photo credit: openDemocracy

Yesterday, USDA funds were already below the one-billion-mark and apparently the money is going fast.  I found out this morning that USDA is expecting to run out of funds next week  (May 7th 2010).

Even though a bill was passed in the House of Representatives to appropriate more funds for loans, it may take some time to go through the red tape in Washington. With the new funding bill comes an increase in the Loan Guarantee Fee to approximately 4%.

There are two versions of the bill:

One is calling for a 4% Loan Guarantee Fee and the other has a 3.5% Loan Guarantee fee with an additional monthly fee of .50%.

USDA stated that they “may” continue to approve loans pending receipt of the funding, as they have in the past 2 years, but I wouldn’t bank on this until we have Senate approval.
As FHA guidelines are tightening, the USDA Home Loans Program is presently the only viable 100% financing solution. The only other option would be to take advantage of VA benefits (if you qualify).  USDA is seeing an upswing in delinquency rates and defaults and we should not be surprised to see higher Loan Guarantee Fees and perhaps required mortgage insurance.

Let’s just hope the bill passes  and the guidelines aren’t  getting too strict to make the American dream possible.  There are plenty of homes available in and around Phoenix that are located in areas designated by the Rural Housing Service (RHS). These eligible properties are located mainly in parts of Queen Creek, all of Casa Grande, and the City of Maricopa, Arizona.

If you are not certain whether or not a property qualifies for USDA check http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Sunstreet Mortgage, LLC opens Phoenix/Mesa Office:

There is a new player in town! Today Sunstreet Mortgage, LLC has officially a new branch office to service the Greater Phoenix Metropolitan Area. Yes, while other mortgage companies are folding Sunstreet Mortgage, LLC is carefully and strategically expanding into the Phoenix Market.

Just in case if you are not familiar with the company I work for,  Sunstreet Mortgage, LLC is a Tucson, Arizona based mortgage banking firm founded by John E. Capp, Sarah J. Roads and Patrick W. Sniezek with branch offices in Nogales, Arizona and Albuquerque, New Mexico.

The three principal partners have over 56 years of originating loans and over 20 years of experience in managing all aspects of running a mortgage banking operation and are personally involved in the day-to-day operations. Gary Miljour will be managing the branch together with Kim Chartier.

Not to make this a a sales pitch,  however the most unique aspect of this company and a reason why I chose to work for Sunstreet Mortgage, LLC is that there is one layer of management and decisions are  made fast and locally.

Stay tuned, we will have a grand opening party after we have settled into the new space, but feel free to swing by anytime and come see us. You will find us at the Stapley Corporate Center , 1910 S Stapley Dr., Suite 202, Mesa, Arizona 85204

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I’d like to share some very exciting news with you. As you know, I have spent the last five years of my life in the Real Estate Industry.

Over the last couple of months I realized that I needed to make a change. Now, I find myself changing direction and following a new, and by the same token old, career path.

Ten years ago, working as a Loan Officer with Lund Mortgage, I had more hair, but only a little experience in the lending field.

Back then I had a tough going and most likely it had something to do that back at that time it was all about taking applications for refinances, and it was not too important to comprehend the needs of real estate agents and brokers. So I became one.

Over the years as a REALTOR; friends, family and acquaintances have asked for my mortgage-opinion advice regarding financing a home and as a REALTOR I have always loved working to help people achieve their goal of home ownership. I always seemed to find the time to help out when ever possible, but never really could be directly involved in the lending process.

To be honest, it drove me nuts not to have a hand in the lending aspect of the real estate transactions I helped facilitate.

Now, I am bald, have some more experience and certainly a better understanding of what agents (and consumers alike) need in a mortgage-partner.

Considering the mortgage industry and lender licensing in these turbulent times, the amount of lenders has significantly shrunk. This is my opportunity to get back to my old, now new again, path to help consumers achieve the goal of home-ownership.

Times are different from when I began my original quest. More regulations, procedures and paperwork are now in the mix, as well as the mortgage loan officer license. I view this as a new and exciting challenge and opportunity.

As of January 14th 2010 I am a loan officer originator with Sunstreet Mortgage, LLC – and trust me, I did not make that decision lightly. You probably haven’t heard about Sunstreet Mortgage, LLC in the Phoenix Metropolitan Market yet, but that will soon change with the new branch opening. I will tell you more about the branch and the company later…

Now that the cat is officially out of the bag this blog will transform and I will try to post more regularly.

If you follow my blog, you might know by now that I love historic homes. Perhaps it has something to with the fact that I grew up in Europe and once lived in a timbered house in Southern Germany (here is a picture on flickr of the Street where I grew up) that dated back to the 14th Century.

February is Willo Historic Home Tour Month, and I have previously written about the Willo Historic Homes Tour. No, Historic Willo does not date back to the 14th Century; however, it is the largest historic district in Phoenix, Arizona and presents itself as a great area to live for people who don’t dig stuccoed Tuscan Style 2×6 Construction behind block walls or “Fauxdobi” (as I call fake adobe homes).

The Willo Neighborhood dates back to the 1920’s and 1930’s, and is where architectural styles like Tudor Revival, Greek Revival, Spanish Colonial and Pueblo Revival appeared decades ago and now may be an ideal hunting ground for “Historic Home Hunters”. So, if you have been pondering about possibly moving to a historic neighborhood then the Historic Willo Home Tour and Street Fair is a great way to get get your feet wet.

This year people can even purchase tickets at a discounted price if they buy their tickets online (that is if purchased prior to Saturday, February 7th 2008 at 1:00 PM) and then are able to pick them up conveniently at 3rd Avenue and Holly; just don’t forget to print your receipt and bring it with you.

Lately I have been taking my photography hobby a little bit more seriously and found myself motivated to learn more about professional lighting.

One of the best way to learn something is by actually doing it, at least that method works best for me and last Sunday I had the opportunity to gain more knowledge by assisting my friend John at a photo shoot at the Stray Cat Theatre in Tempe.

Of course knowledge has its price and I promptly was delegated to schlep the gear, work as the “human remote control” and operate the light meter, but overall that was a fair trade for the opportunity to gain the experience of a real life photo assignment to photograph the children’s cast of “A Very Merry Unauthorized Scientology Pageant”.

Yes, photographer’s assistants have to pay their dues, but this time there was an additional perk: I got to see the show before the photo shoot.

I am usually not the kind of guy who says “hey let’s go to the theatre”, but that may just have changed. After watching a show of the Stray Cat Theatre at the Center For Performing Arts (not to be confused with the Tempe Center for the Arts on Rio Salado near Tempe Town Lake.) which caused sore stomach muscles from laughing so hard to a really, really well performed satire.

Don’t take my word for it, just read the Stray Cat Theatre Reviews.

Ticket prices are really reasonable, especially on Sundays where it is only twelve bucks for everyone. And with the Phoenix Light Rail opening very soon you can even take the rail to get there, and it is only a short walk from the Light Rail Stop at East 5th Street and College to the corner of South Forest Avenue and East 6th Street.

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In the short existence of this blog I have written a couple of blog posts about Phoenix Historic Districts and this weekend we continue on the Journey through the Phoenix Historic Districts.

This weekend, the 24th Annual F.Q. Story Home Tour and Gift Sale will open on Lynwood Street. It will start Saturday, December 6th 2008 and will start at 6:00 PM and go until 9:00 PM. It opens again on Sunday and will go from 11:00 AM to 5:00 PM.

It all began with Frances Quarles Story, a wool merchant who purchased the area (that is known today as the F.Q. Story Historic District) in the early 1900’s.

Back then, Phoenix was way smaller and had a population of only 29,000 and the F.Q. Story Development was touted as ”The Place, the Thing, and the Time you have been waiting for.”

Today, Phoenix has added a couple of zeros to its population count and what was once a suburb,  the F.Q Story Historic District is now in the heart of the city and features some of the most beautiful Historic Homes and architecture.

Between McDowell Rd. and Roosevelt St. and from Seventh Ave. west to Grand Ave you will find 602 homes in various architectural styles and probably not a single one is alike.

Walking through the neighborhood you will see great examples of Spanish Colonial Revivals, English Tudors, Craftsman Bungalows and Transitional Ranches, and that is completely free. If you like to explore the inside of the Homes on Tour then you will need to purchase a $15.00 Ticket at the booth at 9th Ave. and Lynwood St. But if you like to save a buck simply clean out your pantry and bring your non perishable food items.

For more info visit: http://fqstory.org/

Oh by the way if you are looking for a new home, but tile roofs and stucco-boxes is not quite what you have in mind, then there are some beautiful homes available for sale and for rent:

Christkindlmarkt coming to Mesa, Arizona:

The holidays are approaching fast and usually this is the time of year when I reflect on childhood memories of the holiday season. One of my favorite things was going to the Christkindlmarkt and I can’t tell you how much I miss the smell of roasting chestnuts and warming up with a cup of good, hot & strong Glühwein between my fingers.

After being in Arizona for over 10 years, I have become pretty thin-blooded and I am already starting to shiver when it is 65 degrees out, but every once in a while I miss the “Winter Wonder Land” and the holiday atmosphere from home.

photo credit: Rinaldo W

This December 6th I will be able to get a little “taste of  home” when the Arizona Center for Germanic Cultures is presenting its first annual Christkindlmarkt in downtown Mesa.

The Christkindlmarkt – a celebration held throughout Central Europe – will bring cherished German and European traditions to Mesa with holiday entertainment, German and Austrian cuisine, vendors and local artisans selling merchandise like children’s toys and Christmas ornaments, and much more for the whole family! Admission will be free.

Perhaps I’ll see you there!?

Where: Mesa on North Macdonald Street near Main Street

When: December 6th, 2008 – 12:00 Noon until 10:00 PM

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photo credit: kevindooley

Realty Studies associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus reports that Greater Phoenix residential resale numbers show a huge decline in prices.

The decline in prices certainly does not come as a surprise as we painfully witnessed this negative trend over the last couple of months, however ASU’s Jay Butler’s findings may signal a glimpse of hope.

The October 2008 same-month sales volume of non-foreclosed resale homes increased by a whopping 58% compared to resales numbers reported in 2007. Median home prices in the Greater Phoenix Metropolitan Area have come down by 30% compared to October of last year and sparked interest for potential investors and owner-occupants, especially in the lower income ranges.

Lower prices are certainly helpful to improve the absorption of the existing inventory but so far we are nowhere near to a recovery of the real estate market due to; eroding consumer confidence,  a weak economy, possible job losses and tighter mortgage underwriting guidelines.

Have a Happy and Save 4th of July!

Photos by iaincaradoc

Wow, it almost has already been a year again since I have blogged about where to celebrate Forth of July in the Phoenix Metro area.

Most of the links in last years post point to updated information, however Scottsdale’s Family Barbecue will be celebrated at the Scottsdale Stadium.

photo credit: phxpma

If you are not sure where to celebrate Independence Day in the Greater Phoenix Metropolitan Area and looking for another 4th of July community or special event then go check out phoenix.about.com.

The Arizona Republic has also a list of events here.

There is a very good chance that the Phoenix DUI Taskforce saturation Patrols and other law enforcement will be out and around the valley this coming holiday. Needless to say who they will be targeting…So if you are going to party make sure you have a designated driver or use public transportation. Some of yo may think there is not much public transportation action going on in the valley, however the light rail is coming very soon. Having said that, RailLife.com is a great source for learning more about the areas and venues surrounding the light rail line and Nick Bastian covers the 4th of July festivities in Tempe on the RailLife Blog.

Enjoy Independence Day 2008 and be safe!