The Mortgage Brothers Show

Are you interested in buying a home and getting a mortgage in Arizona, but don’t have a large cash reserve for your down payment? Do you know about the option of a seller carry-back? A seller carry-back is a great way for a buyer with too small of a down payment to purchase a home. And as a seller, offering a small seller carry-back, is a great way to incentivize buyers if interest in your property has diminished.

Many first-time homebuyers do not have the savings on hand for a large down-payment on their mortgage. This is why they often choose an FHA loan over a Conventional loan. Not only does an FHA loan only require 3.5% down on the loan, but it also allows for gifts to be accepted in order to help fund the purchase. A gift, in this case, refers to any funds the borrower receives from a private donor that do not have to be repaid. For example, parents giving their child money to put toward the downpayment counts as a gift.

Many home buyers understand that the state of their credit affects the type, amount, and interest rate of the loan that they will be able to receive. However, they may not always be aware of just how much of a role their credit plays in procuring a mortgage. We recently experienced an example of just how dramatic the effects can be with one of our borrowers.

Hiring a home inspector is one of the most important parts of purchasing a home, yet it is one step that numerous potential home buyers will neglect or rush through. Do not think of a home inspection as a formality; instead, see the valuable insight it offers into the state of the house behind the paint. A high-quality inspection can let an investor know what they could potentially find themselves paying for in the first few years of homeownership.

If you have had a foreclose on your home in recent years and are looking to re-enter into the housing market, you will have a hard time receiving another mortgage loan if the foreclosure is recent. However, there is good news in the realm of foreclosure loan options.

Considering an FHA loan? This federal government program is designed for worthy homebuyers who might not otherwise qualify for conventional loans; it’s especially helpful for first-time homebuyers, consumers with a limited credit history, and those who can’t afford to make a significant down payment.

1. How do I find out if I am eligible for a VA loan? Or in other words, how do I get a certificate of eligibility?

You will have to apply for a certificate of eligibility. You can apply for your certificate of eligibility by going to this VA webpage. It is pretty straight forward. You will receive your certificate immediately online and you can forward it to your lender. Whether you are using your VA eligibility for the 1st time or have used it multiple times, you will need to receive a current certificate of eligibility.

A VA Loan is a federally guaranteed home mortgage loan, issued by private lenders, for returning U.S. service members. The program offers veterans and their families flexible home financing, providing benefits such as $0 money down and competitive interest rates.