Mortgage Approval When Relocating to AZ

As an Arizona Mortgage Lender, one of the most common paradoxes I see is with clients that are relocating due to a job transfer or promotion face is the timing of buying a new home and closing on a new Phoenix area FHA, VA or Conventional home loan.  Many Phoenix lenders require that a borrower provide a pay stub showing that they have in fact started their new job.  The transferee is oftentimes forced to show that they have moved and started work.  That is all fine and dandy however there is a … [Read more...]

3% Down Payment In Arizona

I am excited to announce that 3% down Conventional Financing is available.  This is not exactly brand new news however most Arizonans are not aware that Phoenix home-buyers can purchase a home using a Conventional mortgage with as little as 3% down. In the past the Arizona Real Estate market was classified as "declining" which kept mortgage insurance companies from insuring a new mortgage with only a 3% down payment.  Good news - times have changed!   Based on an improving Arizona Real Estate … [Read more...]

Self-Employed Borrowers Need 2 Years?

This is a great question!  One that is oftentimes answered by mortgage professionals inaccurately.  Yes, the general rule in the mortgage world is 2 years.  Typical/standard mortgage guidelines for FHA, VA, Conventional, USDA Phoenix mortgages require that a self-employed borrower show a 2 year history of self employment.  However, we need to view mortgage rules the same way Superman views a steel pipe - from time to time they need to be bent. Now don't take that the wrong way.  Bending … [Read more...]

Buying Right After Short Sale

It's true, one can typically not qualify for a mortgage loan for a period of years after completing a short sale. However, there are exceptions to that rule and as your Phoenix Arizona Mortgage Lender, I will never leave any stone un-turned while searching to find what options my clients have available to them. One of the best stories that I have had the good fortune to be a part of involves an FHA client we recently closed a loan for. This family needed to complete a short sale on their current … [Read more...]

Arizona Mortgage Insurance Options

The way that a home buyer pays for their mortgage insurance varies significantly depending upon the type of loan they use and in some cases personal preference.  It is important that your Arizona Mortgage Lender helps you understand what your mortgage insurance options are.  Let's start by taking a look at what your options are loan type by loan type. Conventional Financing Mortgage Insurance When is Conventional mortgage insurance paid? Conventional mortgage insurance is paid anytime a … [Read more...]