Market Slowdown Makes Finding New Home Loans in Phoenix Easy

By Joe Taylor Jr.
Local Lender Columnist
Feb 5, 2007
The Phoenix Housing Market Letter recently published an analysis of the region's real estate market, and new home sales are slowing down. Almost 64 thousand homes were built in Phoenix in the last year, but many of them remain empty.

The market slowdown is good news for Phoenix residents with bad credit. With many new homes for sale, buyers with bad credit have more time to think through a purchase, consulting a new home loan advisor.

Rash of New Homes in Phoenix Benefits Buyers

Following a significant boom in population and jobs last year, Phoenix contractors have built more houses than they need. In an effort to reel in potential buyers, Phoenix builders now advertise free pools and other upgrades, or paying mortgage closing.

Other perks to buying a new home in Phoenix include:

• Elimination of near-term repairs
• Input into the design process
• Warranties on major housing fixtures

Making the Most of Your New Home Loan in Phoenix Phoenix needs buyers, so even residents with bad credit can land a new home loan. You can get the very best mortgage deals by meeting these criteria:

• Planning to remain in Phoenix for at least four years.
• Earning at least three times a home's value in gross annual salary.
• Carrying a monthly debt not exceeding 41 percent of your gross income.

When buying a new home in Phoenix, allow a little extra time to shop around for the best new home loan deal. Mortgage brokers will be happy to pair you with a deal that works with your budget and your credit.

Sources
The Arizona Republic
Investor Guide

About the Author
Joe Taylor Jr. has covered business and finance news for Financial Times Television and CNBC. He coaches beginning mortgage brokers to provide better customer service and to understand creative financing opportunities.