AZ Home Loan Pre-Approval & the PQF

One of the best pieces of advice for new home-buyers is simple.  Complete loan pre-approval prior to their home buying journey.  This way the buyer knows how much they can afford.  In fact, completing Pre-Approval helps Arizona buyers determine their monthly payment, down payment and loan type prior to looking at homes. Home Loan Pre-Approval in Arizona In Arizona, each home buyer must present an Arizona specific pre-qualification letter along with their offer to buy a home.  The PQF shows … [Read more...]

Having More Than One FHA Loan

Typically FHA allows 1 FHA loan at a time.  However that rule is not the end all be all.   In fact, FHA allows borrowers more than 1 FHA loan in certain cases. More Than 1 FHA Loan Allowed While FHA rules state a borrower may have just 1 FHA loan at a time, there are 4 scenarios under which FHA will grant an exception to that rule allowing multiple FHA loans.  The 4 exceptional scenarios are: Re-locations - Borrowers relocating to an area not within reasonable commuting distance from … [Read more...]

Getting a Gift on an FHA Loan

Many Arizona FHA home buyers have everything they need except for the down payment required to purchase a home.  One of the great features of an FHA mortgage is that Phoenix area buyers are allowed to receive a gift from a family member. If a Arizona FHA home buyer is going to receive a gift for their down payment and/or closing costs, there are a few simple steps that FHA/HUD require every FHA mortgage lender take the borrower through in order for the gift funds to be allowed. FHA Home Loan … [Read more...]