Arizona FHA and USDA Rural Development Home Loans Blog

USDA Loans Refinance Funds Now Available

Tue, 24 Nov 2009 07:00:18 -0600

USDA Loans ARRA Refinance Funds NOW Available!

The USDA released a Notice of Funding Availability for USDA Loans Refinance Assistance under the American Recovery and Reinvestment Act of 2009.

USDA Loans Refinancing by using ARRA funds is more restrictive than typical USDA Loans.

USDA Loans ARRA Refinance Requirements:

The new USDA Loans must have an interest rate at least 1% lower than the current interest rate.

On the USDA Loan Refinance the new maximum loan may be no more than the principal on the existing USDA loan plus the guarantee fee. The new USDA Loan including the guarantee fee cannot be more than the original loan amount.
If there are more than one borrower on the existing USDA Home Loan and one of them wants to relinquish their interest in the property, the remaining borrower must prove ability to repay.
The existing USDA Home Loan must be current for 180 days prior to the new USDA Loan Application.
If the loan amount of the new USDA Loan is to be larger than the existing principal of the original loan, then an appraisal will be required.
If the existing USDA loan is more than 12 months old, a new appraisal will be required.
The maximum loan origination fee allowed for the new USDA Loan is 1%.

To apply for a USDA Loan Refinance, click on the Get Started on USDA tab or click here.

Apply online for a USDA Loan and get pre-qualified today.

Paul Dunn Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans
Apply online for a USDA Rural Guaranteed Home Loan and get pre-qualified today.

USDA Rural Development Home Loan Has Lower Monthly Payments Than FHA

Tue, 20 Oct 2009 10:35:06 -0500

USDA Rural Development monthly mortgage payments

Did you know that for the same loan size and a similar rate that the USDA Rural Development Home Loan will ALWAYS have a lower payment than FHA? Sometimes the USDA Rural Development payment will be substantially lower.

Let’s talk rates and payments…

When most people shop for a USDA Rural Development Mortgage the first thing they ask is… “What’s the rate?” The problem is that they are often comparing rates for a USDA Rural Development home loan to an FHA Mortgage Loan or Conventional Loan. Some of the time, the USDA Rural Development rate will be slightly higher, but not much.

You pay your monthly mortgage payment, whether it is USDA Rural Development or FHA or Conventional you do not pay a rate. You make a payment based on Principal, Interest, Taxes and Insurance.

All FHA Mortgage Loans have an additional payment component, mortgage insurance. USDA Rural Development Home Loans do NOT have this additional monthly expense. It’s easy to calculate how much the monthly FHA Mortgage Insurance payment will be. Here is the formula:

Loan Amount x 0.55% = Annual Mortgage Insurance (divide by 12 for the monthly FHA Mortgage Insurance Payment)

Example:

A $200,000 USDA Rural Development home loan at 5.5% would have a monthly Principal and Interest payment of $1135.58.

That same $200,000 FHA Mortgage Loan would have that same Principal and Interest payment of $1135.58 but would also have the additional Mortgage Insurance Payment of $91.67 EVERY MONTH. The USDA Rural Development Home Loan saves over $90 bucks a month over an FHA Mortgage Loan with the same loan amount and rate.

Have some fun and play around with our USDA Rural Development Mortgage Calculator and see for yourself the massive savings you can have with USDA Rural Development.

To find out how much USDA Rural Development Home Loan you qualify for today and how much you can save over an FHA Mortgage Loan, click on the Get Started tab above or click here.

Apply online for a USDA Rural Development Home Loan and get pre-qualified today.

Paul Dunn Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans
Apply online for a USDA Rural Guaranteed Home Loan and get pre-qualified today.

$8000 First Time Home Buyer Tax Credit Video

Sun, 04 Oct 2009 13:23:48 -0500

The $8000 First Time Home Buyer Tax Credit is set to expire soon and is available for Rural USDA Loans. The deadline to fund your home is November 30th. That isn't even 60 days from today to qualify for the Home Buyer's Tax Credit. The average AZ Mortgage is taking 35-45 days to close. The home search takes about 2 weeks minimum... right? Here are some things you need to know about qualifying for the $8000 First Time Home Buyer Tax Credit with your Rural USDA Loan:

The Home Buyer's Tax Credit is for the First Time Home Buyer only. If you have owned a home within the last 36 months, you are not a First Time Home Buyer.
The Home Buyer's Tax Credit has income limits. $95,000 for single filers and $170,000 for joint filers.
The amount of the $8000 First Time Home Buyer Tax Credit is the lesser of $8,000 or 10% of the purchase price.
The purchase must be an arms length transaction, meaning that the buyer and seller cannot be related.

Here is an enlightening and entertaining video on the $8000 First Time Home Buyer Tax Credit that my colleague from Portland Oregon, Dustin Hughes at Northwest Mortgage Advisors, put together. Please watch and leave a comment! To find out how much USDA Rural Home Loan you qualify for today, click on the Get Started tab at Rural USDA Loans or click here. Apply online for a Rural USDA Tucson Loans and get pre-qualified today.

How To Determine If Your Property Qualifies For Rural Development USDA Tucson Loans

Tue, 29 Sep 2009 12:33:17 -0500

The Rural USDA AZ Mortgage - How to find Tucson property that qualifies

How do you know if the real estate you are looking at in Tucson AZ, qualifies for the now popular Rural Development USDA Tucson Loans? Let's take a look at a few ways to find out if the AZ Mortgage for the property you're looking at qualifies as Rural USDA.

There are three ways to see if the property you are looking at qualifies for the Rural USDA AZ Mortgage.

Download the Tucson Loans Rural USDA map. It has street names and boundaries marked so it will make determining what qualifies for the Rural USDA AZ Mortgage a snap. Download the map right here off my website under the Maps tab.
Still not sure if the Tucson real estate you are looking at qualifies for Rural Development USDA...

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Read the full story at USDARuralHomeLoans.com

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Paul Dunn Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans
Apply online for a USDA Rural Guaranteed Home Loan and get pre-qualified today.

USDA Success Story - Borrower Who Doesn't Qualify For FHA Home Loans Obtains USDA Home Loan

Tue, 25 Aug 2009 20:24:26 -0500

USDA Home Loan Success Stories

An Arizona First Time Home Buyer with high debt to income ratios obtains an Arizona Rural Development USDA Home Loan. Truly a wonderful ending to this one.

Kathy is a single mom working hard to find a great home where she could raise her two girls. She had been working with a loan officer who offered an FHA Mortgage Loan pre-approval. But the loan officer made one critical mistake and did not correctly calculate her income. So instead of qualifying for the home, she was about to lose it. He told her she was turned down for her FHA Mortgage Loan application.

So Kathy was not about to quit, and she went online to look for an Arizona Mortgage Loan Expert. That’s when she found us and I asked her some simple questions and saw why the other mortgage loan originator miscalculated the income. It was obvious that although FHA Mortgage Loan financing can sometimes stretch debt ratios, this would stretch them too far. Mostly due to some child support issues and the additional monthly mortgage insurance.

Read the rest of the story at USDA Rural Home Loans.com Success Stories.

Do you know who will be our next USDA Home Loan Success Story? To find out how much you qualify for today, click on the Get Started tab or click here.

Mortgage Originator Marketing So Easy A Subservient Troglodyte Could Do It!

Mon, 24 Aug 2009 23:20:43 -0500

If you’ve been wondering and struggling with your Mortgage Advertising, Mortgage Loan Lead systems or how to get Realtors to call you, boy do I have some exciting news for you. This Mortgage Advertising To Realtors program is the #1 marketing secret I have ever seen. This Mortgage Loan Marketing system will help will get Red Hot Realtors who need you to call you today to help them Shorten the Sales Cycle and Get Paid Sooner. The secret behind the Mortgage Advertising Loan Officer Marketing system is that Tim has taken the new MDIA (Mortgage Disclosure Improvement Act) rules and turned them into the best opportunity EVER for Mortgage Advertising and Exclusive Mortgage Lead generation.

Just like Travis you can apply the Mortgage Advertising secrets to help any Top Realtor you chose and help them close deals quicker and get paid sooner. This is Loan Officer Marketing at its most effective, period. I’ll share the exact Tele-Seminar Travis shared with his Realtors in a moment that got Realtors he’d never even met within 40 miles calling him for appointments. This Mortgage Advertising will have Realtors calling you in minutes, not months, weeks or days.

This Mortgage Advertising is so simple even a Subservient Troglodyte could do it (That’s a mortgage caveman).

Read the full story and watch the COMPELLING video at Mortgage Marketing To Realtors.com

Tucson FHA Mortgage tips - know this when buying a vacant home

Tue, 04 Aug 2009 08:44:13 -0500

Tucson FHA Mortgage Loan Tip

There is an abundance of Arizona Bank Owned REO property on the Tucson MLS. Anybody planning on buying a home in Arizona using a Tucson FHA Mortgage Loan must know the following tip. A vacant Bank Owned or REO property will typically have all it's mechanical systems turned off. Often for quite some time. Tucson FHA Mortgage Tip for purchase of Vacant Property:

When an appraiser inspects the property they will check the utilities and mechanical systems as an FHA requirement. If they have been disconnected prior to the appraiser inspecting the property, to qualify for a Tucson FHA Mortgage Loan they will need to be turned on and the mechanical systems will need to be checked by a licensed contractor or qualified inspector. The contractor or inspector must certify that the systems have been turned on and are working properly.

Planning appropriately with this Tucson FHA Mortgage Tip in mind will without any doubt save you time and frustration. Just imagine applying for a Tucson FHA Mortgage Loan for the purchase of a vacant bank owned property and all the utilities are off. You hire the appraiser who inspects the vacant property. The appraiser then will take the next several days to complete the appraisal report and then submit it to us(total time, 1-2 weeks) for your Tucson FHA Mortgage Loan. At this time your mortgage guy calls and tells you "the utilities are not hooked up. Get them hooked up and you'll need to pay a qualified inspector to verify that all systems are working properly." If that happens, you've added time and the additional inspector cost to the already lengthy process of home buying. Arizona USDA Rural Development Home Loans will also follow this same tip. To find out how much you qualify for today, click on the Get Started tab above or click here. Apply online for an Arizona FHA Mortgage Loan and get pre-qualified today. Or call (520) 225-0380 to speak with a Tucson FHA Mortgage Loan Originator today!

Arizona FHA Mortgage Loans and the First Time Home Buyer - Credit Tips!

Mon, 27 Jul 2009 18:51:21 -0500

First Time Home Buyers are experiencing an opportunity like never before. And HUD's FHA Mortgage Loan is the primary financing tool for the majority of First Time Home Buyers in Arizona.

Today's Arizona Real Estate market has many deep discounts and Tucson FHA Mortgage Loans is positioned to be the financing tool of choice.

"Real Estate in Tucson and the rest of Arizona is CHEAP! It's like being in K-Mart and the Blue Light is flashing!"

FHA Mortgage Loans allow for low down payment and here are some credit tips for First Time Home Buyers...

Read the full story at Tucson FHA Loans today!

Paul Dunn Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans
Apply online for an FHA Mortgage Loan and get pre-qualified today.

USDA Rural Home Loans - What's The Maximum USDA Loan Size?

Mon, 27 Jul 2009 11:29:05 -0500

Using an Arizona USDA Guaranteed Rural Home Loan allow you to buy a home in ANY County of Arizona with Zero Down payment. That means, the money you save on your down payment by using a USDA Rural Home Loan instead of conventional or FHA Home Loan financing will stay in your bank account, for your family.

QUESTION: What is the maximum Arizona USDA Rural Home Loan size?

ANSWER: There is not a set maximum loan size for USDA Rural Guaranteed Home Loans.

EXPLANATION: The USDA Rural Home Loan size you qualify for is determined by your USDA Repayment Income. As a BASIC rule;

Read the full story at USDARuralHomeLoans.com

Paul Dunn Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans
Apply online for a USDA Rural Guaranteed Home Loan and get pre-qualified today.

AZ FHA Streamline Refinance - How to apply for an FHA Streamline Refi

Tue, 07 Apr 2009 12:16:40 -0500

You can refinance your Arizona FHA Mortgage Loan without an appraisal and without any credit or income re-qualifying what so ever. The AZ FHA Streamline Refinance takes the hassle out of getting a permanent interest rate reduction on your Arizona FHA Mortgage Loan.

In the 1980’s HUD created a loan program designed to “streamline” the refinance process for homeowners with existing FHA Mortgage Loans. The result is the FHA Streamline Refinance.

The four basic requirements of the Arizona FHA Streamline Refinance:

Your current mortgage must be an FHA Mortgage Loan
Your current FHA Mortgage Loan SHOULD be current
The FHA Streamline Refinance MUST result in a lower payment
Cash Out Refinances are not permitted under the AZ FHA Streamline Refinance

So, if your current interest rate is over 6% or so; you should consider looking at an Arizona FHA Streamline Refinance to get into today’s low rates.

Download the application-pack-for-fha-streamline and watch the video “FHA Streamline Application Instructions - How to Refinance Without an Appraisal.”

No Money Down - 100% USDA Rural Home Loan Financing

Wed, 25 Feb 2009 08:26:23 -0600

USDA Rural Home Loans has a MASSIVE advantage in today's Real Estate market. We've all heard these terms...

NO MONEY DOWN! ZERO DOWN! 100% Home Loan Financing!

These options for financing a home are no longer available with conventional financing NOR through FHA home loan financing. The best option for buying a home with No Money Down is with the USDA Rural Development Home Loan, which will fund up to 102% of the appraised value.

The USDA Rural Development Home Loan allows you to finance:

Full Purchase Price
Closing Costs
USDA Guaranty Fee
Rehabilitation Costs
Repair Costs
Appliances

How do you find a USDA Rural Development Home Loan property that qualifies?

First, click on our USDA MAPS tab to print out the map for the area you are interested. Then a good place to look for an eligible USDA Rural Development Home is at www.Realtor.com. Simply look for properties within the boundaries identified on your USDA Rural Home Loan map.

You can apply for a USDA Rural Development Home Loan here.

P.S. - It's always a good idea to get prequalifed for a USDA Rural Home Loan before you go out shopping for a new home!

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

FHA Streamline Rate Reduction Refinance - Exposed in Arizona

Wed, 28 Jan 2009 08:26:13 -0600

Are Lower Rates On The Horizon? The FHA Streamline Refinance Rate Reduction is available to homeowner who currently have an existing FHA Mortgage Loan.

Government has been under enormous pressure to stabilize home prices and prevent foreclosures. As a result the Feds have been injecting tons of liquidity into the Mortgage Backed Securities markets and DRIVING RATES DOWN. This is the opportunity to take advantage of the FHA Streamline Refinance Rate Reduction mortgage loan.

** IMPORTANT ** Homeowners with existing FHA financing have a unique opportunity RIGHT NOW to ensure that they always have the lowest rates available . Watch this 3 minute video and find out exactly what it does and does not take to have a Lifetime Great Rate with FHA Streamline Refinance Rate Reduction.

There are only 3 easy rules to putting this program to work. Watch this video to learn about the 3 rules and what it takes to get a Great FHA Mortgage Rate for life!

An AUTOMATED Rate Alert Notification can be set by clicking on RATE ALERT. Just set the rate that saves you cash and you'll automatically be notified when it hits. Never miss the Great Rate Boat again!

If you know someone with an existing FHA mortgage loan, this is information you'll want to forward to them.

Apply Now for an FHA Streamline Refinance Rate Reduction loan.

FHA Streamline Refinance Without An Appraisal

Wed, 21 Jan 2009 23:58:48 -0600

Is your Arizona FHA Mortgage Loan stressing you out because you owe more than your house is worth?

If you have an Arizona FHA Mortgage Loan and you’ve been trying to refinance into today’s HOT Mortgage Rates, but couldn’t because you’re upside down on your house; I have great news for you.

The FHA Refinance Lifetime Mortgage Rate Rolldown program allows you to get a new Arizona FHA Mortgage Loan without obtaining an appraisal.

Read The Full FHA Streamline Refinance Story

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

Apply Online for a USDA Rural Home Loan or an FHA Mortgage Loan

Hope For Homeowners - The FHA Short Refinance prequal up and running

Wed, 21 Jan 2009 09:46:22 -0600

Hope For Homeowners - The FHA Short Refinance The FHA Short Refinance may be right for you if one of the following applies:

Property is located in ARIZONA
Upside down on your mortgage
Your Adjustable Rate Mortgage is going up
You’ve had a financial hardship and need payment relief

To find out if you qualify for an FHA Short Refinance, please complete the form online. A member of our team will be in contact with you shortly. Below the FHA Short Refinance form you’ll find some informative articles on the subject.

Elibible properties MUST be located in ARIZONA!

Paul Dunn - (520) 225-0380
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans

USDA Rural Home Loans have many advantages over FHA or Conventional financing

Wed, 21 Jan 2009 00:15:13 -0600

USDA Rural Home Loans offer many advantages over either FHA Mortgage Loans or Conventional Home Loans. Here is a brief summary of advantages of the USDA Rural Home Loan.

Read the full story

Paul Dunn - (520)225-0380
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans

Apply for a USDA Rural Home Loan or an FHA Home Loan NOW!

Could Down Payment Assistance Be Coming Back For FHA Mortgage Loans

Tue, 20 Jan 2009 09:56:52 -0600

Down Payment Assistance has been a big part of FHA Mortgage Loans for the last 10+ years for First Time Home Buyers. In October 2008 Congress eliminated the Down Payment Assistance Program eligibility for FHA Home Buyers.

Good News for First Time Home Buyers!

Rep. Al Green of AL will be introducing HR-600 on 1-21-09 to save and reform Down Payment Assistance for FHA Mortgage Loan eligibility.

Read the full story

Paul Dunn - (520)225-0380
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans

Apply for a USDA Rural Home Loan or an FHA Home Loan NOW!

FHA Streamline Refinance hits a WHOPPING 5% - could get lower

Thu, 18 Dec 2008 13:05:47 -0600

WOW!

Did I say WOW!

The FHA Streamline Refinance has just hit an insane 5%. Truly an incredible rate. The FHA Streamline Refinance allows for a smooth application process. It doesn't require reverifying consumer credit, income or assets. And in most cases the FHA Streamline Refinance can be done without an appraisal.

To find out what the current FHA Streamline Refinance rate is, read the rest of the story at FHS Streamline Refinance and then be sure and fill out the info request form.

WOW!

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

USDA Rural Home Loan information request form up and running

Thu, 18 Dec 2008 08:49:40 -0600

I just updated the USDA Rural Development Home Loans web site to include an information request form. Now you can check to see if your property is located within an eligible area for USDA Rural Home Loans by filling out this form.

USDA Rural Development Info Request

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

USDA Rural Home Loan Qualifying And Repayment Income

Thu, 18 Dec 2008 08:44:35 -0600

USDA Rural Home Loan qualifying uses two different income types to determine qualification for the USDA Rural Home Loan. In the previous post we discussed Adjusted Household Income and in this post we will discuss what the USDA Rural Home Loan qualifies as Repayment Income.

The USDA considers Gross Income and Repayment Income as the same thing and is used in determining if you can afford the payment by looking at a DTI Ratio (debt to income).

Read the full story at: USDA Rural Home Loan Repayment Income includes:

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

USDA Rural Home Loan qualifying with Income Adjustments

Sun, 14 Dec 2008 20:12:21 -0600

The USDA does indeed set income limitations for qualifying for the USDA Rural Home Loan, but a little known fact is that most folks have “adjustments” to their income that will help them to qualify for the USDA Rural Development Home Loan.

The USDA will Review two types of income for qualifying for the USDA Rural Development Home Loan:

Adjusted Household Income
Repayment Income (Gross Earnings) What do the USDA Rural Development Home Loan guidelines consider as “Adjusted Household Income”? It is basically gross income MINUS any eligible deductions.

Here is a list of 7 eligible deductions for qualifying for a USDA Rural Development Home Loan.

Read the 7 deductsions at USDA Rural Home Loans

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

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

Mon, 17 Nov 2008 22:40:13 -0600

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

Tue, 11 Nov 2008 20:54:09 -0600

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

Mon, 10 Nov 2008 21:30:16 -0600

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

Mon, 20 Oct 2008 23:16:09 -0500

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!

Mon, 06 Oct 2008 17:53:10 -0500