Arizona Mortgage Team » Arizona FHA Loans http://www.arizonamortgageteam.com Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans. Wed, 21 Jul 2010 05:24:58 +0000 en hourly 1 http://wordpress.org/?v=3.0 Arizona FHA Loans: Home Repairs, Which Ones Are Required? http://www.arizonamortgageteam.com/arizona-fha-loans-home-repairs-which-ones-are-required/ http://www.arizonamortgageteam.com/arizona-fha-loans-home-repairs-which-ones-are-required/#comments Wed, 11 Feb 2009 20:44:14 +0000 Justin McHood http://www.arizonamortgageteam.com/?p=355 Arizona FHA Loans: Home Repairs, Which Ones Are Required? is a post from: Arizona Mortgage Team

Arizona FHA Loans: Home Repairs, Which Ones Are Required? is a post from: Arizona Mortgage Team We have received the “more-than-normal” questions about the FHA 203k streamline program recently – probably due to the high numbers of bank-owned properties that are currently for sale all across the valley. If you have been shopping for homes, [...]]]>

Arizona FHA Loans: Home Repairs, Which Ones Are Required? is a post from: Arizona Mortgage Team

We have received the “more-than-normal” questions about the FHA 203k streamline program recently – probably due to the high numbers of bank-owned properties that are currently for sale all across the valley.

If you have been shopping for homes, it is no mystery that when a property is currently owned by a lender, often times, it needs a “little bit of work”. How do you know if a property will pass an FHA inspection for a “regular” FHA loan? Well, if it needs a “little bit of work” and the work entails one of the things below, your property will probably qualify as-is for a “regular” FHA loan because these are considered cosmetic things.

Arizona FHA Loan Cosmetic Repairs

  • Missing Handrails
  • Cracked or damaged exit doors that are otherwise operable
  • Cracked window glass
  • Defective paint surfaces in homes constructed post 1978
  • Minor plumbing leaks (such as leaky faucets)
  • Defective floor finish/covering
  • Evidence of previous (non-active) wood destroying insect/organism damage
  • Rotten or worn-out counter-tops
  • Damaged plaster, sheet-rock or other wall and ceiling materials in homes
  • Poor workmanship
  • Trip hazards
  • Crawl space with debris
  • Lack of all-weather driveway surface

Does the house you are considering need repairs? Are they considered cosmetic or something “more than cosmetic”? If they are more than cosmetic, it doesn’t mean that you can’t get an Arizona FHA loan, it just means that you will want to look at the FHA 203k streamline program as one of the best options available for homes that need a little more work done than just cosmetic work.

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]]> http://www.arizonamortgageteam.com/arizona-fha-loans-home-repairs-which-ones-are-required/feed/ 0 FHA Mortgage Facts From FHA Outlook http://www.arizonamortgageteam.com/fha-mortgage-facts-from-fha-outlook/ http://www.arizonamortgageteam.com/fha-mortgage-facts-from-fha-outlook/#comments Tue, 09 Dec 2008 17:59:02 +0000 Justin McHood http://www.arizonamortgageteam.com/?p=237 FHA Mortgage Facts From FHA Outlook is a post from: Arizona Mortgage Team

FHA Mortgage Facts From FHA Outlook is a post from: Arizona Mortgage Team From time to time, I am asked questions about the FHA program or FHA loans by various people such as: “How long does it take to fund an FHA loan?’ “What is an average FICO score for someone who gets an FHA [...]]]>

FHA Mortgage Facts From FHA Outlook is a post from: Arizona Mortgage Team

From time to time, I am asked questions about the FHA program or FHA loans by various people such as:

  • “How long does it take to fund an FHA loan?’
  • “What is an average FICO score for someone who gets an FHA loan?”
  • “Is the Hope for Homeowners program real?”
  • “How come I have never heard of the 203k streamline program?”

I am sure there are many places to get the answers to the above questions, but one quick place to find these answers is on HUD’s website under the FHA Outlook section – the answers below came from their most recent, early-November FHA Outlook report:

What is an average FICO score for someone who gets an FHA loan?

For people who were buying a home with an FHA loan, the average FICO score for the first 2 weeks in November was 693.

For people who were refinancing a home with an FHA loan, the average FICO score for the first 2 weeks in November was 662.

How long does it take to fund an FHA loan?

For the first 2 weeks in November, it took an average of about 5.5 weeks from application to closing.

How come I have never heard of the 203k streamline program?

Probably because it is not done very often.  There were 628 of them done in the first 2 weeks of November.

Is the Hope for Homeowners program “real”?

In the first 2 weeks of November, for the 40k or so refinance transactions that were done, 69 were Hope-for-Homeowners cases.  40,000 FHA refinances… 69 Hope for Homeowners.  Does that answer your question?

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]]> http://www.arizonamortgageteam.com/fha-mortgage-facts-from-fha-outlook/feed/ 0 Arizona FHA Loans – As Popular As Ever http://www.arizonamortgageteam.com/arizona-fha-loans-as-popular-as-ever/ http://www.arizonamortgageteam.com/arizona-fha-loans-as-popular-as-ever/#comments Wed, 26 Nov 2008 23:18:08 +0000 Justin McHood http://www.arizonamortgageteam.com/?p=213 Arizona FHA Loans – As Popular As Ever is a post from: Arizona Mortgage Team

Arizona FHA Loans – As Popular As Ever is a post from: Arizona Mortgage Team Recently, we were speaking with a group of sales professionals who work for a local roofing company about the benefits of the FHA 203k loan program and how it can potentially help their clients. After introductions, we started speaking about [...]]]>

Arizona FHA Loans – As Popular As Ever is a post from: Arizona Mortgage Team

Recently, we were speaking with a group of sales professionals who work for a local roofing company about the benefits of the FHA 203k loan program and how it can potentially help their clients.

After introductions, we started speaking about the FHA loan programs and which ones would be right for what types of situations and the sales manager interrupted us and said:

“Hey, guys — pay attention! I personally have an FHA loan on my house and this is not the first house that I have bought!”

Which got me to thinking: exactly how popular are FHA loans today?

If the data released today by the Mortgage Bankers Association is any indication, FHA loans are as popular as ever.

According to the release:

  • FHA loan applications were up 113.6 percent from a year ago in October, while applications for conventional loans were down 49.7 percent.
  • FHA loan refinancings from conventional loans to FHA-insured loans were up 144.3 percent from a year ago.
  • FHA loans accounted for about one in three mortgage applications in the month of October.
  • Since the MBA began surveying loan applications in January 1990, FHA loans have ranged from a low of 5.8 percent of total applications in August 2005, to a high of 43.8 percent in February 1990.

Are FHA loans popular?

Yes.

Even the sales managers at our local roofing companies know that!

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