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.

You can feel free to give me a call any time at (520) 225-0380 and I can give you an idea range of where interest rates are at any time.  Or just fill out the comment form on the right and you can get them that way.

Or just take a look at some of the advertising in the paper.  Granted those will be stale rates, but should still be in the general current market range.

One thing to keep in mind is that when banks and mortgage companies are advertising interest rates they are ALWAYS advertising the low ball rate, the rate that shows the lowest number; but isn’t usually the cheapest rate.  So it’s a good idea to add a quarter to a half to those rates and then you’ll be able to get a better, more accurate idea of what your payment will be.

Then head on over to my web site at Tucson FHA Loans and on the upper part of the screen you’ll see a tab that reads FHA CALCULATOR.  Click that tab and just fill in the blanks.

Since FHA Loans do carry monthly mortgage insurance, make sure that the box for PMI has a 0.9 in it.

And there you have it.  You can change the loan sizes and the interest rates to get a really good idea of not only the monthly payment, but the amount of a loan you are comfortable with.

I hope you found this Arizona Home Loan tip useful and would love to hear your comments.

To find out if you qualify for an FHA Loan call (520) 225-0380 or click on the Get Started on FHA tab above and ask for a quote.  If you want to go ahead and get your application in, you can print out my application packet for FHA here.

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

Do You Make Too Much Money To Qualify For A USDA Loan In Arizona?

While the USDA Loan does not have a maximum loan size they do have a maximum qualifying income limit.

People ask me all the time, what are the income limits for the USDA Loan.  So let’s take a moment and define really quickly what an income limit is.  The USDA defines income limit as the Adjusted Household Annual income, that’s it.

Did you catch that?  There is an important point there that many people naturally overlook, it’s the Household Annual Income.

Read the rest of How To Find Out If Your Income Qualifies Under The USDA Loan Income Limits

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