AZ Home Loan Pre-Approval & the PQF

Most Arizona home-buyers know the best possible thing to do before embarking on their home buying journey is to work with a Phoenix mortgage lender to get fully pre-approved.   This way the buyer knows how much they can afford.  Getting Pre-Approved also helps an Arizona buyer determine out what monthly payment, down payment and loan type they are comfortable with before looking at homes. Home Loan Pre-Approval in Arizona In Arizona, each home buyer must present an Arizona specific … [Read more...]

Having More Than One FHA Loan

Typically FHA only allows a borrower to have 1 FHA loan. However that is just a "rule" and if you a rebel like me you know that rules are meant to be broken! Okay, maybe just bent a little. FHA does allow a borrower to have more than 1 FHA loan in certain cases. When Can You Have More Than 1 FHA Loan? 1. Re-locations - Borrowers relocating to another area that is not within a reasonable commuting distance from their current principal residence (the home with the FHA loan on it).  This … [Read more...]

Stove Requirements on FHA Loans

Every different loan program has a very specific set of guidelines that a property must meet in order to be eligible for financing.  FHA bases its core property requirements around three basic principles. Does An FHA Mortgage Require That a Property Have a Stove? The answer is NO.  FHA specifically states that a property must have a space for cooking however there is no requirement that states that a property must have a stove present.  If the stove is missing, you will want to make sure … [Read more...]

How to Receive a Gift From a “Non-Family Member” (FHA)

The general belief is that a gift on an FHA loan must come from a family member (click here for more on FHA gifts).  Well what about couples that haven't quite tied the knot yet?  What can they do if one of them is not on the loan and they want to donate funds to help their valentine buy a house?  There is an option! FHA guidelines state that a gift must come from a interested party.  The phrase "interested party" opens the door just enough to let girlfriend/boyfriend/life partner donors in … [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...]