Tucson’s #1 FHA Mortgage Loan Originator

Have you read the 5 secrets to getting an FHA mortgage loan for home ownership published by HUD? There’s a secret out there about FHA mortgage loans that HUD wants you to know about. It’s so secret, that they published
an informational brochure but didn’t tell anyone about it.

The Secret Is OUT!

That’s right, HUD’s little secret about FHA mortgage loans is
out. And I’m proud to say that I bring the 5 Secrets to you now… so
buckle up, hold on to your seat… wake the neighbors and call the kids…

HUD’s 5 Secrets To HomeEconomics

Secret #1 - Organize

Set money goals and develop a plan to meet them. Decide what is
important to spend money on, and then save the rest for a down payment
(3.5% now). Basically, set a goal to save a certain amount of money
each month and then stick to it.

[Read the rest of this entry...]

Tucson Loans and Tucson Mortgages are available for home buyers who have found the perfect Tucson Real Estate but, the home needs some work.  Have you ever thought “I love this house, but….”?

The good news is that there is are little known Tucson Mortgages and Tucson Loans available from HUD that are not well publicized and can help you buy that slightly unsightly house.  And turn it into your dream home.  Best of all with just ONE Tucson Mortgage Loan.  It’s the FHA 203K Streamline.

Typically, if you were to find a home in Tucson or anywhere in Arizona in need of repair, you would go out and buy the house and then get a home equity line to facilitate the needed repairs.  The current market is crowded with foreclosures, bank owned property and short sales.  Much of this type of Real Estate has been abused and in need of repairs.

[Read the rest of this entry...]

WHAT IS AN FHA SHORT REFINANCE?

An FHA Short Refinance is when a home owner refinances a loan where they owe
more on their mortgage than their current mortgage is worth. FHA Short Refinance applicants are upside
down on their equity, and so they need an FHA Short Refinance. The only way to
refinance the home for any reason, is if the current lender takes a “short
pay” on the amount owed and writes it off as a loss, thus the FHA Short Refinance. It is basically the same as a short sale with
the exception that the home owner keeps their home.

HOW DO YOU GET PAID ON AN FHA SHORT REFINANCE?

It is important for you to
know that as a HUD approved FHA lender we cannot charge anything for the
negotiation of the FHA Short Refinance payoff with your current lender. We do not charge anything “up front” for the FHA Short Refinance negotiations, and only
get paid if your new loan closes.

WHAT IF THE FHA SHORT REFINANCE DOESN’T WORK?

An FHA Short Refinance is the
goal for our work, but it does not work in every situation. In the case where an FHA Short Refinance does not
work, you still may be able to negotiate a loan modification with your current
lender to improve the terms on your existing mortgage. You may also elect to put your home up for a
“short sale” and if you do we can provide you with an excellent Realtor
referral in your area who specializes in this type of transaction. If you elect a short sale, it is important to
work with a Realtor experienced in the short sale process.

HOW LONG DOES THE FHA SHORT REFINANCE TAKE?

[Read the rest of this entry...]

Mortgage Interest Rates for Tucson Loans change on a continual basis, and if the last couple of months are any indicator we have a roller coaster that makes Mr Toads Wild Ride look like smooth sailing. Over the last few weeks, with discussion of the Fed Bailout of Wallstreet among other things, we’ve seen dramatic reversals in the direction of Mortgage Backed Securities (MBS) and big intraday movements which have had instant affects on mortgage interest rates.  And interest rates for Tucson Loans have been very volitile.

If you follow MortgageMan on Twitter you’ll see Mortgage Backed Securities updates during the day, which will give you a good idea of what is happening in the market for Tucson Loans on any given day. An upward movement in Mortgage Backed Securities translates into better mortgage rate pricing and Tucson Loans will be priced better.

Every day there is a range of mortgage interest rates published from wholesale mortgage lenders. A range may be from 5.625% on the low rate / high cost end, to 7.25% on the high rate / low cost end. You get to pick the rate you want based on the payment and cost structure that fits best into your long and short term financial goals. Be sure to discuss your rate options with your mortgage professional. In the current Real Estate market environment, a seller may decide to contribute money to closing costs and discount points which helps you get to the lower mortgage rate side of the scale. On the other side, selecting a rate on the higher end of the scale may allow the bank to help cover some of the closing costs.

All FHA mortgage lenders get similar pricing, although there are some smaller “boutique” FHA wholesale mortgage lenders that may have slightly higher rates due to their smaller buying power of FHA mortgage loans. In difficult cases, where the loan doesn’t meet the specific guidelines of a wholesaler, the boutique FHA lender may be the FHA lender of choice. We keep several boutique FHA mortgage wholesale lenders in our back pocket for these types of transactions.

For more information on FHA mortgage financing, call Paul Dunn at 520-225-0380.
Apply now for an Arizona (AZ) Loan on our secure server.

[Read the rest of this entry...]

Mortgage Interest Rates for Tucson Loans change on a continual basis, and if the last couple of months are any indicator we have a roller coaster that makes Mr Toads Wild Ride look like smooth sailing. Over the last few weeks, with discussion of the Fed Bailout of Wallstreet among other things, we’ve seen dramatic reversals in the direction of Mortgage Backed Securities (MBS) and big intraday movements which have had instant affects on mortgage interest rates.  And interest rates for Tucson Loans have been very volitile.

If you follow MortgageMan on Twitter you’ll see Mortgage Backed Securities updates during the day, which will give you a good idea of what is happening in the market for Tucson Loans on any given day. An upward movement in Mortgage Backed Securities translates into better mortgage rate pricing and Tucson Loans will be priced better.

Every day there is a range of mortgage interest rates published from wholesale mortgage lenders. A range may be from 5.625% on the low rate / high cost end, to 7.25% on the high rate / low cost end. You get to pick the rate you want based on the payment and cost structure that fits best into your long and short term financial goals. Be sure to discuss your rate options with your mortgage professional. In the current Real Estate market environment, a seller may decide to contribute money to closing costs and discount points which helps you get to the lower mortgage rate side of the scale. On the other side, selecting a rate on the higher end of the scale may allow the bank to help cover some of the closing costs.

All FHA mortgage lenders get similar pricing, although there are some smaller “boutique” FHA wholesale mortgage lenders that may have slightly higher rates due to their smaller buying power of FHA mortgage loans. In difficult cases, where the loan doesn’t meet the specific guidelines of a wholesaler, the boutique FHA lender may be the FHA lender of choice. We keep several boutique FHA mortgage wholesale lenders in our back pocket for these types of transactions.

For more information on FHA mortgage financing, call Paul Dunn at 520-225-0380.
Apply now for an Arizona (AZ) Loan on our secure server.

[Read the rest of this entry...]

Just when you thought it was safe to go out and buy a new home HUD has changed the FHA mortgage rules with Mortgagee Letter 2008-25 which is a response to the “Walking Buyer” and “Buy and Bail” trends in Arizona as well as the rest of the country.

A Walking Buyer (or Buy and Bail buyer) who has a home they cannot sell because they are upside down on the mortgage simply finds an affordable home and rents the current home. This helps them to qualify for the new home and then, once they move into the new home… they let the old one go into foreclosure.

Additionally, this fraudulent practice put yet ANOTHER FORECLOSURE HOME on the market and we just don’t need additional foreclosures out there bringing property values down further.

Under the old rules (up until a few days ago) it was acceptable to use rental income on your existing home to qualify for your new Arizona FHA Mortgage Loan.

There are certain circumstances in which the new rental income may be used to qualify for the new Arizona FHA Mortgage Loan.

There are 6 things FHA home buyers need to know about this change:

1. It is temporary
2. To use the income the home buyer must be moving to a new city
3. To use the income the new home must be outside reasonable commuting distance from the old home
4. To use the income the old home must be leased for at least one year
5. To use the income the home buyer must document the receipt of the security deposit
6. To use the income the existing home must have a 25% equity position

Apply for an Arizona FHA Mortgage Loan Now.

[Read the rest of this entry...]

With the FHA Secure Short Refinance, when you owe more than your home is worth, there are typically three outcomes. Which option you are presented with in the outcome of your FHA Secure Short Refinance will depend upon the negotiations with your current mortgage lender.

1. Short Refinance Write Down - This is the option of choice and the option we pursue when we package an FHA Secure Short Refinance offer to your current lender. The existing lender writes off the amount of indebtedness that exceeds the amount that can be refinanced into the FHA Secure Short Refinance.
2. FHA Secure Refinance with subordinate financing - In many cases the existing lender will accept a secondary lien in the amount that the payoff is short.
3. FHA Secure Short Refinance with a partial unsecured loan - In some cases the existing lender will write off a majority of the existing loan and allow for the creation of an unsecured loan of a portion of the amount that cannot be covered by the new loan. An example of this may be that the new FHA Secure Short Refinance loan can cover all but $50,000 and the existing lender agrees to write off $43,000. They may allow for an unsecured low or zero rate loan to cover the final $7,000 in an effort to make the transaction work.

Apply for an FHA Secure Short Refinance today.

Find out about a Las Vegas fha Short Refinance.

[Read the rest of this entry...]

It is truly amazing right now the number of homeowners who are upside down on their mortgages and could benefit from a Short Refinance, if only they knew it existed. It isn’t unusual for me to get a call from a homeowner who owes $30,000 to well over $100,000 more than what their property is worth (this is one trigger for the Short Refinance). Add to that the fact that adjustable rate mortgages from 2005 and 2006 are now resetting to higher payments there is a tremendous oversupply of homeowners who need to refinance, but because of their declining property values and lack of equity… they think they can’t.

The truth is that in certain circumstances they can refinance. It’s called the Short Refinance and is one of the least known and least understood mortgage transactions out there.

A successful Short Refinance works exactly like a short sale in that the current lender accepts less than is owed as a payoff for the transaction.  The major difference is that in a Short Refinance the homeowner retains ownership of the home, just like a typical refinance.

When applying for a Short Refinance you are applying for both a new mortgage from a new lender, and you are applying for a short payoff from your existing lender.  One of the most important documents you can provide is a budget worksheet.

If you are considering applying for a Short Refinance, print out the Monthly Budget Worksheet and complete it.  It is important to be able to prove to your current lender that you are in a financial hardship and they will need to see your monthly cash flow.

For more information about the Short Refinance, you can contact me here.

Apply for a Short Refinance HERE.

[Read the rest of this entry...]

Over the weekend the Feds seized control of the two largest mortgage investors in the country, Freddie Mac and Fannie Mae.

What does this mean to the future of the fha mortgage refinance, fha rate and the direction of the mortgage industry in general.

BREAKING NEWS:

[Read the rest of this entry...]

Over the weekend the Feds seized control of the two largest mortgage investors in the country, Freddie Mac and Fannie Mae.

What does this mean to the future of the fha mortgage refinance, fha rate and the direction of the mortgage industry in general.

BREAKING NEWS:

[Read the rest of this entry...]