Thank you to Timothy Jaap with Southwest Direct Mortgage LLC for this FAQ info! Timothy is a Mortgage Consultant and would be happy to help you with your lending needs. His contact info is at the bottom of this post. REAL Questions on Borrowed Funds for Down Payment: They want to take out a loan for the down payment. Can they do that as long as we count the payment in the ratios? REAL Continue Reading
Mortgage Lending
FHA Loan Repair Requirements for FHA Loans
FHA loans are government backed home loans that provide benefits to homebuyers and are a fairly common form of financing in a home purchase. Both buyers and sellers should be aware of what the requirements are for FHA loans to ensure a smooth home sale. For example, there are FHA requirements for the condition of the property that will prompt repair requests to address in order for the loan to Continue Reading
Phoenix Mortgage Rates Decline – Good News for Home Buyers
If you're looking for a home in Phoenix, there's no time like the present. Last week the benchmark 30-year fixed-rate mortgage rates in the area fell to 4.65%, which is slightly lower than the national average of 4.66%. There are also a lot more homes for sale to choose from right now, so your chances of finding that distinctive home you've been looking for are higher. In August 2013 the supply Continue Reading
Metro Phoenix Real Estate & Financing for Canadian Buyers
A question that comes up a lot in financing is whether you have to be a US citizen to finance a Phoenix, Scottsdale or Paradise Valley home for sale. More specifically the question is often “Can you finance Canadian buyers?” The answer is you DO NOT have to be a US citizen. You can be a “permanent resident” alien or “non-permanent resident” and have access to the same loan types and products as Continue Reading
3 Huge Reasons a 3% Down Conventional Home Loan May Be for You
Over the last few years, FHA loans have been a popular choice with many home buyers looking for Phoenix, Scottsdale or Paradise Valley homes for sale. The ease of credit guidelines, a limited amount of down payment and low rates made this a common loan program. However, an FHA loan is not as attractive to buyers as it once was due to a few factors: 1). FHA loans have an increased funding fee of Continue Reading
Will Interest Rates for Metro Phoenix Real Estate Come Back Down?
Tom has been in the lending industry for over 15 years and is an excellent mortgage pro when it comes to Phoenix real estate. Here's a post from him on interest rates: A great question being asked in the market right now is “Will interest rates come back down?” and “Should I wait for rates to go back down?” The answer is “Do not wait.” and “Take action now!” Rates are clearly off of their best Continue Reading
