Arizona Home Loans and Foreclosures Info

Across the country and perhaps especially in State of Arizona, foreclosures have been in the news recently, most especially because of President Obama’s recent visit there and news about his plans to spend $ 75 billion tackling foreclosures across the country. President Obama also visited Dobson High School in Arizona recently.

Other foreclosure news in Arizona

Unfortunately, folks seeking to circumvent foreclosure in Arizona have also been hit by predators. In fact, Arizona’s Attorney General Terry Goddard has filed a lawsuit against a so-called “foreclosure rescue operation” that really wasn’t. In fact, this organization has defrauded about 400 Arizona homeowners of their homes. Therefore, this is something that folks in danger of foreclosure have to keep aware of.

Can some foreclosures be “good” news?

Of course, foreclosures can’t be good news for the homeowners who are losing their homes, but they can be good news if you’re in the market for home and are actually looking to save some money. Many of these homes are sold at auction, or have been taken back by lenders now looking to sell them at reduced prices. Take a look at real estate sites with listed housing; in some cases, you may even be able to offer 10% or so below the asking price and still get the house you want.

Some things to look out for

If you’re looking to purchase a home in Arizona or anywhere else, it’s a good idea to have your own privately hired home inspector take a look at a house you are considering buying. Real estate professionals will offer you options like this, too, but it’s a good idea to have your own independent inspector because you’re sure to find out before you buy what difficulties the home may have.

This is especially true for foreclosed homes, which may have been sitting empty for a while and therefore may have “disuse” problems like leaky roofs or pipes, or that may even have been sabotaged by previous owners forced to leave; in some cases, previous owners can do things like pour cement down toilets, so that you don’t see a problem when you move into the home, but honestly you’ve got a very expensive problem on your hands once you’ve lived there and know that it exists. Hiring your own housing inspector can help you avoid any of these types of problems.

Getting a home loan in Arizona

Regardless of whom you work with, bona fide lenders who work aboveboard are also usually going to require that you have very good credit, guaranteed income, and a down payment for your home. This is a significant change from the “zero down” mortgages done by subprime lenders to homeowners who probably should not have qualified for a home in the first place. To qualify for the best loans, your FICO score should be at least 620, if not better. Your credit history should also show that you pay your bills on time and your down payment is usually going to need to be at least 20% of the purchase price of your home.

This is a significant change from the recent rules we’ve become used to, but these rules actually hearken back to the “good old days” when every mortgage lender checked out potential homeowners very, very carefully.

Where to go for more information

If you truly are in the market for a home and you have the resources available to buy one, the U.S. Department of Housing and Urban Development or Arizona Mortgage Lenders Association are good places to start. These sources can help you work your way through the maze that buying a home can often be.

And whatever lender you go to just make sure they stand behind their word,  and you can be guaranteed that the lender you’ll be working with will truly be above board and have your best interests at heart.

To learn valuable and easy to understand information about foreclosures visit the Thehomemortgagewebsite.com You’ll find information about home mortgages loans and other related topics.

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