Thank you again to Amber Harrold of Camelbackpackers Hostel. Amber and her family put out an incredible spread for us, including local craft beer, wine and even camel-shaped cookies. If she went to those lengths for us, you can feel good recommending your friends to say at CamelbackPackers Hostel when they come through town.

As we roll in to the cooler weather we start to think about family and all of the holidays centered on spending time together.

This month, please join us for our first annual Get Your PHX Family Thanksgiving. You’ve all been so supportive of Get Your PHX and Cenpho businesses for so long that you really are part of the family. So, before you head off for your “other” family dinners in late November, please join your Get Your PHX family for one special thanksgiving meal.

Hob Nobs owners Bob and Sharilyn are preparing a very warm reception for us. In addition to their regular, vast menu of goodies, Hob Nobs is offering a Thanksgiving Sandwich special for just $10 -that’s a turkey and cranberry sandwich and a drink. In addition, they are offering a $1.99 craft bottle of beer, to be announced.

Hob Nobs is also organizing for their most popular musical act, DirtMusic, to entertain us for Get Your PHX. This band has travelled around the world to play its mix of alternative blues and bluegrass. You don’t want to miss this.

And, of course, I will be hosting the monthly raffle. Don’t miss out. Your PHX family misses you!

The folks at Co+Hoots have been temporarily working out of monOrchid for a couple months while their new office digs are finished, further downtown.

We’ve had a great time together, but when they leave there will be a few coveted spaces open around here. This is a great place to work.

I should know, I work here. We have a coffee shop, inexpensive but urban-hip office space, access to specialists in all fields and other amenities.

Check out this PDF document with the expected upcoming vacancies and the prices.

Give me a call at 602-456-9388 for information.

Please spread the word. We have two open houses this weekend.

Saturday from noon until 3pm – 4729 N 76th Pl. in Scottsdale
This is a great single level home in Villa Monterey. Corner unit with rare side access gate to backyard. 2 bedrooms plus bonus den area. Updated kitchen with granite counter tops, built-in oven, smooth cook top, and eating area. Expansive living room huge window overlooking private yard. Huge master suite with updated bath. Private backyard with covered patio and mature citrus trees.

Drop by and say hello to Michelle Conley, the newest Get Your PHX team member.

Sunday from 11am to 2pm – 140 E Coronado Rd.

Villa del Coronado is one of the most sought after and unique co-op communities in Phoenix, steps away from museums, light rail, health clubs and restaurants. This 2 bedroom, 1.75 bath home has seen numerous improvements over recent years: opening up the living and dining rooms, UV protecting on the windows, renovating the kitchen a installing a beautiful master bathroom. Don’t miss the huge 5′ x 24′ living room balcony and the 5′ x 14′ off the master bedroom. Located in an elevator building, this unit is one of the few with a permitted full size washer and dryer and a detached garage! Cash buyers or seller may carry. All utilities and property taxes are included in the monthly HOA fee. This is perfect for refined downtown living.

According to our friend Jeannie Bolger, Sr. Loan Officer for Nova Home Loans:

Back in April the Federal Housing Administration announced they were going to change the requirements for all FHA buyers with $1000 or more in collections–anyone with unsettled, unpaid, or unresolved disputes–must be paid in full.  The requirement was scheduled to start this Sunday, July 1st. But as of HUD’s June 15 Mortgagee Letter, they have rescinded the requirement.

What was the new July 1 requirement going to mean to home buyers who plan to use low-down-payment FHA financing, other than making it more difficult for everyone to get FHA loans? For one, it was going to complicate the process of qualifying for an FHA loan. (As if borrowers did already have enough problems with approval delays!). It would have likely reduced the qualifying amounts.

Unfortunately, many lenders wrongly pre-approve borrowers because the loan officer wasn’t paying close enough attention to things like these new, often overlooked collections requirements. This leads to borrowers getting denied on purchasing a home while they are still in escrow. Which means their earnest money is in danger of being lost.

All because of something most people are unaware  of that’s tucked away in their national credit bureau files: Medical bills, old student loans, retail purchases, any debts reported as unpaid. It wouldn’t have mattered if these debts were incorrectly reported to collection agencies, or if the borrower had currently high credit scores and income.

“Fortunately, these new collections requirements have been rescinded. The current guidelines are as follows”,  said Jennie Bolger.

Collections:

Manually Underwritten Loans

Collections indicate a borrower’s regard for credit obligations, and must be considered in the creditworthiness analysis. The lender must document reasons for approving a mortgage when the borrower has collection accounts. The borrower must explain, in writing, all collections. FHA does not require that collection accounts be paid off as a condition of mortgage approval.

TOTAL Scorecard Accept/Approve Recommendation

Collection accounts trigger neither an explanation requirement nor a hypothetical monthly payment to be used in qualifying borrowers. The presence of collection accounts in the borrower’s credit history already result in lowering the credit bureau scores used in TOTAL and, thus, no further information need be provided by the borrower.

Disputed Accounts:

TOTAL Scorecard Accept/Approve Recommendation

If the credit report reveals that the borrower is disputing any credit accounts or public records, the loan must be downgraded to a manual underwriting review by a DE underwriter–

–unless any of the following circumstances apply to the disputed account:

o It has a zero balance

o It’s marked as “paid in full” or “resolved”

o It’s less than $500 and more than 24-months old

Nova Home Loans has a Credit Services Department that can—for free–assist you with any Collection, Charge-off, Disputed Account and Judgment questions; and help you get your FHA/HUD loan approved.

Please call Jeannie Bolger, Sr. Loan Officer for assistance. 

Jeannie Bolger, Sr. Loan Officer

Licensed Mortgage Consultant #194387
Nova Home Loans
2850 E. Camelback Road, #270
Phoenix, AZ 85016
602-550-8674  Mobile
602-385-4812  Office
602-464-7322  Direct Fax
jeannie.bolger@novahomeloans.com

Every so often I like to do a reminder on credit. It’s kinda important, ya know.

So, your credit score, also called a FICO score, is a number based on the information in your credit file that shows how likely you are to pay a loan back on time. You’ll want your number to be higher, rather than lower, because that show’s you’re  less risky (not to be confused with risqué).

Consumers with scores above 700 are usually charged pretty low rates, but those with scores above 760 are charged the lowest rates. So, what should you do if you have less than stellar credit? Jeannie Bolger at Nova Home Loans has come to the rescue with some of her top tips for improving your credit score.

PAY YOUR BILLS ON TIME
According to Jeannie, “The best way to raise your credit score is to develop a positive history of using credit to outweigh the old, bad credit history.”  If you’ve made any late payments, establishing or re-establishing a good track record of making timely payments will raise your score.

KEEP YOUR BALANCES LOW
Jeannie also suggests that you keep your current credit card balance at 30% or less than the maximum credit limit. High outstanding debt can affect your score and maxing out your credit cards could lower your average score by as much as 70 points.

OPT OUT
Visit www.optoutprescreen.com to tell the three major credit bureaus (Experian, Equifax and TransUnion) to stop selling your credit history. You’ll be able to opt of “pre-approved” credit card offers for a period of five years or indefinitely.

GET A SECURED CREDIT CARD
A secured credit card (one that requires you to make a deposit against the card’s credit limit) is a great way to develop a positive credit history. Jeannie cautions that you should not max it out. Instead, maintain a very small balance each month and be sure that the card reports to all three credit bureaus.

GET IT IN WRITING
If you’re paying off an old collection or charge-off, speak to the creditor about removing derogatory information on your credit report in exchange for payment. And don’t forget to get it in writing.

Jeannie Bolger can be reached at Nova Home Loans at jeannieb@novahomeloans.com or (602) 550-8674

We’ve reached a critical point as a city. Now in our hundredth year, the city of Phoenix has a terrible habit of demolishing it’s own history. Most of our historic properties are gone. As a city we need to constantly work to preserve historic properties in Phoenix.

The Lugo Bakery and W.L. Bobo House are two historic sites, built between 1910 and 1920 looking for investors to save the structures from disrepair. Written assessments have been done on both structures, but they need willing buyers to rescue them.

The Luis Lugo Bakery known originally as the La Pantellera was constructed in 1917. It’s a 2,000 square foot commercial structure, complete with a basement, 1,300 square foot addition, and vacant lot for possible parking. Overall, the Lugo Bakery is in poor condition.

Poor design, haphazard construction techniques,weathering, neglect, and unsympathetic renovations have not been kind to certain exterior building elements which require immediate attention to prevent further deterioration and/or lost of historic fabric. This building is in need of some serious TLC, ranging just under $400,000 according to the Building Condition Assessment Report.

The building has strong potential as an office, art gallery, sandwich/coffee shop, or bakery (duh). The bakery and grocery store was in continuous use for
nearly 50 years. The Luis Lugo Bakery is a rare example of an early Hispanic commercial
property in downtown Phoenix and should be saved

The property has a two story private residence attached, which is also in disrepair. This update is estimated around $170,000

The W.L. Bobo House  is in the McKinley Park subdivision. The W. L. Bobo House, a charming Craftsman bungalow at the southwest corner of 13th & Roosevelt Streets, is threatened with demolition.  It’s on a double lot and has a porte cochere on the 13th Street side and a detached garage at the rear. The house has numerous architectural features that set it apart as an unique design. Character-defining features include:

• Medium-pitched intersecting gable roofs
• Gables with decoratively cut wood shingle siding
• Broad porch on stuccoed brick piers, supported on massive, tapered cobblestone bases
• Cobblestone foundation wall at porch, and battered cobblestone chimney mass
•  Trellised porte-cochere
• Double-hung and casement wood windows, some with leaded and beveled glass

It’s a true fixer upper, but the building is in pretty good shape considering it’s from 1912. The house needs new roofing, the foundation needs repair, and some window fixes and a fresh coat of paint would do it some good. The interior needs all new plumbing, heating, electric, and replacement woodwork. Most of the fixes are minor, and according to the  Building Condition Assessment Report the total updates would cost approximately $143,240.  This residence could have a future at a single family home or a business/art gallery depending on the buyer.

Despite the cost , rehabilitating the residence would undoubtedly broaden the historical setting of the Lugo Bakery and Bobo House and add charm to the street scape. Historic Properties like these are priceless to our community’s history and future.

Y’all might remember my listing at 90 West Virginia. It is the 1930s Fairhope School, newly renovated to a 4,100 square foot home. This is the flagship property in the famous Willo Historic Neighborhood.

Here is the original blog post about it.

Well, the price has just dropped to $750,000! This is an incredible price for a luxury home of this historic significance and quality. This home was awarded best historic restoration of 2009 by the Phoenix New Times.

Stay tuned for notices about open houses. We don’t open this house to the public often, so please drop by to see it!

Good news on the Home loan front. President Barack Obama has signed HR 2112! Oh, you don’t know what that means? Trust me it’s exciting.

Here, let me quote you!!

FHA maximum Loan Limits effective October 1, 2011 through December 31, 2012 – Mortgagee Letter 2011-39

 FHA Loan Limits that were in effect from January 1, 2011 through September 30, 2011, as announced in ML 10-40, shall apply for case numbers assigned from November 18, 2011 through December 31, 2011 – Maricopa County $346,250

 FHA Loan Limits with case numbers assigned on or after January 1, 2012 through December 31, 2012 will remain the same as those that were in effect from January 1, 2011 through September 30, 2011 – Maricopa County $346,250

 FHA Loan limits with case numbers assigned before November 18, 2011 are subject to the LOWER limits that were in effect from October 1, 2011 through November 17, 2011 (some exceptions apply) – Maricopa County $271,050

So what does all of that mean?

Moral of the story is:  FHA Case #’s assigned Jan 1, 2011 through September 30, 2011 maximum loan limit for Maricopa County was $346,250 –

Case numbers assigned October 1, 2011 thru November 17^th, 2011 are subject to the REDUCED loan limits of $271,050 for Maricopa County – And yet another change FHA Case numbers assigned November 18^th, 2011 thru December 31, 2011 will jump back up to $346,250

Basically, you can borrow more under FHA….

Don’t you love how long it took them to say what I said in seven words?

Stay Tuned for more FHA changes.  Please call Jeannie Bolger, Sr. Loan Officer – Nova Home Loans if you have questions. 

Exciting Right?

I’m thrilled and honored to be listing 90 West Virginia, historically the Fairhope School.

This 4,183 square foot Spanish Revival home is THE flagship Willo Neighborhood property, sitting on just about 3/4 of an acre. There is no other parcel of this size in Willo, as this home was once the Fairhope School.

This recently-renovated 4-bedroom, 3.5 bath property includes a guest house, pool and incredible features, which you must see to believe.

Owning this property is like owning a piece of Phoenix history.  Built in 1930, the Fairhope school was a private academy for young ladies. It was billed as a modern marvel because it had the amenities to actually heat lunches for the children to eat.

In 1949, the school was remodeled in to a bed and breakfast called the Yum Yum Tree. It stayed that way until the 1970s when it was traded to a local attorney named Neal Roberts. Who is Neal Roberts you might ask? Well, this is where the history gets truly amazing.

He was one of the individuals implicated in the famous assassination of Arizona Republic journalist, Don Bolles at the Clarendon Hotel in June of 1976. Roberts owned the property and lived and worked there.

Sad history, yes, but this is the stuff that lovers of historic homes live for.

Later still, there were attempts to make it a bed and breakfast again. In fact, you can still see it listed on Trip Advisor.

The current owner and his wife lived at the Yum Yum tree for a short time in the early 1990s. So inspired by the history of the building and their memories, they bought the property and renovated it in 2008 with the help of well-known Phoenix Architect, Jerry Cook. Their work earned them the 2009 Phoenix New Times “Best Historic Renovation” honor.

I will have more “before and after” photos for you soon. For now, enjoy the “now” photos, below.

This is the kind of property that a true lover of history and architecture will naturally seek out. Viewings of this home are by appointment only. Please contact me at 602-456-9388 for more information.

Some features include: solar panels, bamboo flooring & tankless water heaters, fully restored 1950’s O’keefe & Merritt stove, Paperstone counters, walk-in pantry and an 800-bottle wine room.

Beautiful glassed gate doors attach structures to make one seamless property.

The veranda is classic Spanish Revival.

How did the know this was my dream kitchen?

Now, kids, repeat after me, "O'Keefe & Merritt stove."

They put the "master" in bathroom.

Naturally-lit master bedroom.

This is living!

The way a Phoenix pool SHOULD look.

Christmas has come early! Statistics and Graphs galore! If you’re looking for a home here in Phoenix, here is a trend that you might want to know about.

As a general rule, fewer  people buy houses between October and February. With the beautiful winter weather here in the valley, you would think sales would rise. But, most home buyers move in the late spring and summer in order to change schools. So, what does that mean for real estate agents….other than that we should probably go out and get second jobs waiting tables or pre-stocking for Black Friday?

What does it mean for you? Well, it’s great news if you’re a soon to be home buyer. As you can see by the graphs, sales per month is down between October and February while the monthly supply stays relatively the same. Aren’t graphs amazing?

Continue for more witty comments, below the graphs.

So, follow me here. If the sales per month are down and the inventory stays largely the same that is great for you if you are a buyer. It means that sellers are more desperate to sell. Not only are you going to have a greater selection, you might have an opportunity to negotiate the price!

So, get out into the beautiful weather and buy! If  you have any questions I’d be happy to help, just give me a call 602-456-9388