
If you’ve stopped by this blog recently you may have noticed the new little logo in the upper right corner (thanks, Jay). And, it’s a different color and style than you might expect if you’ve known me during the last eight years…
It is with [pick a word here: abundant, extreme, gigantic, colossal, extravagant, humongo...something that means "a whole lot of"] excitement that I announce to you that last month I switched brokerages and joined the talented group of agents at Thompson’s Realty headed by the infamous Jay Thompson and his behind-the-scenes but equally amazing wife, Francy.
Nothing will really change: my phone number & fax will stay the same. For the time being I’ll still have too many email addresses (side note: they all go to the same place so just pick one). I’ll still live by the rule, “have car, will travel” & no one ever visited me at the office anyway so a change of location isn’t an issue.
My move was not made out of frustration with my previous brokerage or any sort of negative influences. It is purely an opportunity to for me to grow both myself and my business in the high-tech, high-touch niche style of service to my clients that I believe in. Jay is a prolific blogger (you can read Jay’s announcement at his blog “The Phoenix Real Estate Guy“) and social media guy whom I look forward to learning from. Thompson’s Realty’s slogan is “The Power of Technology with a Personal Touch” — that resonates with me! I believe that technology can be used to help serve my clients at a higher level while affording me the opportunity to serve them IRL (in real life), too.
As always, thanks for your support & I look forward to serving your AZ real estate needs!
If you currently have an FHA loan and you haven’t refinanced recently, take a minute and see if it would make any sense for you to lower your interest rate.
Right. This. Second.
Why?
Because the FHA streamline rules are about to change thanks to an a new announcement from HUD a couple of weeks ago that announced changes to the qualification criteria to the FHA streamline program.
For years and years, the FHA streamline program was designed as a “no income, no asset, no credit score no appraisal” refinance program that allowed people with an FHA loan to lower their interest rate without having to completely re-qualify for a new loan. Ok, so many lenders in the last year had started requiring credit scores, but not all.
But that all changed with the recent announcement.
And with the new changes, one of the big reasons that people in Arizona were lucky to have the streamline program will no longer be true. As you know, many people in Arizona who have bought a home in the last few years are in a situation where they currently owe more on their mortgage than their home is now worth. If they were lucky enough to have an FHA loan, that used to mean that the FHA streamline program was still a way that they could refinance into a lower rate. But soon, that will no longer be the case. Surety companies and mortgage bonds may become more prevalent.
With the new changes, anytime you do an FHA refinance streamline, you now are going to pretty much need to provide the same information you did when you first took out your FHA loan — income, asset, credit score information — and if you finance your closing costs (be sure to use a free mortgage calculator to see if it is worth it), you will need to also get a full appraisal.
The one bright spot in the announcement? The new rules take effect on November 17 of this year so you only have a little bit of time left to act.
If you hurry.