Home Loans California & Arizona

No money down home purchase Tucson AZ
One of the biggest barriers to homeownership in Tucson AZ is not having enough cash to put down on a house at closing. While you might think you won’t be able to buy a home if your savings account is looking a bit lean, there are some creative ways you can make it work. From specific loan programs to family gifts and more, the odds are good that you’ll find a way to make your homeownership dream a reality.

1. VA Loan Tucson AZ
Active duty service-members, veterans and their family members are eligible for a VA loan, which is backed by the Department of Veterans Affairs. This allows qualifying buyers to purchase a home with no down payment and little-to-no closing costs.

Unlike other loan programs that may require a down payment, the VA loan program doesn't have a minimum down payment requirement.

The VA Guarantee Fee replaces the requirement for mortgage insurance, so this is an all around great way to purchase a home for those who qualify.

2. Tucson AZ FHA Loan
The FHA loan is a popular option that allows buyers to put as little as 3.5% down on a new home, which can be given in the form of a financial gift from family or from a qualified non-profit or government agency. Sellers can also contribute closing costs up to 6% of the sales price of the home.

The great thing about FHA loans is there are lower down payment requirements and less restrictive qualifying criteria, making this a great option for all potential home-buyers. But just be aware that you’ll be required to pay a mortgage insurance premium with this loan program, regardless of your down payment.

3. Tucson AZ Homebuyer Assistance Program
If this is your first time buying a home, there are so many resources available to help you navigate these unfamiliar waters. Fortunately, there are also some programs available at both the local and national level that offer financial assistance to new homebuyers – and in some cases, to previous homeowners as well. It could be worth looking into local programs, state programs, Non-profits, etc.

4. Tucson AZ USDA Loan
Another option available to borrowers who qualify, with a zero down payment requirement, is the USDA loan program, otherwise known as a rural development loan. Some eligible areas are surprisingly quiet suburban – so don’t discount this loan program until you’ve checked to see if the property qualifies. It’s important to note that USDA loans do require mortgage insurance and the loan limits and income restrictions vary by area.

5. Tucson AZ Down Payment Gift
If you’re fortunate enough to have a family member gift you money, it potentially can be used for your down payment – so long as you carefully follow the requirements set forth by your lender. You’ll need to have a paper trail showing who gifted you the money, how they gave it to you and when it was given, and that no repayment is required.
Posted by Nathan Rufty on December 4th, 2019 2:04 PM
Looking for a mortgage in Tucson AZ with only 3% down payment to purchase a home? Here are some options. You've found a home you'd love to own, and you're ready to buy. But you don't have a 20% down payment. Don't worry; there are several low-down-payment alternatives.

Veterans Affairs (VA) loans in Tucson AZ
We offer VA home loan programs to help you buy, build, or improve a home or refinance your current home loan—including a VA direct loan and 3 VA-backed loans. Learn more about the different programs, and find out if you can get a Certificate of Eligibility for a loan that meets your needs.

With a VA-backed home loan, we guarantee (or stand behind) a portion of the loan you get from a private lender. If your VA-backed home loan goes into foreclosure, the guaranty allows the lender to recover some or all of their losses. Since there’s less risk for the lender, they’re more likely to give you the loan under better terms. In fact, nearly 90% of all VA-backed home loans are made without a down payment.

Lenders follow our VA standards when making VA-backed home loans. They may also require you to meet additional standards before giving you a loan. These standards may include having a high enough credit score or getting an updated home appraisal (an expert’s estimate of the value of your home).

U.S. Department of Agriculture (USDA) loans in Tucson AZ
For starters, a USDA loan is one of the only loan programs offered to the general public that allows you to finance 100% of your home’s value. That means no down payment of any kind! USDA loans are made even more affordable through very competitive fixed interest rates, ensuring your payments will not increase every month.

USDA Loans .Net requires a middle credit score of at least 620. If you are close, apply and we can help. USDA home loans also offers affordable 30 year terms. If you are a first time home buyer, or not, a USDA loan is the perfect fit.

Federal Housing Administration (FHA) loans in Tucson AZ
These loans, designed for those with less-than-perfect credit, are insured by the Federal Housing Administration and also allow a down payment as low as 3.5%.

The down payment can be a gift from a family member, government agency or non-profit organization. However, there is a limit to the amount you can borrow, which varies depending on your location. You will also be required to take out FHA mortgage insurance. In most cases, this insurance costs 1.5 percent of the loan amount on closing, plus 0.5 percent per year -- the amount can be rolled into your mortgage.

On a $100,000 mortgage, the 1.5 percent upfront FHA mortgage insurance payment would be $1,500 which, wrapped into a fixed, 30-year mortgage at 8 percent, would come to an additional $11.01 per month. The 0.5 percent annual premium would be $500 per year or $41.67 per month.

Tucson AZ Conventional loans
Some mortgage lenders offer small down payment mortgages — as little as 3% down payment — to borrowers who qualify.

These loans, however, aren’t insured by a government agency, so the lender will require private mortgage insurance (PMI). The cost of PMI varies but is often between 0.5% and 1% of the loan amount. You can typically request to have your PMI dropped once you have at least 20% equity in the home.
Posted by Nathan Rufty on November 27th, 2019 11:50 AM
Now is a great time to purchase a new home in Tucson AZ. However, purchasing a new home needs care. There are sloppy ways and smart ways to purchase a new home. I would like to share with you 3 things I think home buyers can use to make their next home purchase more secure.

Remember your home is your home and not an investment.

The main reason why you are purchasing a home is because you need somewhere to live. That must be your top priority. You need to make sure that your home meets your needs and the needs of your family.

Looking long-term will help you make sure the mortgage payment you choose will meet your long-term financial terms. As the bust has shown us, increased mortgage payments have caused many to lose their homes. You need to make sure the payment you have now will be good for you long-term. 

Some people jumped at teaser financing that promised low rates now with balloon payments later. People jumped at them thinking they could always refinance later. Well, when the bust dropped the value of homes 30-40% people found out they could not refinance.

Approach the house you will purchase as your home and not an investment. However, one of the great things, a side benefit if you will, is the home can be a great investment. It just cannot be your primary concern. Home ownership will give you great tax benefits as well as building your equity for the future. These are great! Just do not purchase a home because it might be a good investment above choosing a home that will meet your needs long-term.

Home Warranties are an awesome idea and worth the low cost.

There are different levels of warranties from the basic up to top-notch plans that cover everything. You can start with the basic plan and then add items that make sense for your home. Some other optional coverage options that you can add would be for central A/C, pool/spa, roof leak protection, etc.

When you own a home the proverbial buck stops at your desk. As a renter you always had someone else to handle the repairs (and the expenses of repairs.) As an owner it is all up to you. And the simple can get very expensive very fast.

Not all home warranty companies are created equal so make sure you choose a reputable company.

Inspections with repair costs will protect your purchase.

Home inspections are part of the purchase fo a new home. As a buyer you have the right to perform inspections and the seller is required by law to make to house available for those inspections. There are 2 main inspections that are used right from the beginning: general inspection and pest control inspection. However, there are other inspections you can choose based on your needs and the results of the general inspection.

If the general inspection hints at any potential problems then you need to protect yourself by ordering a specialist to come examine the noted issue. Some typical follow-up inspection would be roof inspection, plumbing issues, or electrical issues. I would recommend another good test to obtain which is a manometer test. This test will measure how level the foundation is and will expose if there are potential problems with the slab.

Take the inspections one step further and get repair estimates. This way you will know what you might be facing for repairs or know what to ask the seller to repair. Having repair estimates will make the conversation between the buyer and seller easier.

Home ownership is part of the great American dream and a dream that I am committed to. If you are ready to realize your dream call Nathan Rufty at (623) 850-1210 to get started with your home purchase process in Tucson AZ.

Posted by Nathan Rufty on November 20th, 2019 2:45 PM
helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.??VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
Although the initial savings of minimal down payments are the best perk to Tucson AZ VA loans, they come with other upsides. VA loan borrowers usually get lower interest rates. This is due to the Department of Veterans Affairs guarantee on each loan. VA-approved lenders are then more likely to knock off a few percentage points on interest rates. Furthermore, there is no penalty for prepaying and no private mortgage insurance. All of these advantages help military homeowners save bundles of money each month.

Benefits of Tucson AZ VA home loans

  • Purchase Loans Help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. 
  • Interest Rate Reduction Refinance Loan (IRRRL): Also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan. 
  • Native American Direct Loan (NADL) Program: Helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan. 
  • Adapted Housing Grants: Help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability. 
  • Other Resources: Many states offer resources to Veterans, including property tax reductions to certain Veterans. 

Tucson AZ VA home loans Eligibility Requirements

  • Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.
  • Purchase Loans and Cash-Out Refinance: VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE). 
  • Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a "VA to VA" loan, meaning it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is generally performed to lower the interest and reduce the monthly payment on the existing VA guaranteed loan. 
  • Native American Direct Loan (NADL) Program: The NADL program helps Native American Veterans purchase, construct, improve, or re-finance a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program. You must have a valid Certificate of Eligibility (COE). 
  • Adapted Housing Grants: VA helps Veterans with certain total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant. 

If you are ready for your next VA Home loan in Tucson Arizona, please call Nathan Rufty at (623) 850-1210
Posted by Nathan Rufty on November 13th, 2019 12:42 PM
The Tucson AZ FHA Home Loan Program is becoming the most popular way to finance the purchase of homes. It has always been popular but have become more so in the last couple of years because of the problems in the housing market.

Conventional loans are becoming harder to get and the down payment required is 20% or more. Another problem with conventional loans is that credit has tightened and you need higher credit scores. This is why the FHA Home Loan Program looks so attractive to current homebuyers in Tucson AZ.

Here are some of the advantages of a FHA Home Loan in Tucson AZ:

1. Easier to Qualify

FHA does not directly lend money to the homebuyer, what they do is insured the mortgage. This will give lenders the incentive to give better loan terms and make it easier for you to get qualified.

2. You Do Not Have To Have Great Credit

In today's housing market you need to have pretty darn credit to qualify for a conventional loan. You can qualify for a FHA Home Loan with less than perfect credit scores. If you have had a bankruptcy in the past you have a better chance of getting a mortgage with the FHA Home Loan Program than a conventional loan.

3. Low Down Payment

This is probably is the best advantage to a FHA Loan Financing. You only need a 3.5% down payment versus 20% or more for conventional loans. You really do not have the have the down payment, it can come from a family member, employer, or charitable organization. Conventional loans do not allow this.

There is an exception to the 3.5% down payment. Currently you only need $100 for a down payment if you buy a HUD foreclosed home. You can get more information on The HUD $100 Down Payment Incentive by clicking on the links at the bottom of this article.

4. Cost Less To Have A FHA Loan

FHA Home Loan Mortgage has very competitive interest rates because they are insured by the Federal government. You need to compare their rates with rates of conventional loans.

5. What If You Can Not Paid Your Loan?

6. FHA loans can be used not only to purchase existing single family homes but also new construction homes, 1-4 family homes, and manufactured homes. It is very hard to get financing for manufactured homes with conventional financing.

FHA has been around a long time, since 1934. They have programs available to you that will help you save your home if you happen to run into hard times. And there are a lot of hard times going around in today's economical times. They can help you to avoid foreclosure.

Remember, FHA does not provide direct lending nor does it set the interest rates on the loans. You need to shop around with different FHA approved lenders for the best terms and rates. The FHA Home Loan Program may be your best and only chance to get your dream home!

Are you ready to learn more about FHA Home loans in Tucson AZ? Call Nathan Rufty at (623) 850-1210.
Posted by Nathan Rufty on November 6th, 2019 11:22 AM



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