Qualifying For an FHA Mortgage Phoenix Arizona - Ricky Khamis

Qualifying For an FHA Mortgage Phoenix Arizona with Ricky Khamis, CMPS Amerifirst Financial Scottsdale Loan Officer.  Below are the minimum guidelines for Qualifying For an FHA Mortgage Phoenix Arizona:

Qualifying For an FHA Mortgage Phoenix Arizona

• Credit Score - 640 minimum Fico Requirement, however if you're within 50 points or so there is a strong possibility that we can raise your score enough to qualify.
• • How do you know what your FICO is? The best place to start even if you're in the very beginning stages of the buying process is to get a Pre-Qualification completed when Qualifying For an FHA Mortgage Phoenix Arizona
• Employment History - 2yrs of previous employment and ability to prove your employment is likely to continue.  This is done with a VOE (Verification of Employment).  You will need to provide 2 years tax returns and 30 days of RECENT paystubs.
• Debt to Income Ratiosor DTI - less than 50%, exception can be made with strong compensating factors up to 55%.
  • How is DTI Calculated? Take your GROSS income (before taxes) divide by 2, that is the number you CANNOT exceed with your TOTAL debt obligations including the new house payment.
• Down Payment when Qualifying For an FHA Mortgage Phoenix Arizona.  You will need a minimum of 3.5% down PLUS closing costs which typically run around 3.5% as well (more on closing costs in a minute). If the purchase price is 200,000.00 when Qualifying For an FHA Mortgage Phoenix Arizona then you will need 7,000.00 for your down payment.
  • Acceptable sources of down payment:
    1. Checking, Savings, Money Markets etc must be seasoned for 60 days.
    2. Gift from relative, which means mom or dad can gift you the ENTIRE down payment.
    3. Gift from your Job.
    4. Loan from your Job - as long as you don't exceed the DTI requirements..
    5. Gift from Church.
  • Not Acceptable
    1. Seller Credit!!!
  • Closing Costs CAN be a seller credit.  Just make sure you negotiate this UP FRONT when writing the contract.  The entire Closing Costs and Pre-Paids can be a seller credit meaning the seller pays for everything as a credit from the purchase. NOTE: You cannot increase the purchase price to gain this seller credit.
• Property Requirements when Qualifying For an FHA Mortgage Phoenix Arizona.  The property must be in good conditions with ZERO safety issues.  When you order your Home Inspection, the Inspector will note the Safety Issues which IF noted by the appraiser will have to be corrected. 
  • FLIPS when Qualifying For an FHA Mortgage Phoenix Arizona cannot exceed 20% of the previous recorded deed if within the last 90 days.  This means if it was bought at 200,000.00 then it cannot be sold for more than 240,000.00 INCLUDING any money put into the property.

I hope you found this Qualifying For an FHA Mortgage Phoenix Arizona  helpful and informative. There are many other stipulations but it completely depends on your unique scenario. To know 100% what you qualify for click the link below.

Ricky Khamis Scottsdale Mortgage

CMPS, Senior Loan Officer

Amerifirst Financial, INC.

Office: 480-559-9609

Email: Ricky@ApprovingAZ.com

Online Application www.ApprovingAZ.com

Cell 602-758-7425

 BK0013635

Financing Available:

• VA Mortgage in Arizona and California
• FHA Mortgage in Arizona and California
• Conventional Loans in Arizona and California
• Hard Money Loans Arizona
• Private Money Loans in Arizona
• Commercial Investment Loans
• First Time Home Buyer Loans available in Arizona and California
• Move Up Buyers looking to advance their real estate holdings
• Vacation Homes for the up and comers
• 2nd Home Loans with pricing as good as Primary Loans
• Investment Property Financing with 20% down
• Ficos as low as 620 for First Time Home Buyers