Qualifying for Mortgage Without “Income”

Once upon a time, in a land far far away there lived a Phoenix mortgage program named "stated income."  He roamed the Arizona Real Estate market spreading mortgage bliss (or so everyone thought) to every soul that had a pulse.  Oh who am I kidding, you don't need to hear this story.  We all know how it ends! The lingering problem with this story's ending is that when stated income was retired out the baby went with the bath water.  There was a legitimate use and appropriate application for … [Read more...]

Can I Choose My Arizona Appraiser?

I get this question constantly.   Can I pick my appraiser for my Arizona mortgage?  In this day and age of regulated and over regulated mortgages this question has the same chance of being answered with a "yes" as "can I pick what auditor at the IRS looks at my tax returns."  The answer to both questions is an emphatic, stubborn and immovable "NO WAY JOSE." Regulators stripped Phoenix area mortgage lenders from being able to select their own appraiser long long ago.  This is true for FHA, VA, … [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  In today's world just about everything is automated.  We have phones that tell us what to do, cars that tell us where to go and computers that tell us how are families are doing!  It's no surprise that automation is a big part of getting pre-qualification for a home loan. … [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...]