Posts Tagged ‘phoenix’


Down Payment Assistance in Arizona

Tuesday, October 4th, 2016
 

Down Payment Assistance Programs

DM open House Arizona

There are a lot of Down Payment Assistance programs available to qualified homebuyers in Arizona. Below is a chart that shows some of the most popular.

DPA Program Available Counties Minimum Credit Score Maximum Income
Home Plus All Counties but Pima 640 92,984
Home in Five Maricopa 640 88,340
Pathway to Purchase 17 Arizona Cities 640 92,984
Pima Homebuyer Solutions Pima 640 82,600

Update: Guild Mortgage now offers a 1% down payment assistance program to qualified homebuyers. Read more here: 1% Down Payment Assistance

If you have any questions on this down payment assistance program, or other home loan financing questions, then just give us a call. 520-303-5620

Joseph Small and his Team at Guild Mortgage Co. helps Tucson and Phoenix Homeowners and homebuyers with all their home mortgage loan needs. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.

Tucson and Sierra Vista (520) 303-5620.

Phoenix and N. Arizona (480) 648-1733.

Arizona USDA Home Loan Costs Just Got Slashed

Sunday, October 2nd, 2016
 

Arizona USDA Home Loans just got more affordable

By Joseph Small

USDA loan Tucson

Tucson, AZ: One of the most popular loans that my team and I do is the USDA Rural Guarantee home loan. This popular program, which offers zero down payment, just got that much more affordable. Over the weekend, the USDA lowered the upfront and monthly fees for its home loan program, which will make it one of the most affordable home loans available to Arizona homebuyers – next to the always popular VA home loan.

If you have never heard of the USDA home loan program, then you should definitely learn more about this great loan program and how it has helped thousands of Arizona homebuyers realize their dream of homeownership.

New Lower USDA Home Loan Upfront & Monthly Fees

Much like the FHA home loan, USDA rural guarantee mortgage requires both an upfront guarantee fee, as well as a monthly mortgage insurance fee.

I know most people associate USDA guarantee with the old stamp on meat. This home loan programs surprises peoples because they were not aware that the USDA actually offers mortgage financing.

How it works it that the “guarantee” simply refers to USDA’s commitment of loan backing that allows mortgage lenders to issue loans in accordance to USDA loan guidelines. In exchange, the USDA issues a commitment for insuring the lender against loss.

The USDA upfront guarantee fee was at 2.75% of the loan amount, which is usually rolled into the loan. This upfront fee was just reduced to 1% of the loan amount, which is a huge savings.

The USDA monthly fee was at .50%, which is included in your monthly mortgage payment. The monthly fee was slashed to .35%, which is a savings on their monthly payments.

USDA Home Loan Guarantee and Monthly Fee

  • Old upfront guarantee fee: 2.75%
  • New upfront guarantee fee: 1.00%
  • Old monthly fee: 0.50%
  • New monthly fee: 0.35%

So if you have any questions on this or would like to know more about using USDA home loans in Arizona, then please give us a call.

520-303-5620 (Tucson) or 480-788-9221 (Phoenix).

USDA Rural Development Loan Program Resource: USDA Home Loan Program

Note: All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice.
 
Joseph Small and his Team at Guild Mortgage Co. helps Tucson and Phoenix Homeowners with all their USDA home mortgage loan needs. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.
Give them a call today! Maybe one day you too will say, “Joe’s My Lender!”

Pathway to Purchase Down Payment Assistance for Arizona

Saturday, May 7th, 2016
 

Pathway to Purchase for Tucson?

UPDATE January 31, 2017: The Pathway to Purchase program has officially run out of funds and has ended. Please contact us for other Down Payment Assistance options that might be available to you.

Tucson Mayor Jonathan Rothschild recently launched his homeownership initiative, Help for Homebuyers, and announced the new Pathway to Purchase Down Payment Assistance Program for Tucson. P2P has now been live to 6 weeks and is an excellent program to help Tucson homebuyers get into a home.

Tucson – Phoenix Arizona: Lately, we have been getting a lot of phone calls asking about the Pathway to Purchase Down Payment Assistance program here in Arizona, so I thought I would write a little bit about what it is and where you can use it.

Offered through the Arizona Department of Housing (ADOH), there is now roughly $48,000,000 in available funds with the launch of Pathway to Purchase, a new loan program for Arizonans statewide looking to become homeowners in select cities (Pathway to Purchase eligible cities). The Funding for the Pathway to Purchase DPA Second Mortgage Program is provided by the U.S. Department of the Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund. The Pathway to Purchase Program or P2P, as it is sometimes called, has a $48-million-dollar commitment for Arizonans and is available on a first come first serve basis. Click for flyer: P2P Flyer

 

The Benefits of Pathway to Purchase


 

The Pathway to Purchase provides eligible homebuyers with down payment and closing cost assistance funds in the form of a 2nd mortgage lien using a Conventional 30-year fixed-rate mortgage.

The amount of the funds provided by this 2nd mortgage is equal to 10% of the purchase price up to a maximum total of $20,000. These funds may be used toward down payment and/or closing costs. This program is only available for purchase transactions, so no refinances or cash-out.

 

What exactly is a 2nd Mortgage Lien?


 

A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. The interest rate on the Pathway to Purchase loan is 0%, so there is no payments. This 2nd loan is 100% forgiven after 5 years provided the following criteria is met:

  • Homeowner occupies and owns home for 5 years after purchase
  • Homeowner does not do a cash out refinance for 5 years after purchase

 

What are the Basic Requirements for Pathway to Purchase


 

Income Limits: Borrower(s) Income not to exceed $92,984.
Purchase Price: Purchase Price limit not to exceed $371,936.
Property Type: New or existing single family, town-homes, condos – (no manufactured homes)
Occupancy: Owner occupied, Primary Residences in select cites (below).
Loan Types Allowed: Conventional – Fannie Mae HFA Preferred mortgages only.
Credit Scores: minimum 640
Location: Select Targeted Areas (17 cities)Pathway to Purchase eligible cities
First-time homebuyer: No
Home buyer Education: Yes (please contact us for information)

Click to: APPLY NOW

 

Pathway to Purchase Eligible Cities

 

The Pathway to Purchase (P2P) Program is strictly limited to the following 17 Cities:

  • Arizona City
  • Avondale
  • Buckeye
  • Casa Grande
  • Coolidge
  • Douglas
  • El Mirage
  • Fort Mohave
  • Goodyear
  • Huachuca City
  • Laveen
  • Maricopa
  • Red Rock
  • Sierra Vista
  • Snowflake
  • Tucson
  • Yuma
  • UPDATE 1/31/17: The Pathway to Purchase is no longer available in Tucson.

    Tucson/S. Arizona: 520-303-5620 Phoenix/N. Arizona: 480-648-1733
    If you have any questions on the Pathway to Purchase or other Down Payment Assistance Programs, then please feel free to contact us. And if you like this post, then please share or like… or leave a comment below.

    The Joe’s My Lender Team – the home loan experts! Proudly helping homebuyers in Tucson, Phoenix, Scottsdale, Yuma and Sierra Vista, all of Arizona. We are here to help serve you. Tucson and Sierra Vista (520) 303-5620 or Phoenix: (480) 648-1733
    #PathwaytoPurchase

Refinancing Non-VA Loans

Saturday, April 16th, 2016
 

Can I Refinance a Non-VA loan into a VA home Loan?

VA RefinanceTucson / Phoenix Arizona: Over the years, I have had a few veterans that originally purchased a home with conventional or FHA financing ask me if it is possible to refinance out of their current loan and into a VA home loan. Having never used their VA home loan benefits before, they aren’t sure if this can be done – or what would be required to refinance a non-VA loan to a VA home loan.

So today I thought I would address this. Borrowers that purchased a home with a non-VA home loan can indeed refinance. However, the VA will treat this as a VA Cash-out refinance loan, as opposed to a simple rate and term refi.

As some of you know, the VA does offer a type of streamline refinancing known as a VA IRRRL (Interest rate reduction refinance loan). Read more here: VA IRRRL in Arizona VA IRRRL’s can only be used for those borrowers who currently are in a VA mortgage. The VA does offer a cash-out refinance option that is available to all eligible Veteran/Active Duty borrowers, regardless of what type of existing mortgage they currently have.

One caveat that borrowers should be aware of before deciding to refinance out of a non-VA loan to a VA loan is that they will have to occupy the property as a primary residence. So if the property you are thinking of refinancing is an investment or a second or seasonal home, then you will be required to move into this property.

One big advantage of refinancing into a VA Cash-out loan is that they have no mortgage insurance. So if you would like to know more about refinancing out of a non-VA loan into a VA loan, or any other mortgage financing questions, then please give us a call.

Tucson/S. Arizona: 520-303-5620 Phoenix/N. Arizona: 480-648-1733

If you have any questions on this topic, or other VA loan questions, then please feel free to contact us. And if you like this like this post, then please share or like… or leave a comment below.

The Joe’s My Lender Team – Arizona’s VA home loan experts! Proudly helping Veterans in Tucson, Phoenix, Scottsdale, Yuma and Sierra Vista, all of Arizona. We are here to help serve you. Tucson and Sierra Vista (520) 303-5620 or Phoenix: (480) 648-1733

Arizona VA Home Loans

Saturday, March 12th, 2016
 

Arizona’s VA Home Loan Experts!

Tucson, AZ – Thank you for visiting our Arizona VA home loan mortgage page. If you are Active Military or a Veteran living in Tucson, Phoenix, Sierra Vista, Yuma – or anywhere else in Arizona – looking to purchase a home or refinance your current VA loan, or just have questions about VA loans, then you have come to the right place!

Joseph Small and team at Guild Mortgage Company, are very knowledgable with VA home loan financing, professional and use the latest in technology to help serve Arizona’s veterans.  So give Arizona’s VA home loan mortgage experts a call now! (520) 303-5620 or (480) 648-1733 and let’s get started.

The Benefits of Using a VA Home Loan in Arizona

Arizona VA loan FICO Scores
 

VA Home Loan Features:

Up to 100% financing available

No monthly private mortgage insurance

Seller concessions up to 4% of the reasonable value of the property

Credit scores as low as 600 FICO in Arizona

Must be a veteran, active duty or reserve member to be eligible

Manufactured homes allowed (requires a 620 FICO score)

Non traditional credit

All loans are subject to underwriter final approval, terms and conditions may apply. Subject to change without notice. Always consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

Which one of these describes you best?


Arizona VA Home Loans
VA Home Loans
VA home loans in Arizona
VA Manufactured Home Loan
Arizona USDA home loans
VA Loan – Refinance

“Thanks for serving our country….it means the world to us”!

 

Top 5 Reasons to do business with the Joseph Small

  1. We make our living helping Veterans & Active Military in the Tucson, Phoenix and Sierra Vista area, as well as throughout Arizona… so you get straight talk & honest answers!
  2. Need answers to your many questions about VA mortgages?  …let us clear up all of the myths about purchasing with a VA loan!
  3. What about the rates and terms? We offer competitive VA mortgage rates and great terms – we also offer a variety of other home loan products, so we will find the right program for your needs!
  4. Don’t like being forgotten about or ignored? Our team is always available, get the personal service you deserve!
  5. You earned the right to use your VA benefits! We would be honored to help you….please give us the chance!

So let us hear from you! Remember….it doesn’t cost a penny to talk…so call us right now and we will answer all your questions! Phoenix – (480) 648-1733 Tucson and Sierra Vista: (520) 303-5620  


VA loans Tucson AZ

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Joseph Small and team at Guild Mortgage Company – Arizona VA Home Loan Experts! – are your trusted source for all your VA home loans needs. Proudly serving Tucson, Phoenix, Yuma, Sierra Vista.

HomeReady Mortgages now for Arizona

Sunday, December 27th, 2015
 

HomeReady MortgageTucson / Phoenix: Great news! Fannie Mae’s long awaited HomeReady™ mortgage program is now available to Arizona homebuyers. The HomeReady mortgage program replaces Fannie Mae’s My Community Mortgage, which was Fannie’s low-moderate income lending product. HomeReady not only replaces the MyCommunity, but is designed to help creditworthy borrowers afford a new home – which will help a lot of Arizona homebuyers. Read press release here: HomeReady Mortgage Program

“Purchasing your first home can be an overwhelming process,” said Jay Ryan, Vice President of REO Sales, Fannie Mae. “We developed the HomeReady Buyer program to provide first-time homebuyers with the knowledge to make informed decisions as they navigate the complexities of the home buying process. Closing cost assistance provides a cushion many first-time buyers need to more confidently face the financial responsibilities of homeownership.”

Some of the key features of HomeReady Mortgage Program

✅ Low down payment. Up to 97% financing for home purchase with many borrower flexibilities. 


✅ Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties).

✅ Non-occupant borrowers allowed (max 95% LTV in DU®) – income is considered part of qualifying income and subject to applicable income limit.

HomeReady is designed to help low to middle income borrowers get into a home, much the same way as Fannie’s now retired MyCommunity program did. So there are income and property eligibilty guidelines within the program that must be met. You can look up the income and property eligibility restrictions by using Fannie Mae’s tool here: HomeReady Income Eligibility Lookup.

For some, HomeReady might be an alternative to FHA low downpayment financing option. How much of an alternative will depend on the borrowers unique situation. With this said, and for the first-time ever, income from a non-borrower can be considered in determining a borrower’s debt-to-income ratio.

Yes, you read that correctly. And that is big news in the financing world, as you might imagine. This is especially helpful for multi-generational and extended family households, especially for those living in a cities like Phoenix, Tucson and Flagstaff.

Multi-generational and extended households, which is more common in Arizona then you think, were often shut out of regular home fianancing, but now have an affordable mortgage program that they can actually turn to – and that is a game-changer in the home lending world.

How HomeReady is really different

Over the years, Fannie Mae has done extensive research on extended families and has discovered that these extended households tend to have stable incomes that often are more secure than regular, smaller households at similar income levels.

Other HomeReady guideline changes include the allowing of income from non-occupant borrowers, such as parent. And a big change is the allowing of rental payments, such as from a guest house or boarder to augment the borrower’s qualifying income. In the past, Fannie Mae did not allow income from those sources, so you can see how this program is a game-changer.

Key Features of HomeReady to help Arizona Homebuyers

 

HomeReady Mortgage Program
Borrower Income: Income eligibility aligned with housing goals requirements:

  • No income limits in low-income census tracts (median tract income <=80% of area median income [AMI])

  • No 100% of AMI in high-minority census tracts or designated disaster areas

  • No 80% of AMI in other tracts
Ownership of Other Property and Non- Occupant Borrowers Occupant borrower may not have an ownership interest in any other residential property at time of closing
Non-occupant borrowers are permitted (to max 95% LTV in DU; 90% LTV in manual); income considered as part of qualifying income. No limitation on ownership of other property for non- occupant borrower
Manufactured Housing (MH) In accordance with standard MH guidelines (DU only, max 95% LTV/CLTV, 7/1 and 10/1 ARMs only, no temporary buydowns), except limited to 1- unit principal residence transactions
Non-Borrower Household Income Permitted as a compensating factor in DU to allow a debt-to-income ratio greater than 45% up to 50% (non-borrower income is not considered qualifying income)
Boarder Income Permitted with documentation of at least 9 of the most recent 12 months (averaged over 12 months) up to 30% of qualifying income

 

Do we need Homebuyer Education Classes?

Fannie Mae has partnered with Framework®, a nonprofit created by the Housing Partnership Network and the Minnesota Homeownership Center, to offer homebuyers a homeownership education course that covers both the complexities of home buying and the responsibilities of owning a home. The course contains nine, thirty-minute sessions and is entirely online. Framework Course

If you have any questions on the new HomeReady™ Mortgage Program , or other home loan financing questions, then just give us a call. 520-303-5620

Joseph Small and his Team at Guild Mortgage Co. helps Tucson and Phoenix Homeowners and homebuyers with all their home mortgage loan needs. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.

520-303-5620

FHA Loan Changes for 2015

Monday, September 14th, 2015
 

handing keys over
Tucson / Phoenix Arizona – On September 14, 2015, FHA insured home loans will see some major changes. These changes are significant and should be taken seriously when purchasing your new Arizona dream home with an FHA loan. Although there are over 60 changes that will go into effect on this date, the following is a list of some of the most commonly used guideline changes that may have an impact on your home loan qualifying process that we have encountered in the past

FHA Loans and Deferred Student loans

The old FHA guidelines (prior to Sept 14, 2015) allowed for student loans that were deferred more than 12 months from the closing date to be excluded from the debt-to-income ratio or DTI.

The new guideline change will include all deferred student loans – regardless if deferred 12 months out or not. So a payment will be calculated into the debt-to-income ratio. To help with this, contact your student loan servicer (Sallie Mae, ect) and get an estimated payment once deferrment ends. If no payment is available, then the lender will have to use 2% of the deferred student loan balance as a payment. So a $30,000 deferred student loan, for example, would have a $600 monthly payment if no estimated payment is available from the student loan servicer. This would really cut down on the amount of house you may qualify for.

FHA Loans and Frequent Job Changes

If you have changed jobs more than three times in the past 12 months, then the FHA mortgage loan guideline changes will require you to show proof that the employment changes either advanced your income or benefits, or that you needed the training and can document that fact.

FHA Home Loans and EMD or Ernest Money Deposit

When your purchase contract is accepted, you will most likely be required to open escrow and deposit an Ernest Money Deposit or EMD. The new rule requires that any EMD greater than 1% of the home value must be documented. So be prepared to show the bank statements and where the source of the EMD money came.

FHA Loan and Gift Money or Gifted Funds for EMD

It isn’t uncommon for a relative to want to help you help with your home purchase. We routinely see gift funds from parents or other family relatives. If you plan to receive gift funds for your EMD, then be prepared for some documentation from your lender. The new rule: Any gift funds used towards an EMD (Ernest Money Depost) must be documented, even if it is less then 1% of the value of the home. So make sure the person or persons that is gifted you the EMD is prepared that the lender may require a gift letter and want to see the bank statements of the source of the gifted funds.

FHA Home Loan and Living Rent Free

It is quite common that some borrowers move in with their parents or relative to save money for a home purchase. In the past, borrowers did not have to provide any documentation on this. However, the new FHA loan rules will require a letter from the homeowner that borrower is indeed living rent free. So be prepared on this one if that is your situation.

These five FHA home loan guideline changes are some of the most common that we see or think will have an impact to most borrowers. As mentioned, there are over 60 changes. In the coming weeks, we will address some of the other major changes to the the FHA loan, such as rental income, having more then one FHA home loan, commissioned and self-employed income.

If you have any questions on the new FHA loan changes, or other home loan financing questions, then just give us a call. 520-303-5620

Joseph Small and his Team at Guild Mortgage Co. helps Tucson and Phoenix Homeowners and homebuyers with all their home mortgage loan needs. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.

520-303-5620

FHA Lowers Mortgage Insurance

Saturday, January 10th, 2015
 
Yes Sign Arizona

Tucson/Phoenix Arizona – Exciting news for homebuyers looking to purchase with an FHA loan. On Thursday, President Obama formally announced a pleasant change to the FHA loan annual premium (monthly mortgage insurance). Currently, an FHA loan’s annual premium is at 1.35% for a 3.5% down mortgage. The new changes will lower this .50%, which would leave an annual premium to .85%.

This change also will help those homeowners who purchased with an FHA home loan over the past few years by taking advantage of the lower MI and maybe lower mortgage rate. HUD estimates the FHA premium reduction will benefit 800,000 borrowers annually including 100,000 to 200,000 refinancings. HUD also estimates that the average homebuyer will save almost $900 a year. HUD has released Mortgagee Letter 2015-01 dated 01.09.2015, which can be found HERE.

If you have any questions on the new FHA loan MI changes, or other home loan financing questions, then just give us a call. 520-303-5620

Joseph Small and his Team at Guild Mortgage Co. helps Tucson and Phoenix Homeowners and homebuyers with all their home mortgage loan needs. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.

520-303-5620

The Conventional 97% Mortgage is Back in Arizona!

Monday, December 22nd, 2014
 
97% Conventional Loan Arizona

Tucson/Phoenix, Arizona – Good news for those of you thinking about purchasing a home with a Conventional mortgage. The 3% down payment on a Conventional home loan is back! This will definitely help home buyers by providing another option then the 3.5% down payment FHA loan.

Who will the 3% down Conventional Home Loan help?

The 3% down Conventional mortgage is now backed through Fannie Mae’s My Community Mortgage, as well as for standard conventional loans. This program is designed for first-time homebuyers that may not have the resources for a large down payment.

There are some guidelines that need to be met. On the Fannie Mae My Coummunity Mortgage, at least one of the borrowers on the loan must be a first-time homebuyer in a purchase transaction. The My Community Mortgage program is only available for low to moderate income families and requires home buyer education prior to loan closings.

The standard conventional mortgage, the traditional conventional loan that most borrowers are acustom to, is also designed for first-time homebuyers. The standared 3% conventional loan does not have income restrictions. Which will help a lot of homebuyers and sellers, especially in cities like Phoenix and Tucson, as well as throughout Arizona. The conventional loan limit in Arizona is $417,000.



Photo of 97% Conventional Loan Flyer
Click for Flyer

What are the benefits of using a 3% Down Conventional Mortgage?

The Fannie Mae 3% (FNMA 97) down may be an alternative option to FHA and help many homebuyers avoid the high monthly mortgage insurance tied to the FHA loan – which is now for the life of the loan.  

There are several advantages to using a 3% down conventional loan versus an FHA home loan. There is no upfront MIP or mortgage insurance premium on a conventional loan, monthly mortgage insurance (MI) is lower and the MI will eventually fall off the loan when the loan-to-value or LTV reaches a certain point and with an FHA, it is the life of the loan.

What about a Conventional Refinance Loan?

97% refinance loans will also be made available for those who do not qualify for a HARP refinance but have a loan owned by Fannie Mae (see Fannie Mae Loan Lookup Tool to confirm eligibility). This high LTV refinance program will be available only as a limited cash-out option, which allows a borrower to simply change their interest rate or mortgage term.

Freddie Mac will also be rolling out their 3% down conventional home loan, which is expected to be rolled out in February. Stay tuned for that.

Joseph Small and his Team at Guild Mortgage Co. helps Tucson and Phoenix Homeowners with all their Conventional home mortgage loan needs. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.

New USDA Eligible Areas for Arizona

Tuesday, February 18th, 2014
 

Important USDA Loan Update – 2014:

A few months back in an article: “Update: USDA Rural Development Changes”, I mentioned that the USDA Rural Development eligibility loan map was scheduled to be updated on October 1, 2013… then was postponed until January 15, 2014. Just got the news that it has been postponed again until October 1, 2014.

This is a great opportunity for Arizona homebuyers to take advantage of very generous USDA loan boundaries that allow buyers in many suburban areas, especially around Tucson and Phoenix to participate in the USDA Rural Development loan program. The eligible areas are based on town and city populations during the last census in the year 2000, which is over 14 years ago.

After a long delay, the USDA is about to update their eligibility maps. After October 1, 2014, your chance to get into a suburban neighborhood with a zero down loan through the USDA program could be gone forever. Check out the current and then future map by clicking on the USDA Rural Development site here: Eligibility /Rural Housing Property Eligibility

If you have any questions on these upcoming changes, or any other home loan program, then please feel free to give us a call.

520-303-5620 (Tucson) or 480-788-9221 (Phoenix).

USDA Rural Development Loan Program Resource: USDA Home Loan Program

Joseph Small and his Team at Guild Mortgage Co. helps Tucson and Phoenix Homeowners with all their USDA home mortgage loan needs. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.