Adding Income to AZ Home Loan

When applying for a home loan, Arizona loan officers often take a minimalist's approach with your income.  In other words, they err on the side of caution using your most basic straight forward income.  While blood still does not flow from a stone, often more less obvious income is available if your loan officer looks for it. Apply for a Home Loan 602.435.2149 Increasing Your Income for a Home Loan Minimalism is a "no harm/no foul" style when basic/easy income gets … [Read more...]

VA Home Loan – What Can Seller Pay?

VA home loans offer Veterans an outstanding home financing option.  Outstanding yet a little confusing with regard to closing cost requirements.   VA home loan rules govern which costs and how much of a VA buyer's closing costs sellers can pay.  In fact, VA has 3 different loan cost categories each with different stipulations.  The 3 categories are: Closing Costs Non-recurring Costs Non Allowable Costs Apply Now for a VA Home … [Read more...]

First Time Home-buyer 3% Down Loan – HomeOne

3% down Conventional Loans offer a great way for many home-buyers to buy.  In face, as of 7/29/2018 a 4th and the newest 3% down payment Conventional loan is available.  The new kid on the 3% down block is called HomeOne.   HomeOne is for First Time Home-buyers only. Apply for a Home Loan 602.435.2149 3% Down Conventional Loans Available  All 3% down Conventional loans are not created equal.  In fact, some are available only to first time home-buyers.  Meanwhile, … [Read more...]

Rental Condo Loan Rules Improved (Reserves & Occupancy Ratios)

Had trouble financing a condo as a rental property?  Too many rental units in the condo project?   HOA Reserves contribution under 10% of HOA revenue?   Both are common issues with financing a rental condo.  Conventional mortgage rule changes eliminated these hurdles in many cases for investors. Apply for a Home Loan 602.435.2149 Condo Loan Reserves & Owner Ratio Rules Commonly, well qualified rental condo buyers are declined based on condo eligibility issues.  … [Read more...]

June 2018 Fed Funds Rate Hike & Home Loan Rates

On June 13, 2018, The Fed Funds Rate was increased to 1.75% to 2.0% and The Fed promised to raise it 2 more times this year (Sept and Dec).  If your clients are wondering how this impacts their home buying prospects the information below may be helpful. Fed Funds Rate VS Home Loan Rates The FED FUNDS RATE & HOME LOAN RATE connection is often misunderstood. In fact, many consumers hear “Feds hike rates” and assume mortgage rates are included. I put the chart below together showing the … [Read more...]