Home Loans California & Arizona

FHA Home Loans in Surprise, Arizona

The American dream of owning your own home is live and well in the Surprise AZ because of the FHA Home Loan Program. The market for FHA Home Loans is booming and it is now the largest supplier of home mortgages. You can make your dream of owning your own home come true now!

The Federal Housing Administration (FHA) has many loan programs available that will help you achieve your goal of owning your own home.

FHA Home Loans in Surprise, Arizona

What Is A FHA Home Loan?

FHA does not loan you the money to buy a house, what it does do is guarantee the loan. If the mortgage is defaulted then FHA will pay the lender.

This helps the lender because they will not have to write off the mortgage and suffer all of the loss.

Because of the FHA guarantee, lenders are certainly more willing the make more loans, and they will make them for larger amounts and also they will make them easier to get with fewer requirements.


Can You Qualify For The FHA Home Loan Program?

Of course, there have to be some limitations and requirements in order to get a FHA Home Mortgage. Here are a couple of restrictions:

Debt To Income Ratio

There is not an income limitation but you do have to have a certain debt to income ratio. This means your debt can not exceed a certain percentage of your income.

Limit On Amount Of Mortgage

Also, there is a restriction on the amount of the mortgage based on the area that you live in. Each area or region is different, you need to check with your FHA lender to see what the limit is in your area.

What Are The Benefits Of A FHA Home Loan in Surprise AZ?

1. You finance home improvements or repairs using a Streamlined FHA 203K Loan.

2. All FHA mortgages can be assumable. This can be a great benefit in the future if you want to sell your home and the interest rates are high.

3. The down payment is just 3.5% of the purchase price of your home. Most conventional home loans require at least 20% down payment.

4. Your down payment can be gifted to you.

5. Seller can pay your closing costs.

6. Low credit score requirements.

7. Interest rates are low and very competitive with other types of mortgage loans. Because of the FHA guarantee most lenders will offer low interest rates.

With the low interest rates in the market and the abundance of homes on the market, now may be the time for you to persuade the American dream of owning your own home by financing it with a loan form the FHA Home Loan Program!

Ready to get qualified for an FHA Loan in Surprise AZ please call Nathan Rufty at 909-503-5600.

Posted by Nathan Rufty on April 17th, 2019 1:46 PM
Who does the VA home loan program in Surprise AZ
VA or Veterans Administration guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.  This is a great option for qualified borrowers looking to buy a home in Surprise AZ.

VA mortgage loans can be used towards purchasing a home, building a home, or refinancing an existing mortgage.

We will discuss what role the VA plays in a VA guaranteed mortgage, the benefits of a VA home loan, who is eligible for a VA loan, and the documentation you will need to present to your lender in order to apply for a VA loan in Surprise AZ.

Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet many aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement?

VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.

The VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance.


Primary Benefits of a VA Mortgage:

  • 100% financing
  • No monthly private mortgage insurance is required
  • There is a limitation on buyers’ closing costs
  • The loan is assumable, subject to VA approval of the assumer’s credit
  • 30 year fixed loan
  • Seller can pay up to 4% of the veterans closing costs and even pay down they buyer’s debt to help lower their debt-to-income ratio
  • Interest rates are similar to FHA rates
  • You don’t need perfect credit

Who does the VA home loan program in Surprise AZ

Ready to get qualified for a VA Home loan in Surprise, Arizona? Call Nathan Rufty at 623-850-1210
Posted by Nathan Rufty on April 10th, 2019 5:33 PM
USDA loans Helendale CA Features
A Helendale CA USDA Loan almost always is offered with 100% financing. However, this does not necessarily mean that you will not to bring cash to close. There are closing costs associated with the loan as well as prepaid items like interest, taxes and insurance. The good news is that Helendale CA USDA down payment assistance programs offer sufficient grant money to cover the majority of these costs so you can buy your home with as little out of pocket as possible.


USDA loans Helendale CA Features
  • No down payment requirement
  • Competitive interest rates
  • Can be combined with Helendale CA down payment grants to cover your closing costs
  • No first time homebuyer restrictions
  • Flexible underwriting guidelines make it easier to qualify than other Helendale CA loan programs
  • No minimum cash contribution requirement
  • Seller concessions and 100% gifting is allowed

How may funds be used?
Funds backed by loan guarantees be used for:

  • New or existing residential property to be used as a permanent residence.  Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction
  • A site with a new or existing dwelling
  • Repairs and rehabilitation when associated with the purchase of an existing dwelling
  • Refinancing of eligible loans
  • Special design features or permanently installed equipment to accommodate a household member who has a physical disability
  • Reasonable and customary connection fees, assessments or the pro rata installment cost for utilities such as water, sewer, electricity and gas for which the buyer is liable
  • A pro rata share of real estate taxes that is due and payable on the property at the time of loan closing.  Funds can be allowed for the establishment of escrow accounts for real estate taxes and/or hazard and flood insurance premiums
  • Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling
  • Purchasing and installing measures to promote energy efficiency (e.g. insulation, double-paned glass and solar panels)
  • Installing fixed broadband service to the household as long as the equipment is conveyed with the dwelling
  • Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways

How do we get started?
To apply for this program, please contact a local mortgage lender.  Applications must be submitted through an approved lender.  If you are unable to find a participating lender, your state’s Guaranteed Loan Coordinator can help you find one.

Ready to get started? Call Nathan Rufty at 909-503-5600
Posted by Nathan Rufty on April 3rd, 2019 3:07 PM
USDA Home Loans  Lake Arrowhead California
Zero-down USDA Guaranteed Loans are the most popular rural development mortgage program in Lake Arrowhead CA. These loans are available for anyone with low to moderate income to purchase a home in approved rural areas with no down payment.  Other USDA loan limits and resources can be viewed here:

USDA doesn’t set specific maximum loan limits for guaranteed mortgages. Instead, local limits are determined by a combination of the area USDA maximum income limit and the borrowers debt-to-income ratio. This approach means that guaranteed maximum USDA loan limits are fluid and based upon numerous factors, unlike low-income USDA Direct Loans, which have set maximum limits. The figures listed below are based on approximate calculations. Actual guaranteed maximum loan limits may vary.

The USDA Home loan program in Lake Arrowhead CA assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.


USDA Home Loans - Applicants must:

  • Meet income-eligibility
  • Agree to personally occupy the dwelling as their primary residence
  • Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
  • Have the legal capacity to incur the loan obligation
  • Have not been suspended or debarred from participation in federal programs
  • Demonstrate the willingness to meet credit obligations in a timely manner
  • Purchase a property that meets all program criteria

How may funds be used in USDA Home Loans

  • New or existing residential property to be used as a permanent residence.  Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction
  • A site with a new or existing dwelling
  • Repairs and rehabilitation when associated with the purchase of an existing dwelling
  • Refinancing of eligible loans
  • Special design features or permanently installed equipment to accommodate a household member who has a physical disability
  • Reasonable and customary connection fees, assessments or the pro rata installment cost for utilities such as water, sewer, electricity and gas for which the buyer is liable
  • A pro rata share of real estate taxes that is due and payable on the property at the time of loan closing.  Funds can be allowed for the establishment of escrow accounts for real estate taxes and/or hazard and flood insurance premiums
  • Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling
  • Purchasing and installing measures to promote energy efficiency (e.g. insulation, double-paned glass and solar panels)
  • Installing fixed broadband service to the household as long as the equipment is conveyed with the dwelling
  • Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways

Ready for your USDA Home loan in Lake Arrowhead, California? Call Nathan Rufty at (909) 503-5600
Posted by Nathan Rufty on March 28th, 2019 7:50 AM

Whether your heart is set on owning a small home or a suburban home in Running Springs, California, a USDA loan could take you one step closer to becoming a homeowner in California.

 

USDA loans, also known as Rural Development loans, are supplied by the U.S. Department of Agriculture via the USDA Rural Development Guaranteed Housing Loan Program. Designed specifically to boost the economy of rural areas, USDA loans are available to those living in less densely populated parts of the country, including the majority of Running Springs . Although the loans are government-sponsored, lenders are entirely responsible for handling the USDA loan application process.

USDA loan program in Running Springs CA

 

Many home buyers have never heard of the USDA program because so many lenders don’t offer the program. This is one of the best first-time home buyer programs ever, and possibly the best deal for you if you're buying a home in a rural or small-town setting.

 

Here’s why:

 

Running Springs USDA Home Loans Features & Benefits

 

  • It offers 100% financing: No down payment is required.
  • The monthly mortgage insurance is cheap.
  • It’s government backed, so the interest rate is low.
  • Closing costs are standardized (the seller can pay the closing costs).
  • There are no reserves required.
  • It’s a 30-year fixed-rate program.
  • There are no restrictions on gift funds.
  • Nontraditional credit histories are considered.
  • Blemished credit is often workable.
  • New or existing construction is acceptable.
  • It’s not limited to first-time home buyers.
  • There are never any prepayment penalties.

USDA Loan Requirements 

 

  • Meet the income limit requirements 
  • Be a U.S. citizen, non-citizen national or qualified alien 
  • Occupy the property as your primary residence 
  • Show a willingness to meet debt obligations 
  • Home must be in an eligible location 
  • Work with a USDA-approved lender 
  • Have an adequate credit score for the loan, preferably 620-640 or higher

 

Ready to start your USDA home loan in Running Springs, California please call Nathan Rufty at 909-503-5600.

Posted by Nathan Rufty on March 20th, 2019 4:28 PM

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