I have heard from more than one local Realtor that many mortgage professionals are telling them that there is a new FHA Loan that only requires only a 1% down payment. I have good news and bad news. First the bad: FHA has not changed their guidelines recently, they still require a 3.5% down payment. Now the good. FREE money. Money that I am pretty sure many, many people out there can … [Read more...]
President Obama Says It Is Time To Refinance
One of my good friends (and uber-smart, I'm-lucky-to-know-her-type-of-person) originally posted this on Zillow's mortgage blog, and since she said it so well... I figured that there was no need for me to re-say it. Thanks Mary! Speaking from the White House today, President Obama urged homeowners to refinance. Mortgage rates are at historical lows, and the government’s new Making Home … [Read more...]
Arizona Refinance: Is Now The Time?
Is now the time for an Arizona refinance? Yes. And here are just a few reasons why. Arizona Refinance Reason #1: Interest rates are low and probably won't move much lower. Because of the actions taken by the US government over the last few months, interest rates are lower now than they have been in generations. Will they go significantly lower? Probably not. What is happening now is … [Read more...]
Arizona FHA Loans: Maximum Cash Out Is Now 85% LTV For Arizona FHA Loans
For the last few years, one of the most popular Arizona FHA loan programs was the Arizona FHA 95% cash out loan. This loan program would allow eligible homeowners to get up to 95% of their homes value in cash to be used for pretty much any reason they wanted (pay off bills, home improvements, vacations... you name it). For any Arizona FHA mortgage loans where the FHA case number is dated April … [Read more...]
Arizona FHA Loans: Most Lenders Now Requiring A Minimum 620 Credit Score For Arizona FHA Loans
Arizona FHA guidelines are getting tougher. If you are interested in getting an Arizona FHA loan, most lenders are now requiring that you have a minimum of a 620 mid credit score. For many people who are currently in an Arizona FHA loan and are thinking of refinancing by taking advantage of the Arizona FHA streamline program, the mid credit score requirement of 620 will pose a problem. Up … [Read more...]
Making Home Affordable Plan
Earlier today, the details were released about the "Making Home Affordable" plan outlined by the Obama administration. When this plan was first announced by President Obama here in Mesa a few weeks ago, my first reaction was "let's wait for the details". My reaction now the "details have been released"? I don't know. Really. I really don't have an opinion on whether or not the plan … [Read more...]
No Closing Costs vs No Out Of Pocket Closing Costs
Closing costs. Due to some very slick marketing by the mortgage industry, many people know that "closing costs are bad" and that they don't want to pay them. They aren't exactly who is going to pay them, but they know that they don't want to. Here is an ad that I came across from Countrywide. Does this add say "no closing costs"? No. It says "No Cash Required For Closing Costs." - … [Read more...]
Arizona FHA 95% Cash Out Rule Changes: Two Appraisals Now Required
If you are considering doing an FHA refinance and getting cash out, as of January 1, there are some new rules regarding FHA refinances where the borrower gets "cash out" and the loan-to-value ratio is greater than 85%. These guideline changes apply to the FHA 95% cash out program and are effective for all FHA case numbers that are issued after January 1, 2009. If you are getting less than 85% … [Read more...]
The FHA Streamline Program: Skip A Payment?
I was speaking with someone today about the FHA streamline program and they asked me the following question: "When I go through the streamline program, do I get to skip a payment?" To which I replied: "Technically, you are allowed to defer a payment when you participate in the FHA streamline program, but we officially can't call it a skipped payment". What is the difference between a … [Read more...]
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