Arizona Mortgage Broker Blog

If you are looking to purchase a new home using a down payment assistance program and an FHA Loan Program, you have come to the right place.

Our team of professional consultants will guide you through the process of obtaining the approval of FHA loans using a down payment assistance along with seller concessions for closing costs.

Yes, that is right, seller concessions for closing costs. FHA will allow for seller concessions of closing costs if your real estate agent writes this into the offer and is able to get the offer signed by the sellers. Once this is signed, you will be able to apply the amount contributed towards closing costs or additional down payment if you have the money for closing costs in a bank account.

There are many neat features to a home loan where FHA can help but you need to know what and how before you get too involved in the process. With a Sterling Home Mortgage professional, you can rest at ease knowing your agent is trained with the latest programs and is current on all licensing required by State Law.

Continuing education is one of the many reasons you should call us first, second, third or even fourth. The important part is making sure to call us at some point so we can help you.

If you are looking to buy a home in Arizona, we recommend Re/Max Integrity, Realtors with 3 office locations to serve you best.

"In regards to FHA declining markets:  

Lender will cut 5% from the max LTV on purchases and refis in declining market areas.  

Lender will not underwrite an FHA loan with a credit report older than 30 days.  

Lender will not underwrite a file that has been previously been turned down from another lender in FHA Connection

Lender will not underwrite files without DU/DO or LP findings. If DO/DU findings are use from another lender broker must supply Lender with their ID and Password for the DO/DU that was used.  

Attached is Lender's declining markets list.  

If you have files with us that you need to cancel due to this policy please email your list of files and names.  

I am very sorry for the hardship that this policy change will cause you."

State County

AZ Crittenden                     

AZ Coconiono                   

AZ Maricopa                     

AZ Mohave                        

AZ Pima                            

AZ Pinal                              

AZ Yavapai                       

AZ Yuma                         

CO Adams                          

CO Arapahoe                   

CO Broomfiled                

CO Clear Creek                   

CO Denver

CO Douglas

CO Elbert

CO Gilpin

CO Jefferson

CO Park

MN Anoka

MN Benton

MN Carver

MN Chisago

MN Dakota

MN Hennepin

MN Isanti

MN Ramsey

MN Scott

MN Sherburne

MN Stearns

MN Washington

MN Wright

CO Weld

WA Pierce

As Always, if you have a client looking to purchase a home in the Glendale, Peoria, Surprise or any area of Phoenix, please visit Re/Max Integrity Realtors

Don't just wait until it is too late and the bank will foreclose on your home. Call an area specialist who is familiar with short sale properties. Get your home listed and start taking offers for the bank. If you owe more than the net will be on the sellers net worksheet, the bank will accept less and you can get out from under the house. There may be some negative drawbacks to this option so consult your cpa or accountant.

Need to Short Sale a property Quick?

Just Click with Mike of RE/MAX Integrity in Glendale Arizona

I am tired of writing about all the changes in the mortgage and real estate industry so tonight I will dedicate this to my wonderful Aunt Dar who passed away last Saturday March 30th, 2008 after a long battle with cancer.

My Dad, brother and I were blessed enough to visit her in her home while she was undergoing treatment in Ohio a few months back. Her and I stayed up late into the night, while everyone else went to sleep, just talking and enjoying the moment. She was in such good spirit and enjoyed our company as much as we enjoyed spending time with her. It was great seeing all my family and we had a great time. These are the moments that will keep her spirit with us forever.

While we were there we ordered her a fancy chocolate covered apple from a great place called Mrs. Prindable's. This is the apple we got her and she loved it.

Darline E. Martell
1938 - 2008
DALTON – Darline E. Martell, age 70, made her Final Journey Home on March 30, 2008. Mass of Christian Burial will be Wednesday April 2nd at 10 a.m. at St. Agnes Catholic Church in Orrville with Fr. Ronald Turek and Fr. Paul Wysocki, con-celebrants. Burial will be at Dalton Cemetery. Friends may call on Tuesday from 2 to 4 and 6 to 8 p.m. at Living Water Community Church, 200 N. Kurzen Rd., Dalton, 44618. Zak-Monbarren Funeral Home in Dalton is handling the arrangements. Memorials may be made to the Hospice and Palliative Care of Greater Wayne County, 2525 Back Orrville Road, Wooster, 44691 or to Every Women’s House, 104 Spink St., Wooster, OH 44691. Born on February 25, 1938 to William and Wilma Faye (Etter) Eberle, Jr., she married husband Art Martell on January 14, 1958; he survives. A resident of Dalton for 35 years, previously of California, she was a member of St. Agnes Catholic Church, where she had been a liturgical lector, CCD instructor and a member of the Commission Group. Darline retired in 1998 from Dalton Local Schools as a Kindergarten Teacher. A former secretary of the Dalton Booster Club, she was also past president of the Sugar Creek Homemakers and was a member of the Massillon Eagles #190. The family would like to extend special thanks for all the prayers and support during her battle with cancer. In addition to her husband, Arthur Martell of Dalton, she is survived by sons, Rick (Lois) of Medina, Randy (Donna) of Kidron, Ron (Patricia) of San Francisco, California, Rusty (Karen) of Dalton, Rod (Melody) of Marshallville; grandchildren, Justin, Joshua, Aaron, Patrick, Ashley, Cory, Colton, Maison, Kaedon, Kai, and Claiborne; and a brother, Don (Gail) Eberle of Colorado. She was preceded in death by her parents. Online obituary and guest book available at www.legacy.com
Guest Book • Funeral home info • Flowers • Gift Shop • Charities

"We miss and love you Aunt Dar"

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

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.

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RISMEDIA, Dec. 7, 2007-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending November 30, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 791.8, an increase of 22.5% on a seasonally adjusted basis from 646.3 one week earlier. On an unadjusted basis, the Index increased 51.5% compared with the previous week-which was a shortened week due to the Thanksgiving holiday-and was up 24.2% compared with the same week one year earlier. The changes calculated above are based on revised numbers for the previous reporting period.

The Refinance Index increased 31.9% to 2761.3 from 2093.0 the previous week and the seasonally adjusted Purchase Index increased 15.2% to 464.3 from 403.2 one week earlier. On an unadjusted basis, the Purchase Index increased 37.3% to 373.5 from 272.1 the previous week. The seasonally adjusted Conventional Index increased 21.9% to 1138.4 from 933.5 the previous week, and the seasonally adjusted Government Index increased 27.8% to 214.0 from 167.4 the previous week. The changes calculated above are based on revised numbers for the previous reporting period.

Due to an error by one of the larger reporting companies for the Thanksgiving-shortened week ending November 23, the indices reported in the November 28, 2007 press release have been revised. The seasonally adjusted market composite index for that week was 646.3 rather than the 652.5 originally reported. The refinance index was 2093.0 rather than the 1862.9 originally reported and the seasonally adjusted purchase index was 403.2 rather than the 450.1 originally reported.

The four week moving average for the seasonally adjusted Market Index is up 4.5% to 706.8 from 676.5. The four week moving average is up 3.1% to 431.0 from 418.2 for the Purchase Index, while this average is up 6.7% to 2342.5 from 2196.2 for the Refinance Index.

The refinance share of mortgage activity increased to 56.0% of total applications from 51.4% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 11.6 from 14.6% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.82% from 6.09%, with points unchanged at 1.07 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.38% from 5.69%, with points decreasing to 1.12 from 1.13 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs increased to 6.28% from 6.24%, with points increasing to 0.99 from 0.96 (including the origination fee) for 80% LTV loans.

This survey covers approximately 50% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.

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For more information, visit www.mortgagebankers.org.