Mortgage Market News - Phoenix, AZ

While the down turn in the market has affected tens of thousands of people negatively, there is an upside.  I want to be very sensative to those that have taken great losses in this market.  If it's any consolation, I took a very big loss myself in more ways than one as the market tanked. I am happy say that I had no part in any of the shady loans that were written over the past several years.  I had people on more than one occasion tell me about this person or that person who made all of this money as a lender, wondering why I wasn't lving like a king.Well, some of those people are actually headed to jail, and thankfully I have a very clear conscience.

So now it's rebuilding time for both those that lost homes and those that never were able to invest in a home of their own.  There are several strategies out there for both the first time buyer and those that are recovering to acquire propperties.

For first time buyer, I say talk to a lender and see where you stand. You might be surprised to know that you can still buy a home with a decent interest rate, with very little out of pocket (3% is ideal).

If you have had a loss, such as a foreclosure or bankruptcy, then things will be very different for you.  For the next 2-3 years as you recover, your best bet is one of the following:

• Owner Financed Properties
• Rent To Own Properties
• Lease Purchase Properties

Each has it's ups and downs, but most of all make sure you are ready for the committment.  Not owning a home is not the end of the world.  In fact, if you are going to buy, make sure you are buying for the long haul, because while it is a great time to buy, there is not guarantee that you will see much of an increase for some time to come.A great book to help you recover is The Bankruptcy Mortgage Book. It gives you all you need to recover, and it also details each of the above scenarios.