Fha Loans Talk » arizona

Buying a Home with an FHA Loan May Save You Money

admin — Fri, 10 Apr 2009 16:02:22 +0000

FHA loans have become one of the most popular types of financing that both new and veteran homebuyers are using to buy houses in Arizona. In addition, the current low in real estate prices is making it an ideal time for many to buy homes, often for thousands less than you would have paid only a few months ago. Buying your own home can also potentially save you thousands of dollars in the future, and perhaps even the present.

One of the more significant benefits of buying a home with an FHA loan in today’s real estate market is the incredibly low prices for which many homes are now selling. It isn’t hard to find houses in the Phoenix metro and other areas of Arizona that were previously selling for $400,000 – $500,000, now priced at $300,000 and under. With homes prices being offered at such low costs, it could potentially be more expensive to rent than to buy.

Renting may seem like the only viable choice you have when it comes to your living arrangements, but that might not be your sole option anymore. With homes priced so low in Arizona’s current real estate market, the dream of buying your own home could come true more quickly than you realize. Buying your own home can help you build equity, increase your credit score, and acquire better financial standing overall. Renting does not allow you to build any type of equity to your name and may do substantially less to help your credit score and financial standing than buying can. Banks and other financial officials often view homeowners as being more financially stable and responsible than those who rent and have never owned their own property. If you want to be recognized by your potential lenders as a responsible and stable person, worthy to be offered other loans and incentives for the things you need, you should consider buying now while the real estate market continues to favor new buyers.

Rental payments are usually more expensive than regular mortgage payments unless you sacrifice quality for quantity. For example, in today’s market you may be able to find a beautiful, four-bedroom, three-bath home to buy that, on average, may require $1,000 rent each month for the mortgage. In order to only pay $1,000 per month for a rental property however, you would likely have to sacrifice one or more of the bedrooms, as well as one of the bathrooms in the home. Renting a four-bedroom, three-bath home, would likely increase your payments to $1,500 per month. When you pay rent, you pay the mortgage and accumulating interest, just as you would a home you bought yourself. But when renting, you also pay additional funds each month to give your landlord incentive to keep renting. Buying a home entails repaying your lender with an accumulated interest; renting a home also requires that, plus some extra for your landlord. Is it really worth it to pay extra for a rental property when you won’t even be able to claim it as your own once the mortgage has been entirely paid? Will you even know when that happens? Likely not, because you will always be paying payments to your landlord, regardless of whether any of that amount is being paid toward the mortgage.

http://www.fhaloanaz.com

Compare Arizona FHA loans vs. Arizona Sub prime loans

admin — Tue, 10 Mar 2009 21:17:01 +0000

Federal Housing Administration (FHA) Loans are not loans from the government; rather they are a promise from the government that you will pay your loan for a lender. For many people, an Arizona FHA loan makes the difference between getting a loan for a house and not getting one. Sub prime loans are loans that are direct from the lender and are based solely on your credit and history and don’t offer great interest rates like a prime loan or a regular home loan. Sub prime loans are designed for home purchasers who don’t qualify for a regular or prime loan or who don’t have a strong, good credit history.

Sub prime loans charge a higher interest rate because the risk the lender is taking on the borrower. Due to the fact that the borrower doesn’t have a very strong or very good credit rating or history, the chance that they will default (fail to pay) on their loan is much higher.

An FHA loan insures the lender against this high risk borrower, which benefits everyone. The lender is insured that the loan will be paid and the borrower can get better interest rates by having an FHA secured loan.

FHA secured loans have some of the lowest interest rates on the market, where sub prime loans carry at least three percentage points higher than the standard FHA loan interest rate. That equals to about $200 a month more for every $100,000 mortgaged, which makes a big impact on the borrower being able to pay the loan amount each month.

Sub prime loans are almost always adjustable rate mortgages (ARMs) – an ARM mortgage has a fluctuating interest rate that changes from time to time based on the prime interest rate plus the lender’s margin. This interest rate, which usually changes once or twice in the first year then once a year after that, can greatly affect your mortgage payments each month, making them higher or lower. For many people, an ARM mortgage is a dangerous bet because if the mortgage interest rate goes up, they may not be able to afford the new higher payments.

The majority of AZ FHA loans are fixed rate loans, where the interest rate is determined at the beginning of the mortgage and stays the same throughout the term (usually three to five years). A fixed rate mortgage payment stays the same every month and is better for people who live on a budget. If by chance, you have an FHA insured adjustable rate mortgage in Arizona, the rate is capped at an increase of no more than one or two per cent each year. Subsequently, the lender fees for sub prime loans are also considerably higher than an FHA insured loan.

Many home buyers don’t know these crucial facts and many of them could qualify to purchase a home with a fixed rate FHA loan in Arizona instead of a sub prime loan. Most low credit scoring borrowers feel as if they have no choice but to go with a sub prime loan , always be sure to check out AZ FHA loans before applying for a sub prime loan.

Offering Fha Loans to Major cities including Scottsdale Arizona Home Loans and Phoenix Arizona FHA Mortgages.

Article posted by Scottsdale Arizona search engine marketing company DataFlurry.

Phoenix, Arizona FHA Refinance Loans May Be The Way To Get Approved

admin — Tue, 10 Mar 2009 21:13:12 +0000

Most people think of the FHA as a government organization that helps with the purchase of a home. While this is true, that’s not all the FHA can do for homeowners. Did you know that they can also help you with refinancing? Due to the economy and the falling housing prices in Phoenix, Arizona, it can be difficult to refinance, even if you have a good job and decent credit.

The FHA doesn’t make loans – they just insure them. When you work with the FHA, lenders aren’t taking a big risk on you because, should they lose money due to you defaulting, the FHA will help make up those extra costs. If you have bad credit, this is a way to get a lower interest rate, and even if you have good credit, FHA loans could be perfect for you. Also, if you have little equity built up, you can refinance using an FHA loan. There are a number of different FHA refinancing loans for which you might be qualified.

The first type of FHA mortgage refinance is called a cash-out refinance. This works for people who already have equity in their home. Support from the FHA simply gives you the opportunity to take out a bigger loan then would have other wise been possible. Most mortgage companies in the Phoenix, Arizona area require 20% to stay in your home as equity, but with the FHA’s help, that percentage can be as hight as 95% of the homes value. You can also get better rates. You can then use the money for home repairs, paying off other loans, and many other costs.

If you already had a mortgage loan through the FHA, you also qualify for a streamline refinance. With this refinance, you won’t be taking out additional money; you’ll just be changing the terms of your loan. If you find that your monthly mortgage payments are too high to handle, you can reduce the amount due by lengthening the loan’s term and paying a lower interest rate.

When other companies turn you down, for whatever reason, the FHA might be able to help you. Refinancing can make a lot of financial sense for some people, and with the FHA, you can refinance even if other banks are turning you down. In today’s economy, Arizona homeowners can’t always make ends meet, but before foreclosure become an issue, look into refinancing with the FHA.

Joel McLaughlin / Michael ‘Mani’ Bongiovanni
Contact me at (480) 390-2123 or mani555@aol.com
Get a free credit report with a no hassle loan application today. Visit our Phoenix FHA Loans, Arizona Mortgage Rates & Refinancing website. Scottsdale Arizona. Published by DataFlurry Arizona Internet Marketing, Website SEO

Proud to serve Phoenix, Scottsdale, Tucson, Mesa, Glendale, Chandler, Gilbert, Tempe, Peoria, Surprise, Yuma, Ahwatukee, Sun City, Queen Creek, Maricopa, Apache Junction, Cave Creek, Care Free and More!

Which type of insured loans does the FHA offer?

admin — Tue, 10 Mar 2009 21:12:47 +0000

What kinds of insured loans does FHA offer?
Fixed-rate loans - Most FHA-insured loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.

Adjustable rate loans - Most first time homebuyers are a little stretched financially. With FHA’s Arizona adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.

The maximum amount that the interest rate on your loan may increase or decrease in any one year is 1 or 2 percentage points depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house hunting value range because your initial interest rate will be low, as will your payment.

Purchase/rehabilitation loans - Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.

Indian Reservations and Other Restricted Lands - A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the down payment. Closing cost can be financed, covered by a gift, grant or secondary financing, or paid by the seller without reduction in value.

Visit http://www.fhaloanaz.com/ for more information regarding your Arizona home loan needs!

Article posted by DataFlurry, Offering Internet Marketing to California, New York, Arizona, Texas and Beyond!

Phoenix Arizona FHA Home Loans & Mortgages & Refinances & Lenders Are In Demand

admin — Tue, 10 Mar 2009 21:12:02 +0000

Today most all people in Phoenix, Arizona can buy a home, as long as the person has a little money set aside for a down payment and a fairly good credit score. Arizona FHA loans have made this even more possible for most individuals to buy a house with these credentials. FHA helps first time home buyers, and people that would not typically be approved for a home – get approved. You don’t need to be a first time home buyer to get the benefits that FHA offer.

These loans offer more flexibility and have good rates for buyers. These more lenient guidelines can help buyers obtain their home or refinance their home. Phoenix Arizona FHA Loans & Mortgages are not actual loans, they are actually an insurance for Arizona mortgages. The FHA program purpose is to help so more Phoenix Arizona (and american) residents can afford and qualify to purchase or keep their home. These FHA programs are used to help individuals obtain the following:

*Single Family Homes / Real estate
*Existing Homes / Real estate
*New Homes / Real estate
*Refinance / Refinancing

The fact is that in today’s lending industry, the guidelines set forth are becoming tighter and harder to qualify for loans – since home values aren’t as stable as the past, and since foreclosures are on the rise at a significant rate. So securing an Arizona FHA Home Loan or Arizona FHA Mortgage is a great way to go for individuals that are having trouble getting in to their own home.

Mani with FHALoanAZ.com helps individuals in these below cities obtain home loans – he also helps you obtain all available benefits the government has to offer for your new home loan. He also helps Arizona realtors and real estate providers manage their clients with affordable home loans.

Phoenix, Scottsdale, Tucson, Mesa, Glendale, Chandler, Gilbert, Tempe, Peoria, Surprise, Yuma, Ahwatukee, Sun City, Queen Creek, Maricopa, Apache Junction, Cave Creek, Care Free and More!

Mani (one of many Arizona Loan Officers) can also help with Phoenix Arizona Home Refinancing, Mortgage Rates (through interview or his arizona mortgage calculator) and local Scottsdale Arizona Home Loans, FHA Mortgages, Refinance, Home Equity.

Joel McLaughlin

Phoenix, Arizona Homes are Easier to Obtain with FHA Loans

admin — Tue, 10 Mar 2009 21:09:29 +0000

The Federal Housing Administration (FHA) is an important part of the U.S. Department of Housing and Urban Development. They help people all over the country, including those looking to buy a home in Phoenix, Arizona, get affordable FHA loans & mortgages. With an FHA loan, you can qualify to buy a new home even if you have less than perfect credit or only a small amount of money saved up for closing costs and your down payment. This is a great way to get that Arizona home you’ve always wanted. After all, why rent when you can put the same money towards a mortgage payment instead and build equity?

If nothing else, FHA loans are flexible. With an FHA loan, you aren’t directly lending money from the FHA. Instead, you are still working with a traditional lenders, but the FHA insures your loan so that you get a better deal. That way, instead of paying a high down payment to ensure that your equity will cover a lender’s loss should you default, the FHA guarantees that amount of money. With an FHA loan, your down payment could be as low as 3.5% without paying sky-high interest rates.

An FHA loan also can help you get the money you need for a home that is currently in poor shape. Instead of purchasing the house with one loan and then applying for a second loan for the costs of the repairs, the FHA will allow you roll all of these repair expenses up to $35,000 into a single loan. In addition, they can add closing costs and fees to the loan, making it even less expensive upfront for you to purchase a home in Phoenix.

New in recent years has been the FHA’s policies on energy efficiency. Like with repairs, the FHA is willing to insure this money along with your mortgage because it will, when complete, add to the value of your home. Arizona is a great place to explore solar options, as well as other renewable energy equipment, and with an FHA loan, these things are possible. Over time, you’ll save thousands of dollars on your heating and electricity bills.

Not everyone qualifies for an FHA loan to purchase a Phoenix home. Due to the recent swing in the housing market, families applying for FHA assistance typically have to meet reduced standards to qualify. Still, this is a great way to afford a home, even if your savings account is smaller than you’d like it to be. Don’t let the down payment and closing costs stop you from house hunting. With the FHA, home ownership could be possible for you.

Michael ‘Mani’ Bongiovanni
Contact me at (480) 390-2123 or mani555@aol.com
Get a free credit report with a no hassle loan application today. Visit our Arizona FHA Loans, Phoenix Mortgage Rates & Refinancing website. Scottsdale Arizona.

What is an FHA loan And How Can Arizona Residents Benefit?

admin — Tue, 10 Mar 2009 21:08:57 +0000

The Federal Housing Administration (FHA) offers mortgage assistance throughout the United States by insuring mortgages that are provided by lenders. FHA loans are not loans from the government, rather they are insurance for the loans that you receive from a lender, such as a bank.

FHA loans have allowed Americans to borrow money for home buying that they may not otherwise be able to afford. The FHA loan program started in 1934 during the Great Depression when foreclosures were at an all time high and many people were defaulting on their mortgages. FHA loans were put in place to provide lenders with insurance for home owners. At the time, some of the FHA loan programs were subsidized by the US government, however the long-term goal was to make the program self supporting based on the premiums paid by the borrowers.

Later on in the years, private mortgage insurance companies came to fruition making the FHA a primary service for people who can’t afford a standard down payment or who do not qualify for private mortgage insurance.

In 2007, many borrowers were hurt by the subprime mortgage financial crisis, and on August 31 of that year, the FHA added FHA-Secure, a new refinancing program.

For many Americans, the reasons for using FHA loans include:
Purchasing a home, including first time buyers
Repairing or renovating a home they currently own
Making a home more energy efficient.

Lenders can offer potential home buyers better deals when their mortgage is insured through the FHA loan program. With FHA loans you will find:
Lower down payment requirements
Lower closing costs
Easier qualification for mortgages based on credit.

The FHA can help you to purchase your first home as well by offering down payments as low as three per cent of the price of the home. Another benefit of FHA loans is that the majority of the closing costs associated with buying a home can be included in the loan – this means less money out of pocket for you when closing the deal on your new home.

If you’re looking to purchase an older home that needs some renovations, you can purchase the house, fix it and include the reparation costs all in one loan. Likewise, if you own a home that requires renovations, your FHA loan can refinance your current mortgage and include more funds for the costs of repairs all in one loan.

The FHA also offers an energy efficiency loan to make your home more efficient in the usage of energy. You can even use an FHA loan to purchase mobile or manufactured homes, even those that are, or will be, located in a mobile home park.

For seniors over the age of 62 who live in their own home, own it outright or have a low balance on their loan, the FHA offers a reverse mortgage to allow seniors to convert some of the equity built into the home into much needed cash.

FHA loans help Americans own the homes of their dreams in an affordable way – you can own your own home in Arizona today with an FHA secured loan.

Contact Mani at (480) 390-2123 or mani555@aol.com with questions about obtaining an FHA loan. Get a free credit report with a no hassle loan application today.

Joel McLaughlin / DataFlurry
Learn more about Arizona FHA Home Loans, Mortgage Refinance & Home Equity
Dataflurry is an Arizona internet marketing & search engine optimization firm

Finding Phoenix Arizona Loans and Mortgages

admin — Tue, 10 Mar 2009 21:08:27 +0000

Whether you are in the market for a personal loan, automotive financing, or a mortgage, being able to find a good deal on the mortgage that you want can take a bit of time and effort. The time that you spend and the work that you put into finding just the right loan or mortgage is well worth it, however, as it can save you quite a bit of money and also reduce the stress of repaying what you borrow. Regardless of whether you’re planning on using the money to finance a family vacation or if you are buying your first Phoenix Arizona home, the following advice will help to ensure that you find the loan or mortgage that’s best for you.

Before you start looking for a Phoenix Arizona loan, take the time to find out your credit score. This can be done through a number of online websites, and can also be requested once per year through the government’s free annual credit report program. You should also do your best to start paying down or paying off debts months in advance of applying for your loan or mortgage, since this reduction in debt will increase your chances of being able to get a good interest rate and flexible loan terms on the money that you borrow.

You should also take the time to figure out exactly how much you will need to borrow. Figure out exactly what the least amount that you can borrow is while still meeting your financial need, making sure that you allow for unexpected expenses so that you don’t end up having too little money because you didn’t anticipate one or two extra costs. If you’re in the market to buy a house in Phoenix and are looking for a mortgage loan, figure out what the most you’ll be able to pay is and seek a pre-approval for a loan of that amount.

When you are ready to begin shopping for your loan or mortgage, start visiting banks and other lenders in the Phoenix area. Consult your telephone directory or an internet search in order to find the location of a number of lenders, since this will give you more options to help ensure that you get the best deal on the money that you borrow. Visit as many of the lenders that you find as possible, asking each for loan quotes so that you’ll have a number of options to consider.

After you’ve collected a number of mortgage or loan quotes, sit down and read through them all before you begin organizing them from most appealing to least appealing. Look at the estimated interest rate that each offers, the amount of time that you’ll have to repay the borrowed money, and the estimated monthly payment that each loan will feature. Choose the top three loan quotes and follow up on them, keeping in mind that actual interest rates may differ somewhat from the estimated rates. When you find out which of the three best offers will give you the absolute best rates and terms, that will be the loan or mortgage for you.

Joel McLaughlin / DataFlurry
Learn more about Arizona FHA Home Loans, Refinance Mortgages & Rates
Dataflurry is an Scottsdale Arizona search engine optimization services

Proud to serve Arizona - Phoenix Arizona Loans, Scottsdale Arizona Loans, Tucson Arizona Loans, Mesa Arizona Loans, Glendale Arizona Loans, Tempe Arizona Loans

How a FHA Loan Can Help You Buy Your Phoenix Home

admin — Tue, 10 Mar 2009 21:07:53 +0000

Owning your own Phoenix Arizona home is a dream that many Americans share, but unfortunately it can be easy to believe that the dream will never come true. A number of people believe that they simply make too little money to be able to qualify for a mortgage loan, and without a loan they’ll never be able to buy a home of their own. If you fall into this group, there’s still hope… a federally-subsidized FHA loan can help you to buy the Phoenix Arizona home that you want even if you didn’t think that you made enough to be able to qualify for a mortgage on your own.

Phoenix Arizona FHA home loans are those loans which are insured by the Federal Housing Administration with the sole purpose of helping lower-income individuals be able to afford the down payment on a new mortgage. These loans use the federal assistance provided be the FHA to insure that the loan will be repaid, serving much the same purpose as private mortgage insurance or other guarantees that the lender will be able to get their money back but not requiring the additional cost that this insurance would entail. This allows individuals who would otherwise not be able to get a mortgage loan to still be accepted by lenders so that they can buy their own home.

It’s important to note that FHA loans aren’t issued by the Federal Housing Administration itself; the FHA is not a lender, but instead serves to insure loans that are issued by other lenders. This means that the mortgage loan will still come from a lender in the Phoenix area or elsewhere, and will be subject to the standard credit checks and other aspects of making a loan decision that it would be even if the FHA was not involved. Because the FHA will be insuring the loan, however, the lender who issues the loan will be much more likely to approve it even in cases where the borrower doesn’t make as much money as the lender would normally look for on loan applications. Because the mortgage that you take out with an FHA loan is insured by a government agency, several of the costs that would normally be associated with a home loan may be lowered or dropped completely as well.

A new program introduced in 2007 known as FHA-Secure can also be of assistance to you if you already have a mortgage but find yourself on shaky ground and in danger of losing your Phoenix home. The FHA-Secure program was designed to insure refinance loans much like standard FHA loans insure original mortgages. Since so many people were hurt by the impact of the Subprime Crisis on the housing market, the FHA stepped in to help make sure that those in danger of losing their homes could refinance their mortgages easily so as to get better loan terms and a more agreeable payment plan when possible.

Joel McLaughlin / DataFlurry
Learn more about FHA Home Loans Arizona , Refinance Mortgage Rates
Dataflurry is an Arizona search engine optimization & internet marketing services

Proud to serve Arizona - Phoenix Arizona Loans, Scottsdale Arizona Loans, Tucson Arizona Loans, Mesa Arizona Loans, Glendale Arizona Loans, Tempe Arizona Loans

FHA Streamline Refinance Program Will Save You Money With Lenders & Home Loans!

admin — Tue, 10 Mar 2009 21:07:14 +0000

Do you Currently have a FHA Home Loan?

The FHA Streamline Refinance Program could save you Money!

If you’re a Homeowner with an FHA Insured Mortgage Loan, the FHA Streamline Refinance Program could save you big money on your monthly mortgage payment with little loan documentation. Currently interest rates are at decades ago low rates. If your rate is 6.25% or higher, you may want to consider the FHA Streamline refinancing program. Not only will you save money , the process has been streamline for easy qualifying on the borrowers part.

FHA Streamline benefits: There is no appraisal, credit or termite reports required. Also on the loan application, no employment, monthly or yearly income or asset and liability information is required. The benefits save you money and time.

The homeowner must have owned the home for at least 6 months and be current on their mortgage payment (some exceptions may apply). The borrower is not allowed to take cash out. The programs design is to lower the interest rate along with the Principal and interest monthly mortgage payment. Another feature unique to the refinance is that a borrower can ad a co-borrower without creditworthiness review.

Mani is excited to help and assist you with your Phoenix Arizona Streamline Mortgage Program!

Feel free to call Mani at 480-390-2123 or E mail Mani at Mani555@aol.com – You can even visit us locally for Scottsdale Arizona FHA Streamline Home Loan Refinance help!

Mani helps individuals in these above cities obtain home loans from quality & affordable lenders – he also helps you obtain all available benefits the government has to offer for your new home loan. He also assists Arizona realtors and real estate providers manage their clients with low interest rate Arizona home loans.

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