Eye On Arizona
Arizona Housing, Travel, Golf, Real Estate
85207 4BR/3Bath Homes Under $500,000
By: Ann Belfield
85207…What a great time to buy your dream home or investment property in this beautiful, picturesque, location of Mesa, Arizona. Presently, there are 66 homes priced under $500,000 with four or more bedrooms, three or more baths that are active on the market in 85207. The average list price of the homes is $379,433. Since January 1, 2010, 29 homes in this category have closed, with an average sales price of $344,674.
The map below displays the current active listings in 85207 that are 4+ bedrooms, 3+ baths under $500k. Search for your dream home today… Visit my Home Search button to customize your home search.
Beautiful Bird Eggs in Arizona
This is a gorgeous time in Arizona to enjoy the abundance of flowers in the desert and in the surrounding landscapes. I never expected, though, to find beautiful bird eggs laying in one of my flower planters. The other day I noticed a mound of mulch at the bottom of the planter that was dug out of by some critter, I thought to be a chipmunk.This bird sure chose a peculiar place to lay her eggs. – The planter is adjacent to our main door to the backyard and in a patio
seating area. We are outside frequently, so I do not know how this will work. Any suggestions?My cat did not find out about this yet, hopefully, mama bird will be able to make her way back safely to guard her eggs. I will quarantine Mr. Cat to the indoors, until they hatch and fly away. Enjoy the pics:)
Housing Market Snapshot for 85207, Mesa, Arizona
By: Ann Belfield
The Housing Market Snapshot for 85207, in Mesa Arizona, reveals that there are 494 active homes on the market. The average sales price of homes that sold from March 1, 2009 to April 27, 2009 declined $187,805 to $244,110 compared to the same period last year. This reflects a decline in the price per square foot of $158 in 2008 to $101 in 2009. The number of home sales increased by 18 to 103 compared to the March ‘08 – April 27, 2008 snapshot. The table below presents an overall snapshot for all single-family detached homes in the 85207 zip code area.
Housing Market Snapshot for Single-Family Detached Homes in 85207
Monday, April 27, 2009
Home Status
# of Listings
Average List or Sold Price
Avg. Approx List or Sales Price/SqFt
Avg Cumulative Days on Market
Active
494
$578,227
$164
178
Pending
117
$281,188
$106
121
Pending w/ contingencies
12
$277,081
$107
199
Pending w/ instructions
31
$229,611
$102
133
Closed
3/01/2008-4/27/2008
85
$431,915
$158
157
Closed
3/01/2009-4/27/2009
103
$244,110
$101
132
Overall
757
$468,270
$143
161
Source: ARMLS.Flexmls.com 27 April 2009. All information deemed reliable but not guaranteed.
With the average pending home sale price increasing over the closed sales price, the month of May should see a slight increase in the overall sales price. Also, with fewer Jumbo loans available and stringent qualification criteria in place, the average price of homes closed is skewed as compared with the previous year when jumbo loans were still available because more homes are selling under $400k than over the amount. Stay tuned for the May snapshot update for the community of Las Sendas and the 85207 zip code.
HUD’s FHA 203(k) Program Allows Home Buyers to Rehab a Home with a Low Down Payment
By: Ann BelfieldThe Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development, provides a Section 203(k) program for the rehabilitation and repair of single family properties. The FHA insures the loans which are offered through approved lenders.
This loan program is unique compared to other loan programs because it allows the borrower to finance both the acquisition of the property and the rehabilitation of the property under one loan. There are two options offered under the Program, one is FHA’s Streamline 203(k) Mortgage and the other is FHA’s 203(k) Mortgage.
Under the Streamline 203(k), buyers can finance a minimum of $5,000 up to a maximum of $35.000 into the loan to improve or upgrade their home before moving in. This allows the buyer to tap into money to pay for repairs and improvements, identified by a home inspector or FHA appraiser. The Streamline(k) document found in the HUD Mortgagee Letter will provide more detailed information on the types of repairs, improvements, costs, and other factors that are specific to the program.
FHA’s 203(k) Mortgage program is HUD’s primary program for the rehabilitation and repair of single family properties. The properties that are eligible can be up to four dwelling units and must have been constructed for at least one year. The advantage of the 203(k) program over other loan programs is that the FHA program allows a low down payment, around 3.5%, and it allows the purchaser to take out one loan to cover the purchase and costs of upgrades.
Below is a summary of the topics that are covered on HUD’s “Rehab a Home with HUD’s 203(k)” web site.
FHA 203(k) Rehabilitation Program
What is the Maximum FHA Loan Amount?
The FHA loan limit, as of February 26, 2009, in Maricopa County, Arizona, is $346,250. The 203(k) program allows for up to 110% loan-to-value.
Eligible Properties
(A) One to four-family dwellings that have been completed for at least one year.
(B) Homes that have been raised with at least the existing foundation in place.
(C) Property conversions, i.e. one family dwelling to two, three, or four-family unit.
(D) Moving of an existing home to another site
(E) The loan may be originated on a “mixed use” residential property with stipulations.
Eligible Improvements
Painting, room additions, decks and other items, such as solar energy
Condominium Unit
For individual units that have been approved by FHA, the Dept. of Veterans Affairs, or are acceptable to FNMA.
Required Improvements
All of the rehabilitation construction and/or additions financed under the Section 203 (k) must comply with the following:
(A) Cost Effective Energy Conservation Standards
(B) Smoke Detectors
Required Appraisals
The appraiser must provide an opinion of the After Improved value of the property and may have to provide an As-Is Value.
Recently Acquired Properties
Homebuyers who purchase the property with cash, can refinance using the 203 (k) with 6 months from purchase.
Architectural Exhibits
The property must comply with HUD’s Minimum Property Standards (24 CFR 200.92d and /or JUD Handbook 4905.1).
All information is deemed reliable, but not guaranteed.
Source: FHA 203 (k) Rehabilitation Mortgage Insurance.
List of HUD Approved Lenders in Arizona: The Home & Communities web page found within the HUD website provides search for HUD approved lenders by state, city and zip code.
FHA’s Energy Efficient Mortgage Program (EEM), which can be linked to a 203(k) loan, allows a borrower to finance into the loan, 100% of the cost of eligible energy efficient improvements, up to 5% of the property’s value, not to exceed $8,000 or $4,000, whichever is greater. For more information on the Program, see FHA’s EEM website. The FHA offers other programs that can be found on their Resource Site. The site will also help you check to see if you qualify for one or more of their programs.
Details of FHA’s 203(k) Program are lengthy and contain many intricate details, but it is a great way for purchasers to revamp a distressed property and/or add energy savings features to a property. Click here and ask for your FREE list of properties available in the Gilbert, Mesa, Phoenix, and Scottsdale area of Arizona.
American Recovery and Reinvestment Act: First-Time Homebuyer Tax Credit
By: Ann BelfieldNow is an opportune time to be a first-time homebuyer. The Federal government, along with many municipalities, is offering opportunities for homebuyers through the American Recovery and Reinvestment Act (ARRA). One such program is the First-Time Homebuyer Tax Credit. Through December 1, 2009, first-time homebuyers, defined as purchasers who have not owned a principal residence in the previous three years, are eligible for up to an $8,000 tax credit. The program is for a principal resident only. Below are the stipulations under the program as found in the American Reinvestment and Recovery Act.
American Recovery and Reinvestment Act
First-Time Homebuyer Tax Credit
Feature
The Credit Stipulations
Amount of Credit
Maximum credit amount: $8,000
Eligible Property
All Principal Residences are eligible.
Refundable
Yes. The credit reduces (or can eliminate) income tax liability for the year of the purchase. Any unused amount of tax credit is refunded to the purchaser. Purchaser will continue to receive refund for unused amount when tax return is filed.
Income Limit
The full amount of credit is available for adjusted gross income up to $75,000 for individuals & up to $150,000 for joint returns. The credit phases out above the caps of $95,000 for individuals and $170,000 for joint returns.
First-time Homebuyer Only
Purchaser (and purchaser’s spouse) may not have owned a principal residence for 3 years prior to purchase.
Revenue Bond Financing
Purchasers who utilize revenue bond financing can use the tax credit
Recapture
If the home is sold within three years of purchase, the entire amount of credit is recaptured on the sale. This applies only to home purchased in 2009.
Termination
December 1, 2009 is the end of the tax credit.
Effective Date
This tax credit program is effective as of January 1, 2009.
Below is a video that explains the details of the Federal Housing Tax Credit.
Sources:
IRS.gov: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Full Summary of IRS Information Related to the American Recovery and Reinvestment Act of 2009: This site contains all of the links to IRS Tax Related Provisions associated with the American Reinvestment and Recovery Act.
The American Recover and Reinvestment Act of 2009 Full Summary of provision from the Senate Finance, House Ways & Means Committees: (PDF document of 19 pages).
National Association of Home Builders. This site presents details of frequently asked questions relating to the tax credit.
Information deemed reliable, but not guaranteed. Check the recovery.gov website to confirm pertinent information.
