Down Payment for An Arizona FHA Buyer

The mid 2000's wild Real Estate and Mortgage ride reduced the low down payment mortgage options Phoenix area home-buyers have access to.  However, shortly after the mid 2000 carnival FHA financing rose in popularity in part because of it's low down payment.  Home-buyers across the state of Arizona leveraged FHA financing to acheive their home buying goals. One advantage FHA financing offers home-buyers is a low down payment.  As of today, HUD (entity regulating FHA) requires just 3.5% down.  … [Read more...]

Arizona FHA Streamlines

Check out this updated article. As your Arizona FHA mortgage lender I wanted to share some  great news for FHA borrowers that have been stuck due to rising mortgage insurance costs.  This change will help Arizona FHA homeowners take advantage of record low Arizona Mortgage Rates. Check out these 2 articles and read below: FHA Streamline Refinances … [Read more...]

Cosigner on an Arizona FHA Home Loan

What is an Arizona home-buyer to do when they cannot quite qualify for a home loan on their own?  If they are using FHA financing they have the advantage of adding a cosigner to their loan application in order to help them qualify!  FHA financing is very unique in this regard. They allow a buyer to benefit from the added income and assets of a qualified cosigner. FHA calls a cosigner a "non-occupying co-borrower."  Basically, FHA allows someone who does not occupy the home to be added as a … [Read more...]

Having More Than One Arizona FHA Loan

While Arizona FHA Mortgage guidelines make it so that an individual can typically only have one FHA loan under their name, there are exceptions within the FHA rule book that allow one person to have multiple FHA loans at the same time! Here are the specific loop holes or situations under which FHA will allow a borrower to have more than 1 FHA loan at a time under their name (check it out - you may meet one of these and not even know it - call me your Arizona FHA Mortgage Lender if you … [Read more...]

FHA Escrow Hold-backs Work

Home-buyers use FHA Escrow Hold-backs to fund appraiser required repairs.  In fact, an FHA Escrow Hold-back often saves an Arizona FHA buyers time, energy and money compared to an FHA 203k loan. What is an FHA Escrow Hold-back? An FHA Escrow Hold-back sets money aside for the purpose of completing property repairs after funding.  The “Hold-back” part refers to the buyer’s FHA mortgage lender keeping funds in their possession post funding.  Those funds are ear marked for specific repairs to be … [Read more...]