Home Loans California & Arizona

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
Phoenix AZ’s economy has experienced its ups and downs over the last few decades. Population decline and the national housing crisis have driven prices and mortgage rates down, making it homeownership more attainable in the state. Some cities are even paying people to move there.

Additionally, both the federal and Phoenix AZ state governments have created mortgage programs specifically for first-time homebuyers. When paired with grants and tax credits, these can make homeownership both cheaper and more accessible. 

Before you buy a home, you might want to consider enlisting the help of a financial advisor. An advisor can help you understand how a mortgage will impact your financial picture, and help you choose the best loan option for you.

Federal First-Time Homebuyer Programs

Before we break down the loan programs for Phoenix AZ residents, we’ll first go over several national home buying programs offered through the federal government. You want to consider all your options when searching for a mortgage, so make sure to look at both federal and state programs.

FHA Home Loans Phoenix AZ

This is the go-to program for many Phoenix AZ residents, especially first-time home buyers and those who have a credit history that’s ... let’s say shaky. The Federal Housing Administration guarantees a portion of FHA home loans, which frees lenders to broaden their acceptance standards. With FHA backing, borrowers can qualify for loans with as little as 3.5% down.

FHA loans do have an upfront and ongoing additional cost built in: mortgage insurance premiums. This protects the lender’s stake in the loan if you default.

VA loan Phoenix AZ

The U.S. Department of Veterans Affairs helps service members, veterans and surviving spouses buy homes. VA loans are especially generous, often requiring no down payment or mortgage insurance. But like a lot of military operations, the approval track is built for accuracy, not speed.

While the VA has only a few requirements for things like debt and sufficient income, VA lenders may add their own "overlays," or additional requirements.

USDA loan Phoenix AZ

This one may surprise you. The U.S. Department of Agriculture has a home buyers assistance program. And no, you don’t have to live on a farm. The program targets rural areas and allows 100% financing by offering lenders mortgage guarantees. There are income limitations, which vary by region.

ADOH highlights and eligibility requirements

Arizona’s Home Plus mortgage program is specifically designed to help people become homeowners. Over 90% of participants in the Home Plus program are first-time home buyers, though owning real estate now or in the past doesn’t necessarily disqualify you, Dirk Swift, the program administrator, said in an email.

  • Down payment and closing cost assistance.
  • Reduced mortgage insurance premiums.

  • Property must be located in Arizona and not exceed purchase price limit.
  • Borrower must occupy the home as a primary residence.
  • Borrower must meet income and credit score requirements.
  • Home buyer education course required.
  • Some mortgage types not available in certain counties.

Are you ready to purchase your first home? Please call Nathan Rufty your first time home buyer expert in Phoenix AZ at (623) 850-1210.

Posted by Nathan Rufty on October 31st, 2019 9:36 AM

3% Down Payment Mortgage for First-Time Homebuyers in Phoenix AZ

For years, the Federal Housing Administration was the king of the low-down-payment mortgage mountain. Now, Fannie Mae and Freddie Mac, the government-sponsored enterprises that provide capital to the mortgage market, are designing loan products for hopeful home buyers with skinny savings accounts.

With Fannie Mae’s HomeReady and Freddie Mac’s Home Possible, a 3% down payment — or what lenders refer to as 97% loan-to-value, or LTV — is available on so-called conventional loans. Conventional loans are the loan products most often issued by lenders.

Many Phoenix AZ homebuyers have a hard time juggling everyday expenses while saving for a down payment or closing costs. Rent, utilities, car payments, student loans, and credit cards, not to mention groceries, can sometimes drain your bank account as quickly as money is deposited.

Considering all of that, it's no surprise that saving for a home is one of the biggest hurdles to actually buying a home. But that doesn't have to be your experience. Today's buyers have mortgage options that require down payments well below 20% of the home's purchase price. In many cases you can buy a home with just 3% down.

There are also buyer assistance programs in Phoenix AZ that may help cover your down payment and possibly closing costs. Funding from those programs often can be combined with financial gifts from your family and friends to reduce your out-of-pocket costs to buy a home.

VA Loans - Veterans Affairs
These loans are insured by the U.S. Department of Veterans Affairs for certain veterans, service members, spouses and other eligible beneficiaries.

They don’t require a down payment or mortgage insurance but do charge a one-time funding fee of 0.5% to 3.3%, depending on the type of loan, the size of the down payment and the nature of your military service.

USDA Loans - U.S. Department of Agriculture
The U.S. Department of Agriculture insures home loans for low- to moderate-income homebuyers in eligible rural areas.

Like VA loans, there is no down payment for a USDA loan. But there is an upfront fee of 1% and an ongoing annual fee of 0.35%, both of which apply to purchases and refinances.

FHA Loans - Federal Housing Administration
Insured by the U.S. Department of Housing and Urban Development (HUD), borrowers can get an FHA loan with a down payment as low as 3.5%.

Additional fees include an upfront mortgage insurance premium of 1.75% and an annual mortgage insurance premium of 0.45% to 1.05%, depending on the type, size and length of the loan and the size of the down payment.

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.

So if you are ready to purchase a home in Phoenix AZ with only 3% down payment, please contact Nathan Rufty at (623) 850-1210.
Posted by Nathan Rufty on October 23rd, 2019 2:43 PM
Are you looking to buy a home in Phoenix AZ? A home purchase loan in Phoenix AZ is what you need. And if you need some home mortgage help to discover the best options, then you will discover them in this short article! Don't purchase a home till you read this article!

Purchasing a home is fun, but it also has a lot of complications. You may be wondering what are the best options to go with? You may be wondering what is going to be better.

Asking friends and family, often doesn't bring up a lot of ideas, because even when your parents or friends purchase a home, they don't know much about mortgages.

However, there is one thing that you can do, when buying a home, and that is to look through and then compare home mortgage options.

This is the best method, and can make a big difference. If you want to get the best, then looking through to get the best home mortgage interest rates, is the best way to get what you need.

Another thing to remember, is that there is a lot of mortgage help out there. Articles such as this, can be like gold dust.

So, the first thing that you need to do, is to look through a compare home mortgage options.

There are many ways to go through and get the best options. The internet is possibly the best option to finding a good range of options to find a home purchase loan.

Remember also the home mortgage brokers, who can help you to find the best. These guys do the research, and it can save a lot of time.

So, consider your options available to you, and go through to get the best. With so many different options, you can get the best for your needs!

Below are the Most Common Mortgage Products in Phoenix AZ:

There are many types of mortgages available to you.

It’s important that you shop around to find the mortgage that’s right for you. Some of the most common mortgages available today include (but are not limited to) the following:

Fixed-Rate Mortgage
Fixed-rate mortgages are the most common mortgage products available. Because your interest rate never changes, the monthly principal and interest payment remains the same for the entire term of the loan — whether it’s a 15-year, 20-year, or 30-year mortgage — allowing for more predictability in your monthly housing costs. Fixed-rate mortgages are the most stable type of mortgage.

Adjustable-Rate Mortgage
Adjustable-rate mortgages (ARMs) may start with a lower interest rate, making your initial monthly payments lower. However, unlike a fixed-rate mortgage, your interest rate will adjust periodically, based on an index that reflects changing market interest rates. Bear in mind that if the interest rate adjusts upward, so will your monthly payments.

Government Programs
The Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and the Rural Housing Service (RHS) also offer mortgage products for borrowers that meet certain requirements.

  • FHA Loans. The FHA, part of the U.S. Department of Housing and Urban Development (HUD), insures a home loan, so your lender can offer you a loan package that may include lower down payments.
  • VA Loans. The VA guarantees VA loans to make housing affordable to eligible U.S. veterans. You can apply for a VA loan with any mortgage lender that participates in the VA home loan program.

It is very essential to understand information provided by an agent or broker, or information found on the Internet. Feel free to ask the lender any additional questions you think are significant, and then make comparison between the prices and terms. Finally sum up all data and details and decide which options are most suitable for you.

Please call Nathan Rufty at (623) 850-1210 your trusted mortgage loan officer in Phoenix AZ
Posted by Nathan Rufty on October 16th, 2019 12:19 PM
VA helps Service members, Veterans, and their families 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 obtain, retain, or adapt a home for your own personal occupancy. 

VA Home Loans in Phoenix AZ offers three home loan guaranty programs for Active Duty Service members, Veterans, National Guard members, Reserve members, and certain
surviving spouses. There are three loan types: 

  • Purchase Loan
  • Streamline Refinance Loan
  • Cash-Out Refinance Loan 

Benefits of a VA Home Loan in Phoenix AZ

  • No down payment unless required by lender.
  • The purchase price is more than the reasonable value of the property
  • No mortgage insurance
  • Reusable
  • One-time VA funding fee (can be included in the loan)
  • If you receive VA disability compensation, you are exempt from the VA funding fee.
  • Minimum property requirements: Ensure the property is safe, sanitary and sound
  • VA staff assistance if you become delinquent on your loan
  • Can be assumed by qualified persons
  • Equal opportunity for all qualified Veterans

To be eligible for a VA-guaranteed loan, you must meet credit and income standards and have a valid Certificate of Eligibility (COE). The home must be for your own personal occupancy. You must have been discharged under conditions other than dishonorable and meet these service requirements:

Who Is in Phoenix AZ is Eligible for VA Home Loans?

  • Veterans who meet service length requirements
  • Service members on active duty who have served a minimum period
  • Certain Reservists and National Guard members
  • Certain surviving spouses of deceased Veterans

If you are eligible for a VA-guaranteed home loan in Phoenix AZ, you can use the loan to:

  • Buy a home or residential condominium.
  • Build a home.
  • Simultaneously purchase and improve a home.
  • Refinance an existing non-VA loan.
  • Refinance an existing VA loan to reduce the interest rate.
  • Buy a manufactured home to be permanently affixed to a lot already owned or buy a manufactured home and lot to which the home will be permanently affixed.
  • Obtain energy efficient improvements, such as solar heating.

Ready to get started on your VA Home Loan in Phoenix AZ please call Nathan Rufty at (623) 850-1210.
Posted by Nathan Rufty on October 9th, 2019 12:14 PM



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