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Mortgage Guidelines

Arizona FHA Loans: Maximum Cash Out Is Now 85% LTV For Arizona FHA Loans

by Justin McHood Arizona Home Financing Options

Arizona FHA mortgage guidelines have changed for the FHA 95% cash out program. For all Arizona FHA refinances that get cash out, the new maximum that you can get is 85% of the property’s value.

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Arizona FHA Loan Limit Changes 2009

by Justin McHood Arizona Home Financing Options

As a result of the stimulus package passing, there are now new Arizona FHA loan limits. This is good news for many people who are currently in an FHA loan wondering if they can participate in the Arizona FHA streamline program because their current FHA loan was higher than the “old” 2009 loan limits. We [...]

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FHA Streamline Refinance: Can You Streamline If Your Current FHA Loan Is Above The 2009 FHA Loan Limit?

by Justin McHood Arizona Home Financing Options

In 2008, the FHA loan limit for Maricopa county was $346,250. In 2009, the FHA loan limit for Maricopa county is $271,050. A few people that I have spoken to recently are in a situation where they got an FHA loan in 2008 for an amount that is greater than the FHA 2009 loan limit [...]

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What Will Lenders Accept As Income?

by Justin McHood Arizona Home Financing Options

If you are planning on getting a loan today, be ready to document and verify your income.  In general, lenders are going to want to verify two years of history for all income sources – full-time or part-time. If you are self employed, you will need to show two years in the same business and [...]

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New Standard Good Faith Estimate Effective January 2010

by Justin McHood Government

Today it was announced that HUD has adopted a new 3 page Good Faith Estimate as part of its RESPA reform package that will be standard among all lenders and go into effect in January of 2010. The new standard Good Faith Estimate is part of a RESPA Reform package that has been in the [...]

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2009 Arizona Conforming Mortgage Loan Limits

by Justin McHood Arizona Home Financing Options

Loans that are able to “conform” to the underwriting guidelines of Fannie Mae or Freddie Mac are called “conforming” or “conventional” loans. Conforming loans are probably the “most popular” option for people with decent credit, a job and a “normal” house because in order to get a conforming loan, you need all three.  If one [...]

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New Fannie Mae Guideline: 85% Is New Maximum LTV For Cash-Out Refinances

by Justin McHood Mortgage Guidelines

If you are considering refinancing your primary or secondary home and turning some of your equity into cash, you want to seriously consider acting before December 13th of this year. Why? Because Fannie Mae has released some upcoming changes to it’s automated underwriting engine and the changes that are coming mean less cash in your [...]

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Freddie Mac Tightens Underwriting Guidelines

by Justin McHood Mortgage Guidelines

Freddie Mac has announced a few changes in their underwriting standards and effective February 2, 2009 they will no longer be buying “Stated Income” mortgages at all.  In addition to outlawing stated income loans, the new maximum debt-to-income ratio will be 45% and new minimum credit scores will be increased. The bottom line of these [...]

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