Tobias Team at Fairway Independent Mortgage Corporation

(480) 626-2202
2325 E. Camelback Road #100
Phoenix, AZ 85016
Arizona's #1 FHA Lender (2014)
NMLS #221602 | FIMC NMLS #2289

Dec 07 2012

HUD extends FHA Flip Waiver through 2014

FHA financing is typically not permitted for a purchase transaction if the current owner has owned the property for less than 90 days, unless the transaction fits into one of the following exemptions:
• HUD REO sale
• Government agency REO sale
• Sale by non-profit agency approved to purchase HUD REO’s at a discount with resale restrictions
• Sale of inherited property
• Sale of property acquired by an employer or relocation company in connection with an employee relocation
• Sale by state or federally chartered institutions
• Sale by GSE’s
• Sale by local and state government agencies
• Sale of property located in federal disaster areas, as approved by HUD through issuance of a notice
• Builder selling a newly built home or building a home for a borrower

With the waiver, properties that have been acquired by individuals or entities not meeting the above criteria are eligible to sell a property with FHA financing, with no 90 day waiting period required. There are, however, restrictions on the waiver, which are:

• All transactions must be arms-length with no identity of interest between borrower and seller or any other parties participating in the transaction. Note: FHA defines “identity of interest” as “a sales transaction between parties with family relationships or business relationships.”
• The following list must be used to determine that no inappropriate collusion or agreements exist between parties to the sales transaction:
o Seller holds title to the property.
o If the seller is an LLC, corporation or trust, the entity was established and is operated in accordance with applicable state and federal laws.
o There is no pattern of previous flipping activity for the subject property as evidenced by multiple title transfers within the most recent 12 months constituting previous property flipping activity.
o The property was marketed via MLS, auction, for sale by owner offering or developer marketing – “Sales contacts that refer to an ‘assignment of contract of sale,’ which represents a special agreement between seller and buyer may be a red flag”.
• If the resale price is 20% or more above the price paid by the current owner, the following additional guidelines apply:
o A second FHA appraisal is required. The fee may not be paid by the borrower. Note that this 2nd appraisal must not be logged into FHA Connection.
o Evidence the seller has completed sufficient legitimate renovation, repair, and rehabilitation work to substantiate the increase in value (contracts and paid receipts and/or a second appraisal indicating repairs completed and the value of those repairs). If no or minimal repairs were completed, the appraiser must indicate the reason for increase in value since seller acquisition.
o A property inspection completed by an inspector having neither an interest in the property or a relationship with the seller must be ordered by Nova.
o The property inspector must be paid by the lender, but the borrower may reimburse the lender for the inspection.
o The inspector may not pay anyone for referral of the inspection and may not receive compensation for referring or recommending contractors to complete recommended repairs.
o The borrower must receive a copy of the inspection report prior to closing.
o The inspection must include all of the following elements:
 Property structure, including foundation, floor, ceiling, walls and roof
 Exterior, including siding, doors, windows, appurtenant structures such as decks and balconies, walkways and driveways
 Inspection of roofing, plumbing, electrical, heating and air conditioning systems
 Interior inspection
 Inspection of insulation, ventilation systems, fireplaces and solid-fuel-burning appliances such as wood stoves.

Oct 05 2012

August 2012 Single Family Results for Greater Phoenix

August 2012 Single Family Results for Greater Phoenix:

• For twelve consecutive months the median sales price per square foot is up. In August 2012, it was $88.35 compared to $86.84 in July 2012 for a 1.7% increase.

• The August 2012 median sales price per square foot is up $22.12 or 33% over August 2011.

• While the median sales price per square foot is up the overall sales price is slightly down. It was $164,500 in August 2012 compared to $165,000 in July 2012. The August 2012 overall sales price of $120,000 is $44,000 or 36% more than August 2011. For an explanation why the sales price is down and why the median sales price per square foot is up go to page nine.

• This will be the record year for the most single family leases. I estimate there will be close to 26,500 signed leases in 2012. Thus, shattering the ARMLS record of 23,430 in 2011. See page twelve.

• Not many short sales or lender owned sales over $500,000. Only 29 of 1,665 short sales were over $500,000 and only 11 of 565 lender owned sales were over $500,000. See page five.

• In August 2012, 42% of sales were either a short sale, lender owned sale or HUD sale compared to 65% in August 2011. While short sales are up compared to last year, lender owned sales down drastically.

Single Family Sales:
One Year Later August 2011 August 2012 Difference
Short sales 23% 29% 6%
Lender owned sales 37% 10% 27%
HUD sales 5% 3% 2%
Traditional sales* 35% 58% 23%
Total 100% 100%

• Sellers still prefer cash over loans, and they prefer conventional loans over FHA insured loans. In August, 41% percent of purchases were cash, 36% conventional financing, 18% FHA, 4% VA and 1% other financing. See page seven.

• August 2012 sales up seven percent over July 2012 sales. August 2012 sales down thirteen percent from August 2011 sales. See page four. While sales were down in most cities this August compared to last August, four cities had more sales: Anthem, Sun City, Sun City West and Scottsdale. See page eleven.

• For the estimated months of supply of single family properties for thirty cities see page eleven.

• For a breakdown of single family rental markets by number of leases, estimated months of supply, median lease rates go to pages twelve through fifteen.

• The properties analyzed in this report unless otherwise stated are single family detached properties in Greater Phoenix. Greater Phoenix is defined as the cities in Maricopa County. The information in this report is from ARMLS. ARMLS stands for Arizona Regional Multiple Listing Service, Inc.

This data is courtesy of Fletcher Wilcox, with Grand Canyon Title.

Aug 28 2012

VA Streamline with NO Appraisal!! It Does Not Matter Who Services Your Loan

The Tobias Team with NOVA Home Loans can now offer Streamline refinances for VA borrowers with NO appraisal and little qualifying. Most lenders will only allow a VA Streamline with no appraisal if they own your mortgage. In contrast, we can offer this program no matter who your servicer is!

The best parts of the “streamline” process are as follows:

•We only need employment listed on the application with a verbal verification you are working, no income documentation is required.

•a 640 Credit score is required

•NO appraisal. The program generally accepts the appraised value of your home at the time you closed on your current VA loan as good enough — even if you’re now in negative equity territory!

Now is the time to take advantage of this program and reduce your rate, we don’t need much from you which makes it a painless and FAST process. We can even ofer NO closing cost refinances so you come out of pocket NOTHING at closing and SKIP a payment.

Contact my team for information NOW!

May 07 2012

Now is the Time to FHA Streamline!!

The Federal Housing Administration (FHA) has made it more worthwhile for borrowers to streamline refinance their current FHA loans. Up until now, borrowers choosing to refinance their FHA loan fell into the new mortgage insurance rates that FHA has continually raised, making it less of a benefit to refinance your rate. Finally, a new mortgagee clause (guideline) has been rolled out to where borrowers are no longer forced to fall into the new/higher mortgage insurance rates as long as their current home loan was on the books no later than May 31, 2009. If you have a mortgage owned or backed by Fannie Mae, Freddie Mac, the Department of Veterans Affairs or private investors, you’re out.  The program will take effect  June 11th of this year.

The May 31, 2009, date is crucial. We can tell you precisely when the FHA “endorsed” your loan for insurance. This is different from the dates you applied for your loan or closed on your house. If it turns out to be any time later than May 31, 2009, you miss the cut.

You also need to have an zero 30 day lates on your mortgage for the last 12 months.

Further, your refinance must provide you a net savings of at least 5% in your monthly principal, interest and mortgage insurance payments, to be eligible.

The best parts of the “streamline” process are as follows:

•We only need employment listed on the application with a verbal verification you are working, no income documentation is required.

•a 620 Credit score is required

•NO appraisal. The program generally accepts the appraised value of your home at the time you closed on your current FHA loan as good enough — even if you’re now in negative equity territory!

Now is the time to take advantage of this program and reduce your rate, we don’t need much from you which makes it a painless and FAST process. We can even ofer NO closing cost refinances so you come out of pocket NOTHING at closing and SKIP a payment.

Contact my team for information NOW!

Apr 24 2012

HARP 2.0 Refinance in Arizona

The HARP 2.0 refinance program that was rolled out a few months back has gained some traction in helping home owners refinance their upside down properties into more manageable payments.  However, there are some cracks in this program.  Not all those able to be served are able to utilize this program unfortunately. If a borrower’s current mortgage is not owned by Fannie Mae or Freddie Mac or taken out prior to June 1st 2009, they are not eligible. What is more frustrating is that more than 30% of all mortgages are not owned by either of these two giants so those borrowers are out of luck. Further, we as lenders must run a borrower’s application and credit profile through Fannie or Freddie’s decision engine and it must grant approval, and in not all cases it does. This is particularly true of investment property types or those with a less than stellar credit history, but still meet “guidelines.”

Now I do not mean to sound sound bearish on the subject because the program is helping a lot of borrowers reduce their monthly expenditure.  We are successfully closing these refinances daily, it is just unfortunate that not everyone that should be able to refinance is eligible.  It really comes down to the specific scenario of the borrower but the key points are these:

– Rate and Term (no cash-out) refinance of existing Fannie Mae or Freddie Mac owned loans delivered prior to June 1, 2009.

Fannie Mae Look-Up Tool:

Freddie Mac Look-Up Tool:

-Owner Occupied, Second homes and Investment properties are permitted.

-New loan must provide a benefit to the borrower in the form of a reduced P&I payment of at least 5% or more stable program (i.e. Arm to Fixed, Reduced Term, Taking out of Balloon or Interest Only)

-A borrower may be removed or added from the new loan subject to additional requirements

-Must have no 30 day lates onthe mortgage being refinance within past 6 months


For more information on ther HARP 2.0 mortgage refinance program, please contact my team at 480-626-2202 or apply online at!


Apr 09 2012

FHA Putting Brakes on New Collection Guideline

FHA issued a new mortgagee clause on February 28th, 2012 that could really put a damper on our housing market. The new guidelines state that any borrower that has a cumulative amount of unpaid collections of $1000 or more reporting on their credit report must either have them paid off prior to closing or in a 3 month repayment plan. This repayment plan must be evidenced by 3 months cancelled checks to prove the borrower is indeed repaying their debt and the monthly amount must be added into their qualifying ratios. Many clients have old collections, particularly medical and this will greatly impact their qualifying. Not to say repaying your debts is a bad thing, trust me I agree, but changing this guideline in the middle of a recovering market may not be the best course of action. This policy was supposed to go into effect April 1st but FHA has put the brakes on the roll out date and pushed it back to July 1st, 2012. This postponement provides us adequate time to forewarn clients and for borrowers to start repayment plans now so they are ready to close in July.

Because FHA is still a big piece of our market recovery, and a VERY common first time buyer program, make sure that you as a future borrower find out now where you stand with regard to your credit, so you are ready when the time comes to buy. For a no-cost and quick pre-approval contact the Tobias Team at 7 days a week

Mar 30 2012

Good News For Phoenix Economy and Housing

Good news for Phoenix came from a report from the Metropolitan Policy Program at Brookings.

Below are keys points from the study reported by the Phoenix Business Journal.

• For the fourth quarter of 2011, Phoenix’s economy ranked as one of the best in the West as well as in the Top 20 of all metro areas in the study, according to the report.
• Phoenix was one of five cities in the West that closed out 2011 with four consecutive months of job growth, albeit the growth slowed toward the end of the year.
• Manufacturing also ticked up in Phoenix, as the region landed in the Top 40 in terms of production, and was gathering steam toward the end of the year, according to the report. Output, however, was weak, with growth of only 0.3 percent in Phoenix during the last quarter of 2011.
• The report also highlights that Western cities such as Phoenix, Denver and Las Vegas all saw declines in their unemployment rates in 2011.

For the full report go to the following link:

Courtesy of Fletcher Wilcox, Grand Canyon Title

Jan 04 2012

Protect Your Credit – Opt Out of Trigger Leads

Did you know that the major credit bureaus sell your personal information? It’s true! Known as “trigger leads”, the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.

For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional. We have included a link below for you to “opt out” of this practice and protect your credit.

Unfortunately, no legislation presently exists to prevent the credit bureaus from profiting at your expense. As a trigger lead, you are simply at the mercy of any number of too-good-to-be-true offers designed specifically to try and discredit the mortgage professionals you know and trust.

Don’t be fooled! Ultimately, there are only a limited number of sources where lenders may turn to obtain mortgage money, and it’s unlikely that you will find an unbelievably low rate without an unbelievably high cost. That’s why, prior to taking an application for any loan program, I always encourage my clients to opt-out of credit bureau solicitations by visiting (click here). For new home buyers, this is the simplest way to avoid the problem altogether.

As you embark on what could be the largest financial transaction of your life, it’s important to have a professional mortgage specialist on your team who has your best interests at heart.

Dec 28 2011

SafeHouse Mortgage Protection Plan

NOVA Home Loans is offering the SafeHouse Mortgage Protection Plan – a program that will pay mortgage expenses on time should the participant lose his/her job or experience an economic misfortune.

In this economy, some are hesitant to purchase a home because they are worried about the stability of their jobs. With the SafeHouse program, they will know that their home, usually their largest investment and source of greatest security, will be protected from the decisions that an employer may face.

As you know, this is an ideal time to buy a home. NOVA does not want to see anyone else miss out on low interest rates and bargain home values because they are concerned about the stability of their employment. NOVA’s SafeHouse Mortgage Protection Plan makes the decision to buy a much easier one. Below is some important information about the program:


  • Homeowners 18-66 years of age
  • Must reside in the US
  • Cannot be self employed, contract employee, seasonal worker or Active Military
  • Employed full time (minimum 30 hours/wk) at time for mortgage closing


  • 24 months from the closing date of the mortgage on purchase transactions
  • 12 months from the closing date of the mortgage on refinance transactions


  • The lesser of the actual payment (PITI) or $1800 per month
  • Emergency mortgage grants for eligible participants

Benefit Period

  • Up to a maximum of 6 months during each coverage period

Waiting Period

  • 30 days from commencement of unemployment


  • Unemployment must commence during the coverage period
  • Coverage is limited to payments due 30 days after unemployment begins (waiting period)
  • Claimant must qualify for state unemployment benefits
  • Claims payment cease immediately upon re-employment
  • In the event of subsequent unemployment, a new 30 day waiting period applies


  • Purchase – Full coverage both Borrowers: $770
  • Purchase – Borrower and/or Co-Borrowers prorated: $570
  • Refinance – Full coverage both Borrowers: $595
  • Refinance – Borrower and/or Co-Borrowers prorated: $395

NOVA offers this program in partnership with the Rainy Day Foundation. For more information about the Rain Day Foundation, go to

Should you be interested in discussing the SafeHouse Mortgage Protection Plan in more detail, please don’t hesitate to call me.

Sep 20 2011

100% Financing Through the USDA is Still Available!

Did you know we can still offer zero down financing to buy a home? NOT all lenders have access to this program any longer, but the Tobias Team at NOVA Home Loans still does!  VA financing is the only other type of mortgage loan that will not require a down payment and is limited to veterans, USDA is open to anyone. 

Some interesting features of the USDA loan are:

· 100% Financing – And No Down Payment Required
· No Mortgage Insurance
· No Cash Reserves Required
· Low Fixed Interest Rates
· Loans up to $400,000
· For both Purchase or Refinance
· Down to a 640 Credit Score

USDA mortgages are overlooked by large scale lenders and mortgage brokers. The process is not strict or complicated compared to conventional mortgages. There are amazing concessions for both sellers and you can use gifts and other legal approved means to cover the closing costs. USDA loans also are free of mortgage insurance. Mortgage insurance is a necessary feature of all loans with down payments less than 20%. USDA loan borrowers are not required to pay ANY mortgage insurance which will reduce the monthly mortgage payment.

One thing must be kept in mind when applying, USDA loans are only given to individuals residing or planning to reside rural areas or areas outside city limits. Ask us if you qualify or if the area you are looking for does!

USDA loans are available only from pre-approved lenders of the USDA, like NOVA Home Loans. Those of you looking to locate in the rural vicinities of the Phoenix metro area (Queen Creek, Casa Grande, Maricopa, Buckeye, Anthem) should take advantage of this last chance at 100% financing loan.

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