HOME LOAN PROGRAMS
| The most commonly known & popular HOME loan programs: |
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OVERVIEW: I believe the biggest difference in the loan programs are the amount you will be
required to put down, the mortgage insurance (MI) monthly payment and the upfront mortgage
insurance premium (upfront MIP) requirement. In this next section I will address some very basic,
generic information. However, please contact me as program requirements constantly change and
I definitely have not included each aspect of the loan ~ let's talk! CAUTION: Parameters are
subject to change.
required to put down, the mortgage insurance (MI) monthly payment and the upfront mortgage
insurance premium (upfront MIP) requirement. In this next section I will address some very basic,
generic information. However, please contact me as program requirements constantly change and
I definitely have not included each aspect of the loan ~ let's talk! CAUTION: Parameters are
subject to change.
CONVENTIONAL LOANS ~ Most customers want a conventional loan so
that they can put 20% down and not have a mortgage insurance payment, in
addition to the principle and interest, monthly. Conventional loans have a limit in
our immediate Arizona are of $417,000. If youwant a conventional loan and do
not want to put 20% down and accept that you will have a mortgage insurance
payment monthly it may be possible. Lately, the mortgage insurance companies
have become more restrictive but it may be possible to put 5% down in certain
circumstances.
HOMEPATH LOANS ~ These loans go hand in hand with mostly Fannie
Mae repossessed properties. The property must qualify for the loan program.
The down payment is just 3% and they do not require an appraisal and you do
not have a monthly mortgage insurance tacked onto your payment. The bad
news is that you will pay for an adjustment, based on your down payment, that
could be as high as 3.65%. This adjustment will either require you to bring more
money to the closing or take a higher rate. You are permitted to get a seller
concession of up to 6% and remember that without an appraisal there are many
ways to make this loan be just fine and dandy! INVESTORS are welcomed and
can, because of this program own up to 10 properties but the restrictions are
limiting.
that they can put 20% down and not have a mortgage insurance payment, in
addition to the principle and interest, monthly. Conventional loans have a limit in
our immediate Arizona are of $417,000. If youwant a conventional loan and do
not want to put 20% down and accept that you will have a mortgage insurance
payment monthly it may be possible. Lately, the mortgage insurance companies
have become more restrictive but it may be possible to put 5% down in certain
circumstances.
HOMEPATH LOANS ~ These loans go hand in hand with mostly Fannie
Mae repossessed properties. The property must qualify for the loan program.
The down payment is just 3% and they do not require an appraisal and you do
not have a monthly mortgage insurance tacked onto your payment. The bad
news is that you will pay for an adjustment, based on your down payment, that
could be as high as 3.65%. This adjustment will either require you to bring more
money to the closing or take a higher rate. You are permitted to get a seller
concession of up to 6% and remember that without an appraisal there are many
ways to make this loan be just fine and dandy! INVESTORS are welcomed and
can, because of this program own up to 10 properties but the restrictions are
limiting.
USDA ~ I am not sure at this time if USDA has funds available to do loans. The USDA loan is popular
because it is a 100% loan. It is limited to certain areas and the property must qualify by the property's
address. Additionally the buyer is restricted by income, debt to income ratios and other factors. The loan
may take a longer time to process and complete
JUMBO LOANS are for purchases or refinances that exceed the limitation of the loan amounts of the
conventional loans. Generally speaking it is for a loan of $417,000 or more. These loans want higher
credit scores, sometimes higher downpayments and based on factors may require you to have money in
your bank account that will remain after the loan closes (known as reserves).
VA LOANS are for veterans. They are awesome loans done at 100% (no down payment) with
no monthly mortgage insurance. They do have a type of upfront mortgage fee but it is rolled into the loans.
I believe it is easy for veterans to qualify however their are certain issues such as residual income, debt to
income that can make it more difficult.
Your Way Home Loans ~ Very complexed BUT the government basically writes a silent second and allows
you to do this loan with no down payment. The borrower must attend classes, fill out many forms and
coordinate with the government agency.
because it is a 100% loan. It is limited to certain areas and the property must qualify by the property's
address. Additionally the buyer is restricted by income, debt to income ratios and other factors. The loan
may take a longer time to process and complete
JUMBO LOANS are for purchases or refinances that exceed the limitation of the loan amounts of the
conventional loans. Generally speaking it is for a loan of $417,000 or more. These loans want higher
credit scores, sometimes higher downpayments and based on factors may require you to have money in
your bank account that will remain after the loan closes (known as reserves).
VA LOANS are for veterans. They are awesome loans done at 100% (no down payment) with
no monthly mortgage insurance. They do have a type of upfront mortgage fee but it is rolled into the loans.
I believe it is easy for veterans to qualify however their are certain issues such as residual income, debt to
income that can make it more difficult.
Your Way Home Loans ~ Very complexed BUT the government basically writes a silent second and allows
you to do this loan with no down payment. The borrower must attend classes, fill out many forms and
coordinate with the government agency.
- FHA SECTION
I am designating this section to FHA LOANS as they are the most popular loans!!
I love love love doing these loans and when someone says, "I want an FHA Loan it is music to my ears!"
One of the real basics to FHA loans that I enjoy is the "If it makes sense" factor. A letter of explanation
about circumstances (bankruptcy, collections, medical issues etc...) really stands it's ground with the FHA
underwriters.
FHA loans have great rates!
ALSO THERE IS FHA STREAMLINE REFINANCE PROGRAMS!! You can easily take your current FHA loan
and walk into a lower interest rate!
Just ask me how ...
FHA 203b Loan ~ This is your very basic standard FHA purchase loan. You can have all of the
funds needed (down payment and closing costs) gifted to you from a relative or close friend. The minimum
downpayment is 3.5% of the purchase price and there is an upfront mortgage insurance premium that is
rolled into the loan. You also will have a mortgage insurance payment added to your monthly mortgage
payment. There is a new energy efficiency that can be added to the loan as well.
FHA RENOVATION TYPE LOANS
FHA 203K Streamline and 203K Consultant ~ These
programs allow you to roll the cost to repair /
renovate your new home. So if you see a house
that you love and it has been trashed this is the
way to go!
On the Streamline loan you are limited to keeping
your repair issues to under $30,000 and you will
work with an appraiser to satisfy any completion
issue. (some other requirements apply)
On the Consultant loan you may exceed $30,000
however you will pay and work with a certified
FHA consultant. This loan also allows you to roll in
your mortgage payments in the event that it is a
long term project.
Off the top of my brain are these important facts:
3.5% downpayment required
must use a licensed contractor
but you pick them!
- you can roll in appliance
- you cannot put in a pool with this loan
- need a new roof? no problem
- cannot overdue .. must be reasonable improvements for the
area - very liberal with issues such as tile, granite, carpeting etc..
- new shower, tub - no problem
- want to gut a room - that's ok!
- paint inside and out!
- pool repair
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renovation, 203K, FAQ, realtors, referral rewards,
qualify, LSR, lending, loan officer, fico, credit
scorleaseback, foreclosure, refinance, canadian,
hard money, private investor, blogs, links,
restructure, renovation, 203K, FAQ, realtors,
referral rewards, qualify, LSR, lending, loan
officer, fico, credit scor
| Celia Butler 480-242-9701 Call for Arizona home loans |