The Arizona Mortgage Guy (520) 225-0380

How To Save Money With An Arizona Refinance

Figuring out what your payment will be after you do your Arizona Refinance is actually a fairly simple task.

The first thing to do is get a rough idea of what interest rates in AZ are in the current market.  It’s important for you to know that interest rates not only move daily but move by the second.  So just having a general idea of what they are will be good enough to give you a rough idea of how much you can save by doing an Arizona Refinance. (more…)

Arizona FHA Loans

Fannie Mae Is Making Our USDA Loan Program Much Cheaper

I’ve been helping people for years to get the cheapest, easiest loan possible to buy a home in Arizona with the USDA Loan Program.  Now, in a recent article in USA Today it is reported that Fannie Mae and Freddie Mac are raising their loan costs to home buyers.  This will make the USDA Loan Program even cheaper than it is now.  Fannie and Freddie fund home loans that are known as Conventional loans and have been the largest supply of home loans forever.

While the USDA Loan Program has limits on the fees that can be charged, Fannie and Freddie are introducing new fees to be charged to consumers based on your credit score and how much you are putting down.

Read the rest of Fannie Mae Just Helped Make The USDA Loan Program Cheaper And Easier

We are funding USDA Loans crazy fast rigtht now.  Watch my 30 second video…

USDA Loans

New video on the USDA Loan

The USDA Loan and Credit Scores..

People ask me all the time what credit score is needed to get a USDA loan to buy a house in Arizona with absolutely Zero Down Payment.  There are actually a pretty good variety of answers to this question.

Before we open the curtain on the USDA Loan and show you the credit score options, let’s take a look at what a credit score is.

There are three credit bureaus and each has a detailed history of an individual’s credit.  They are Trans Union, Equifax and Experian.  They each have their own super secret, mathematical model that they use to create and formulate a person’s credit score.  It’s basically like your credit history goes into the big credit machine, and out comes a three digit number.

Read the rest of What Credit Score Does The USDA Loan Require?

Even When They ALL Say You Can’t..Yes You Can!

I get this question quite a bit, probably because I’m in Arizona right?  And a pool is a great way to keep cool in our fairly hot summers.

But a lot of lenders will just say NO when it comes to using a USDA loan to buy a home with a swimming pool.  They probably shy away because a property with an in ground swimming pool not only has to get the local Rural Development office to approve the Guarantee in order to get a USDA Loan, but they also have to get what’s known as a POOL WAIVER from the NATIONAL Rural Development office.

Sounds like a lot of extra work, doesn’t it?

Read the rest of How To Get A USDA Loan For A Home With A Swimming Pool

Which Is The Better Loan, The USDA Loan or The FHA Loan?

Well I do quite a bit of both and for the majority of people the USDA loan will be a much better financial move for buyers in Arizona, and here’s why.

FHA has a down payment requirement, and it is currently at 3.5% of the purchase price.  The USDA Loan does not require any sort of down payment at all.  So right there, you get to keep that 3.5% down payment in your bank account; that is if you even have it in the first place, right?

FHA also requires a monthly mortgage insurance payment.  That amount that FHA requires is 0.55 percent of the loan amount.  That will give you the annual payment, so just divide it by 12 for the monthly amount.

Read the rest of The USDA Loan vs The FHA Loan – Which Is The Best Loan?

What’s The Maximum Loan Size For a USDA Loan in Arizona?

You’ll be happy to know that the Arizona USDA Loan does not have a maximum loan size, which may be another advantage USDA has over it’s FHA counterpart.

The maximum loan size you can get will actually be determined by your qualifying repayment income.

Here is a simple 10 step process that you can use to ESTIMATE the maximum USDA Loan size you might qualify for.  Today’s post is pretty detailed and all about math, so you may need to review it a couple times.

Read the rest of How To Get The Maximum Arizona USDA Loan Size

What is an FHA Loan Co-signor?  What is a Co-borrower?

And do I need one for an FHA Loan?

People ask me this question all the time, especially the new home buyer.  So let’s take a few moments and briefly review the differences between a co-signor and a co-borrower.

Hopefully this little bit of information will help you in the event you are considering using one for your Arizona home purchase.

A Co-Borrower is a person who signs all of the FHA Loan documentation, signs the note and the security instrument and will take title to the property along with the primary borrower. 

Read the rest of Do You Need A Co Signor For Your Arizona FHA Loan?