How To Buy A House In Arizona With No Money Down

Posted by Tammy McHood on June 12th, 2008

Is it still possible to buy a house with no money down in Arizona?

Yes.

There are several non-profit programs out there that allow for some type of assistance for people who want to buy a house.  These programs started in the mid-1990’s and are still around today — and it is one of the only ways currently to buy a home with no out of pocket money required!

Nehemiah is one of the largest non-profit organizations that allows sellers to gift money for the down payment and closing costs.

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June 12, 2008 | Filed Under Arizona Home Financing Options, Buying a New Home in Arizona, FHA Related Information | Leave a Comment 

 

Should You Wait To Lock Your Loan?

Posted by Justin McHood on June 11th, 2008

If you have a mortgage application in process and you have not locked your loan — now is a great time to lock. Rates have been climbing over the last few weeks and it is not uncommon for us to see at least one rate increase a day right now.

Recent jobs data reflected record unemployment (the biggest jump in 22 years!) — which has somewhat helped keep rates under control, but everything that we see on the horizon says that inflation is lurking and will be the underlying cause of rising rates going forward in the immediate future.

That said — my best advice is… If you are currently in the mortgage process… LOCK NOW.

June 11, 2008 | Filed Under Arizona Home Financing Options | Leave a Comment 

 

The FHA 203(k) Program — The Most Common Repairs

Posted by Tammy McHood on June 2nd, 2008

When considering buying a foreclosed home in Arizona today, it is not entirely out of the question that the home you are looking at might be in need of a few repairs. Or maybe a lot of repairs.

The FHA 203(k) program does not allow luxury items (think $10,000 iron doors) or improvements that do not become a permanent part of the home to be financed in the program. The FHA 203(k) program is really designed for basic items such as painting, drywall work, room additions, decks and landscaping. While there are too many eligible items that are eligible for 203(k) financing, some of the most common seem to be (in no particular order):

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June 2, 2008 | Filed Under Arizona Home Financing Options, Buying a New Home in Arizona, FHA Related Information | Leave a Comment 

 

The Ten Step FHA 203(k) Application Process

Posted by Tammy McHood on June 1st, 2008

In my experience, there is no exact application process for any loan! Each person seems to have different timelines and each time someone buys a home it is a little different. But, in general the application process for an FHA 203(k) loan looks like this ten-step process and involves these key players:

  • The Borrower
  • The Realtor
  • The Mortgage Lender
  • The Contractor
  • The Consultant
  • The Plan Reviewer
  • The Appraiser
  • The Inspector

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June 1, 2008 | Filed Under Arizona Home Financing Options, Buying a New Home in Arizona, FHA Related Information | Leave a Comment 

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