VA – Veteran Closing Costs Paid By Seller

AZ Purchase Contract & VA Seller Paid Closing Costs The most common financing question resulting from new AZ Residential Real Estate Contract is "how much and what fees does a seller have to pay on a VA loan/offer?".  The short answer now is almost always going to be $0 (see below for more).  There are 2 fees that are leading the pack when it comes to uncertainty in the market's mind:  1. ESCROW FEE   2.TERMITE REPORT FEE ESCROW FEE In the old AZ Real Estate contract lines 83-85 … [Read more...]

FHA Cancels Mortgage Insurance Cut

FHA Cancels Plan to Lower Monthly Mortgage Insurance As of 01/20/2017 FHA has put a hold on the update below.  We will update this if/when the situation changes. FHA is lowering monthly mortgage insurance costs by 29%.  In layman unfriendly terms, the mortgage insurance factors used to calculate monthly mortgage insurance on an FHA are decreasing by 25 basis points on the 3.5% down/30 year fixed FHA loan program (other programs and high cost loans have different change schedules).   The … [Read more...]

Home Loan Rates | Are They Really “That” High?

Mortgage Rates Face Jobs Data Tomorrow’s “New Jobs” and “Unemployment Rate” data is a potential market mover.  If the numbers come in near 160k new jobs and 4.7% unemployment we should see the mortgage rate rally from week 1 in 2017 continue into next week. Some have called the 9 week post-election rate increase the “Trump Tantrum” which reminds me of the “Taper Tantrum” 1 week rate jump in the summer of 2013.   Is a cost increase of only $31.06 per $100k mortgage from election week to … [Read more...]

2017 FHA Loan Limit Arizona | $279,450 – 1 Unit

FHA Loan Limits Increased |Maricopa County Arizona 2017 FHA has followed Fannie’s lead as we predicted in our email last Thursday!  FHA/HUD has increased the max FHA Loan limit for 2017 for Maricopa County (and over 2,000 other Counties nationwide). As of January 1, 2017 the maximum allowable base loan limit for FHA will be $279,450 (up from $271,050).  This loan amount is before adding the FHA up front mortgage insurance premium in. Below is a snippet direct from FHA/HUDs database … [Read more...]

VA Appraisal Fee Increased in Arizona

  VA Appraisal Fee Increases in Arizona Effective December 1, 2016 the fee for a VA interior/exterior appraisal for a single family home in Arizona is $600.   The VA appraiser also still has 7 business days in Ariziona to complete a report or communicate to the designated point of contact (someone with the buyer’s mortgage company) that they are having trouble completing the report due to value and/or property complexity. For more information on this change and other VA appraisal … [Read more...]