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Arizona FHA – FHA Loans in AZ

Posted by Mark Taylor | Posted in Arizona FHA | Posted on 07-02-2011

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Arizona FHA Loans

Many prospective homeowners may have heard about FHA loans but not quite be sure exactly what they are, or how they differ from other private mortgage loans. Here are some of the basics you need to know about FHA loans to decide whether or not they might be the right home loan product for you.

What exactly is an FHA Loan?

The FHA – The Federal Housing Administration – was created as a part of a piece of legislation called the National Housing Act of 1934. After the collapse of the banking system in the years prior to the act mortgage loans became almost impossible to obtain. The purpose of the FHA was to help provide more Americans with the chance to own their home by insuring loans that offered lower down-payment options and reasonable monthly mortgage rates. Essentially the intent behind an FHA loan has changed very little over the years.

By insuring the loan against loss to the lender should a buyer default the FHA offers a guarantee to private lenders that make them far more willing to make mortgage loans that come with a lower down payment attached.

Who Can Get an FHA Loan?

In theory anyone with a decent credit score and a reasonable debt to income level can qualify for an FHA loan. There are many misconceptions about what an FHA loan is or is not. An FHA loan comes with no income limits, as some people believe it does, anyone can apply. An FHA loan is not a “bad credit” mortgage loan either though. You don’t need perfect credit to qualify for an FHA loan but it does have to be reasonably good.

There are several different types of FHA loan available. The best person to discuss a specific FHA loan type based suited to a home buyers individual needs an Arizona FHA Loan specialist, who has the knowledge and experience with all of the loan offerings available.

What are The Advantages of an FHA Loan?

Perhaps the most obvious advantage of an FHA loan is the fact that a home buyer needs only to find a down payment of approximately 3.5% of the purchase price of the home instead of the more usual 6% required when taking out a private mortgage. But there are other advantages as well. These include:

  • The possibility of more easily using financial gifts towards a down payment. This can be a big plus for young, first time buyers.
  • There is no prepayment penalty, which can be financially significant in time.
  • The possibility of additional funding for home improvement projects
  • Often greater leniency is shown to borrowers who find themselves in a temporary financial crisis.

What the Basic FHA Loan Qualification Requirements?

The ability to come up with the required down payment is one, as is a decent credit score, around 620 is often the minimum. Demonstrable regular income is another must as is the fact that any bankruptcy has to be at least two years old and the borrower have had excellent credit since it was discharged.

The Mark Taylor Team can help you get an Arizona FHA Loan!

Mark Taylor’s 13 years in the Mortgage industry and his $3/4 of a billion funding give Mark the experience and YOU the confidence that every deal he does is a sound investment. Mark has earned numerous awards by helping structure the intricacies of his client’s real estate portfolios to best set up their investment and retirement needs. This has resulted in numerous awards, but more importantly, thrilled clients.

His primary role is the facilitation of clients’ needs regarding mortgages, while balancing their goals and objectives with sound financial and mortgage planning to ensure the loan they choose is the correct product for their circumstances – currently and into the future. He also trains and educated Realtors® in ethics, contract law, and short sales offering continuing education hours in those areas to ensure we raise the standard of care to our community. What more could you want from a Mortgage Planning Hero? Wings? He’s probably working on that right now.

Contact the Mark Taylor Team today to get started on your Arizona FHA Loan.

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