Mortgage and Divorce: Everything You Need to Know

Divorce is never easy – especially when trying to navigate through financial transitions. The best way to ease the stress of the home buying process is to prepare in advance. Although getting approved for a mortgage during a divorce isn’t without its challenges, there are few steps you can take to smooth the process.

 

Sort Out Your Finances

One of the most proactive ways you can prepare for applying for a mortgage is to sort out your finances in advance. To ensure you can get the best mortgage rate possible, you’ll want to make positive strides towards financial independence.

 

Separate Accounts

If you’re recently separated or divorced, you’ll want to separate any open accounts as quickly as possible. This will allow mortgage advisors to take an accurate snapshot of your current financial situation. It will also decrease the chances of hitting a snag during the application process.

 

Watch Your Credit Score

Once you have your accounts sorted out, make sure to maintain good standing in regards to credit history. Paying off balances in full, making payments on time, and avoiding canceling or opening new accounts will help reinforce your credit score over time.

 

Prepare Your Paperwork

There are several types of documents needed for the mortgage application process. This paperwork is particular important when dealing with a divorce because it provides the lender with the most up to date information regarding your eligibility.

 

Tax Returns

Having your most recent tax return documentation will help your lender get a clear picture of your recent income as an individual. This is the number that they will use to determine your affordability when searching for homes. If there’s a significant difference in the amount of money you’ve earned in one of the past couple of years, be sure to explain why this happened (whether it be due to illness/injury, maternity leave, some other life change, etc.)

 

Child Support Documentation

If there was a child support arrangement, having the official documentation from the court will help determine your accurate debt to income ratio. Whether you are paying or receiving child support, it’s important to gather all these documents before the loan application process.

 

Divorce Decree

After your divorce is finalized, a copy of your divorce decree will be helpful as additional confirmation of separate finances. Since your credit only shows individual history, this is further proof that there are no additional financial obligations such as support.

 

Taking these steps will ease the transition of applying for a loan as an individual. If you have any questions regarding obtaining a mortgage or eligibility requirements, feel free to contact us.

 

 

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Steps to Take Before Buying a New Home in Arizona

Steps To Take Before Buying a New Home in Arizona

 

When you make that decision that you are going to buy a new home, it’s normal to want to go out and house shop. That is typically the most fun part of the home buying process after all. Before you go out and do that it’s important that you take the step of getting pre-approved for a loan. Below are 4 tips that will set you up for success and save you time.

1. No Credit Card Surprises

If you are like most people you probably haven’t checked your credit report in the last year or two. When going through the pre-approval process you will discover any credit report mistakes and find issues that could cause problems in the final stages of the loan process. It really makes for a stress free process by getting these details cleared before moving forward.

2. Understand Your Budget

We all want that three-story colonial with Viking appliances, granite counters and a swimming pool with a big back yard. Does that really fit your budget though? This is another area where pre-approval comes into play. You will have a estimate on your price range before you go shopping around.

3. Find The Best Lender in Your Area

You want to make sure you are working with the right lender at terms that work for you.  Once you are pre-approved for a loan this is a great next step to take on your home buying journey. It is always good to do a google search of the top phoenix mortgage lenders to see what other customers are saying about their experience. Your local bank is not always the best answer.

4. Showing You Are Serious About Buying

A lot of people go to open houses, imagining how they would remodel the home to suit their tastes but don’t get pre-approved. If you actually go through the pre-approval process for a new home it shows the realtor that you have all your paperwork in order and are actually able to make the purchase. If you want a good agent to work for you they will want to make sure that you are serious about buying before investing their time and energy into finding your dream home.

Ready to Get Pre-Approved For a Home Loan?

If you are looking to buy a home in the Phoenix area then you will want to go through an experienced home loan officer to help you get pre-approved. There are quite a few different home loan programs available and it is best to look at all the options to decide what would meet your goals. If you have any questions you can call or text at 602-492-3602 or contact us!

 

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6 Reasons Life Is Better As a Homeowner

6 Reasons Life Is Better As a Homeowner

When it comes to owning vs renting a home, the never-ending debate between homeowners and renters never seems to have any clear winner. The former talk about the pride of owning your own place, while the latter focus on the flexibility of not being tied down to one location.

As with most hot topics, both parties may very well have their arguments, but, I can pretty much tell you that buying a home is like most things in life…

You really have to make the change in order to truly appreciate its benefits.

With that in mind, here’s a list of things that simply make life better when you’re a homeowner:

1. You wake up in the morning and you know it’s yours

It may sound cheesy, but homeownership has been a staple of the American Dream for as long as that concept has been around, and with good reason.

There’s just something about waking up inside a place that is definitely, irrevocably yours.

Feel like installing a trampoline in the living room? You got it.

Want to dress up your walls in purple fur? Sure, why not.

When you own the place you can pretty much do anything you can imagine.

2. You don’t have to worry about increasing monthly payments

No matter how nice your landlord is, chances are that sooner or later he’ll want to maximize the return on his property.

This means that as a renter you’re just going to have to deal with occasional price hikes if you want to stay in the same place for longer periods of time. These tend to cancel out whatever savings you may accrue as a result of not paying for maintenance or repair works.

Using a mortgage to buy a home, on the other hand, often comes with the added benefit of having a fixed monthly payment that won’t change regardless of property values. This translates to less headaches and more financial predictability down the line.

3. You get plenty of tax breaks

Buying a house can require some money out of pocket up front, but it all tends to payoff pretty soon even if the value of your property stays the same.

Now, I’m not a tax person so verify this information with your preferred tax consultant, but my guy says there are numerous tax advantages to owning a home. For one, you can deduct your mortgage interest from your tax obligations. You’ll also be able to claim your origination fees the first year you buy a home. They usually hover around 1% of the total price, which can lead to considerable savings. Last but not least, the property taxes you pay for your primary residence are fully deductible for income tax purposes.

These are all measures promoted by the government to incentivize renters to take that that final leap of faith towards becoming homeowners.

4. It’s better than a savings account

When you rent a house or apartment, you’re basically paying another person for the courtesy of allowing you to borrow their space.

The process of owning a home changes that. When you pay monthly installments on your house, you’re paying yourself to live in your home by putting more and more money into your equity and saving it for a later date.

Moreover, while there’s no absolute guarantee that housing values will always keep rising, research shows that housing tends to beat inflation by a couple of percentage points per year over the long term. This means that your house could continue to appreciate in value at a rate higher than the national inflation, making you slightly wealthier year after year.

5. You get to take advantage of an economy in flux

The economic downturn of 2007 – 2010 took a hit on homeownership, but now that the economy is recovering, the numbers are on the rise again. What’s remarkable is that interest rates and mortgage fees haven’t gone up with them.

That’s because, despite a steadily improving economy, the Federal Reserve has yet to take steps towards implementing higher rates. This means that right now you can still get the best of both worlds: the homebuyer advantages brought on by the economic crisis, along with the benefit of a higher purchasing power due to growth in the private sector.

This kind of situation won’t last forever, and it’s likely that 2015 may be the last hurrah for some time.

Be smart now and you’ll thank yourself later. (Get Pre-Approved for an Arizona Home Loan)

6. Flexibility is still on the table, if you want it

This is a big one, since many people use the “F” word (that’s “F” for “flexibility”, folks) to explain why they prefer renting to buying. Personally, it’s what also kept me from seriously considering homeownership for a very long time. But thinking about it in terms of flexibility is a fallacy. If anything, owning your home offers you more flexibility.

That’s because, whenever you do decide to move on, you could have the benefit of a starting out with considerable initial capital from selling the house. You can also put your home up for rent even before you’ve finished paying off the mortgage, and have renters pay you each month while you go on to the next place. The possibilities are endless.

Overall, homeownership shouldn’t be seen as an untouchable pipe dream reserved only for the few and fortunate. There are very real solutions available for normal people like you and I and anybody who truly wants to have a place they can call their own. With the right mindset and a dedicated professional at your side, you’ll be able secure a little slice of heaven and see that life is better as a homeowner.

Do you want to know how much home you could qualify for? We can help you take the first step and that is to get pre-qualified for a phoenix home loan, contact us.

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What is an FHA Loan?

What is an FHA Loan?

A Federal Housing Administration, (or FHA,) loan is a mortgage that is insured by the FHA in order to protect approved lenders should you experience difficulties affording the monthly payment. FHA home loans are very popular among first-time buyers as they allow for lower down payments. Typically you would need to find 3.5% of the purchase price if your credit score is 580+ or 10% if your credit score is between 500 and 579.

What else do I need to know about FHA Home Loans?

• You should be aware that, if approved for an FHA loan, you have to pay mortgage insurance premiums, which will protect the lender should you default on your payments.
• You also need to remember that the lower your credit score is, the higher the interest rate is likely to be.
• You will need to have a steady employment history or be able to prove that you have worked for the same employer for at least two years.
• You need a valid Social Security number.
• Be a lawful resident of the U.S.
• Old enough to be able to sign a mortgage in your state.
• You will only be able to apply for a new FHA loan for somewhere which will be your primary residence.
• You must obtain a property appraisal from a FHA-approved appraiser to prove that the home is worth the money you wish to borrow.

What are the benefits of FHA loans?

• FHA loans are easier to qualify for than a ‘standard’ mortgage, as a lower down payment is needed.
• Those who have either low or bad credit, or been in the unfortunate position of being foreclosed upon, or faced bankruptcy may still be able to qualify for an FHA loan.

Are there any down sides to an FHA Loan?

Because FHA Loans are not subject to the same stringent qualifying procedures as conventional mortgages, it is necessary to have 2 kinds of mortgage insurance premiums:

• Upfront mortgage insurance premium (UFMIP) – a ‘one-off’ upfront payment which may be added onto the amount of the mortgage.
• Annual MIP is actually charged as a monthly premium and will vary, dependent on length of loan and amount borrowed.

Questions? We can help. Contact us today. 

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The Top 3 Phoenix Neighborhoods for Young Families

The Top 3 Phoenix Neighborhoods for Young Families

Obviously it will end up being a personal choice as to which are the best neighborhoods in Phoenix suitable for young families, but here are some suggestions which could help you make an informed decision as to where to buy a property.

Gilbert, a suburb of Phoenix is highly rated in the ‘A’ category as to being great for families, weather and health and fitness. The average property price is just below $245,000 and a reported 72% of residents own their own homes, rather than renting. Residents state that ‘Gilbert is clean and pretty’; ‘…education and infrastructure are superb’; ‘…it’s an excellent place to raise children and go to school’.

Chandler is the next highly-rated area for bringing up families. Again, it rates well for education, weather and housing for families. Average property prices are just above $230,000, making it a very affordable, as well as desirable area. Population is around quarter of a million. Intel and Wells Fargo are 2 of the major employers in the area and it can boast the title of ‘Playful City USA’, for taking a forward-thinking decision to make play a priority, meaning that it is a wonderful area to raise children.

Desert View is a smaller, more intimate area of Phoenix with a population of around 63,000. Properties are a little higher-priced in this area at around $350,000, but this could be down to exclusivity. Around 70% of residents are home-owners and they report the area as being good for housing, schools and families. 26% of the population are aged 17 or younger and so you can be assured that there will be plenty of new friends for your children.

Questions? We can help. Contact us today. 

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Phoenix Housing Market: 2018 Predictions

Phoenix Housing Market: 2018 Predictions

We are all aware of the tremendous volatility which has been seen in the Phoenix housing market over the last ten years, but reports show that the situation will become more stable during 2018. Home prices are set to rise by around 3.5% which is far more reasonable than what has been seen during the ‘boom and bust’ years.

The last 12 months have seen rises of around 9.5% but that was unusual and far higher than the historical figures over the previous 30 years or so. Although some major price gains have been seen during the last 2 years, it is highly unlikely that they will get back to the (over-inflated) figures seen amid the previous housing boom.

This being a more certain future, home buyers will now be facing a less unstable time and be able to feel more confident in their decision that 2018 is the right time to buy a property in Phoenix. $268,000 was the average property price during June 2017 and so it should still be possible to purchase a property in 2018 for less than $300,000.

Due to the fact that there are a limited number of properties available across the Metro area, competition is still likely to be high with many buyers competing for the same property. Demand is currently outstripping supply and there does not seem to be enough new properties being built to satisfy an ever-growing population. This is even truer in desirable areas.

With this level of competition, it would make sense to be well-prepared when viewing a property – show the seller that you are serious by having all your paperwork and bank statements in order and a pre-approved mortgage in place. If you are a cash buyer, make sure that you can prove it – sellers have come to expect this level of preparedness.

Questions? We can help. Contact us today.

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How to Get a First Time Mortgage

How to Get a First Time Mortgage

Buying your first home can be an exciting, but also daunting prospect. There are many things you need to take into consideration, from what you can afford to pay monthly, to how much interest you will be charged. In order to get the best deal possible on your first time mortgage you need to be prepared and show knowledge and maturity.

Points to be aware of:

You have a much better chance of getting a first time mortgage of you are honest, both with the bank and with yourself. There is no point in boasting and overestimating what your earnings will be in the future – you are buying in there here and now, so be realistic, not forgetting to take all expenses into consideration.

When you work out how much you are spending at the moment, be sure to allow for unforeseen emergencies – such as a vehicle repair or an unexpectedly large utility bill; it’s always best to have a ‘miscellaneous’ section where you can place a set amount per month to allow for these contingencies.

Don’t forget to check your credit score to avoid any nasty surprises further on down the road. Lenders will use the information on there to decide how much they can lend to you and also how much interest they will charge on your first time mortgage. If you have any debts that you had forgotten about, such as an old credit card bill, pay it off now, before you apply for a mortgage.

Make sure this is the right time for you to buy – don’t get swept away with the excitement of it all. It’s far better to take time to think about things thoroughly now, than regret it later. All the above pointers will show your lender that you are a serious buyer, and are aware of the consequences of obtaining a first time buyers loan.

Questions? We’re here to help. Contact us today. 

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Get to Know the Different Types of Home Loans

Get to Know the Different Types of Home Loans

Navigating your way around the home loans market can be a little difficult if you are not sure about the terminology used. There are many different types of home loans available and here we aim to simplify things for you so that you can understand what each type of mortgage could mean to you and your budget.

Adjustable or fixed rate?

If you obtain a fixed rate home loan you have certainty for the whole of the loan – the repayments will remain the same, month after month, year after year. This is perfect for you if you worry about interest rate changes.

Adjustable rate mortgages, or ARMs usually begin with a lower rate than the fixed rate option so may appear to be less costly, but bear in mind that they may end up causing you worry should they increase by a large amount, over the time of the loan.

Conventional home loan or government insured?

A conventional mortgage does was it says on the tin – this means that the loan is not backed by any government insurance or guarantee.

Government insured, (or backed,) loans come in 2 different forms – an FHA loan which is available to all borrowers, or a VA home loan which is available to service personnel and their families. The advantage of a VA loan is that no down payment needs to be made.

Conforming or nonconforming home loan?

Conforming home loans are available, but only up to a certain amount, set by the Federal Housing Finance Agency. The benefit of a conforming loan is that, (in general,) interest rates are lower and a smaller down payment is needed than with a nonconforming loan, or ‘jumbo’ loan.

Nonconforming mortgages are suitable for those who want to spend a greater amount on their home. You will need to have excellent credit and a large down payment to qualify for one of these loans.

Questions? We can help. Contact us today.

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October Events in Phoenix 2016

The fall is finally upon us! The nights are coming quicker & we only have a couple triple digit temperatures remaining. Besides the beautiful 70-80 degree temperatures, there are great concerts and festivals that you will want to make sure to check out. Below is a list of events that I suggest you attend:

Oktoberfest Events

Tempe Town Lake Oktoberfest

One of Arizona’s biggest Oktoberfest celebrations takes place in Tempe Town Lake! The festivities start October 7th and conclude on October 9th. You will be able to find a carnival, dachshund runs, beer and wine gardens, live music, and amusements for the kids. Admission is free, you will just want to make sure you have your ID and cash ready so that you can buy tickets to redeem your Pumpkin Ales!

San Tan Oktoberfest in Chandler Arizona

This event takes place October 1st and will be the ninth annual Oktoberfest for San tan Brewing located in Downtown Chandler. The event starts at 3 PM and ends at 11 PM. Admission is $12 (kids 12 and under are free). The event includes keg rolling, tricycle races, keg contests, beer pong, eating contests and more!

There are several other events taking place around the valley such as Scottsdale, Flagstaff, Tucson & more. Make sure to search your local city if these are too far for you to attend.

Fall Concerts in Arizona Are a Must

Perfect temperatures and live music, need I say more? There are just too many concerts taking place to name here. To see a full list feel free to visit http://www.phoenixconcerts.net/. There you will see a list of every event taking place in the State.

Halloween Attractions

The 13th Floor Haunted House

If you plan on going to haunted houses you will want to make sure to check out the 13th Floor Attraction. It’s been featured on the Travel Channel, Fox News, and MTV. It’s claimed to be Arizona’s most popular haunted house with over 60,000 square feet of horror that includes 2 haunted houses in 1 location. To learn more you can visit their website at http://13thflooraz.com/.

Fear Farm

This even offers something for everyone. It includes 5 haunted houses, Phoenix’s largest corn maze, and a haunted hay ride! Fear Farm was voted the best haunted house in 2015. You can learn more information about this event by visiting their website at http://fearfarm.com/.

Hiking Season is Here

Outside of all the great events taking place one of Arizona’s greatest assets is all of it’s hiking trails. No matter where you are located in the Valley, nature isn’t far. Some of the best locations to escape include:

Phoenix Sonoran Preserve

This location has clear trails and well-marked tracks. Due to the higher elevation, it receives more rain than other trails making it more colorful than some other hiking areas. It’s also a great spot for mountain bikers.

Pinnacle Peak

A beautiful trail located in Scottsdale, you can catch great views of the creosote plants, cholla cactus & the local wildlife. Certain locations also include rock climbing & star gazing. This is a moderate hike and has a number of ups and downs throughout its 1.75-mile trail.

Tom’s Thumb

This is a gorgeous 3.7-mile trail with plenty of vegetation and provides breathtaking views of Phoenix and Four Peaks. If you take on this hike make sure to check out the natural cave called Ogre’s Den, which features beautiful art and trinkets.

This article could really be a few thousand words long. There is just so much to do in this beautiful state now that Winter is around the corner. Do you have other hot spots or events that you would like to add to this list? Please feel free to leave a comment below. 🙂

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Pathway To Purchase Program

This down payment assistance program offers home buyers up to 10% of the loan amount up to a max of $20,000 towards a down payment. This can also be used towards closing costs in Arizona. It’s important to note that income and debt ratio limitations apply. This program is available for first-time home buyers & anyone who meets the minimum FICO score requirements. The maximum purchase price for this program is $371,936.

Existing homes, townhouses, and condos qualify for loan financing. New builds do not qualify for this program.

Home Buyer Qualifications:

Buyers must have a fico score of at least 640 and a debt-to-income ratio of 45%. All buyers must also attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection.

Need an experienced loan officer in Phoenix Arizona? Let The Justin Haines Team get you pre-qualified in as little as 24 hours! They are experts when it comes to the programs being offered in Arizona & can get you into your dream home with their stress-free process. Click the link below & fill out the short form on their website to get started.

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Steps To Take Before Buying a New Home

When you make that decision that you are going to buy a new home, it’s normal to want to go out and house shop. That is typically the most fun part of the home buying process after all. Before you go out and do that it’s important that you take the step of getting pre-approved for a loan. Below are 4 tips that will set you up for success and save you time.

1. No Credit Card Surprises

If you are like most people you probably haven’t checked your credit report in the last year or two. When going through the pre-approval process you will discover any credit report mistakes and find issues that could cause problems in the final stages of the loan process. It really makes for a stress free process by getting these details cleared before moving forward.

2. Understand Your Budget

We all want that three-story colonial with Viking appliances, granite counters and a swimming pool with a big back yard. Does that really fit your budget though? This is another area where pre-approval comes into play. You will have a estimate on your price range before you go shopping around.

3. Find The Best Lender in Your Area

You want to make sure you are working with the right lender at terms that work for you. A mortgage is a long-term commitment, so don’t rush through this step. Once you are pre-approved for a loan this is a great next step to take on your home buying journey.

4. Showing You Are Serious About Buying

A lot of people go to open houses, imagining how they would remodel the home to suit their tastes but don’t get pre-approved. If you actually go through the pre-approval process for a new home it shows the realtor that you have all your paperwork in order and are actually able to make the purchase. If you want a good agent to work for you they will want to make sure that you are serious about buying before investing their time and energy into finding your dream home.

Ready to Get Pre-Approved For a Home Loan?

If you are looking to buy a home in the Phoenix area then you will want to go through an experienced home loan officer to help you get pre-approved. All you need to do is visit the Justin Haines Team Website and take 10 seconds to fill out their form. Doing this will give you the chance to qualify for no money down loans and other programs potentially available to you.

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What Type of Home Loans Are Available in Phoenix Arizona

What Type of Home Loans Are Available To You

The decision to buy a home is a big one, oftentimes it’ll affect you the rest of your life. Many first-time home buyers don’t know where to start. Understanding the different types of home loans available to you can give you the vital information that you need in order to make an informed decision. It’s also important to understand the pros and cons of each type of loan. As you move get ready to become a homeowner, working closely with an experienced loan officer in Phoenix Arizona can help make the process as stress-free as possible. It’s important to consider your options and look at the fine details to make sure you are making the right decision on your home loan.

Fixed vs. Adjustable Loan Types

One of the first steps to getting the best mortgage for your needs is picking between a fixed-rate or adjustable rate loan. The differences between the two types of loans are as follows:

Fixed-rate mortgages are loans that have the same exact interest rate for the life of the loan. This basically means that because your rate doesn’t change, the monthly loan payment will never change, even for long-term financing such as 30-year fixed rate loans.

Adjustable rate mortgages are a type of home loan that has an interest rate that can change throughout the life of the loan. Many of these types of mortgages will change every year after experiencing an initial period of the remaining fixed rate loan balance. This is where the hybrid effect kicks in. A hybrid adjustable rate mortgage begins with a fixed-rate interest rate, before switching to an adjustable interest rate.

Pros and Cons of Fixed & Adjustable Rate Loans

Like every loan, it’s important that you understand the pros and cons so that you can make an informed decision. Adjustable rate mortgages typically start with a lower interest rate than a fixed loan, but the adjustment period is a con. Keeping this in mind, know that your mortgage rates can change year to year, often raising as the life of the loan carries on. The best part of fixed rate loans is that your interest rate and monthly payment stays the same over the entire period of the loan. With this stability comes higher interest rates though.

Conventional Loans vs Government Insured

Once you have figured out whether you want a fixed or adjustable rate mortgage, you then need to figure out whether you prefer a conventional or government insured home loan (FHA or VA).

A conventional loan is not insured or guaranteed by the government. Conventional loans offer a 3% down option and don’t require a perfect credit score to become eligible. below are the three types of government insured loans available:

FHA Loans: The Federal Housing Administration harbors a mortgage insurance program that is directly managed by the department of housing and Urban Development or HUD. HUD is an arm of the federal government making the loan process different. FHA loans are available to everyone, not just for first time home buyers. The advantage that most people like about FHA loans is the smaller down payment, often as low as 3.5% of the overall purchase price.

A con to an FHA loan is that all home buyers will be required to purchase mortgage insurance, which increases monthly payments. To learn more about this type of loan, be sure to check out the HUD website.

VA Loans

Those who have served in the military and their families can qualify for a VA Loan. Different than an FHA loan, a portion of your loan is guaranteed by the VA. If the loan defaults, the VA pays the bank their losses up to 25% of the loan. The largest advantage of a VA loan is that borrowers can receive up to 100%. This is only available up to the conforming loan limit that is currently $417,000.

If you are looking to buy a house then you will want a qualified loan officer familiar with the Phoenix Market by your side. The Justin Haines Team has years of experience and has helped clients with all types of backgrounds and credit scores. Check out their website and get pre-approved for one of the home loan programs currently available to you.

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Home Loans For Doctors in Phoenix Arizona

Doctors looking to capitalize on Phoenix’s booming healthcare industry can take advantage of specialized loans.

Healthcare Professionals Flock to Phoenix

Phoenix has a lot of offer to a variety of home-buyers, but with a healthcare and biosciences industry expected to grow 31.9% over the next decade, it is a particularly appealing region for doctors and other healthcare professionals. Most physicians begin their careers under a massive pile of student loan debt, which, under normal circumstances, would make obtaining a home loan impossible. However, lenders realize that medical professionals, although initially saddled by debts, disproportionate to other career paths, go on to immensely lucrative careers which provide them with adequate income to repay that debt and afford housing. In addition, these doctors often find themselves in need of housing in order to begin their careers at the practices and hospitals which offer them employment, but before they have the paystubs to provide to officers for traditional loans. In response to this need, and with a desire to issue loans to well-qualified buyers, many lenders offer special financing options to doctors so that they can get settled into homes and begin their careers.

The Basics

Major lenders, such as SunTrust, Fifth-Third Bank, and Bank of America, offer loans specially designed to assist medical professionals, doctors, and other professionals in lucrative industries to obtain housing without meeting standard loan requirements. These loans apply to those who are recently graduated, in residency, or actively practicing medicine. So called “Doctor Loans” offer low-interest rates on loans up to $3 million with little or no down payment. Although excellent credit scores are required, the debt ratio for borrowers is calculated to exclude student loans and takes into account future income rather than past or current earnings.

Obtaining a Doctor Loan in Phoenix

Although “Doctor Loans” are offered across most major institutions, they are subject to the individual lenders terms and programs can vary depending on the market in which the doctor is looking to buy as well as their individual financial standing and outlook. Because these loans are tailored to a specific profession, those looking to obtain a “Doctor Loan” need to contact the institutions directly for program information as well as to apply. With the healthcare and bio-sciences outlook in Phoenix stronger than anywhere else in the nation, doctors looking to establish a successful career need look no further than Phoenix with its beautiful climate, strong housing market, and preponderance of tailored loans available to medical professionals.

To get pre-qualified please visit http://thejustinhainesteam.com.

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Home Plus & Down Payment Assistance To Help Phoenix Home Buyers

Home Plus program works to assist qualified buyers in Phoenix, Arizona.

With the economy continuing to recover, the government has been rolling out programs to assist qualified buyers who wish to purchase homes. One such program, available to buyers in Phoenix and throughout Arizona (excepting Pima County), is the Home Plus program. This HUD program works in conjunction with the Down Payment Assistance program to make buying a home easier and less financially burdensome. If you’re looking into purchasing a home in Arizona, read on to discover what this program entails and who qualifies.

Home Plus Advantages

The Home Plus program offers a 30-year fixed-rate mortgage in conjunction with down payment assistance (DPA). The DPA itself is allocated in the form of a grant and as such does not need to be repaid by the mortgage borrower. These funds can be used toward the down payment and closing costs but only when paired with a Home Plus loan. Borrowers using the program can expect up to a 4% grant based on the principal of the loan, with U.S. military personnel eligible for an additional 1%. The major benefit of the Home Plus program is the fixed-rate mortgage, which protects borrowers from elements of the predatory lending practices associated with the housing crisis, such as ballooning payments.

Qualifying

In order to qualify for the Home Plus program, borrowers must work through an ADOH approved and participating mortgage lender. The total income of all borrower must be than $92, 984 with the purchased property valued at less than $371,936. Once purchased, the owner does need to occupy the property as a primary residence, but the property itself can be a single-family home, condo, or town home. Although this criteria forms the bare bones of the program, there are still standard loan requirements which the borrower must meet, similar to those of a standard loan. These standards include a credit score of 640 or higher and a 45% debt-to-income ratio. As mentioned, the mortgage must be backed by Fannie Mae or Freddie Mac, but there is an exception made for loans obtained by U.S. military personnel.

Regardless of the lender they will act on behalf of the buyer, guiding them through the process of obtaining the mortgage and registering for the DPA grant.

Getting Started

In all cases, buyers can expect their mortgage company to act on their behalf, guiding them through the mortgage process and registering them for the DPA grant which accompanies it. Prior to the actual purchase, home buyers are required to take a home buyer education course offered buy a HUD-approved provider. Conveniently, these courses can be taken in-person, online, or even over the phone. Buyers can get more information via this PDF issued by the Arizona Housing Finance Authority or by visiting and applying via the Arizona Department of Housing website. These programs, which work hand in hand to assist buyers throughout Arizona (except Pima County), are a great way to get into one of the most exciting housing markets in the country.

If you want to get qualified for the Home Plus program the Justin Haines Team has the experience and staff to get the job done. If you visit www.TheJustinHainesTeam.com and fill out the short form you will be contacted by someone form the team to get you pre-approved for this program.

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HFA Mortgage Preferred: Down Payment Assistance Program For Buyers

Many people and places were devastated by the housing crisis. As individuals recover and look to re-enter the housing market, programs have been implemented to encourage buying in the areas that were hardest-hit.

Subsequent to the financial and housing crises, Phoenix, and many other cities, saw a rapid increase in the number of foreclosures resulting in a landscape abundant in vacant homes and empty neighborhoods. As the economy has recovered, so have the financial situations of many people. Those people are now in a position to re-enter the housing market. In order to bolster recovery and encourage buying in these areas, the Federal National Mortgage Association (Fannie Mae) has created the HFA Mortgage Preferred program to bring buyers and homes together and revitalize hard-hit communities.

WHAT IS IT?

What Phoenix buyers should be aware of first and foremost is that the HFA Preferred Mortgage Program is a grant, rather than a loan. Buyers who purchase a home with the assistance of the program need not worry about repaying the amount of the grant, which provides up to 5% of the purchasing loan amount toward the down payment on the property. Any qualified buyer can use the HFA Preferred Mortgage Program toward the down payment on a new or existing home, condo, or town home up to a value of $356,352. Manufactured and co-op housing is excluded, but properties comprised of up to 4 units are eligible, providing the owner occupies one of the units (or any property) within 60 days of closing, opening a nice window of opportunity for would-be investors.

WHO QUALIFIES?

The HFA Preferred Mortgage program is available to first-time and boomerang buyers alike. The only pre-condition pertaining to ownership is that the buyer does not currently own a home. In order to qualify, individuals still must meet many of the standard loan requirements modified to open the way for low-moderate income buyers. The max income allowable under the guidelines is $89,088 which must be accompanied by a FICO score of 640 or above and a debt-to-income ratio of 45%. Once all of these parameters are met, the buyer can apply for the grant to assist with the down payment on the eligible property.

GETTING STARTED:

Buyers looking to purchase a home in the Phoenix area can get started by visiting the federal or state department of housing websites and clicking through to the down-payment assistance programs. Applications can be made through either site and there you can also register for the required home buyer education courses as well as find a list of reputable home inspectors and other resources to help you on your way to Phoenix home ownership.

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A “Pathway to Purchase” for Phoenix Home Buyers

The Arizona Department of Housing released the “Pathway to Purchase” program promoting the purchase of homes in 17 areas surrounding Phoenix, Arizona which have been hard-hit by mass foreclosures.

In the spring of 2016, the Arizona Department of Housing (ADOH) released its Pathway to Purchase (P2P) program, which encourages the purchasing of properties in areas burdened by foreclosures in the wake of the U.S. Housing crisis. This program offers down-payment and refinancing assistance to first-time and existing home owners in 17 cities surrounding Phoenix, Arizona. The goal of the program is to decrease the number of vacant properties and encourage residency in these areas by offering incentivizing financing for potential home owners in the Phoenix area.

The “Pathway to Purchase” Program is a government program funded by the U.S. Department of the Treasury with a budgeted commitment of $48 million. Allotments will be made on a first come, first serve basis, to qualified homeowners in the designated cities outside of Phoenix who intend to use the property as a primary residence. 17 cities, most within an hour’s drive of Phoenix, are listed under the program guidelines.

Qualifications for the “Pathway to Purchase” buyer are geared toward enabling those who qualify for traditional loans through ADOH sanctioned lenders, but require assistance with the down payment and closing costs of a home purchase. The primary restriction on the purchaser is an income that does not exceed $92,984.

In order to alleviate the vacant housing problem, qualifying properties under the “Pathway to Purchase” program must be existing, previously occupied properties, meaning no new construction or spec homes. The sale price of P2P properties is also stipulated as being below a $371,936 limit.

Once a “Pathway to Purchase” buyer has qualified and the property selected, homebuyers are required to take a home ownership education course after which a P2P loan can be issued which will provide up to $20,000 toward the down payment. This loan can also be applied toward closing costs, furthering alleviating an initial financial hurdle for the buyer. In addition, the program provides a 30-year fixed-rate mortgage, which can be borrowed against as a second mortgage. Second mortgages on “Pathway to Purchase” homes are equal to 10% of the purchase price and are issued in the form of a forgivable lien against the property at 0% interest with no required monthly payments.

For a list of cities in the Phoenix, Arizona area included in the program, or for more information on “Pathway to Purchase” visit The Justin Haines Team website.

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Phoenix Home Loan Rates Prime for Buyers

Second only to location, timing is pivotal to the decision to purchase real estate. Phoenix is a great location for investment and recent mortgage rate trends indicate that now is a great time to buy.

An Oasis in the Desert

Arizona is an arid state offering warm weather and sunshine most of the year, making it a great place to live, retire, or vacation. In addition to its enjoyable climate, the Phoenix area boasts its own desirable traits, particularly for professionals looking to buy homes. Phoenix and the surrounding areas have been listed in Forbes top 50 best places for business and careers with a low unemployment rate and job rates predicted to grow in the coming years. The Phoenix market is a growing and stable investment market, with a great tourist industry, a large military presence due to local Air Force installations, and a burgeoning tech industry as well as colleges. Home buyers in Phoenix pay an average of $184, 600 for a home, which falls below the national average.

Home Loan Rates are Trending in the Right Direction

According to Bankrate.com, mortgage rates in Phoenix have dropped this week to 3.46% down from 3.58% and falling below the national average. This news means that it is a great time for buyers to obtain a home loan at a lowered rate with a local Phoenix home loan officer. Not only are rates low, but data obtained from Zillow, a leading real estate database company shows that home values nationwide have risen 5.4% over the last five years and are projected to continue at a rate of 2.9% in the coming year. Prices have risen steadily in Phoenix, specifically, showing an average sale price of 206k between April and July of this year. The combination of low home loan rates and rising property values make this the prime time for those looking to enter into the housing market with the help of an experienced Phoenix home loan officer.

Finding a Phoenix Home Loan Officer

Mortgage rates are dropping across the board, allowing loan officers to offer more desirable loans to potential home buyers. Although buyers are often more familiar with the term ‘mortgage broker’, in order to take the best advantage of the situation I Phoenix, loan officers are a more savvy route. A loan officer works directly for the lending institution meaning that they are an expert in their company’s offerings and can help you obtain a loan that is tailored to your situation without the high commission cost associated with brokers.

Now that you understand the benefits of investing in Phoenix properties now, you can begin your search for a loan officer to help you achieve your real estate dreams.

Now that you understand the market, it’s now time to start your search for loan officer to help you get qualified for a mortgage.

http://thejustinhainesteam.com/ is the trusted and reliable source for efficient home loans to top real estate agents and home buyers. Let them partner with you to make your home buying process as stress free as possible.

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