call us...for example. And finally, have faith! If you want it bad enough, it can happen. It may take longer than you would like, but don't give up.

If you're trying to sell your home, our number one piece of advice is to have patience. If you are in too big a hurry, you will likely have to take less for your home than you would like, especially in the current market. And the same advice as above applies - envision selling your home to the perfect buyer at the perfect price, find the right people to help you, and have faith.

Choice Group Realty will do whatever we can to help you find the perfect home in the Phoenix/Scottsdale areas, so please call us today!

Scottsdale Winter Wonderland Raises Money for Good Cause

Here's a fun news item: Market Street Park on Pima Road in North Scottsdale will host Summer Snowball this Saturday, Aug. 18th. The event will take place from 9 a.m. to noon, and admission is $10.00. Scheduled activities include art projects, a snowball throwing contest, and shaving cream-sculptured hair styles.

Proceeds from Summer Snowball benefit Homeward Bound, a program that helps families with children that have faced domestic violence or homelessness. Participants are also being encouraged to bring school supplies and canned foods.

DC Ranch Community Foundation is sponsoring the event. The organization works to enhance educational opportunities for community members and students.

Arizona: Be Careful in the Sun

Many people are drawn to Arizona because of the incredible amount of sunlight we get here. There is no doubt that the sun can be very good for you, both mentally and physically. It just makes you feel good...but you need to be careful! As with most things in life, moderation is the key.

To receive the health benefits of Arizona's intense sunlight, you only need a few minutes of exposure a day. Beyond that, you risk getting skin cancer. So it is very important to cover yourself with a strong sunscreen, and if possible, light-colored clothing. Contrary to what you might think, light clothing will actually keep you cooler.

To help combat the ill effects of overexposure to the sun, the Arizona Cancer Center has opened up the Skin Cancer Institute. A major area of activity for the institute will be public awareness and education about how to protect yourself from the sun. It also has sophisticated equipment which can be used to take a close look at moles and lesions for signs of skin cancer. The institute has two locations: Scottsdale and Tucson.

Scottsdale is blessed with some of the finest health care in the world, being home to the world famous Mayo Clinic and other fine medical facilities. Thankfully, now we have one of the top institutes to help us stay safe from our wonderful, but potentially deadly, sunlight.

Choice Group Realty knows Scottsdale and Phoenix area real estate. If you would like help finding your perfect home in the land of the sun, call us today.