Can I Choose My Arizona Appraiser?

Once upon a time mortgage lenders hand picked which appraiser handled which transactions.   However, today this question has the same chance of being answered "yes" as "can I pick my IRS auditor".  "NO". Regulators stripped Phoenix area mortgage lenders of this power long ago.  In fact, lenders can not hand pick an appraiser for FHA, VA, Conventional, USDA and JUMBO mortgage transactions.  Today, lenders manage appraisal assignment in 1 of 2 ways: 3rd party appraisal management company … [Read more...]

More Than One VA Loan in Arizona

Can a veteran have 2 VA home loans at the same time?  Yes, they can.  Recently, we closed a VA loan for a veteran in Mesa, Arizona.  His name was Tonni.  Tonni owned property in the mid-west that had a VA Mortgage on it.  When he called, he automatically assumed that a 2nd VA loan was not an option.  He thought he had "used up" his VA mortgage benefits. Check Maricopa County & National VA loan limits Veterans Can Have More than 1 VA Home Loan To his surprise, Tonni was eligible for a … [Read more...]

Reasons for Mortgage Pre-Approval | Underwriting

This is part 5 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 #5: Underwriters Have Final Say  Automation is taking over!  Our phones tell us what to do.  Our cars tell us where to go.  Camera's on the street tell the police if we are speeding.  You get the idea.  In this automatic world it's no shocker automation is part of the home loan process.  For example, all … [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...]