Talavera Condominiums

11680 E Sahuaro Dr.

Scottsdale, Arizona 85259

 

Private gated community

Convenient northeast Scottsdale location, just north of Shea at 116th Street & Saguaro.  Gated community, professionally landscaped, beautiful community pool & spa.  Close to shopping, dining, golf, easy access to the Pima Freeway via Frank Lloyd Wright Blvd or Shea Blvd.  Units on the north side of the complex offer outstanding views of the McDowell Mountains.  Come enjoy the southwest lifestyle at Talavera in beautiful Scottsdale, Arizona!

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Talavera using Microsoft bing maps.  Explore the neighborhood.  Be sure to use the Aerial Views and Birds Eye Views and zoom.  Really Cool!

Talavera Condos photo, Scottsdale, AZ.Talavera Condos photo, Scottsdale, AZ.Talavera Condos photo, Scottsdale, AZ.Talavera Condos photo, Scottsdale, AZ.Talavera Condos photo, Scottsdale, AZ.Talavera Condos photo, Scottsdale, AZ.

Talavera Condos, Scottsdale, AZ

Scottsdale Condos map and directions to Talavera Condos, Scottsdale, AZ.Scottsdale Condos and Condo Living Real Estate Logo.Scottsdale Condos logo with view of the Sonoran Desert.

Contact Us In Scottsdale:   Office:  602-315-6333

 

Email:  JeffTallman@cox.net

Scottsdale Condos, Vacation Homes, Second Homes, Townhomes, Single Family Homes,

Out Of State Homeowners, Real Estate Asset Planning.

When it comes to financing the purchase of a new home, the conventional home loan is one of the most popular options. In this article we will address some of the basics that any home buyer looking to purchase a primary home with a conventional loan, should know.

Loan Type: When someone discusses a conventional home loan, they are generally referring to a Fannie Mae or Freddie Mac backed loan with a conforming loan limit.

Loan Amounts: The conforming loan limit for a conventional home loans currently sits at $417,000 in most areas of the country, except for certain designated high cost counties, for which higher limits are allowed. Here in Arizona, all conventional loan limits currently sit at $417,000.

Down Payments: If you are a first time home buyer, the minimum down payment for a conventional loan can be as low as 3%. For all other buyers, the minimum down payment is still only 5%. However, it will take a 20% down payment to obtain a new mortgage without mortgage insurance.

Credit Scores: In general the minimum credit score for a conventional home loan is a 620 credit score. However, on a conventional home loan you are rewarded with the best available interest rate with a 740 credit score and then every 20 points your score is below that level, there could be an effect on your actual interest rate.

Debt To Income Ratios: The debt to income ratio is another important part of qualifying for a home loan and refers to a ratio of your monthly gross pay versus your monthly payments. For instance, if you had a gross salary of $60,000 or $5,000 per month and all of your current payments that appear on your credit report (credit cards, auto loans, student loans, etc.) and your new potential mortgage payment equal $2,000, then your debt to income ratio would be 40% ($2,000 / $5,000). In general, it is best to have your total debt to income ratio not exceed 45% if you are looking to be approved for a new conventional home loan.

Employment History: Lastly when it comes to qualify for a conventional home loan, in general you want to be able to show two years’ work experience in the line of work you are currently in. It is ok to have switched jobs in the past two years, so long as the positions are in a similar line of work. In addition, if you graduated from college less than two years ago, the two year work requirement can be waived if your college experience was preparation for your current employment position.

These are just some of the basics of obtaining a conventional home loan, but at the same time, if you adhere to the standards above, then you stand a good chance of putting yourself in position to qualify for a conventional home loan.

Using A Conventional Home Loan – To Purchase A Primary Home

Recently we have seen an increased demand for clients looking to purchase condos. The important thing to remember however that financing for condos is different than that of single family residence homes. In today’s market, in order to finance or refinance a condo, the property needs to fall into one of two categories: it either needs to be FHA approved or a warrantable condo. We will go over basics of these two types of financing options for condos and how to determine if the condo you are looking at falls into either of the two categories.

FHA Approved Condos 

Federal Housing Administration financing is available with no restrictions different then loans for single family residences, except that the property must be inside a condo complex that is FHA approved. Well how do you know if a condo is FHA approved? It is quite simply actually, as the FHA provides a link to check this directly at: https://entp.hud.gov/idapp/html/condlook.cfm. Simply put in the condo project name or other details and you will be able to determine if the condo is approved or not.

Warrantable Condos

On the other hand if you are looking to obtain a conventional loan that is backed by Fannie Mae or Freddie Mac, you must determine if a condo is considered warrantable. Unfortunately, there is not a handy tool like the FHA provides to look up individual complexes. Instead, you must determine if the condo project fits into one of three classes that follow. If it does then it warrantable, if not then you cannot obtain a conventional loan on the condo.

CLASS I

1. Developer’s control of the homeowners association has been turned over to the condo owners 2. Project is not subject to additional phasing or add-ons which have not yet been completed 3. All common elements and amenities must be fully installed, completed and in operation 4. 70% of all units in the entire development must have been sold and or legally obligated to close 5. 70% of all units in the entire development must have been sold to owner occupants

CLASS II

1. Recent or current condominium conversions (from apartments) 2. Homeowners association has been controlled by the unit owners (other than the developer) for less than two years 3. Project is not subject to phasing or add-ons which have not yet been completed 4. All common elements and amenities are fully installed, completed and in operation 5. 70% of the units in the entire development must have been sold and/or legally obligated to close 6. 70% of the units in the entire development must have been sold to owner occupants 7. No more than 15% of the current unit owners are more than one month delinquent in payment of homeowner’s dues or assessments

CLASS III

1. Homeowners Association has been controlled by unit owners (other than developer) for at least one year 2. Project is not subject to phasing or add-ons 3. All common amenities are fully installed, completed, and in operation 4. 90% of the units have been sold (owner-occupancy of at least 60%)

In order to determine if a condo falls into one of these classes a condo questionnaire must be completed to determine eligibility. In addition, depending on the type of down payment, loan purpose, etc, there may be additional restrictions for conventional mortgages for condos.

Always consult a lender for final determination on any type of financing, but now you have a guide to begin to determine what type of financing is available if you are looking at financing or refinancing a condo.

 

Condo Financing: The Basics

MLS—Also, as for ADOM/CDOM

                                  ADOM          CDOM

ACTIVE            Accumulate    Accumulate

 UCB                 Accumulate    Accumulate

CCBS               Accumulate    Accumulate

PENDING         Pause             Pause (Will pick up where left off when goes back ACTIVE)  Days will not be added back to either if goes back ACTIVE

CLOSED           Stops             Stops

EXPIRED          Stops             Stops

CANCELLED   Stops             Stops

TOM                  Pause             Pause (Will pick up where left off when goes back ACTIVE)

Listing must be off market for 90 days, will reset to zero on the 91st day.

 

MLS:  Data Interrity, you cannot go from PEND/UCB to ACTIVE until escrow is cancelled.  You may have remarks in “Private Remarks” in PEND/UCB to say something like “Subject to cancellation of active escrow.” 

Public Remarks:  ONLY for home, features, neighborhood, etc.

Private Remarks:  Agent to Agent, Agent Bonus information,

Semi-Private:

Office Remarks:  For virtual office website

 

MLS

 

Can seller reduce listing price if status is CCBS?  UCB?  PEND?  Per Mls 4/3/17, YES, but is it ethical?  (ie, if have contingency, get an offer, etc)

 

MLS, how clear open house history?   Per MLS, NO, remains a part of the history…

MLS, Who can change?  Listing Agent Only!   Who can change listing agent on a listing?  Broker only!

 

Can we advertise a open house in the public remarks of our listings? Thank you.

Steven, scratch that last response, that was a mistake.  You cannot advertise an open house in the public remarks section of the MLS, you will advertise an open house under the daily functions tab where you will be able to add an open house.  ARMLS just called me back with that information.

Broker Quiz

 

How many different SPDS are in zipForms and what are their names?  How many pages in each?  Last year updated?

Residential, 7 pages + cover, 2017

RLOPDS, 4 pages + cover, 2011

Vacant Land/Lot, 5 pages + cover, 2008

Domestic Water Well Addendum, 1 page, 2013

Commercial, 4 pages + cover, 2008

Income Property, 3 pages, 2007