Arizona Real Estate Notebook

[With all the catastrophizing about the mortgage market, I asked Robyn Robertson of Suburban Mortgage if she could explain what it means to real people looking to buy a home. Below is her excellent, cut-to-the-chase response. Call Robyn if you have other questions. John]

This mortgage market has seen a lot of volatility in the last few months and with that a tightening of requirements to get loans.

If you have good credit, good income, savings and a job, little has changed in the market place, especially if you are under the conforming loan ($417,000) amounts. There are still 100% loans available in the conforming loan market.

The jumbo or non conforming loan requirements have changed and the documentation required is tighter than it was. The biggest change has been in the loan to value ratio. Now you need to have some down payment and usually 20-30% to qualify for a loan.

Watch for changes as the investors are expected to come back into this arena.

Robyn Robertson

Suburban Mortgage Inc.

Cell 480-415-2336