2013 FHA Mortgage Insurance Changes

Arizona FHA buyer's buckle up, FHA is at it again.  As of January 31, 2013 FHA has officially made the mortgage insurance related changes we announced just a few months back.  If you are into reading legal jargon, here is a copy of the official notice/ML 2013-047: FHA CHANGES - MI.  For the rest, here is a brief overview: The 2 Changes: INCREASE TO AN FHA BUYER’S MONTHLY MORTGAGE INSURANCE COSTS (known as “annual MIP”) - specific change depends on loan scenario ELIMINATION OF AN FHA … [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...]

Buy New Home While Upside Down

If I told someone I was upside down back in the 90's they would think I was confused, lost or just nutz!  Today, everyone immediately knows that "upside down" means your house is worth less than you owe.  I receive calls on a daily basis from clients wanting to know if the fact that they are upside down on their current home will prohibit them from buying a new home.   They want to take advantage of record low mortgage rates and home prices in the greater Phoenix Area (and across the … [Read more...]