FHA Back to Work Program Available
This exciting new FHA mortgage option is now available! The HOUSE Team is now offering an FHA loan that can help some individuals qualify for a new mortgage just 1 year after a bankruptcy, foreclosure, short sale and deed in lieu of foreclosure. This program is all based on a unavoidable reduction in household income. Contact The HOUSE Team for details!
Tip to Help Get Your VA Offer Accepted
Knowing the correct way to calculate VA Non-allowable Fees can make the difference between getting a VA offer accepted and getting it declined. Check out this short video for a quick tip to increase the odds of a succesful VA offer!
New QRM Rule Seeks to Require 30% Down
A new QRM proposal seeks to force buyers to put as much as 30% down. This rule (if implemented) will significantly impact the way Arizona Mortgage Lenders conduct business. The rule would also restrict a great deal of average American homebuyers and their ability to finance a home.
Say Goodbye to the 3% Down Conventional Mortgage
Fannie Mae is eliminating the very popular 3% down Conventional mortgage option as of November 16th, 2013. The minimum down payment will be 5%. While the 3% down loan has served as an outstanding alternative to a 3.5% down FHA loan, borrowers looking to utilize Conventional financing will now need to scrape together an additional 2%. Loans must be locked on or before November 16h (really November 15th as the 16th is a Saturday) and must close on or before March 31st in order to be eligible for the 3% down option.
Arizona Mortgage Rates Drop – Thank you Fed!
Arizona mortgage rates improved after the Fed announced that they will continue to support low mortgage rates. The Fed has been pressuring mortgage rates down for several years now through a series of programs called quantitative easing. The Fed initially was going to bow out or at least start tapering out of this program starting on Sept, 18 2013. However, citing a weaker than desired economy the Fed decided to stay in the mortgage market to help keep Arizona and national mortgage rates from rising. The fear is that if mortgage rates rise the housing market could stall putting the entire economy at risk of further slowdown.
Arizona Appraised Values & Time Value Adjustments
Anytime inventory is low relatively speaking and demand is healthy/high it is possible to see appraised values start to drop slightly as appraisers have trouble keeping up. Why? One of the reasons is something called “time value adjustments” and if not accounted for at all or accounted for appropriately, the value of a home according to the appraisal can be impacted. We are seeing this in our local Arizona Real Estate market and I want to help you understand what exactly a “time value adjustment” is.
Thank You – PrimeLending Award Trip
Last week my wife and I were whisked away to the gorgeous beaches of Newport Ca. and stayed at the amazing Resort at Pelican Hill. This very welcomed spoiling came all thanks to the amazing Arizona Real Estate Agents and clients that trust The HOUSE Team with their mortgage needs. The referrals that we received in 2012 helped propel us to the top of PrimeLending’s production ranking system. We were named to Primelending’s 2012 Chairman’s circle and we owe it ALL to those of you that supported and continue to count on us to get the job done. So from me to you – THANK YOU VERY VERY MUCH for helping us achieve what we did in 2012. Here is to a wonderful 2013 in the Arizona mortgage market!
Lowering Your Arizona Mortgage Payment AFTER Closing
Learn how you can lower your Arizona home loan payment after closing. Homeowners can do this using a tool/strategy called a “mortgage recast.” Many people don’ even know this option exists! This is a great way for folks looking to sell their Phoenix Arizona home to buy a home with little down, sell their current home a few months later and then put the net profit down on their new loan. A mortgage recast allows that homeowner to have their mortgage payment recalculated based on the new lower mortgage balance AFTER they originally closed on the loan!
Making a Contingent Offer In Arizona
With more and more offers involving a contingency in the Arizona Real Estate market, it is important to know how to draft an effective contingent home offer. There are 3 important tricks that can help Phoenix area homebuyers greatly improve the chances of writing a successful contingent home offer.
Approving Tough VA Mortgage Applications
Having a tough time getting approval on an Arizona VA mortgage? There are 3 tips/tricks that every veteran should know and have their home loan officer try before giving up. Adjusting residual income, loan to value and reserves can help a veteran get approved for a Phoenix are VA home loan.
Arizona Mortgage Rates Lower to Record Levels
Thanks to a poor jobs report on Friday April 5th, Arizona mortgage rates have fallen back to historically low levels. Interest rates have fallen back to levels not seen since the end of January 2013. If you are looking to purchase a home or refinance an existing home loan, now may be the time to move in order to leverage today’s record low Phoenix area mortgage rates.
HOME in 5 – An Arizona Down Payment Assistance Program!
Home in 5 is an amazing down payment and closing cost assistance program that is helping Maricopa homebuyers across the great Phoenix real estate market purchase a new home. You do not need to be a first time homebuyer to utilize the program. Check out this video to learn more about the program’s basic guidelines (income, purchase price, credit score and more). The HOUSE team is an experienced Home in 5 lender that can help you!
Using Rental Income for Mortgage Approval When Relocating
When moving out of state for a new job opportunity you may need to rent your previous home out to help make ends meet OR more importantly to help you qualify for a new home loan in your new hometown. Depending on what type of mortgage you are applying for relative to the purchase of your new home (FHA, VA or Conventional) you may be able to use the new rental income to offset the mortgage payment on your existing home. Check this video out to learn how!
Buying a Condo in Arizona Made Easy…Easier
Financing the purchase of a condo is a different process than getting a mortgage for a single family residence, townhouse or patio home. The condo itself falls under much more scrutiny than any other type of property and the property must be considered eligible for financing. While there is really no way to avoid the extra scrutiny that a condo must undergo there are a few tips that can help make the process of getting a mortgage on a condo in the Phoenix area much easier!
Arizona Low Appraised Value – How to Handle It
Arizona home buyers sometimes are forced to deal with an appraised value that comes in lower than the agreed upon purchase price. What is a Phoenix area buyer to do? Based on the Arizona purchase contract there are 3 major options to choose from – 1. Cancel 2. Renegotiate 3. Pay more than appraised value. Also, it is critical that a home buyer understand how a Phoenix area mortgage company will view a low appraised value.
4 Important Keys to Writing an Arizona VA Mortgage Based Offer on a Home
There are 4 very important keys that every Arizona veteran home buyer using a VA mortgage loan to purchase a home must know in order to avoid major hurdles. They include termite reports, closing cost regulations, property regulations and the length of time it takes a Phoenix area lender to complete a VA mortgage. Check out this video for more information on each of these so that you find success when using a VA loan to buy a home.
Including Income from Existing Rentals on a new AZ Mortgage App
Rental property income from a borrower’s existing rental property can still be added to a new loan application however the math used to include it has changed. Fannie Mae issued new guidance that AZ lenders are now following when it comes to adding/including rental income. Check this video out for more!
Arizona Mortgage Rates – Are They Headed North?
Where are Arizona mortgage rates going? The answer may likely depend on what direction stocks head in over the short term. Get ready to make your mind up – your 401k or your mortgage rate? Chances are not both can go up. Check out this video for more info on what the next few weeks may look like rate-wise.
Qualify For a an Arizona VA Mortgage Prior to 2 Years After a Short Sale
Veteran’s that have just gone through a short sale may be in luck! Arizona VA mortgage guidelines do not require that a qualified veteran wait any specific period of time after a short sale. We just approved a Phoenix area veteran for a new VA mortgage less than 2 years after their short sale!
3% Down Payment Arizona Mortgage Program is a Great Alternative to FHA
Many homebuyers purchasing a home in Arizona are looking to take advantage of a low down payment mortgage option. Oftentimes, that translates to an FHA home loan. However, buyers beware! FHA may not be your best option. There is a 3% down Conventional mortgage option in the Phoenix area that offers a slightly lower down payment and lower mortgage insurance costs when compared to FHA financing. Check out this video for more!
An Arizona VA Streamline Refi is an Easy VA Loan Refi
A VA Streamline Refinance is a great way for current VA borrower/homeowners to lower their interest rate and overall mortgage payment. Oftentimes no appraisal is needed (meaning value does not factor in). We also do not need to document a veterans income for a streamline loan. The process is quick, cheap and very effective. The HOUSE Team specializes in VA Streamlines and would be happy to help you learn more about how this option can help you!
You Can Have More Than One FHA Mortgage in Arizona
Most people think they can have only 1 FHA loan under their name at a time. While this is true most of the time there are different scenarios that permit a borrower to have multiple FHA loans under their name at the same time. Watch this short video to learn more about having multiple FHA mortgage loans!
FHA Changes Maximum Arizona Loan Limits…Again
FHA is at it again! HUD/FHA has changed maximum loan limits once again. Maricopa County FHA Loan limits have increased to the same levels we saw earlier in 2011. This will help buyer’s who qualify for FHA financing extend their purchasing power and will certainly add back some much needed liquidity at the our higher price point.
No Seasoning Cash Out Refinance Mortgage Now Available
There is a new option available for home buyers and its HUGE! This new product will allow buyers to leverage their cash to purchase a house and then turn around and do a cash out refinance and ultimately finance the home. Cash is king and this way buyers can use it to buy and then replenish their resources without having to wait out a 6 month seasoning period.