THE ARIZONA REPUBLIC
F R I D AY , F E B R U A R Y 5 , 2 016
NEWHOMECENTRAL.COM
NH1
A S P E C I A L P U B L I C A T I O N C R E AT E D B Y R E P U B L I C M E D I A C U S T O M P U B L I S H I N G
WHAT’S INSIDE
SEARCH
February 2016
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NE Valley amenities
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What’s new in bathrooms
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Accessory/RV garages
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ALSO INSIDE 2 Final walk-through 8 APS & SRP 10 Warranties
Home Locator Maps Visit NewHomecentral.com for communities, home listings, home tour videos and more. See pages 11, 12 & 13
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Financing a mortgage Pre-qualification vs pre-approval – what’s the diff? )` 4LNOHUU -PUU :LW\S]LKH
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f you’re thinking of purchasing a new home, you’ve undoubtedly heard these mortgage industry terms: pre-qualification and pre-approval. To ensure the details of the loan align with the objectives of the buyer as well as with the lender’s rules, it’s important to have a clear understanding of these financing tools. Pre-qualification Considered by most experts to be the first step in the home-buying process, pre-qualification is typically an early conversation between the buyer and lender to discuss income, debt, assets, sales price, payment levels and down-payment. It is also an opportunity for buyers to ask questions and discuss goals. “The pre-qualification is more of a basic application where we take a look at items such as the type of loan, income levels and credit scores,” said Chad Stallings, a mortgage banker with Arizona Mortgage Specialists. “It’s also a chance for us to identify objectives and determine how we can get the buyer to where they want to be.” Pre-qualification applications are available online but can also often be completed over the phone or in person. Based on the information provided, an estimated mortgage amount will be generated and provided to the buyer.
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—Allen Studebaker, HomeSmart Elite
Pre-approval The pre-approval process is more involved, taking the loan process much further by requiring that buyers provide financial items such as W-2s, paystubs and information regarding any gifted funds. In addition, tax returns, bank statements and other supporting documents will be scrutinized. Sometimes things are uncovered in the pre-approval process that may cause an issue with the loan.
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Ready, Set, Get Active! 5
surprising ‘did you knows’ about today’s active adult communities
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everal aspects of today’s active adult communities may be a surprise to prospective buyers, who are primarily Baby Boomers. Here are five factoids, features or advantages related to active adult communities that you may not have realized:
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Not everyone who lives in an active adult community is retired — or even semi-retired — and not all residents fit into a singular demographic. “Many of our buyers still work, while many are retired,” said Steve Soriano, executive vice president of Robson Communities, which offers two active adult communities in the Phoenix area — PebbleCreek in Goodyear and Robson Ranch Arizona in the Casa Grande area. “Some use Robson Ranch as a primary residence, while others maintain their residences back East or in California. Some are single, some are married. They come from all different economic strata. All these people from different geographical and economic backgrounds come together and make the community special.” “Many [active adult community] residents are not retired, but rather continue to work outside of the home in full-time positions,” agreed Andy Pedersen, group vice president of marketing and merchandising for K. Hovnanian Homes in Arizona, California and Texas. K. Hovnanian’s Four Seasons at The Manor is located in the last remaining neighborhood to be built within Sun City, Arizona, Pedersen said. “This is K. Hovnanian’s first active adult community in Arizona,” he said. The company builds Four Seasons communities in nine other states as well.
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It’s no surprise that active adult homebuyers continue to be younger, more active and more inclined to work longer, noted Bridjette Shelfo, general sales manager for PulteGroup’s Arizona Division, which has developed three Del Webb active adult communities in metro Phoenix: Sun City Anthem in Florence, Sun City Festival in Buckeye and Lone Tree in Chandler. “The notion of seeking an active adult lifestyle while still working has become more of the norm,” she said.
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Today’s communities for active adults are often integrated into larger, all-ages communities. Victory at Verrado in Buckeye, Encore at Eastmark in Mesa, CantaMia in Estrella in Goodyear and Anthem at Merrill Ranch in Florence are four examples of active adult communities that are part of broader all-ages communities. (READY, SET, GET ACTIVE!, continued on page NH14)
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“For example, borrowers may not be aware that unreimbursed employee expenses on the Schedule A of a tax return needs to be subtracted from the monthly income,” Stallings said. “This could change a borrower’s debt-to-income ratio and qualification for the loan.”
(FINANCING, continued on page NH13)
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