phoenix fha loans: 11 Benefits To Using A FHA Mortgage To Finance Your Phoenix Home - 01/06/11 10:41 AM
The purpose of this article is to articulate some of the most common benefits of utilizing a FHA loan to finance a home purchase in Phoenix.  The first bolded sentence is what many real estate professionals believe to be truth.
Phoenix FHA mortgage interest rates are higher than conventional.With tiered FICO pricing on conventional loans, FHA loan rates can actually be lower than conventional. The minimum FICO score required on a conforming loan before the borrower has to pay more points or a higher rate is 740. Using FHA financing, a 660 FICO score gives the buyer the same interest rate as someone with an 800 FICO score. Phoenix FHA … (34 comments)

phoenix fha loans: Underwriting Guideline Update: Collections, Charge-Offs, Judgments, Garnishments & Liens - 09/29/10 11:19 AM
Conventional, FHA and VA mortgage loans in Phoenix may soon become harder to obtain for those with a troubled credit history. Currently, a borrower with up to $5,000 in collections may still eligible to purchase a home in Phoenix, in many cases. The new guideline change could also affect current Phoenix home purchase transactions you may have in process. 
The following policy change was announced from U.S. Bank Home Mortgage, specifically relating to the Correspondent Lending Division's Underwriting policy for all loan products including FHA, VA and Conventional loans.
Collections, Charge-Offs, Judgments, Garnishments and Liens:
Delinquent credit must be paid off at or prior to closing. … (17 comments)

phoenix fha loans: Can You Really Buy Homes for $100 Down in Phoenix? Meet the HUD Repo - 12/25/09 04:54 AM
So you've decided that you want to buy a home in Phoenix, AZ.  Besides the many advantages to living in the Valley, interest rates reaching all-time lows coupled with the recent plunge in home prices make Phoenix a very affordable and attractive option.   Nowadays, it is actually cheaper to purchase a home in the Phoenix area than rent.  The only down side to this scenario is that you're short on cash for a down payment.  Unfortunately, you cannot get a gift from your family, you've already tapped out your 401K, you are not eligible for a VA loan, you make too much … (6 comments)

phoenix fha loans: Current FHA Loan Requirements for Phoenix Home Buyers - 11/27/09 08:10 AM
Phoenix home buyers looking to take advantage of favorable interest rates, reduced home prices, and a low down payment should consider an FHA loan when buying a new home in which to live.  The Federal Housing Administration (FHA) is a part of the U.S. Department of Housing and Urban Development (HUD).  Since FHA loans are insured by the government, it's easier for a lender to offer you the option of a lower down payment.  FHA home loans allow first time home buyers and current home owners to purchase a home with a 3.5% down payment.  In order to qualify for a FHA loan, you will need to ask … (1 comments)

phoenix fha loans: My 203k FHA Loan Closed - What Happens Now? - 10/06/09 01:11 PM
Are you purchasing a home in Phoenix?  Is the house bank-owned, does it need some TLC, or would you just like to paint, carpet and put in some new appliances?  The FHA 203k Streamline loan is the perfect solution.  Click here for a more detailed guide for specifics on how the 203k loan works. 
FHA's Streamline 203(k) mortgage program allows Phoenix homebuyers to finance up to an additional $35,000 into their mortgage, to improve or upgrade their home before they move-in.  Phoenix homebuyers can use this type of loan to pay for property repairs, such as those identified by a home inspector or FHA appraiser.  These improvements are not … (14 comments)

phoenix fha loans: Attention Phoenix First Time Homebuyers! The $8,000 Tax Credit Program Ends November 30th, 2009 - 09/14/09 12:06 PM

All good things must come to an end and the $8,000 tax credit for Phoenix first time home buyers is no exception.  The $8,000 tax credit program expires on November 30, 2009.  This means you must CLOSE ESCROW on your new home purchase no later than November 30th, 2009.   
The $8,000 tax credit does NOT need to be paid back and you do not need to wait until 2010 to claim the credit.  One can claim it on their 2008 taxes by filing an amended return after you close on your home.  Taxpayers can file Form 5405, First Time Homebuyer Credit, … (0 comments)

phoenix fha loans: Are You Facing Short Sale, Deed-in-Lieu, Foreclosure and/or Bankruptcy? Here's What It Will Take To Purchase A New Home - 08/31/09 08:12 AM

It's been a tough battle over the last 4 years for a large majority of homeowners in similar circumstances as property values tumbled.  Many people have already lost their jobs because of the widespread financial hardship we have faced as not only a nation but globally.  One of the results of the global crisis is the inability of homeowners to pay for their mortgages and sell their homes.  It's easy to make your payments when there's a monthly income, but with so many people getting laid off, most can no longer afford to pay for all their monthly obligations.  We've created this article to address … (2 comments)

phoenix fha loans: What is the Current Value of My Home? - 6 Sites That May Help - 08/14/09 12:46 PM
Before you decide to throw down your hard earned money to pay for an appraisal, you may want to do some research.  Here are 6 sites that will help you find out how much your home may be worth for the purpose of selling your home, or refinancing your home mortgage.  These property evaluations only provide an estimate of the property value that you are researching.  The list of websites below will help you determine a value range for a home in Phoenix and surrounding areas.
•· - Zillow is a free online real estate site where you can research homes values, view recently sold homes, and search for homes currently … (3 comments)

phoenix fha loans: Applying for a Home Mortgage in Phoenix, AZ – 5 Tips to Improve Your Credit Score? - 08/14/09 11:59 AM
Many residents in Phoenix, Arizona have recently decided to either purchase or refinance their dream home only to discover that they have less than perfect credit.  Don't be discouraged.  There are many ways to rehabilitate your credit.  Here are a few key tips to improve your credit score in the quickest and most effective manner.
•1.   Review Your Credit Report For Accuracy - It is advantageous to check your credit report to make sure the credit bureaus have not reported anything in error or that you have not fallen victim of identity theft.  Any identified errors should be corrected immediately. 
You … (0 comments)

phoenix fha loans: Are You A Good Neighbor Next Door? Phoenix Loan Program for Firefighters, Police Officers, EMTs and Teachers - 08/11/09 05:58 AM
Are You A Good Neighbor Next Door? Phoenix Loan Program for Firefighters, Police Officers, EMTs and Teachers
Are you a Firefighter, Police Officer, EMT or a K-12 School Teacher?  If so, you may be eligible to purchase a home in Phoenix, AZ using the Good Neighbor Next Door Program.  Under this program, you may qualify for up to a 50% discount off the purchase price for homes located in certain revitalization areas in Phoenix. 
•·         Live Where You Work - If you qualify for this program, you must choose a home that falls in the area where you serve and work. Example: if … (2 comments)

phoenix fha loans: When Looking to Mortgage a Home in Phoenix, AZ - What Makes Up Your Credit Score? - 08/10/09 12:06 PM
Whether you are a first-time homebuyer or a veteran homeowner, one of the main qualifying requirements involved when mortgaging a home in Phoenix, AZ is your credit score.  However, most of us have no idea what actually makes up our credit score.  Many borrowers have the mindset that making their payments on-time will automatically equate to a high credit score.  While this is an important component, it only accounts for approximately one-third of your overall score.
The following is a breakdown of the five key factors that contribute to your credit score:
•·         Payment History - 35%
•·         Balances Carried - … (0 comments)

phoenix fha loans: Five Things Your Mortgage Consultant May Forget to Tell You When You’re Buying a Home – Glendale, AZ - 08/02/09 09:08 AM

Thinking back to the days before being in the mortgage industry, I remember feeling like I didn't have a clue how to get a mortgage when I bought my home in Glendale, AZ.  This was before it was easy to jump online, go to Google, type in Home Mortgage Phoenix and start reading the endless amount of information about financing a home in Glendale, AZ.  I decided to write down a few basic tips that may make it easier for a first-time homebuyer to get through the process when purchasing a home in Glendale, AZ.
Go to … (4 comments)

phoenix fha loans: Arrowhead Ranch Glendale, AZ - FHA 203K Rehabilitation Loan - 07/23/09 12:54 PM
The FHA 203K Rehabilitation Loan was started as a tool to help the revitalization of neighborhoods and communities throughout Glendale, Arizona and the United States.  This loan program offers borrowers the resources to rehabilitate they're home in Arrowhead Ranch that may be in need of limited repairs and/or upgrades without exhausting their savings.  This can be used for either the purchase of a fixer-upper or the refinance of a home they currently occupy.  One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home.
The FHA 203(k) loan is available to borrowers of … (1 comments)

phoenix fha loans: Events in Phoenix - 07/11/09 11:41 AM
Desert Cactus Scorpions Rattlesnakes These are all the things that come to mind when you normally think of Phoenix, Arizona.  Having been born and raised in Phoenix, Arizona there are many more things to do here.  At the time of writing this article it's 113 degrees outside in Phoenix.  This is the time of year to find a nearby lake like Lake Pleasant, Canyon Lake or Saguaro Lake and enjoy some water activities. There is also a newly built water park, Wet-N-Wild, that just opened in July to take the kids to for keeping cool. Another popular activity often referred to as "Arizona's Floating Picnic" is tubing down the Salt River.  
During the winter … (0 comments)

phoenix fha loans: Appraisal & Property Requirements for FHA Loans in Phoenix - 07/07/09 08:26 AM
This is a home that Won't meet the requirements for an FHA loan on Phoenix.  Below are the guidelines most appraisers look at when they visit a home to appraise it for an FHA loan.
1: Home Inspections: Borrowers are encouraged to obtain a detailed home inspection of the property. Borrowers should research home inspector's qualifications and designations to ascertain that they feel comfortable with the individual they hire.
I recommend asking your Realtor for a referral of a qualified Home Inspector. 2: Repairs and Alterations: Deficiencies, required repairs, alterations and/or required inspections must be reported within the appropriate section of … (2 comments)

phoenix fha loans: Phoenix First-Time Homebuyer Tax Credit - Can You Access the Money Sooner Than Waiting to File Your 2009 Tax Return? - 06/11/09 11:07 AM
By now, most of you have heard of the $8,000 tax credit available to first time homebuyers purchasing a primary residence in Phoenix before December 1, 2009.  The question that seems to be on everyone's mind is whether or not the money can be obtained sooner and if so, what can it be used towards?  There have been many announcements and subsequent revisions that have made it all a little confusing.  Here is a breakdown of some of the current policies set forth.
At the end of May 2009, HUD announced that it will allow "monetization" of the tax credit.  This … (1 comments)

phoenix fha loans: Phoenix First-Time Homebuyer Tax Credit - 06/09/09 12:23 PM
With Phoenix home prices at an all time low, first-time homebuyers are in a prime position to maximize their opportunities in today's real estate market, especially with the authorization of the $8,000 tax credit by the American Recovery and Reinvestment Act of 2009.  The following is a brief summary of some of the key factors.   
•1.     The tax credit is equal to 10% of the purchase price up to a maximum credit amount of $8,000. 
•2.    Applies to "first-time homebuyers", which is classified as a buyer that has not owned a primary residence in the last three years.
•3.    Residence must … (0 comments)

phoenix fha loans: First-Time Homebuyers Infiltrating the Phoenix Foreclosure Market - 05/28/09 10:31 AM
The foreclosure market in Phoenix has sparked national attention and caused a dramatic increase in home sales.  According to an article published by the Arizona Republic, investors trying to reap the benefits of the bargain priced foreclosures jump started the area's housing market in the first part of 2009.  In April, investors consisted of approximately 19 percent of the Valley's home sales.  Recently, the new front runner's for home purchases belongs to Phoenix first-time homebuyers.  
Market analysts believe that first-time homebuyers will soon account for half of the area's home purchases.  It is said that the federal housing plan's $8,000 tax credit to … (0 comments)

phoenix fha loans: FHA HOPE for Homeowners Program - Phoenix Homeowners With an FHA Loan - 10/11/08 12:19 PM
The HOPE for Homeowners program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable fixed rate loan. The program is effective from October 1, 2008 to September 30, 2011 for homeowners in Phoenix, AZ.
As many as 400,000 homeowners could possibly avoid foreclosure through this program over the next few years. If you are having trouble making your mortgage payments on your Phoenix home, HOPE for Homeowners may be able to help you or someone you know, by refinancing the existing loan into a new 30-year fixed rate loan with lower payments.

Qualifications for … (0 comments)