By John R. Rapasky
We were recently quoted in the Arizona Republic on the state of the real estate market in Arizona. Click here to see that article.
The article provides that Scottsdale existing home sales jumped 36 percent in the fist half of 2010. Likewise, we are beginning to see lenders offering more aggressive products. For a conventional loan, the minimum down payment is now 5%. Also, lenders will allow 20% down on loans up to $2 million. These 2 products have come back into the market in the last year. Hopefully, this means that lenders are starting to feel a little better about risk and are willing to lend. In order to qualify for these loans, you would have to meet the elements of the ACID® test, written about in one of our previous blog articles.
We hope we are at the beginning of a period where lenders are offering more products to borrowers to meet their financing needs. We stay on top of the various products offered in the market. Contact us and we can see if you will be able to qualify for one of today’s products.
John Rapasky is the President of the Counsel Mortgage Group, LLC. You can learn about them at www.counselmortgage.com. Copyright © 2010 Counsel Mortgage Group®, LLC
MB# 0909580 NMLS# 178927 AZ LO# 0911590 NMLS LO# 179539