Home Loans California & Arizona



Active and retired military personal (if eligible) can buy a primary residence with no money for the down payment, which is 100% financing of the purchase price. If you are looking to buy a house in California or Arizona utilizing the VA home loan program, I welcome the opportunity to connect with you and discuss the VA purchase program with you. 

Podcast about credit - https://www.podbean.com/eu/pb-89gby-d8fa2a

Podcast about waiting periods - https://www.podbean.com/eu/pb-u2s64-d63be5

Please call, text or email me with any questions, 

Nathan Rufty
Mortgage Loan Originator 

CA Call or Text: 909-503-5600

AZ Call or Text: 623-850-1210
eFax: 888-837-2861
CA & AZ NMLS #292056
Nathan@NathanRufty.com
www.NathanRufty.com
Check Out Our Rates

Privacy: This e-mail may contain information that is privileged or confidential. If you are not the intended recipient, please delete the e-mail and any attachments and notify the sender immediately, and do not use, copy, or disclose to anyone any of the contents hereof. State Licenses


Posted in:Podcast and tagged: vahomeloanVAPURCHASEVAIRRRL
Posted by Nathan Rufty on May 25th, 2020 2:33 PM
As you set off on your home buying journey in Kingman Arizona, you will defiantly hear about FHA home loans which is one of the most popular home loans for house purchase in Kingman Arizona.

We are helping Kingman Arizona residents to find a low down payment FHA home loan. Here, you will find some basic information needed to understand what an FHA Loan is, what the qualifications are as well as the FHA loan limits in Kingman Arizona. If you qualify, an FHA loan is a great way for borrowers to get into a home with a small down payment. 



Kingman Arizona FHA Mortgage Benefits 

  • FHA allow for low credit scores.
  • FHA require very low down payments.
  • FHA never have pre-payment penalties
  • FHA help borrowers to find their dream home and are often the choice for first time home buyers.

Kingman Arizona FHA Loan Requirements

  • FHA Employment Requirements– You must have a full two year work history to qualify. If you are self employed, you would need to have owned your business for two years.
  • Residency Requirements – The home you plan to purchase must be occupied as your primary residence. Multi family buildings up to 4 units are eligible as long as you occupy one of those units are your own residence. Investment properties are not allowed.
  • FHA Income Documentation – You must show recent pay stubs, tax returns for the past two years, and bank statements for the past two months. If you are self employed, you will need to also document your income.
  • FHA Mortgage Down Payment Requirement – The minimum down payment requirement for an FHA mortgage in 2018 is 3.5% with a credit score of 580 or higher. Read more about FHA DOWN PAYMENT INFORMATION
  • FHA Credit Score Requirement – You can qualify for an Kingman Arizona FHA mortgage with a credit score of 580 or more. You may also get qualified with a credit score as low as 500, but you will likely have to put as down as much as 10%.
  • FHA Mortgage Insurance (MIP) – You will be required to have an FHA mortgage insurance premium (MIP).  You may read more about what this insurance will cost at our full FHA mortgage page.

Are you ready to purchase a house in Kingman Arizona? Great call Nathan Rufty at (623) 850-1210.
Posted by Nathan Rufty on May 20th, 2020 5:00 PM

Are you ready to purchase a home in Wickenburg Arizona, FHA loans can provide you the means to get into a house much less expensively than a regular loan can, and they're especially beneficial to you if you're of modest means.

 

However, in order to ensure that you have a pretty good understand about FHA purchase home loan program in Wickenburg Arizona please read on.

 

It's imperative that you have an FHA experienced loan officer if you're looking to purchase a home with this type of mortgage, because there are some processes you'll need to go through in order to have the process go smoothly. If you don't do this, it could cost you both time and money you can ill afford.

 

Having an FHA experienced loan officer can help you navigate the process, he or she can make things easier, and set things up so that the process itself is much easier.

 

FHA home purchase benefits:

 

Lower minimum down payment

 

The down payment for an FHA loan is just 3.5%, as compared to at least 20% for conventional loan, and you can have a family member, charitable organization, or even your employer pay that amount. If you go for a conventional loan, you'll usually need to prove you have the down payment amount yourself.

 

Same interest rates as conventional loans (most of the time)

 

Usually, FHA loans have similar interest rates as conventional loans, but this will also depend on your credit score. There is an FHA 203K (rehab loan) that would usually result in a higher interest rate due to more risk if the lender is loaning money to rehab the property too. It will be much less than getting a construction loan though.

Sometimes okay even with weak credit

 

FHA loans will often be approved even for those who have had credit problems, whereas conventional loans will be much more difficult to get. What's more important with the loan is your income. Even if you have enough income, you've been at your job for a while, and your job is pretty secure, you might still face problems getting a conventional loan where FHA might be an easier loan to qualify for.

 

Higher ratio of mortgage payment income

 

With conventional mortgages, you can only have Housing Expense ratios of 28% of your monthly income, and 36% ratios of monthly debt to income to qualify. FHA loans allow a ratio of 29% and 41% respectively.

 

No prepayment penalty

 

Fortunately, there are no prepayment penalties if you pay your loan off early with an FHA loan.

 

Closing costs can be included in FHA loans (up to 6% of the purchase price)

 

Closing costs can also be included in these loans, as long as you qualify for the higher amount of closing costs.

 

For more information about FHA purchase home loan program in Wickenburg Arizona call Nathan Rufty at (623) 850-1210.

Posted by Nathan Rufty on May 13th, 2020 2:58 PM


How does a mortgage payment increase when on a fixed interest rate? There are 2 main reasons for the monthly mortgage to increase. The property taxes and/or the homeowner's insurance policy increased causing your escrow account to become short. 

Review your property tax statement each year to see what your property value is assessed at. 

Please call, text or email me with any questions, 

Nathan Rufty
Mortgage Loan Originator 

CA Call or Text: 909-503-5600

AZ Call or Text: 623-850-1210
eFax: 888-837-2861
CA & AZ NMLS #292056
Nathan@NathanRufty.com
www.NathanRufty.com
Check Out Our Rates

Privacy: This e-mail may contain information that is privileged or confidential. If you are not the intended recipient, please delete the e-mail and any attachments and notify the sender immediately, and do not use, copy, or disclose to anyone any of the contents hereof. State Licenses


Posted in:Podcast and tagged: mortgagepayment
Posted by Nathan Rufty on May 10th, 2020 3:13 PM

In case you are considering purchasing a house in Wittmann Arizona soon you might think about the FHA Mortgage Loan as your funding choice. A person might save substantial amount of money using this type of mortgage if you're able to satisfy the FHA Mortgage Requirements. Due to a few stringent guidelines established by the government not everybody may be eligible for this kind of mortgage loan.

 

A lot of people which use a FHA mortgage to fund their house tend to be first time house purchasers. The reason being is the lower down payment needed and much less restrictive credit requirements compared to traditional mortgages. However, there are specific requirements you need to fulfill before you will get FHA Mortgage Loan.

 

The very first FHA mortgage loan requirement is you need to reside in the house you will buy. It needs to be your main place of residence. Those who are investors are unable to purchase a house with this type of mortgage.

 

FHA has a maximum mortgage amount for each and every county in the nation and this mortgage amount is based on taking into consideration the living expenses as well as prices of the area housing market.

 

The amount of down payment needed by FHA is presently 3.5% except if you possess credit scores less than 580, then you'll need a 10% down payment. The majority of FHA loan companies are demanding a credit score with a minimum of 620 in the current mortgage marketplace.

 

An additional FHA mortgage loan requirement is possessing a sound job history, ideally with the same company. To be eligible for a FHA house mortgage you need to have been at the same job for 1-2 years, and if you are self-employed you need to in the same type of work for that same time span. In case you are a recent graduate, your diploma or degree might be recognized rather than a work history.

 

If a house purchaser that is self-employed, they will need to produce 2 years of income tax returns along with a profit and loss income statement from their business if it is incorporated. The debt to income ratio for the home buyer shouldn't be more than 41% to satisfy the FHA mortgage qualifications. However for those who have certain kinds of debt like student education loans they will permit your debt to income ratio to go up to 45%.

 

FHA loans are extremely well-liked these days simply because a down payment of just 3.5% is among the smallest down payment requirements on the market. The majority of traditional mortgages are actually demanding a 20% down payment.

 

The seller has previously been able to pay as much as 6% of settlement costs for the purchaser however that could be changing to 3% soon. Seek advice from your own FHA approved lender for any new updates.

 

Are you ready for your next FHA Purchase home loan in in Wittmann Arizona? Please call Nathan Rufty at (623) 850-1210.

Posted by Nathan Rufty on May 7th, 2020 8:11 AM

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