2019 FHA Loan Limits for Arizona

Wednesday, January 2nd, 2019
 

By Joseph Small

Tucson / Phoenix: Recently, the department of Housing Urban Development (HUD) announced an increase to Arizona’s FHA County loan limits for 2019. This is great news for Arizona homebuyers planning to use the FHA home loan product to purchase in the new year (2019). HUD FHA Mortgagee Letter 18-11

As you may know, the FHA home loan is one of the most popular home loan financing product. With the just the basic down payment as little as 3.5% down, the FHA home loan has helped 1000’s of Arizona home buyers realize the dream of home ownership. HUD County Limit search

Arizona FHA Loan Limits by County

State County One-Family
Arizona APACHE $314,827
Arizona COCHISE $314,827
Arizona COCONINO $362,250
Arizona GILA $314,827
Arizona GRAHAM $314,827
Arizona GREENLEE $314,827
Arizona LA PAZ $314,827
Arizona MARICOPA $314,827
Arizona MOHAVE $314,827
Arizona NAVAJO $314,827
Arizona PIMA $314,827
Arizona PINAL $314,827
Arizona SANTA CRUZ $314,827
Arizona YAVAPAI $314,827
Arizona YUMA $314,827

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

If you have any questions on these changes, 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, Sahuarita, Kingman, Yuma, Sierra Vista, and all of Arizona. We are here to help serve you. Tucson and Sierra Vista (520) 303-5620 or Phoenix: (480) 648-1733

Joe Small is a licensed mortgage agent in Arizona and California for Guild Mortgage Company; MLO-380188 . The postings on this Homebuyers Resource Center page don’t necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice.

*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. Eligibility for this non-repayable grant is subject to the Program guidelines. Changes to loan parameters including but not limited to loan amount, owner-occupancy status, loan to value, and other factors may render Borrower ineligible for the Program. The grant may only be used for the borrower’s cash investment in accordance with the Program guidelines.

New VA Home Loan Limits for Arizona

Sunday, December 30th, 2018
 

VA Loan Limits for 2019

By Joseph Small

veteran in front of house
Tucson: Great news for Veterans who plan to use their VA Home Loan benefit in Arizona. As you know, the va homeloan is a great benefit for a veteran who are purchasing a home. On December 12, 2018, the Department of Veterans Affairs (VA) announced the new County loan limits for all of Arizona. The 2019 Arizona County Limits will be $484,350, which is a 6.9% increase over the 2018 County limit of $454,100.

As I mentioned recently, the Federal Housing Finance Agency (FHFA) increased the conforming loan limits for all of Arizona Counties to $484,350. The new loan limits that were announced by the VA are effective for VA Loans funding after January 1, 2019. VA Circular 26-18-27,

Can you use a VA loan above that amount?

Great question. The answer is yes. However, the VA will require money down for loan amounts that exceed the new county limits. But for most of Arizona veterans, the increase will allow them to still use their VA loan benefit to purchase with the recent housing price increases. It also benefits Veterans who have purchased with a VA loan in the past and will be using bonus entitlement. This is a $31,250 increase.

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

If you have any questions on these changes, 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, Sahuarita, Kingman, Yuma, Sierra Vista, and all of Arizona. We are here to help serve you. Tucson and Sierra Vista (520) 303-5620 or Phoenix: (480) 648-1733

Joe Small is a licensed mortgage agent in Arizona and California for Guild Mortgage Company; MLO-380188 . The postings on this Homebuyers Resource Center page don’t necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice.

*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. Eligibility for this non-repayable grant is subject to the Program guidelines. Changes to loan parameters including but not limited to loan amount, owner-occupancy status, loan to value, and other factors may render Borrower ineligible for the Program. The grant may only be used for the borrower’s cash investment in accordance with the Program guidelines.

2019 Conforming Loan Limits for Arizona

Monday, December 17th, 2018
 

Tucson / Phoenix:  Great news for Arizona homebuyers.  The Federal Housing Finance Agency  (FHFA) has announced the new conforming loan limits for 2019, which every County in Arizona will see an increase.  The standard conventional loan limit for 2019 has increased to $484,350, which is a $31,250 increase. This marks the third year in a row that the FHFA has raised the conforming loan limits.  

What is a Conforming or Conventional Loan?

A conforming home loan is one that meets Fannie Mae and Freddie Mac guidelines.  You may recognize the names Fannie Mae and Freddie Mac.  The reason being is they are the two Government Sponsored Enterprises or GSEs that purchase conventional home loans.  When a home loan meets the guidelines set by Fannie or Freddie, then it is said to be a conforming loan.  

How does this increase benefit Arizona Homebuyers?

The new 2019 Conforming Loan Limits will allow more Arizona homebuyers to stay in the Conventional loan range.  When you purchase a home above the Conforming County loan limits, it will most likely be a Jumbo loan.   By this increase in the County Loan Limits, it will help more Arizona homebuyers stay in the Conventional home loan range and not be forced into a Jumbo loan.  

This increase should also benefit Veterans purchasing with a VA home loan.  Typically the VA goes with the County Loan Limits, which now gives the Veteran a $31,250 increase.  

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

If you have any questions on these changes, 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, Sahuarita, Kingman, Yuma, Sierra Vista, and all of Arizona. We are here to help serve you. Tucson and Sierra Vista (520) 303-5620 or Phoenix: (480) 648-1733

Joe Small is a licensed mortgage agent in Arizona and California for Guild Mortgage Company; MLO-380188 . The postings on this Homebuyers Resource Center page don’t necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice.

*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. Eligibility for this non-repayable grant is subject to the Program guidelines. Changes to loan parameters including but not limited to loan amount, owner-occupancy status, loan to value, and other factors may render Borrower ineligible for the Program. The grant may only be used for the borrower’s cash investment in accordance with the Program guidelines.

Pathway to Purchase for Tucson, Arizona

Monday, July 16th, 2018
 




Pathway to Purchase or P2P coming back to Tucson, Arizona?

Tucson/Phoenix, AZ: For those that remember, the Pathway to Purchase or P2P down payment assistance program helped 1,000’s of Arizonians realize the dream of Home Ownership. We were all sad to see this great program expire. So last month, we heard a rumor that P2P or Pathway to Purchase was coming back this Summer. Well, the Arizona Department of Housing announced that they will be relaunching Pathway to Purchase Program this Summer. Great News for those thinking about purchasing a home this Summer.

What are the highlights of Pathway to Purchase?

The P2P Down Payment Assistance will be available in 26 specific zip codes located in 12 communities in Arizona. P2P assistance will provide 10 percent of the purchase price (or up to $20,000) towards the down payment in the purchase of a home within those specific zip codes. Read here: Arizona Department of Housing announcing the return of Pathway to Purchase – P2P

Please give us a call if you have any questions on this program.

Tucson and Sierra Vista (520) 303-5620.

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

What are the Zip Codes for Pathway to Purchase in Arizona?








2018 Pathway to Purchase Arizona


City Eligible Zip Codes
Bullhead City 86442
Casa Grande 85122
Glendale 85301
Green Valley 85614
Kingman 86409
Phoenix 85042, 85016, 85017, 85051, 85041
Rio Rico 85648
Sahuarita 85629
Sierra Vista 85650, 85635
Tucson 85730, 85706, 85747, 85712, 85710, 85711, 85713, 85746
Vail 85641
Yuma 85364, 85365, 85367

Where does the Funding for Pathway to Purchase come from?

Funding for the P2P Down Payment Assistance (DPA) program comes from the federal Hardest Hit Fund (HHF), a resource available to the State through the U.S. Department of the Treasury (Treasury). The select zip codes were required to meet at least four out of five real estate market distress factors, in order to qualify for the use of the HHF. The State’s HHF is authorized to make commitments for DPA as well as the Department’s foreclosure assistance program, Save Our Home AZ, through December 31, 2020.

To date, the P2P program has provided more than $70 million in Down Payment Assistance to 4,338 Arizona homeowners.

What should I do to get started?

The first thing you should do is to get prequalified now. The current round of funding is expected to be around $15 million, which won’t last long. Last year, I remember several people that wanted to use the program, but took their time and suddenly the money ran out. Getting up 10% (up to $20,000) for a down payment is huge.


Photo of Apply Now button

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, Sahuarita, Kingman, Yuma, Sierra Vista, and all of Arizona. We are here to help serve you. Tucson and Sierra Vista (520) 303-5620 or Phoenix: (480) 648-1733
#PathwaytoPurchase

Joe Small is a licensed mortgage agent in Arizona and California for Guild Mortgage Company; MLO-380188 . The postings on this Homebuyers Resource Center page don’t necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice.

*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. Eligibility for this non-repayable grant is subject to the Program guidelines. Changes to loan parameters including but not limited to loan amount, owner-occupancy status, loan to value, and other factors may render Borrower ineligible for the Program. The grant may only be used for the borrower’s cash investment in accordance with the Program guidelines.

1% Down Payment – All Good Things Must Come to an End

Saturday, April 14th, 2018
 

1% Down Payment Assistance - ArizonaEditor’s Note: Guild has discontinued its 1% Down program as of June 15, 2018. This post will not be deleted for archival purposes
Tucson / Phoenix: There is an old saying that “All good things must come to an end”. Guild’s 1% Down Payment Assistance (DPA) program has been a big hit and has help 100’s of Arizona homebuyers. Unfortunately, the program will be retired on 6/1/2018. We are sad to see this program end. Highlights of the Guild 1% Down program:

Highlights of the Guild 1% Down Payment Assistance program:

Simple: the homebuyer puts one percent down, Guild provides a two percent grant, creating three percent in equity. That means that homebuyers can own a $200,000 home with $2,000 down.

Example
home price
Divider line 1% Down
Payment
Divider line +2%
Guild Gift
3% Total
Move-in equity
$200,000 Divider line $2,000 Divider line $4,000 $6,000

You bring 1% down, and we’ll add 2% more—no strings attached*
Move in with 3% equity for only 1% down payment. What a program!

APPLY NOW: HERE

Eligibility for Guild’s 1% Down Payment Program

As with all down payment assistance programs in Arizona, there are eligibility requirements. Here are some of the details that need to be met:

  • Not just for first-time homebuyers
  • Minimum 680 FICO
  • Income limit of 100% of area median income (no limit for properties in low-income census tracts)
  • Homeownership education course required

Please give us a call if you have any questions on this program.

Tucson and Sierra Vista (520) 303-5620.

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

More Details About Guild’s 1% Down Program

  • Guild’s down payment assistance is a 2% grant to the borrower that does not need to be repaid
  • 97% LTV conventional loan
  • Loan amounts up to $424,100
  • Cancellable, reduced mortgage insurance
  • Condos OK
  • Flexible underwriting to include income from non-borrower household members, boarder income and rental income

Time. As we said earlier, all good things must come to an end. Guild’s 1% Down Payment Assistance program will be ending on 6/1/2018. That means there is still time to take advantage of this great program. Give us a call today to learn more. And if you are ready to start the process, then click here: APPLY NOW

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

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

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.

*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. Eligibility for this non-repayable grant is subject to the Program guidelines. Changes to loan parameters including but not limited to loan amount, owner-occupancy status, loan to value, and other factors may render Borrower ineligible for the Program. The grant may only be used for the borrower’s cash investment in accordance with the Program guidelines.

Arizona Conforming Loan Limits for 2018

Saturday, December 9th, 2017
 

2018 Conforming Loan Limits - ArizonaTucson / Phoenix, Arizona: Oh boy, do we have some exciting news for you. Recently, the Federal Housing Finance Agency (FHFA) announced the new national conforming loan limits for 2018. This was a little shocking as they were raised in 2017 from $417,000 to $424,100 to the now new 2018 conventional loan limit of $453,100.

Wow! As home prices in Arizona have risen, this increase will help keep some higher-end homebuyers out of the Jumbo loan category. This increase will have an impact on other types of financing, such as FHA and VA. Just yesterday, the Federal Housing Administration announced the new 2018 FHA loan limits, which also went up.

This new conforming loan limit also has a positive impact for VA eligible buyers. The old limit of $424,100 is now at $453,100. So eligible and qualified VA homebuyers can now go up 100% financing to this new limit. This also has a big impact on VA bonus entitlement.

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

If you have any questions on using a conventional home loan, or other home loan questions, 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 – Arizona’s 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 2018 FHA Loan Limits

Saturday, December 9th, 2017
 

2018 FHA Loan Limits - ArizonaTucson / Phoenix, Arizona: The Federal Housing Administration (FHA) recently announced an increase to Arizona’s FHA County loan limits. This is great news for Arizona Homebuyers planning to use the FHA home loan product.

The FHA home loan is a great product for Arizona homebuyers. With just a basic requirement of 3.5% down payment, it has helped 1,000’s in Arizona realize the dream of homeownership. Read more: Tucson FHA home loans

The new national FHA loan limit for one-unit homes will be $294,515 in 2018, up from $275,655 this year’s 2016 numbers.

Recently, the Federal Housing Finance Agency announced it will increase the conforming loan limit from $424,100 to $453,100. The National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, requires the Federal Housing Administration to base its floor and ceiling limits on the loan limit set by the Federal Housing Finance Agency. So the new increases in both conforming and FHA home loans is a big win for Arizona homebuyers.

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

If you have any questions on Loan Limits and using an FHA home loan, or other FHA loan question, 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 – Arizona’s home loan experts! Proudly helping Arizona 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

1% Down Payment Assistance for Arizona

Tuesday, July 4th, 2017
 

1% Down Payment Assistance - ArizonaEditor’s Note: Guild has discontinued its 1% Down program as of June 15, 2018. This post will not be deleted for archival purposes

Tucson / Phoenix: Downpayment assistance programs (DPA) have helped 1000’s of Arizona homebuyers realize the dream of homeownership. Today, Guild Mortgage is pleased to announce the launch of our unique 1% Conventional down payment assistance program. This unique DPA program will help more homebuyers into homes throughout the whole State of Arizona – not just individual Counties. So smaller towns that didn’t really have a lot of options with down payment assistance just got a really nice program to help them out.

So how does the Guild 1% down payment assistance work?

The program works like this: the homebuyer puts one percent down, Guild provides a two percent grant, creating three percent in equity. That means that homebuyers can own a $200,000 home with $2,000 down.

Example
home price
Divider line 1% Down
Payment
Divider line +2%
Guild Gift
3% Total
Move-in equity
$200,000 Divider line $2,000 Divider line $4,000 $6,000

You bring 1% down, and we’ll add 2% more—no strings attached*
Move in with 3% equity for only 1% down payment. What a program!

APPLY NOW: HERE

Eligibility for Guild’s 1% Down Payment Program

As with all down payment assistance programs in Arizona, there are eligibility requirements. Here are some of the details that need to be met:

  • Not just for first-time homebuyers
  • Minimum 680 FICO
  • Income limit of 100% of area median income (no limit for properties in low-income census tracts)
  • Homeownership education course required

Please give us a call if you have any questions on this program.

Tucson and Sierra Vista (520) 303-5620.

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

More Details About Guild’s 1% Down Program

  • Guild’s down payment assistance is a 2% grant to the borrower that does not need to be repaid
  • 97% LTV conventional loan
  • Loan amounts up to $424,100
  • Cancellable, reduced mortgage insurance
  • Condos OK
  • Flexible underwriting to include income from non-borrower household members, boarder income and rental income

So you can see how this program is Amazing and will help a lot of Arizona homebuyers realize the dream of home ownership. To learn more, just give us a call today.. we are here to help you.

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

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

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.

*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. Eligibility for this non-repayable grant is subject to the Program guidelines. Changes to loan parameters including but not limited to loan amount, owner-occupancy status, loan to value, and other factors may render Borrower ineligible for the Program. The grant may only be used for the borrower’s cash investment in accordance with the Program guidelines.

VA loans and Student Loan debt

Thursday, March 23rd, 2017
 

Student Loan and VA loansTucson, Arizona: Received a phone call from a real estate agent the other day asking me how does the VA look at student loans. Her client’s spouse had quite a bit of student loan debt and they didn’t think they would qualify for a VA loan. So I thought I would take a second to explain how the VA looks at student loan debt.

Student Loan Deferment and VA Loans

First, it the student loan is deferred 12 months or more from the close of escrow date, then the lender does not have to count the debt. But what if it is less then 12 months deferred or there is no payment on the credit report?

Student loan debt can get confusing as each lender and investor will look at it a little differently. The Department of Veteran Affairs recently issued their Student Loan Payment Policy (VA Circular 26-17-02 – Clarification and New Policy for Student Loan Debts & Obligations) and there is some good news for Veteran borrowers with such debt.

Recent Changes to Student Loans using a VA home loan

If a veteran or spouse has a student loan that is in a repayment or is scheduled to begin repaying within 12 months from the date of the VA home loan closing, then the lender must take into consideration what the monthly payment on the loan will be. To calculate, the lender should you this formula: take each student loan at a rate of 5% of the outstanding balance divided by 12 months.

For example: credit report shows a $25,000 student loan that has a deferment less then 12 months from the closing date on the VA loan. There is no payment showing.

$25,000 student loan balance X .05 = $1,250 … divided by 12 months = $104.17 per month is the monthly payment for the debt ratio purposes.

But what if the credit report shows a payment that is higher then the calculation above? The lender must use the payment on the credit report.

So what if the credit report has a student loan payment that is less then the 5% calculation? In this case, the lender can use the lower payment if the borrower can provide a letter from the student loan servicer that actually reflects the loan terms and payment information. This letter cannot not be dated more then 60 days from the VA loan closing date. The borrower can also use an electronic copy from the student loan servicer’s website or a printed statement provided by the student loan servicer. However, this is a lender discretion on what documentation they will accept.

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

If you have any questions on Student loans and using a VA home loan, or other VA loan questions, 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 – 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

Pathway to Purchase Update

Sunday, January 29th, 2017
 

Tucson Pathway to Purchase funds is about to run out

Update: 7/15/2018 The original Pathway to Purchase program ran out of money in 2017. However, and this is great news: P2P is coming back to Tucson, Arizona. Read here: Pathway to Purchase coming to Tucson, Arizona And please contact us to learn about other Down Payment Assistance programs that might be available.

The Pathway to Purchase program has been an excellent program for helping Arizona homebuyers get into homes in select cities covered by the program. But as with all good things, money is starting to run out on this program. As of last week, there was only just over $2,000,000 left in the Pima County P2P program.

So if you are thinking or no of anyone that is planning to buy in the Tucson or South Tucson, and could benefit from this program, then please have them reach out to us before it is to late.

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