Arizona FHA and USDA Rural Development Home Loans Blog

How to buy Tucson bank owned property with a streamlined FHA 203k

2008-11-17T22:40:13Z

Tucson Loans and Tucson Mortgages are available for home buyers who have found the perfect Tucson Real Estate but, the home needs some work. Have you ever thought "I love this house, but...."?

The good news is that there is are little known Tucson Mortgages and Tucson Loans available from HUD that are not well publicized and can help you buy that slightly unsightly house. And turn it into your dream home. Best of all with just ONE Tucson Mortgage Loan. It's the FHA 203K Streamline.

Read more on the FHA 203K Streamline Loan for Arizona.

Paul Dunn
FHA Tucson Loans and Tucson Mortgages
Arizona USDA Rural Home Loans

USDA Rural Home Loan Credit Score Minimums

2008-11-11T20:54:09Z

The USDA Rural Home Loan doesn't have a specific credit score requirement. However the majority of USDA Rural Home Loan investors do have a minimum of 620. In addition, if you have a credit score above 620 the USDA Rural Home Loan will be a little less stringent on you in regards to past credit issues.

To read about USDA Rural Home Loan credit score requirements, go to http://usdaruralhomeloans.com

Apply for a USDA Rural Home Loan now!

Paul Dunn
FHA Tucson Loans and Tucson Mortgages
Arizona USDA Rural Home Loans

FAQ Sheet for FHA Short Refinances

2008-11-10T21:30:16Z

When it comes to an FHA Short Refinance I get about 5 questions on a regular basis:

1) What is an FHA Short Refinance

2) How do YOU get paid on an FHA Short Refinance

3) What if an FHA Short Refinance Does Not Work

4) How long does an FHA Short Refinance take

5) Can I do an FHA Short Refinance on an investment property

6) How do I get started on an FHA Short Refinance

For the answers, read my recent post on Tucson Loans and Tucson Mortgages web.

Paul Dunn
FHA Tucson Loans and FHA Tucson Mortgages
Arizona USDA Rural Home Loans

There are Tucson Loans going on despite what many say

2008-10-20T23:16:09Z

I heard on the radio the other day that banks just aren't lending money anymore. The fact it that there are Tucson Loans going on right now and the opportunity to buy, especially for the first time home buyer, has never been better.

Loans were available to just about anybody, their mom, the family dog, etc.

Now getting Tucson Loans requires you to, well, qualify.

Just a rant, and to let you know that Tucson Loans are still available.

Paul Dunn
The Tucson Financing Specialist
100% Financing For Rural Homes

When 100 BILLION Dollars isn't good enough for a Fed Bailout!

2008-10-06T17:53:10Z

FHA Secure Short Refinance Options When You Are Upside Down On Your House

2008-09-22T10:15:15Z

When you owe more than your home is worth and you need an FHA Secure Short Refinance, there are typically three outcomes. Your FHA Secure Short Refinance options will depend upon the negotiations with your current mortgage lender.

Short Refinance Write Down - This is the option of preference. The existing lender simply writes off the amount that can be refinanced into the FHA Secure Short Refinance.
FHA Secure Refinance with subordinate financing - In many cases the existing lender will accept a secondary lien in the amount that the payoff is short.
FHA Secure Short Refinance with a partial unsecured loan - In some cases the existing lender will write off a majority of the existing loan and allow for the creation of an unsecured loan of a portion of the amount that cannot be covered by the new FHA Secure Short Refinance loan. An example of this may be that the new FHA Secure Short Refinance loan can cover all but $45,000 and the existing lender agrees to write off $38,000. They may allow for an unsecured low or zero rate loan to cover the final $7,000 in an effort to make the transaction work.

Apply for an FHA Secure Short Refinance today.

Paul Dunn
Arizona FHA Mortgage Loans
Arizona USDA Rural Home Loans

Is A Fed Bailout Of Bad Mortgages On The Way?

2008-09-19T09:06:29Z

It looks like the Feds are in the process of creating a company to buy unwanted assets of financial institutions. The Feds have done this before; back in the 1930s they created the Home Owners Loan Corp to issue bonds to refinance people and the Resolution Trust Corp to sell off failed bank assets.

An article in CNNMoney states that if they were to create such a corporation it would buy unwatned mortgage backed security assets from financial institutions in an auction format. Basically the company willing to sell at the lowest price to the new corporation would win the auction and rid themselves of the bad mortgages.

If this were to happen the new government corporation could then resell those assets back to the market when it wanted to. They would also open options for those borrowers whose mortgage loans it does hold to refinance into a lower risk government insured mortgage, possibly an FHA Refinance.

What do you think about this?

Paul Dunn
Arizona FHA Mortgage Loans
Arizona USDA Rural Development Home Loans

The Short Refinance REQUIRES A Budget Worksheet

2008-09-17T10:12:49Z

I've been getting a lot of calls about how to do a Short Refinance. One of the most important things a homeowner must do in order to increase the odds of success for a Short Refinance is to complete a monthly budget worksheet.

The montly budget worksheet will be provided to the current lender in the short payoff offer package and to successfully obtain a short payoff for a Short Refinance it must show the current lender that the homeowner is faced wihth substantial financial hardship.

The monthly budget worksheet is just a good tool to have around for any purpose. I also provide it to first time home buyers.

Paul Dunn
Arizona FHA Mortgage Loans
Arizona USDA Rural Home Loans

The Feds Seize Fanny and Freddie - whats that mean for Arizona?

2008-09-10T13:16:56Z

Time For A Long Weekend - How About The Mogollon Rim? Talk About Views!

2008-08-28T11:07:33Z

It's the long weekend and I've been working more hours that exist in a day, or at least I thought. So we're packing up the ole Coleman Tent Trailer and heading on out to the Mogollon Rim up outside of Payson Arizona for a weekend of great views, hikes, fishing and just plain old relaxing.

The Mogollon Rim is like a mini Grand Canyon, where the cliff sometimes is 2,000 above a MASSIVE view. Lakes and great hiking up on the plateau area.

This workaholic will be bringing his laptop though... :)

Next blog post will most likely be....The Fishing Report!

Cheers

Paul Dunn
Arizona FHA Mortgage Loans
Arizona USDA Rural Home Loans
Mortgage Marketing Community

Mortgage Marketing Community Forum Looking For Creative Mortgage Marketing Loan Originators

2008-08-27T00:37:35Z

The Mortgage Marketing Community has recently created a new forum, take a look at the Mortgage Marketing Community Forum. We've created the form as a place where Mortgage Loan Originators can put their creative Mortgage Marketing thinking caps on and network together. Our goal is to make this a place where originators can get excited about the mortgage business again, share ideas and make things happen. We also welcome any suggestions, because we know if the originator is empowered, it doesn't have to be so tough out there.

Paul Dunn
Arizona's FHA Mortgage Loan Guy
Arizona USDA Rural Home Loans
Mortgage Marketing Community

USDA Rural Development Guaranteed Home Loan MAP for Sierra Vista

2008-08-25T12:29:29Z

The Siearra Vista AZ map for areas eligible for the USDA Rural Guaranteed Home Loan is posted below. Please feel free to print it out as a resource. Homes in areas that are not within the red boundary line in the Sierra Vista AZ area are geographically qualify for the USDA Rural Guaranteed Home Loan which allows financing up to 102% of the appraised value on a purchase.

Paul Dunn
Arizona FHA Mortgage Loans
Arizona USDA Rural Guaranteed Home Loans

USDA Rural Development Guaranteed Home Loan MAP for Yuma CITY

2008-08-25T12:20:47Z

I just posted the Yuma County Map so here is the more detailed Yuma City USDA Rural Home Loan Map. The areas outside of the red boundary qualify for USDA Rural Development Home Loans. Please feel free to print it as a reference. The majority of the Yuma City area is eligible for USDA Rural Guaranteed Home Loans.

Paul Dunn
Arizona USDA Rural Guaranteed Home Loan
Arizona FHA Mortgage Loan

USDA Rural Development Guaranteed Home Loan MAP for Yuma County

2008-08-25T12:11:48Z

Here is the map of qualifying areas for Yuma County. The majority of Yuma County is eligible for USDA Rural Development Guaranteed Home Loans which is good news because it allows buyers to get the best priced loan period.

Please print the map and use it as a reference. You can always find more information on my Arizona USDA Rural Home Loan site.

I'll post the Yuma City map shortly.

Paul Dunn
Arizona USDA Rural Development Home Loans
Arizona FHA Mortgage Loans

Video I did in about 10 minutes with the ActiveRain Video Service

2008-08-25T01:25:56Z

I used the Active Rain video service to slap together this video for our new venture the Mortgage Marketing Community. They have all the prebuilt clips, pictures, music and such. It's pretty cool. Just can't figure out how to get it out and syndicated... It would be nice to be able to download the video file to your computer.

Loan Officer In BIG Trouble For One Little Blog Post

2008-08-20T10:55:37Z

Well I made you look, and really that was the purpose of that headline. I was having a conversation with my favorite marketing maniac Tim Davis and the conversation turned to writing headlines that pull.

If you can't get your audience to read your message you sure as heck won't get them to be interested in your product!

So here are two quick tips for marketing headlines.

1) Watch the newspaper headlines - they are in the same business we are, selling the story
2) Keep it truthful
3) Use drama

One of Tim's most effective headlines ever was "This Business Is So Hard I QUIT"

Now when marketing to search engines keep in mind you also must use keywords in your bold dramatic headline.

Check out Mortgage Marketing Community as it grows.

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans
FHA Secure Short Refi on Squidoo
Mortgage Marketing Community

Map For USDA Rural Development Real Estate Loan In Casa Grande AZ

2008-08-20T10:37:36Z

Here is the map for USDA Rural Development Home Loans in Casa Grande Arizona. If this is your area, please print it out and use it as a reference. To verify an address you are looking at as eligible for the USDA Rural Home Loan, please email me with the address and I'll Check it for you.

You can find more USDA Rural Home Loan Maps on my USDA website.

Click on the map to download a pdf copy of the Casa Grande AZ USDA Rural Home Loan eligibility map.

I'll get more up as time permits...

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans
FHA Secure Short Refi on Squidoo
Mortgage Marketing Community

Map For USDA Rural Guaranteed Loan For Rural Real Estate In Tucson

2008-08-19T11:23:09Z

I finally put together the map for the USDA Rural Guaranteed Loan for Rural Real Estate located in the Tucson AZ area. You can download a copy of the USDA Tucson map by clicking on it or visiting my USDA Rural Guarnteed Loan web site.

I'll upload other USDA Rural Guaranteed Loan eligibility maps when I get a chance...

Map for

USDA Tucson

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Guaranteed Loans

USDA Rural Development Government Loan Saves Buyers TONS Of Cash!

2008-08-18T14:15:56Z

The USDA Rural Development Guarenteed Loan is quickly establishing itself as the most cost effective Rural Housing Loan anybody could use.

Our Rural Housing Loan will save your buyers a truck load of cash and help them keep their money in their bank account after closing!

Here's a comparison of an FHA Government Loan, A Conventional Mortgage and a USDA Rural Development Real Estate Loan.

	FHA	Conventional	RHL
Purchase Price	200,000	200,000	200,000
Loan Amount	194,300	190,000	204,000
Principal & Interest	1,228.11	1,264.07	1,289.42
Mortgage Ins. Premium (monthly)	80.96	272.33	0.00
Total Monthly Payment	1,309.07	1,536.40	1,289.42
DOWN PAYMENT	5,700	10,000	0.00

Not only does the Rural USDA loan have the lowest out of pocket expenses to buy Rural Real Estate, it also has the lowest down payment requirement.

Keep in mind that Rural Real Estate isn't a farm, it's often subdivisions just on the edge of town.

Apply for a Rural Housing Loan here.

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans

Do You Squidoo? Check Out My FHA Secure Short Refinance Squid Lens

2008-08-18T01:38:27Z

I finally got a spare 30-40 minutes and so I created a squidoo lens for the FHA Secure Short Refinance.

Please stop by, check it out and rate it a 5! Also feel free to leave a comment if you will as that seems to be good for the squid rating.

you can find it at http://www.squidoo.com/fhasecure.

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans

Help Save Down Payment Assistance - Join La Resistance

2008-08-16T12:18:13Z

Remember when you bought your first home?

Remember walking in and just imagining where everything would go?

Remember the joy of telling your friends and inviting them over to your first home?

Just imagine if it never happened... That's the fact that 100,000s of families will be faced with in the future. Not having that chance at home ownership.

You can help... join la resistance... click on the picture below to find the website.

Let's keep hope alive for the 100,000s of families that could be affected by this.

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans

Short Refinance With FHA Secure And Maintain A Good Mortgage Credit Rating

2008-08-16T11:47:47Z

The Short Refinance with FHA Secure is quickly becoming one of the most popular credit mortgage loan programs available. In Arizona Real Estatewe are seeing home values fall and Adjustable Rate Mortgages climb. The current recipe for Real Estate Disaster, and why there are so many REO properties on any Arizona Real Estate MLS system you look at.

The Short Refinance using the FHA Secure fixed rate mortgage loan can be the answer for many struggling homeowners.

I've had some conversations with my favorite credit guru and one thing that most people don't know about a Short Refinance is not only has the FHA Secure Short Refinance Help 200000 families, but if you stipulate before a Short Refinance or Short Pay process you can get the lender to maintain an M1 status on the credit report.

Apply for a Short Refinance here.

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans

Short Pay or Short Refinance - How To Get The Lender To Discount Your Debt

2008-08-15T10:59:27Z

Getting a Short Pay for a Short Refinance is possible and is happening on a regular basis. With FHA Secure and the new FHA HOPE more short pay and short refinance opportunities are oppening up.

There are specific requirements under both the FHA Secure and the FHA HOPE to do a short refinance, and when those requirements ARE met most borrowers not only drastically drop their mortgage payments but also eliminate a portion of the mortgage they owe.

Imagine how it feels to go from stressed out financially distraught and owing more than your home is worth to being in a financially stable situation AND with an equity position in your home.

If you know someone who wants to keep their home but is having financial difficulties, contact me today! The opportunity for a short pay or short refinance will not last.

Apply for a Short Refinance here.

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans

FHA Secure - Is It Just Another Bad Credit Mortgage Loan?

2008-08-14T11:51:31Z

I've been getting calls on a regular basis about the FHA Secure Short Refinance. Many people are calling it the Foreclosure Loan or simply a Bad Credit Mortgage Loan.

The primary questions about the FHA Secure are:

Do I have to be in foreclosure?

Do I have to have Bad Credit, is it really The Bad Credit Mortgage Loan?

Let's take a look one at a time...

Do I have to be in foreclosure?
No - people in foreclosure are not disqualified according to HUD rules but are encouraged to talk with a HUD approved housing counselor who can be found here. Keep in mind that FHA Secure Short Refinance can help people in foreclosure as a foreclosure refinance, but qualifying is dependant of several factors.

Do I have to have Bad Credit?
No - I work with homeowners on a regular basis who have perfect credit and 700 credit scores. How do they qualify? It is because they are in a highly volitile adjustable rate mortgage that has recently adjusted or will soon adjust and are now in a financial cinch. We need to be able to prove that the adjustment in the loan will cause undue financial hardship and the real possibility of foreclosure in the future.

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans

Housing Market Hits A Low - House Sells For ONE DOLLAR!

2008-08-14T11:10:44Z

You'll never believe it but I just got wind that a foreclosure home in Detroit at 8111 Traverse Street just sold for...

(time for another drum roll)

ONE DOLLAR!

Could this be a siginal that the housing market has bottomed out? The house was bought back in November of 2006 for $65,000 and the bank that foreclosed on the property was so desperate to sell it that they listed it on the MLS for $1. And it still took 19 days to sell.

Even more amazing is that it was listed back in January for $1,100.

Check out the article in the Detroit News for the whole story.

Cheers
Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans