Pima County Property Tax Rate Holds Steady

The budget submitted for next fiscal year to the county supervisors recommends a $1.23 billion budget that includes no change in the property tax rate for Pima County. Coupled with most property seeing declining assessed values, this should mean most people will have a reduced tax burden. However, other factors which can add cost to […]

Fed Leaves Rates Unchanged

This afternoon the Federal Reserve has forecast a weak economy for at least the next two years and indicated they’d therefore keep rates at record low levels at least until mid-2013. With economic growth being much slower than expected and with flat household spending, the immediate outlook is lukewarm at best. For potential buyers in […]

Darkhouse Program – Oro Valley Police

The Oro Valley Police Department offers a fantastic program you may not have heard about that may benefit many Oro Valley residents who travel frequently or have seasonal residences. Called the Darkhouse Program, this unique benefit comprises periodic external security checks of your home by a police officer or a Citizen Volunteer Assistants Program member […]

Streamline 203k Program

HUD has developed a new FHA insured mortgage program, called the “Streamline 203k” Limited Repair Program that permits homebuyers to finance up to an additional $35,000 of repairs into their mortgage to purchase and improve or upgrade the home before move-in or to refinance an existing mortgage and add up to $35,000 in repairs or […]

Basic FHA Eligibility Requirements

Q: What are the basic eligibility requirements for FHA financing?

A: FHA insures mortgages made by approved lenders to individuals and non-profit and government agencies that are approved to participate in HUD’s programs; HUD does not loan money to homebuyers. Generally, to be eligible for an FHA loan, you must have a valid social security […]

Real Estate Capital Gains Exclusion

Home ownership has historically held many tax benefits and one of the biggest perks has been the ability to exclude profits realized from the sale of a home from the 15% capital gains tax. To qualify for this exemption the homeowner must have owned the property for at least two years and have lived in […]

New Bill Would Help Short Sale Process

A bill introduced in the House of Representatives this week could substantially improve the process of short sales by putting time limits on bank responses. Titled “Prompt Decision for Qualification for Short Sale Act of 2011”, this legislation would impose a deadline of 45 days on lenders to respond to requests for short sales. To […]

New 1099 Reporting Requirements Repealed

Some sections of legislation passed last year are undergoing repeal as President Obama is scheduled to sign the bill H.R. 4 soon. Specifically now being changed is a requirement that all rental property owners, even individuals renting a second home, would have to file a form 1099 for any vendor/contractor that’s paid more than $600 […]

New Arizona Property Tax Requirement

A newly passed law that provides additional breaks for businesses on their property taxes may have unintended consequences for many Arizona homeowners. Beginning next year all property owners will receive an affidavit attached to their property valuation cards that require verification of the home being owner-occupied. These affidavits must be completed and returned to the […]

FHA Monthly Premium Increasing

Beginning after April 18, 2011 an additional 0.25% fee will be added monthly to FHA loans. This increase was deemed necessary by the FHA in order to increase their reserve funds to the required 2% level which are currently not being met. However, this is the third such recent increase and while it will not […]