How to Buy Hud Homes in Tucson

September 29, 2011 By realbiel Leave a Comment

HUD Homes are homes that have been acquired by the United States Government. These homes can in most cases be financed by FHA loans. Currently FHA requires a 3.5% down payment. In Pima County in 2011 there are multiple down payment assistance programs to help first time buyers and those buyers that have not owned a home in the last 2 years. One program offered by Family Housing resources allows first time buyers that are income qualified to buy a home with only $1000.00 down. In addition the City of Tucson has a Bond program that allows purchasers to get a 3.75% interest rate as of Oct 1 , 2011.

HUD homes are inspected by the seller and a report is provided to the buyer. HUD homes in Tucson and Pima county are purchased by a bid over the internet. Buyers need to use a licensed Real Estate agent and a real estate brokerage company that is certified to sell HUD homes. The paperwork and bidding system is very unique and it is best to find an agent that has the background and expertise to process a HUD home. HUD homes can be great buys because the seller reduces the price on a schedule until the home sells. By tracking the price and understanding the marketing process of HUD homes one can identify excellent purchases.

HUD homes also can be great buys for investors. HUD gives owner occupants the first right to buy the home for the first 30 days on the market. After 30 days all buyers may place a bid on a HUD home. Some HUD homes are not finance able by FHA loans and due to repairs owner occupants may not be interested in these homes. These homes can be purchased by investors often at greatly reduced prices. The Distressed home can be renovated, then rented or often times sold for a profit.

A great source of Bank and distressed real estate plus HUD homes in Tucson AZ can be found at www.TucsonGrants.com

services offered by Biel Team.

Filed Under: Down Payment Assistance, Featured Properties, Renovators, Tucson REO Homes Tagged With: Biel Team, city of tucson bond program, Down Payment Assitance, HOw to buy HUD homes, HUD, HUD homes tucson, investors, Pima County Bond, reo, reo tucson, tucson bond, tucson grants

IDA Bond Program creates Down Payment Assistance for Tucson Buyers

August 30, 2011 By realbiel Leave a Comment

The Industrial Development Authorities of the City of Tucson and of Pima County have joined together to provide a mortgage Loan Program t ehom City of Tucson and unincorporated Pima County.

3.5% interest rate Mortgage Revenue Bond Program

PLUS Up to $8500 in Assistance for down payment

The City of Tucson and the IDA non-profit have joined together to offer the Mortgage Revenue Bond Program. First time buyers may to get up to $8500 down payment assistance and closing cost in the purchase of a home.

Purchasers must be an owner occupant and a US citizen. Currently at the time of this post the interest rate is an extremely attractive rate of 3.5% on a 30 year fixed rate loan.

A workshop event will be held at Real Executives

6640 N Oracle rd. on Wednesday , Sept. 7, 2011 at 6640 N Oracle rd. 7-9 pm Seating is very limited so please rsvp in advance. Special Guest speaker Rabn Rankin with Nova Home Loans will explain the qualifying process. Courtney Price -First Time Buyer Specialist and Daniel Biel will also present Bank owned real estate that can be purchased with with this program.

520 850 8080 to rsvp or bielteam@gmail.com

MRB ASSISTANCE – $8,500 in down payment assistance

Used with Mortgage Revenue Bond loan (MRB 3.5% 30-year fixed rate)

Homes may be located in Pima County and the City of Tucson

First time home buyers only

NSP AREA ASSISTANCE – $7,500 in down payment assistance

For homes located in the NSP-2 and NSP-3 target areas only (attached)

HOME ASSISTANCE – 5% of purchase price; minimum $5,000

Homes may be located in Pima County and the City of Tucson

Certain Income requirements are applicable- Purchasers income must be less than 80% of the median income for the area.

For those individuals that have income that exceeds the maximum income for down payment assistance may still benefit for the 3.5% below market interest rate. On this program there are also income requirements . Purchasers that have for 1-2 persons the maximum income is $71,520 or $72,960 in a non-target area.

Families of 2 or more persons the income requirement is $88,440 in non-target area and $85, 120 in target area.

The program has identified 19 target areas where buyers can buy who are not first time buyers. First time buyers for this program are defined as those buyers that have not purchased a home in the last 3 years.

Purchasers may use FHA, VA USDA, Freddie Mac or Fannie Mae Financing.

This is an exceptional program designed to stimulate the Housing market and provide an opportunity for individuals to buy a home without a large down payment. Family Housing Resources (FHR) a Tucson non-profit is the facilitator of this great program.

For more information contact contact Biel team 520 850 8080

Approved Lender list as of August 29, 2011.

Bank of America

Chase

Fairway Independent Mortgage

K. Hovnanian American Mortgage LLC

National Bank of Arizona

Nova Home Loans

Peoples Mortgage

Prospect Mortgage

Suburban Mortgage

Sunstreet Mortgage, LLC

Universal American Mortgage

Waterstone Mortgage

Wells Fargo Mortgage

*First-Time Homebuyers include those who have not owned a home in the past three years. Veterans are not required to be first-time homebuyers. This program is made possible by The Industrial Development Authorities of the City of Tucson and Pima County.

Filed Under: Down Payment Assistance, Tucson REO Homes, Uncategorized Tagged With: Biel Team, Chase, chicano por las causa, City of Tucson, Courtney Price, Dan Biel, Down Payment Assitance, Family Housing resources, FHR, IDA Bond program, Nova Home Loans, Rahbn Rankin, Realty Executives, Tucson, wells Fargo, wells Faro

Tucson Named top 10 Sickest housing market

August 8, 2011 By realbiel Leave a Comment

A recent article in the Wall Street journal named Tucson AZ at the top of the list on sickest home markets. There is no doubt that Tucson AZ has a large inventory of foreclosed homes and short sales on the market. This particular survey was based on vacant homes, and homes available for rent that were vacant. Its apparent though if you look at the data that was presumed used the statistics included non-owner occupant homes that are actually vacation homes. Tucson has a large inventory of homes that are owned by “Snow Birds”, individuals that escape Tucson in the summer and only visit in the Winter.

A look at metropolitan areas like Phoenix and Las Vegas will quickly show that Tucson is in far better position in the foreclosure recovery issues. The large inventory of foreclosure homes and low price in these cities are in a much more precarious position then Tucson AZ.

In evaluating the health of a city in the foreclosure crisis there are many factors to consider besides the number of vacant homes.

For example what is the median home price?

What is the amount of inventory available in terms of ” months of inventory?”

What is the amount of time on the market of a typical reo property?

It is true though that the Tucson Market has exceptional priced homes for investors and first time buyers. It is not uncommon to have 10-15 offers on a well priced Bank Reo property. This indicates that cash buyers and first time buyers believe that the market may have come close to the bottom. Another indicator that homes are well priced is to look at the replacement cost of a new home. For example if a home is priced at $60,000 and it was build in the year 2007 what would it cost to build that house today? If the cost to rebuild is dramatically higher in some cases double this may indicate at the very least when the new home market returns the newer homes should rebound faster.

Filed Under: Tucson REO Homes, Uncategorized Tagged With: top 10 sickest housing markets, tucson forecosure market, Tucson REO Homes, Tucson top 10, wallstreet journal tucson

Prices Crash-Savvy Investors Strike

June 14, 2011 By realbiel Leave a Comment

Its in the news, prices have crashed on Bank owned properties in Tucson and Phoenix. Newer homes are now priced in many cases 50% below replacement cost. Its not uncommon to find a home that would cost $180,000 to replace in today’s construction cost for as lows $90,000. Savvy investors are purchasing newer homes for long term holds. The game plan is to hold the property for a minimum of 5 years and ideally 10 years. When the housing market returns and inflation escalates there will be dramatic equities in these home after a decade. Newer homes can be purchased in Tucson for as low as $60,000 featuring 1300sqft , central AC and garage. Some of these homes need fix-up though in many cases the renovation is under $7,000 to have the house in like new condition. The inventories of available homes in this price range changes weekly. Its is not uncommon to have as many as 7 to 14 bids on a below market bank reo property. Purchasers are bidding the price up sometimes $10,000 over the asking price.

The increase of foreclosures and a short moratorium on foreclosures insures there will be a steady stream of opportunities for investors in the near future. The key to this market niche is to identify homes that are in high demand and will rent quickly in this market. For example a 4 bedroom home will rent much faster than a 3 bedroom home. Newer homes close to amenities are always more attractive than older homes without amenities.

Investors can see the daily opportunities that hit the market. Hud homes and Bank Reo Properties are the best opportunities to search for substantial equity on homes.

REO Bank Owned Homes List

By watching the daily inventory and tracking Bank owned property one can find these unique opportunities.

Filed Under: Phoenix REO Homes, Renovators, Tucson REO Homes Tagged With: rent homes, reo bank properites tucson, Tucson foreclosures, Tucson Hud homes, tucson real estate

Neighborhood Stabilization Program offers Buyers Assistance

June 10, 2011 By realbiel Leave a Comment

The Neighborhood Stabilization Program (NSP) offers home buyers assistance in buying homes. One non-profit Chicano Por La Causa has obtained a $30,000,000 award to implement a housing stabilization in Maricopa County and Santa Cruz County in Arizona. These funds are being used to purchase bank reo property and rehab of the distressed homes. Once the homes have been renovated they are placed on the market and made available to buyers that meet certain guidelines. There are restrictions on income and the buyer cannot own another home.

The renovations are exceptional and the homes are presented in move condition. The purpose of this program is prevent further deterioration on home prices and provide a stimulus to the local economies in these areas.

Filed Under: Down Payment Assistance, Featured Posts, Phoenix REO Homes, Rio Rico NSP Homes, Tucson REO Homes, Uncategorized