Down Payment for An Arizona FHA Buyer

In the aftermath of the wild Real Estate and Mortgage ride of the mid 2000's the low down payment mortgage options a Phoenix area home-buyer has  access to have dwindled.  However, shortly after the mid 2000 carnival FHA financing rose in popularity in part due to the fact that an FHA mortgage requires very little money down.  Home-buyers across the state of Arizona (and the nation for that matter) leveraged FHA financing to help them achieve their home buying goals. One of the biggest … [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...]