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...]

Reasons for Mortgage Pre-Approval | Assets

This is part 4 in my series about why not to skip a single step in the Arizona mortgage pre-approval process called "Reasons for Mortgage Pre-Approval."  See the rest of the series. Reason #4: Make Sure Your Assets are Eligible  One of the key components to any Arizona mortgage loan approval is documenting that a Phoenix area home loan applicant has enough funds to cover the amount of money they must come to closing with (down payment + closing costs paid by borrower/home buyer).  If an … [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...]