The New Arizona FHA Mortgage Loan Refinance Option For Home Owners Who Owe More Than Their Home Is Worth..

You heard it here first.. renewed Hope for Home Owners..

David Stevens of HUD just announced that the Obama Administration is putting together an FHA Refinance program that will allow for a homeowner who is upside down on their home (sounds like all of us in Arizona, doesn’t it) to refinance into an Arizona FHA Mortgage Loan.

They anticipate the FHA Refinance program to be available within the next few months.

Arizona FHA Refinance Options for Underwater Homeowners – Encouraging Responsible Refinances

• Home owners with current financing OTHER than FHA are eligible
• It’s mandatory that part of the principal be written off by the existing lender
• The new loan cannot be more than 97.75% of the home’s value
• Combined mortgage debt must be written down to at least 115% of the current value of the home
• Monthly mortgage payments must be reduced to no more than 31% of household income
• Must have a credit score of 500 (that shouldn’t be too tough)

Here is the press release for the new Short Refinance.  HUD FHA Refinance for Underwater Home Owners

Leave your thoughts below..

Apply online for an Arizona FHA Loan and get pre-qualified today. Or click the Get Started tab above, to get started today!

Obama’s Health Care Not So Healthy For AZ FHA Mortgage Rates

Arizona FHA Mortgage Loan interest rates have climbed heavily over the last 2 days.  Basically, there is much less demand for U.S. Debt which was triggered by the massive Obama Health Care Bill.  According to bond traders, ObamaCare is a budget buster and will have a heavily negative impact on AZ FHA Mortgage Loan interest rates.  The health care bill will add significantly to the deficit over the coming years, thus making U.S. Debt much less attractive to foreign investors.

However; Obama will announce initiatives today to assist more troubled homeowners stay in their homes.  It is expected to be an FHA backed program and use TARP funds.  More spending, but in the right direction for a change.

Leave your thoughts below..

Apply online for an Arizona FHA Loan and get pre-qualified today. Or click the Get Started tab above, to get started today!

In 7 Days The Hottest AZ FHA Mortgage Loan Deal Will Expire..

There are two reasons why getting under contract and locking your AZ FHA Mortgage Loan by March 31st, 2010 will save you money and assure you are getting the hottest Arizona FHA Mortgage Loan that has ever been available.

Reason #1 -

Granted, this may be a bit on the speculative end but lets look at the facts.

The Feds have been buying Mortgage Backed Securities at a CRAZY pace.  The plan has been that the Feds would buy Mortgage Backed Securities through the end of March 2010 in an effort to ARTIFICIALLY KEEP INTEREST RATES LOW.  The Feds were to buy 1.25 Trillion in MBS and as of now have bought 1.236 Trillion.

Right now the end of March is about 168 hours away..

With the First Time Home Buyer Tax Credit expiring, the USDA running out of funds in April and the exit of the Feds buying Mortgage Backed Securities; what will happen to AZ FHA Mortgage Interest Rates?

Most Industry Professionals believe we will see them rise.

SOLUTION:  Get a contract on a property and Lock your Arizona FHA Mortgage Loan TODAY!

Reason #2 -

Based on cold hard fact, no speculation at all.  On April 2nd, 2010 HUD will increase the Up Front Mortgage Insurance Premium from 1.75% to 2.25%.  On a $200,000 AZ FHA Mortgage Loan that is an additional cost of $1,500.

Can you avoid that extra $1,500 Fee to HUD?

Yes, but you must move quickly.  The solution is the same as above; write up a contract on a property and have your AZ FHA Mortgage Loan Originator order the FHA CASE NUMBER before April 2nd.  This way, even if you close in May, you will still get in under the lower UFMIP amount.

I’d love to hear your thoughts and comments on these two items.  Given the economic condition of the country, do you think the Feds will EXTEND their purchases of the Mortgage Backed Securities?

Leave your thoughts below..

Apply online for an Arizona FHA Loan and get pre-qualified today. Or click the Get Started tab above, to get started today!

Top 5 Benefits Of Getting An Arizona FHA Mortgage Loan

There are “Top 5″ lists all over the internet so I thought I would create one for the Arizona FHA Mortgage Loan showing the overall Top 5 Reasons people use AZ FHA Mortgage Loan financing over conventional.

Here is my Top 5 List for the AZ FHA Mortgage Loan:

1. A Low Down Payment – AZ FHA Mortgage Loans only require a 3.5% down payment.  And what makes that even more attractive is that it can be a gift from a relative.  Do you have a parent or sibling who would “Gift” you some money for a down payment?  If so, it could be time to apply for an AZ FHA Mortgage Loan.
2. Flexible Credit Qualifying – HUD did NOT set a credit score requirement for qualifying for an AZ FHA Mortgage Loan.  However many lenders in the market today have drafted “Overlays” that set minimum credit score requirements.  Most lenders like to see a minimum 620 credit score, but don’t get discouraged if you are not there yet.  If you are close to 620, it is often just as simple as reviewing your credit to determine how to quickly raise it.  If you are not close to 620, ask your FHA Mortgage Loan Originator if they have a program for you.  Chances are, there is!  Bankruptcies and prior foreclosures do not automatically disqualify you either.
3. The Seller Can Pay Your Closing Costs – That’s right.  You need to have a quality Realtor who will help you negotiate not only the best price for the home, but also that the seller will pay your closing costs.  HUD allows AZ FHA Mortgage Loans to have the seller pay up to 6% of the purchase price.  Sounds good so far, a down payment gift and seller paying closing costs!
4. Flexible Income Qualifying – The standard for income qualifying ratios is 31/43 which means that up to 31% of your monthly income can be used to pay your monthly household mortgage payment; and up to 43% of your monthly income can be used to qualify for ALL monthly expenses.  Those ratios can go up to 55% if you have good credit and a good income history allowing you to qualify when others might not.
5. Qualify Without Your Spouse’s BAD Credit – This is a tricky one but it is also not well known.  You can effectively qualify for an Arizona FHA Mortgage Loan without your spouse’s Bad Credit.  FHA will look at your spouse’s credit but cannot decline your loan due to your spouse’s debt or credit score.  So if you have a spouse with a crummy credit profile, you should take a look at AZ FHA Mortgage Loans to see if it will work for you.

Thanks for reading my list of the Top 5 Benefits of the AZ FHA Mortgage Loan.

I would LOVE to hear your comments or suggestions for this list, so please feel free to leave a comment below.

Apply online for an Arizona FHA Loan and get pre-qualified today. Or click the Get Started tab above, to get started today!

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.

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FHA Mortgage Loans are generally the most attractive loan options on the market in today’s Real Estate environment.

FHA Mortgage Loans have gained popularity among the First Time Home Buyer niche. Specifically due to the fact that:

• FHA Mortgage Loans are generally easier to qualify for than conventional loans
• Prior credit problems can be explained in a credit explanation letter to the underwriter
• Lower down payment requirements – 3% is standard, zero can be obtained with a down payment assistance program
• Lower monthly mortgage insurance payments than conventional financing

Click here to get a FREE pre-approval for an FHA mortgage loan.

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FHA Mortgage Loans And The First Time Home Buyer

Although FHA Mortgage Loan financing was not originally designed for the First Time Home Buyer, it’s mortgage qualifying characteristics and requirements make it ideal for the buyers looking to purchase their first home.

Back in 1934 the Federal Housing Administration (FHA) was established to improve housing conditions and standards.  It had a goal of providing adequate and accessable home financing through the government insurance of mortgages, with an additional goal of stabilizing the mortgage market.

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