Since opening in 1994, Grayhawk Golf Club has become one of Arizona’s most celebrated daily-fee golf clubs, mostly because of Grayhawk’s two exceptional 18-hole golf courses – Talon and Raptor . Both have earned numerous awards and accolades over the years, and have hosted high-profile competitive events such as the PGA Tour’s Frys.com Open (2007-2009). Other PGA Tour-sanctioned events include the Andersen Consulting World Match Play Championship (now known as the Accenture Match Play Championship), Tommy Bahama Challenge, the Williams World Challenge (now known as the Target World Challenge), FBR Open Pro-Ams, Tommy Bahama’s Desert Marlin, Thunderbird International Junior and The Detour.
After a round golfer’s head over to Phil’s Grille at Grayhawk. If you are one of the lucky ones… before you sit down at Phil’s Grill at Grayhawk Golf Club in Scottsdale, Ariz., or any clubhouse grill room, make sure you know Gary Van Sickle’s Rules of the 19th Hole.
Gary Van Sickle’s Rules of the 19th Hole.
- There Must Be Fresh Popcorn
- There Must Be a Dress Code
- The Las Vegas Rule
- The Jim Nantz Commandment
- The Slauson Cutoff
- The One-Ball Drink Rule
- Hats On to You
- The Whip-Out Doctrine
- The No-Surfing Zone
- The Free-Range Policy
All food items within arm’s reach are community property. This stricture is unassailable. One last thing, Sport: You gonna finish those fries? Read more
Purchasing foreclosures also means discounts, but with the markdown is the price of repairs. According to RealtyTrac, foreclosures or REOs sold at an average discount of 27 percent compared to non-distressed properties in the first quarter of 2012. Through an FHA203(k) loan, potential buyers who want to purchase a discounted foreclosure but don’t have cash for the repairs may find a way to receive financing.
In order to be eligible, the property must be purchased as a primary residence or it can be for a HUD approved nonprofit. Also, the property must be a one-to four-family residence that has been completed for at least one year.
The maximum amount that can be taken out for the property is based on the value or the purchase price of the property before rehabilitation (whichever is less), plus the estimated cost of rehabilitation or 110 percent of the property after improvements, according to HUD.
A down payment is required, and the minimal amount for a down payment is 3.5 percent of the accepted bid price plus the cost of financing repairs.
“FHA 203k approvals take more time, but are no more difficult than any other mortgage type,” said Green. “Borrowers should expect to provide the documentation required, and should respond to loan officer requests in a timely manner.”
Is a 203K Loan Right for You?
- Buy a “Fixer-upper” or REO property needing renovation
- Get funds to both purchase and upgrade your dream home
- Refinance and renovate your existing home
Advantages of 203K
- Loan amount based on the home value including renovations
- Only one loan needed to both purchase and improve
- Refinance and rehab your own home
- Can be used to buy property otherwise not eligible for financing
- A minimum down payment of 3.5%
- A credit score of 640 or higher
- You currently have no other FHA loans
- You DO NOT have to be a
With home prices still at record lows, Buyers can get more home for less money under today’s housing conditions. Buyers will also pay a smaller amount of interest over time and can snag that dream home for a fraction of its boom era price. Additionally, with the large number of distressed homes on the market, you may even find a home at a steep 10 to 20 percent discount.
Before you start mentally decorating that dream home, however, you should consider what “moving up” means for you. For some buyers, moving up means a better neighborhood. For others it means a bigger home with more space or amenities.
Here’s what every buyer should consider before making the move.
Where do you stand on equity? In simple terms, equity is the difference between what you owe and what your home is worth. You might already know this amount, but if you don’t, you can always call your lender to get more details.
Despite recent declines in home prices — and some areas have had steeper declines than others — if you’ve lived in your home for over five years you may have built a substantial amount of equity. Equity gives you some wiggle room during the selling process. You can rest a bit easier that you will sell for a profit instead of a loss.
What is the state of your financial situation? Some jobs are more stable than others. You do not want to take on a new financial burden if you fear that there may be downsizing at your company. Are you a two income household? What would happen if one of you were to lose your job? Can you really afford to move up? This means having at least 20 percent to put down, being able to pay off your current mortgage, and not having to lay a finger on your retirement funds to make the new purchase.
Are you willing to move during a market that is still seeing home price declines? Yes, you might be able to get into your dream home, but will be you also might see your new home’s value decline in the months and years to come.
What is pricing like for your current neighborhood? You may wish to get a comprehensive market analysis to find out the current value of your home as well as the specifics on your neighborhood competition.
What is your real reason for wanting to move? Are you an empty nester wanting to simplify life by downsizing to a smaller home, condo, or town home? Are multiple generations living under the same roof? Are you wanting to move to a newer neighborhood? Consider what it is that you really want.
Does moving up make sense for you at this moment in time? While there are some great deals to be had, it has to make good financial sense right now.
While seeming to recover, the housing market is still undoubtedly fragile, and there are millions of underwater borrowers who continue to struggle with making payments. While HARP proposes to address these concerns, the program has been limited in its ability to reach the masses.
Through the Responsible Homeowner Refinancing Act of 2012 introduced by Democratic Sens. Bob Menendez (D-New Jersey) and Barbara Boxer (D-California), a new HARP 3.0 would break down barriers preventing millions more from refinancing.
During a hearing on Thursday before a senate subcommittee, industry experts and leaders offered testimony on how the proposed legislation could impact the economy.
Mark Zandi, chief economist for Moody’s Analytics, delivered a testimony in which he said, “Policymakers should act to substantially increase mortgage refinancing activity.”
When first introduced, the Obama administration expected HARP to refinance between 4 and 5 million homeowners, but FHFA estimates show that since its 2009 inception, the program has refinanced close to 1.1 million borrowers as of February 2012.
In late 2011, HARP underwent an expansion to allow borrowers with loan-to-value (LTV) ratios higher than 125 percent to apply, among other changes.
Acknowledging that it takes time for servicers to implement new changes, Zandi said in his written testimony that HARP refinancings in early 2012 appear to have run close to 50,000 per month, up from 30,000 per month since the program began. Zandi also noted reports from the Mortgage Banks Association showing a pickup in applications for refinancing.
While these changes have helped to encourage more activity, Zandi expressed his support for more changes.
“More refinancing will mean fewer borrower defaults and more money in the pockets of homeowners, supporting the recovery through a quick and sizable cash infusion at no meaningful cost to taxpayers,” he said.
If the proposed expansions are fully implemented, Zandi said the legislation would increase eligibility to nearly 21.5 million borrowers.
Under the Responsible Homeowners Act, borrowers with LTVs lower than 80 percent and non-GSE loans would be eligible for the program. Currently, HARP only includes Fannie Mae and Freddie Mac loans.
Overall, Zandi said the broader economy, taxpayers, and homeowners, who are expected to save $2,500 to $3,000 a year, will benefit from refinancing.
Though, Zandi does acknowledge a loss for one segment: investors in mortgage backed securities.
“While the agencies would lose some interest income on their $1.2 trillion in mortgage securities and whole mortgage loans, under reasonable assumptions that would be offset by lower default rates on refinanced loans,” he said.
In a calculation, Zandi said HARP refinancings totaled 4.2 million, private investors would receive about $6.5 billion less in annual interest income.
While investors may not be pleased with their return due to low interest rates, Zandi said, “they were aware of this prepayment risk when they purchased their securities.”