FHA – Good Neighbor Next Door (GNND)

This is a great program for Police, Teachers, Firemen & EMT and could be used as a strong lead generation program.  We recommend an Agent locate the property list first, then market to your database of clients, teachers, firemen etc.

• FHA Guidelines apply
• Property must be acquired by HUD
• Located in HUD-designated revitalization areas
• Owner Occupied only
• Borrowers agrees to stay in property for 3 years
• Closing costs may be included in mortgage

Pool Rules

Underwriting Guidelines for Swimming Pools

We’ve seen some files get delayed due to issues with swimming pools.  Here are a few guidelines to keep in mind to avoid any delays in COE.

• Pools must be filled.  Empty pools are considered a safety risk.  The lender won’t approve a loan with an empty pool.
• Pools can’t be ‘green’ with a family of mosquitos nesting.  This is considered a health risk. You will need to drain it, clean it and fill it back up before the appraisal inspection or u/w will require an inspection after it’s cleaned up.
• The pool pump must be operational (FHA only).
• Who’s gonna notice?  The appraiser is required to take photos and note the condition of the pool in the report.
• The delays come from a tight COE period.  Please factor in the ‘x’ number of days it takes to clean up the pool into the COE period.  If electricity is turned off (and it usually is if the pool is green), then add in the time it takes to get the seller/bank to turn the power on.

Canadian Buyers

Homeowners Financial Group does Foreign National Loans.

Canadian buyers are a great source of business.  The Canadian dollar is strong compared to the U.S. dollar and they love coming to Arizona.  There are several agents that have been very successful marketing this program to Canadians.

Here are some of the guidelines.  Call me for more details.

• Fannie Mae 30 year-fixed
• 70% LTV
• Must have U.S. social security number
• 720 FICO or greater
• Primary Residence or Second Home