Economic Impact of Real Estate Activity in Arizona
When a home is sold in Arizona, Updated 2017
- $18,198 of income is generated from real estate related industries.
- $4,572 is spent on consumer items such as furniture, appliances, and paint service.
- $10,930 is the economic multiplier effect (restaurants, entertainment, etc.).
The Veterans Affairs (VA) loan limits have been posted for 2011.
For all counties in Arizona, the 2011 limit is the standard $417,000.
Pima County Family Housing Resources has new down payment assistance programs to help buyers purchase a home:
1) PNIP HAP NSP-2 offers $20,000 to purchase a vacant foreclosed home in the NSP-2 target area. The purchase price must be 1% below the appraised value. The HQS inspection is not a requirement, but the home must be habitable.
2) The 3.5% up to $5,000 homebuyer assistance program is back. Homebuyers can buy a new or resale home with these funds.
3) The 4.5% up to $6,000 homebuyer assistance program with an MRB loan is still available
The HQS inspection is still required with both of these programs
HAFA (Home Affordable Foreclosure Alternative) is a program designed to assist sellers who are unable to modify their mortgage under the HAMP (Home Affordable Modification Program) to complete a short sales in order to reduce the damage to their credit an assist with moving expenses.
The Home Affordable Foreclosure Alternatives Program
Trying to reduce the rising number of foreclosures in the U.S., the Treasury Department introduced a new federal program that makes it easier to process a short sale for people unable to keep their homes.
Home Affordable Foreclosure Alternatives (HAFA) streamlines the process for doing a short sale or deed-in-lieu of foreclosure for distressed homeowners who do not qualify for a federal home loan modification through the Home Affordable Modification Program (HAMP) or have missed consecutive payments after a modification.
The HAFA program started April 5, 2010, and ends December 31, 2012. Federal rules require servicers participating in HAMP to implement HAFA. The new program also requires borrowers to be released fully from future liabilities related to their first mortgage, including cash contributions, promissory notes and deficiency judgments.
Participation in HAFA cannot save homeowners from losing their property, but it can eliminate the effects of a foreclosure on their credit. Financial incentives for program participation include a $1,000 servicing bonus for lenders and a $1,500 relocation bonus for displaced homeowners. Lenders of other subordinate liens (e.g., HELOCs) may be allowed to keep a limited portion of the proceeds (up to $3,000 each) of a short sale, with the first-lien lender’s approval.
HAFA is designed for homeowners who have applied to HAMP for assistance but have had no success with their loan modification program. To participate in HAFA, homeowners must still meet HAMP’s eligibility criteria: home is principal residence; first-lien mortgage is in delinquency or default is reasonably foreseeable; loan closed before January 1, 2009; unpaid balance is under $729,750; and the mortgage payment is over 31% of gross income.
For more information on HAFA, go to the following link: