FHA Non Purchasing Spouse Debts in Arizona

FHA Non Purchasing Spouse Debt Arizona

FHA Rules & Non Purchasing Spouse's Debts in Arizona FHA has an often overstated rule that states that even if your spouse is not on your FHA home loan application, their debts, judgments and liens must be counted against you if you live in Arizona (or other community property state).  Ouch!  Talk about sparking some interesting dinner table talk. To add insult to injury, you cannot use the income of a spouse that is not actually on an FHA loan application.   However,  in many case … [Read more...]

VA Appraisal Turn-time and Mondays

VA Appraisal Process

VA Home Loan Appraisals - Plan Ahead A VA home loan is one of the best mortgage products available.  The VA appraisal process however is not the most efficient or convenient.  In fact, utilizing a VA mortgage requires careful planning and scheduling to ensure an on time closing.  The one leading that charge should be your VA loan officer.  There are some unique and quirky rules that apply to VA appraisals that if overlooked can cause costly delays. There are several factors involved with … [Read more...]

Mortgage Insurance Flyer Pile Up

Mortgage Insurance Choices Expand

Lots of Mortgage Insurance Fliers on My Desk This week 3 wonderful mortgage insurance company reps nearly bumped shoulders as they left my team's office.  The 2nd or 3rd one to visit tried to investigate the flyer the previous MI rep had dropped off on my desk in between me blinking my eyes during our conversation.  It was so fresh that I had not had time to file it away and it lay open as if to say "nana booboo I got here first" from the first to the next Mortgage Insurance rep. It's no … [Read more...]

The “No Credit Required” Home Loan

No Credit Score Home Loan

No Credit Score Needed Home Loan No, you did not just travel back to 2003 and the "anything goes" mortgage era.   There really is a home loan option for those who do not have a credit score.  If you think this sounds like the "have a pulse/get a loan" mortgage products from the wild wild west mortgage days of the early 2000's you are I get it.  It did to me too. Today, with regulations such as Dodd Frank and TRID in place mortgage lenders would seal their own fate if they offered … [Read more...]

Condo Purchase | Check you CC&R’s – Air BNB’s

Condo financing CC&R's

Financing a Condo Obtaining a home loan on a condo is a uniquely designed process.  In addition to getting yourself approved, the condo project itself has to pass the home loan eligibility test.  While a condo project / HOA may pass the home loan sniff test, buying a condo requires you look into the future and not just the "now." Condo Financing Hurdles One of the hardest to overcome hurdles involved in the condo financing process is entity ownership.  Once any single entity owns a … [Read more...]