VA Loans Post Their Biggest Year Ever in 2013

2013 saw the most active year for Veterans Administration Guaranteed Loans, ever. While about half of the nearly 630,000 VA mortgages last year were for new home loans the other half were veterans utilizing the historic low interest rates to refinance existing loans.

The New York Times ran a big article on the success of the VA program on January 9, 2013 which can be read in it’s entirety here

A Big Year For V.A. Loans

More on that in a minute…

The available housing in the Lake Powell area, both on the Arizona side of Page and Greenehaven and on the Utah side in Big Water, Church Wells and Paria consists of a good percentage of manufactured homes. There has been the idea that manufactured homes do not qualify for V.A. loans or FHA loans even. This is not the case. While not all lenders do these types of loans I work with several who do, and do a good job with them. There are some foundation requirements that need to be met, and they must be newer than 1976, but those are pretty standard requirements these days with any loan on a manufactured home. Please call me if you want more information.

V.A. Loans

Home for Sale

VA loans are of course for Veterans who must have a “certificate of eligibility” or COE from the VA which verifies to the lender that they are eligible for a VA-backed loan. VA Home Loans are provided by private lenders, such as banks and mortgage companies and the VA guarantees a portion of the loan, enabling the lender to provide the borrower with more favorable terms.

Most VA Loans have no down payment requirement.

The loan must be for a primary residence

There is no mortgage insurance premium, saving thousands over the life of the loan.

Underwriting requirements can be more difficult with the primary focus is on the debt to income ratio

2013 VA Loans

From the New York Times article

The department guaranteed nearly 630,000 mortgage loans in fiscal year 2013, setting a new high just as the program enters its 70th year, said Mike Frueh, the director of the V.A.’s Loan Guaranty Program. The average loan was about $225,000, an amount that reflects the program’s value to “working-class America,” he said.

Calling the program’s growth “pretty incredible,” Chris Birk, the executive editor at Veterans United Home Loans, an online broker of V.A. loans, estimated that total loan volume has risen 372 percent since fiscal 2007.

The V.A. does not set a minimum credit score requirement, but lenders typically add their own, which is currently around 620. The V.A. is more concerned with a borrower’s income and expenses.

To qualify, borrowers must show enough monthly income after paying personal debts and housing costs to meet “residual income” levels set by the department. The levels vary by region and household size. In the Northeast, for example, on loans exceeding $80,000, a two-person household must show at least $755 in leftover income, while a family of five must show $1,062.

From the above numbers you can see that VA loans are very much the working class loan and designed to help our veterans. According the article Arizona saw the biggest jump nationwide in VA loans in 2013 rising 40%.

In closing, for veterans, VA backed loans are a wonderful product and can save thousands not only in upfront costs such as down payments but over the life of the loan with no mortgage insurance requirement. VA loans can be done on single family homes and manufactured homes but you do need a knowledgeable Realtor to work with to find qualifying properties.

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Email Heather Rankin for Lake Powell Real Estate

Or Call 928-691-6444

Your Lake Powell REALTOR

Heather Rankin is a Realtor specializing in the Lake Powell areas of Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge.
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Posted in Mortgage News

Price Reduced on 565 Pinto – Best Priced Single Family Lot in Page AZ

UPDATE: This property has sold. Check other great Lake Powell real estate offerings here

Just reduced to $32,500 this lot in Ranchette Estates is comparable to property at the Honey Draw Subdivision, just one block away and listed at $20,000 + more.

Come check this out!

CLICK PHOTO FOR FULL LISTING

For More Information

Email Heather Rankin for Lake Powell Real Estate

Or Call 928-691-6444

Your Lake Powell REALTOR

Heather Rankin is a Realtor specializing in the Lake Powell areas of Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge and Amangiri Villas.
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Posted in Featured Listings

2013 Lake Powell Real Estate Market Overview, Big Water to Paria UT

2013 was a steady year real estate on the Utah side of Lake Powell including Big Water, Church Wells, and Paria.

These numbers are taken solely from the MLS. Utah is non-disclosure state so not all information is provided to the MLS or the County Tax Assessor.

Single Family Homes

We had four singly family homes sell during 2013.

4825 W End Ave -Church Wells, UT
960 S Victory Way – Big Water, UT
900 E Shelter Cove – Big Water, UT
1330 S Victory – Big Water, UT

Price ranged from $80,000 to $444,000 with median (middle) price of $283,500. Average price per square foot sold was $132.08.

Days on market varied widely. Two homes were on the market in the 150 – 180 day range, one was on the market for 414 days and one was on the market for over 1100 days. That bring the average to 486 days but removing the custom home, which had several major price reductions from the mix our average for the other three homes was 250 active days on the market.

Manufactured Homes

We had five manufactured homes sell in 2013 ranging in price from $79.900 to $108,400 with an average price per square foot of $79.38

505 N William Dawes – Big Water, UT
40 W Concord Bridge – Big Water, UT
4620 W Sunset – Church Wells, UT
65 E Old North Church – Big Water, UT
2279 N Clark Bench – Clark Bench, UT

Once again days on the market varied widely from 4 to 1496. One home, again, had been on the market and had several large price reductions leaving it on the market almost 1500 days. Removing that home from the mix we have an average days on the market of 120 days.

Vacant Land

We had three lots sell ranging in price from $8,000 for a 1/3 acre lot in Church Wells to $49,000 for a .6 acre lot with a Lake Powell view in Big Water. For these three lots the average days on the market was 52 days.

Although we had no commercial lots or businesses sell in 2013 there are some very cool things on the horizon for 2014!

Year over year, 2013 had two more units sell than 2012. In 2012 we had a median single family home price of $234,500, about $40,000 less than 2013. In 2012 Manufactured median sales price was $82,525 compared to the 2013 median of $92,250. Prices on the Utah side of Lake Powell saw a good increase in 2013.

Search Lake Powell Homes For Sale

For More Information

Email Heather Rankin for Lake Powell Real Estate

Or Call 928-691-6444

Your Lake Powell REALTOR

Heather Rankin is a Realtor specializing in the Lake Powell areas of Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge.
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Posted in Lake Powell Real Estate Utah

Own a Piece of Heaven with 600 Acre Southern Utah Ranch Overlooking Zion National Park

This 598 acre rare acreage off Highway 9 in Southern Utah overlooks Zion National Park and The Grand Staircase Escalante National Monument. Sweeping views, ATV trails, wildlife, secluded… this ranch has it all

Click Photo to Go To Complete Listing and 50 Photos.

Property is Located in Kane County, Utah.

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Search Kanab / Southern Utah MLS

For More Information

Email Heather Rankin for Lake Powell Real Estate

Or Call 928-691-6444

Your Lake Powell REALTOR

Heather Rankin is a Realtor specializing in the Lake Powell areas of Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge.
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Posted in Featured Listings

January Sunset Vermilion Cliffs by David Rankin

My son, David, is a local photographer and flash flood chaser. On January 2nd he, his wife, and children were coming back to Lake Powell from the Lee’s Ferry area and this is the sunset they saw.

Shot by David Rankin of Rankinstudio.com

Shot by David Rankin of Rankinstudio.com

Over the new few months I going to start posting more of his astrophotography which highlights our dark sky areas so well.

Stop by his website at Rankin Studio and check out his work.

Heather Rankin is the owner/broker of Rankin Realty at Lake Powell serving Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge.
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Posted in Just For Fun

Page Lake Powell Holiday Home Tour December 14, 2013

The Page Lake Powell Chamber of Commerce Holiday Home Tour is set for December 14, 2013. All proceeds will go to benefit the Amy Chidester Coconino Community College Fund. Tickets are $10.00 and the tour runs from 1:00 p.m. to 4:00 p.m. At the Page Municipal Airport there will be a craft fair, live music, silent auctions and gift baskets available from noon to 6:00 p.m. Stop by and enjoy the Holiday Spirit and some of the most beautiful homes in the Lake Powell area dressed for Christmas.

Heather Rankin is the owner/broker of Rankin Realty at Lake Powell serving Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge.
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Posted in 365 Things to do at Lake Powell

And a Mist Came Up

We had a very active and prolonged Monsoon Season this year and a drencher of a late November storm which brought over 11 inches of snow to Flagstaff and 2 inches of rain to the Page Lake Powell area. Page, as of late November, has received just under 10 inches of rain this year, compared to 3.75 in 2012. As the sun came out water began to evaporate out of the wet rocks creating a rather mystical scene. While this place looks other-worldly to start with – the mist really made the morning!

Click Photos for Full Size

These photos were shot in Big Water, Utah at State Road 12 as it crosses Wahweap Creek.

I will be posting some video from this summers monsoon season activity.

Search Lake Powell Homes For Sale

For More Information

Email Heather Rankin for Lake Powell Real Estate

Or Call 928-691-6444

Your Lake Powell REALTOR

Heather Rankin is a Realtor specializing in the Lake Powell areas of Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge.
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Posted in Big Water Utah

Amangiri Featured in Forbes – Great Article

Amangiri, our own Lake Powell area treasure, was featured in a lengthy Forbes Magazine Article titled Amangiri, A Billionaire Enclave In The High Desert Of Utah

Amangiri Pavilion by Heather Rankin 2010

The article by Gary Walther is fast paced and informative with a particular focus on our landscapes. He starts off with a bang

It’s a land of spectacular eroded rock formations, pages of the geological past stretching back 180 million years. They reveal (to the trained eye) the violent upthrusting and relentless weathering that created this vast geological zoo—pinnacles, hoodoos (mushroom hooded rock towers), benches, terraces like the upper deck of a stadium, and mesas flat as a marine haircut. They are why the region contains the greatest concentration of National Parks and National Monuments in the country.

Mr. Walther goes on to describe the resort, amenities, hiking excursions and even gets in to the movies as Amangiri sits where the John Travolta hit “Broken Arrow” was filmed.

As old as this west is, there’s nothing old west about the architecture and design of Amangiri (no bleached cattle skulls here). It’s a resort of concrete geometric planes that stand out against the swerving shoulders of rock, but seems perfectly in place.

Take a few minutes and go check out the article Amangiri, A Billionaire Enclave In The High Desert Of Utah

More articles on Amangiri

Series of articles on Amangiri Resort and Spa at Lake Powell.

Heather Rankin is a Realtor and Owner/Broker of Rankin Realty at Lake Powell specializing in the Lake Powell areas of Page, AZ and Greenehaven, AZ as well as Big Water, UT including Page new home sales at Indigo Ridge.
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Posted in Amangiri Resort and Spa at Lake Powell

Average Lake Powell Area Temperatures Chart

I field a lot of questions about our area every day and one of the most common is “what’s the temperature like”? So as part of our Lake Powell Answers series……

I found this great graph showing the average Lake Powell area temperatures and decided to share. Besides fall and summer, February is a beautiful month in our area. Temps are cool but the sun is out most all of the time and very little wind is around. The last two weeks of September and the first two weeks of October are also just wonderful.

Lake Powell Temp Graphic (1)

Heather Rankin is a Realtor, Owner/Broker of Rankin Realty at Lake Powell, llc, specializing in the areas of Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge.
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Posted in Lake Powell Answers

Big Water Utah Friends Enjoy the Beauty of Our Home

There are many wonderful things about living life at Lake Powell and one of them is what you can do on a moments notice. A group of friends decided to get together and enjoy the full moon rise over Glen Canyon and Lake Powell in mid October. The weather was brisk, but not cold, and the moon did not disappoint. Clear skies, endless landscapes, and good friends….

Enjoy the pictures!

Click For Full Size

Heather Rankin is a Realtor, Owner/Broker of Rankin Realty at Lake Powell, llc, specializing in the areas of Page, AZ, 86040 and Greenehaven, AZ as well as Big Water, UT, 84741 including new home sales at Indigo Ridge.
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Posted in 365 Things to do at Lake Powell, Big Water Utah