Home Loans California & Arizona

The VA Mortgage program is made available to qualified and eligible Goodyear, Arizona Veterans through private lenders such as banks, mortgage brokers, and direct lenders. 

 

The benefit of a VA Home Loan is the VA guarantees a portion of the mortgage, so the lender is protected against losses if the borrower defaults. What this means for eligible Veterans is that they are able to obtain favorable VA guaranteed financing for their home purchase or refinance. Typically this includes no down payment financing for the purchase of a home, without having to pay monthly mortgage insurance. They typically will also receive a competitive interest rate.

 

 VA purchase home loan program in Goodyear, Arizona Benefits:

 

  • A 30-year fixed interest rate mortgage loan, several rates and loan options available
  • Down payment assistance (DPA) provided as a grant (never needs to be repaid) or forgivable second lien loan
  • DPA available for up to 5% of the loan amount
  • You do not have to be a first-time homebuyer
  • Available statewide through a network of participating lenders
  • Income limits vary by county. Expanded income and purchase price limits available in targeted areas.

 

Veterans who qualify for this program have the opportunity to purchase a home with little or no down payment, at what are often unbeatable rates. The home must meet the following requirements to be eligible for a Goodyear, Arizona VA Home Loan:

 

The home must be located in the state of Arizona.

The Veteran must be purchasing the home to be their primary residence.

Eligible property types are single family attached or detached, townhomes, condos, or homes within a planned unit development.

 

Do you have more questions about VA Purchase Home Loans in Goodyear, Arizona? Call Nathan Rufty at (623) 850-1210

Posted by Nathan Rufty on July 8th, 2020 6:11 PM

The U.S. Department of Veterans Affairs (VA) helps service members, veterans, and eligible surviving spouses become homeowners by providing a home loan guaranty benefit. VA loans are provided by private lenders, such as banks and mortgage companies. Borrower eligibility for VA homeownership programs is determined by meeting minimum standards for length of service, which is confirmed by VA with a Certificate of Eligibility. Each veteran has a guaranty entitlement, which is a minimum of $36,000 and a maximum of 25 percent of the county loan limit. The guaranty is the amount VA will pay the lender in the event of a foreclosure. The guaranty effectively takes the loan-to-value (LTV) ratio down to 75 percent. The VA Home Purchase Loan program has made mortgage credit available to many veterans who otherwise would not be able to obtain a loan. 

VA purchase home loan program in Glendale, Arizona

 

Glendale, Arizona VA Loan limits:

VA loan limits vary by county and are currently the same as those set by the Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac (conforming loan limits). Although VA does not set a cap on how much a veteran can borrow to finance a home purchase, the department will only guarantee 25 percent of the VA loan limit. Therefore, lenders may require veterans to make a down payment on loan amounts that exceed the limits. 

 

Glendale, Arizona VA Loans Income limits: This program has no income limits. Credit: VA does not require a minimum credit score for a VA loan, but lenders may set their own requirements. 

 

Glendale, Arizona VA Loan First-time homebuyers: First-time users of their VA eligibility get a lower funding fee. Generally, all veterans using the VA Home Purchase Loan guaranty pay a funding fee. The funding fee is a percentage of the 

 

VA Purchase Home Loan Benefits for Glendale, Arizona residents:

 

  • Eligible homebuyers are not required to have a down payment
  • No monthly mortgage insurance premiums or PMI to pay.
  • Limitation on buyer's closing costs.
  • Lower average interest rates than other loan types
  • No prepayment penalties.

 

Ready to get qualified for your VA home loan in Glendale, Arizona? Call Nathan Rufty at (623) 850-1210.

Posted by Nathan Rufty on July 1st, 2020 3:42 PM
In Waddell, Arizona, the FHA loan limit for a single-family home is a popular option when you are looking to purchase a house in Waddell, Arizona. FHA loan program offers homebuyers a lower down payment and a lower required credit score when compared to conventional loans.



Benefits of using FHA Loans in Waddell, Arizona

  • FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
  • FHA mortgage rates are typically lower than conventional mortgage rates.
  • FHA down payment and credit score requirements are typically lower than conventional loans
  • Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
  • FHA loans are assumable

Are You Eligible for an FHA Loan in Waddell, Arizona?

You may be eligible for an FHA loan, if you:

  • Have 2 years of steady employment, preferably with the same employer.
  • Have had steady income (or increasing income) in the past two years.
  • Have had less than two 30 day periods of late payments on your credit report.
  • Have declared bankruptcy no less than two years ago and have maintained good credit since.
  • Have not been a party in a foreclosure for at least three years and have maintained good credit since.
  • Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

Ready to purchase a new home in Waddell, Arizona? Call Nathan Rufty at (623) 850-1210 to get qualified for an FHA purchase home loan.
Posted by Nathan Rufty on June 24th, 2020 10:26 AM

An FHA loan in Lake Havasu City, Arizona is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5%. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.

 

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable for people with less than stellar credit or a low down payment. Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

 

The advantages of FHA home loans in Lake Havasu City, Arizona

The Federal Housing Administration offers three major benefits that make its loans worth pursuing — low down payments, low closing costs, and easy credit requirements. Where you may be required to put down 5% or more for a conventional home loan, FHA loans allow you to put down as little as 3.5%, or $3,500 per $100,000 you borrow.

 

In addition to low down payment requirements, FHA loans are often available to consumers with credit scores as low as 580. Consumers with scores lower than that may also be able to qualify, although they are generally required to put down 10% or more.

 

To make things even easier, FHA loans make it possible to qualify if you have other types of debts. While some conventional-mortgage lenders want your debt-to-income ratio (the amount of debt you have compared to your income as a percentage) to be below 36% including housing, FHA loans can be offered to consumers with a debt-to-income ratio of up to 43%.

 

Finally, don't forget that FHA loans are good for more than just traditional single-family residences. You can use an FHA home loan to purchase a multi-unit property with up to four units provided you plan to live in one of them, and you can also use this loan for a condo or manufactured home.

 

To get qualified for your FHA purchase home loan program  in Lake Havasu City, Arizona call Nathan Rufty at (623) 850-1210.

Posted by Nathan Rufty on June 17th, 2020 4:05 PM

FHA mortgages in Buckeye Arizona offer a wide range of benefits and consumer protection that conventional loans may lack. Some of the most attractive things about an FHA mortgage are the low down payment and more lenient credit requirements. FHA loans are, simply put, easier to qualify for than conventional mortgages.

 

FHA loans are insured by the Federal Housing Administration. FHA does not lend money or issue credit, so the first requirement of the FHA loan program is to apply for the FHA mortgage through a participating licensed FHA lender in Buckeye Arizona.

 

When you apply for an FHA loan to purchase a new home in Buckeye Arizona, you’re required to submit detailed information on your existing credit, employment history, and current income. FHA lenders evaluate this information based on something called “the four C’s” :

 

  • Credit history
  • Capacity to repay
  • Cash assets available to close the mortgage, and
  • Collateral

 

According to the FHA, the lender must evaluate all FHA loan applications by:

 

  • Considering the type of income the borrower needs to qualify
  • Analyzing the borrower's liabilities to determine creditworthiness,  
  • Reviewing debt-to-income ratios and compensating factors.

 

FHA loans for single-family homes can be used to purchase suburban homes, condos, multi-unit properties (subject to certain rules) and other eligible properties. Borrowers are permitted to use an FHA loan to buy properties with a business or non-residential space as long as that space remains subordinate to the “residential nature of the property” according to FHA loan rules and does not take up more than 25% of the total floor space of the home.

 

But that’s not all you can use an FHA home loan to do. Buyers can also apply for FHA loans to simultaneously purchase and remodel or rehab a property, such as a fixer-upper home. FHA loans are also available to refinance from conventional mortgages to FHA loans, and to refinance existing FHA loans. For qualified borrowers age 62 and old, there is an FHA Home Equity Conversion Mortgage which lets you borrow against the equity built up in the home.

 

To apply for FHA purchase home loan program in Buckeye Arizona Call Nathan Rufty at (623) 850-1210

Posted by Nathan Rufty on June 10th, 2020 9:13 AM

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