Category: FHA

FHA STREAMLINE REFINANCE

When someone sees the word “streamline” next to refinance, they think all they need to do is call the lender and their rate will be reduced. Well, it’s not quite that easy. A FHA Streamline refinance applies if you have a FHA mortgage and want to refinance into another FHA mortgage. What you may first want to do is see if you can qualify for a conventional loan first, which may result in a lower payment. But, if not, you can apply for the FHA Streamline refinance. In order to qualify, the mortgage to be refinanced must be current and...

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FIRST-TIME HOMEBUYERS

  First time homebuyers will call me asking for a FHA loan. I guess the urban myth is that there is not a low-down payment option for conventional loans. However, this is not true. Conventional loans can be obtained for as little as 3% down.   So, what results in a better option for the first-time homebuyer? It depends on the credit score. If you have less than perfect credit, then the FHA loan will likely result in a lower monthly payment. If you have good or excellent credit, the conventional loan may be the better option. The FHA loan...

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2019 LOAN LIMITS

The loan limits for conforming, VA, and FHA loans have increased for 2019. The conforming and VA conforming loan limit in Maricopa County, AZ is now $484,350. Loan amounts in excess of this limit are considered jumbo, which we can finance. The FHA loan limit for Maricopa County is now $314,827. Loan limits can vary by state and county. If you are looking to finance a property elsewhere, let us know and we can check the limits for you. We offer a variety of products and services, and can finance residential and commercial properties. Contact us and we can help...

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