Arizona Mortgage Broker Blog

With all the lenders changing guidelines daily or hourly, do you think the 100% loan is a thing of the past?

I personally think it will continue to get more and more difficult to find and qualify for the 100% loan programs. I hope this is not the case as many first time home buyers will need this to get their families into a home of their own.

FHA would be the next best program if this 100% goes away. FHA currently offers 97% loan to value loans.

Please contact us for information about your next refinance or home purchase loan you are seeking.

If you are Searching for homes in AZ, look at the previous link.

Did you know you can use your 401k to put a down payment on a house you plan to purchase?

Well you can and you may even be able to avoid the taxes or penalties when you withdraw for this purpose.

I have created a web page specifically for this topic where you will find all the good information about this topic.

Visit my 401(k) down payment page.

Looking for a house and want daily updates when a home that fits you specified criteria hits the market? We can set this up for you and you will find it to be a great way to see listings first.

Every person and situation is a little different so there may not be a clear cut answer for this question.

A couple of things to consider....

• Do you have an ARM mortgage?
• Did your last broker/lender sell you a pre payment penalty?
• If applicable, when does your PPP expire?
• Do you have a fixed rate mortgage higher than 6.5%?
• Do you have 3-10% equity in your home still?

If you answered yes to any of these items, you may want to call a trusted broker today. Interest rates are near all time lows and if you can benefit from these low rates, why not? A good mortgage broker will be able to look up your information an let you know if you have a PPP, when it will expire as well as tell you when your adjustable mortgage will adjust and how high it will adjust.

You will need to contact a mortgage broker or lending institution to see what the current rates are for that day. Since rates are extremely volatile in today's market, I will refrain from posting rates on this blog. If you want to see current rates, visit my website rates page.

Visit Sterling Home Mortgage for more mortgage news and information

I have loans on rural housing in Arizona up to 102% for purchase. I will post complete details in one of my next posts but here are some highlights to this program. Email Sterling to find out more about this program.

• 102% financing for purchase based on appraisal.
• No minimum credit scores.
• No monthly mortgage insurance. 1 time guarantee fee.
• No asset requirements.
• No down payment.
• No first time buyer requirement.
• No payment reserves.
• No max on seller concessions. If > 6%, need comment from appraiser.
• 100% gifting permitted from uninterested party.
• 30 year fixed rate.

Some Arizona Cities I have looked up that qualify for this loan are below.

• Rio Verde
• Waddell
• Wittman
• Tonapah
• Buckeye
• Maricopa
• Sacaton
• San Tan
• Coolidge
• Florence
• Avra Valley
• Catalina
• Green Valley
• Pinetop
• Lakeside
• Show Low
• Payson

These are not the only cities so if your interested city is not here I will look it up for you. Info deemed reliable but not guaranteed.

Search for homes in Arizona, Maricopa County

As of yesterday, HUD has released the increased FHA loan limits on FHA mortgages. The new limit in Maricopa County Arizona is $346,250. This will apply to FHA Loans on homes in Glendale, homes in Phoenix, homes in Peoria, homes in Surprise, homes in Litchfield Park, homes in Avondale, Buckeye, Mesa, Gilbert, Chandler, Tempe and so on. Please see the following website link for additional info directly from HUD.

FHA Mortgage Limits in Arizona, California, Minnesota, New Mexico, South Dakota and all other States!

What does this FHA change mean to you the buyer/borrower???? It means.....

You can qualify for an FHA loan using the new limits and get a lower interest rate on a higher priced home, use lower credit scores to qualify or even alternative trades and not be hit with any declining market adjustments. Here are some of the perks that you may qualify for using the FHA loan programs.

• Up to 97% for Purchase or Rate/Term Refinance
• Up to 95% for Cash Out Refinance
• No Down Payment out of pocket, Can be a Gift
• Non-Occupying Co-Borrower program
• Use Alternative Credit (Utility Bills, Rental Stores etc...)
• Credit Scores down to 500 FICO
• Lower Rates!!!!

If you are buying a home or looking to refinance into an FHA Program, Give Sterling Home Mortgage a call TODAY!

If you are looking for real estate in the State of Arizona, Visit RE/MAX Integrity, Realtors