Tucson Real Estate & Tucson Home Search

Mortgage News & Insights

Mortgage News and Insights

3 Sources of Loans to Check When Buying a Home

This Tucson Mortgage News & Insights highlights the 3 key types of mortgage lenders. Many of our home buyers want to know which is best.

Our answer always – it depends!

Banks, mortgage bankers and brokers will all be able to help you get a mortgage. If you qualify!

However, they are not all alike and their costs to the buyer won’t be either.

All use a buyers FICO score and debt to income ratio in making their lending decisions. But there are other factors that may or may not be considered. Knowing what each lender does or doesn’t do may help you choose the better lender – for you!

Lender #1 – Banks

Banks will normally manage the entire loan process from start to finish. Starting with loan pre qualification.

A loan officer is licensed with the necessary federal and state authorities and adheres to the regulations of the banks lending process. A loan officer will bring their expertise to the table when they work with you.

Loan officers know the types of loans their bank offers, and they can give you advice about the best option for you and your situation.

loan officer is your direct contact when you’re applying for a loan. They will research and review your financial history and assess whether you qualify for a mortgage.

One of the critical steps in the mortgage lending process is the Appraisal. They determine whether or not the value of the home being bought is at or above the price the buyer is paying. Lenders subcontract the appraisal to independent appraisal companies.

Lender #2 – Mortgage Bankers

A full service mortgage banker processes,underwrites and funds the mortgage internally. This gives the mortgage banker complete control of the entire mortgage loan process.

Mortgage Banker Loan Officers understand the process and are in a position to communicate any issues and make direct inquiries with underwriting!

All Mortgage Banker Loan Officers must be licensed and are required to take annual continuing education programs.

Mortgage bankers are able to access a number of financial institutions and financing programs. Large mortgage bankers will be selling mortgages directly to Fannie Mae and Freddie Mac. That eliminates overlays.

Mortgage Bankers, as well as banks and brokers, subcontract the appraisal process to an independent third party appraisal company.

Lender #3 – Mortgage Brokers

A mortgage broker is the “Middle Man” in the lending process.

The broker will shop rates & programs available at other mortgage lenders. A Broker has NO control over underwriting or funding. They rely on funding source to close the transaction.

As with the other mortgage lenders, the appraisal of the home will be subcontracted to an independent appraisal company.

What The Better Choice?

So which is better?

The answer will depend on your perspective and experience.

If you want to know our view, give is a call. We will review the choices and give you some insights based on our experience in Tucson AZ.

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.

Are we the Tucson Realtors you have been looking for?

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

What Is A FICO Score

How Is Your FICO Score Calculated?

Changes That Could Increase Your Score

What Is A FICO Score?

Fair Isaac, is the company that sells the FICO credit score to mortgage lenders. They also service auto lenders, credit card companies and banks.

What Makes Up a FICO Credit Score

A credit score takes into account a lot of assorted information from your credit report. But not all the information treated the same. Some aspects of your credit track record are more significant than others.

Your FICO score is essentially made up of the following:

Payment History – 35%
Total Amounts Owed – 30%
Length of Credit History – 15%
New Credit – 10%
Type of Credit in Use – 10%

The majority of your credit score comes from your payment history. Payment history and how much debt you actually have.

Those 2 factors account for 65% of your score. So, if you want to improve your credit score, these are the areas you’ll want to tackle first.

What Is A FICO Score and The Recent FICO Score Calculation Change

A change in the method the popular FICO credit score is calculated could boost an individual’s score if:

You’ve settled past debts with a collection agency.
You have delinquent medical bills.
Your credit is thin because you’re just starting out or you’re a retiree who no longer uses a lot of credit.

What is a FICO score and how does it affect someone?

In general, the higher your credit score, the less interest you pay when you borrow money to buy a home or a car, or to pay via a credit card. In case your score drops too low, you may not be able to get a loan or a credit card.

Here’s what will change starting in the fall 2014:

If medical debt is the only unpaid bill on your credit report, your score could rise by about 25 points.
Your FICO score won’t be lowered if your debt was sold to a collection agency, and you then paid it off.
If you don’t use credit very much, Fair Issac will utilize other data, such as rent payments, to bolster the accuracy of your score.

Fair Issac made the change after a Consumer Financial Protection Bureau report contended that medical debt isn’t a strong indication that a consumer won’t pay other types of debt.

What Is A FICO Score

When your credit score rises, chances are you’ll first see an improvement in the interest rates you’re charged on auto loans, personal loans and mortgage loans.

Unfortunately, mortgage interest rates may not come down very much since lenders follow Fannie Mae and Freddie Mac’s lending guidelines. These guidelines instruct lenders to use a specific mortgage credit score which will not be affected by the latest FICO score formula changes.

For those who want to buy a home, but may not have a good FICO score, check out these steps to take before applying for a home loan.

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.

Are we the Tucson Realtors you have been looking for?

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Credit Score Factors

Helpful Ways to Improve Your Score

Credit Score Factors are what lenders use to evaluate your credit. Lenders decide whether or not to lend money to a borrower based on their credit score. The mortgage industry is ever changing their lending requirements. The recent foreclosure and short sale activities has plagued the increase in standards for the borrower.

Lenders to evaluate credit score factors based on your FICO score. FICO stands for the Fair Isaac Corporation.

The scoring program assists lenders in managing credit score factors. It provides a standardized approach when making lending decisions on a loan.

Credit Scores

FICO scores range from 300 to 850. A 850 credit score is the highest. It would indicate all the credit score factors are very high. Below is the weight system used when evaluating your credit score:

35% – Borrower’s payment history. Late payments on bills including mortgage, credit cards, auto loans, and in some state’s utilities, can cause your FICO score to go down.
30% – Borrower’s credit utilization. The ration of outstanding debts (credit card balances) to the total available revolving credit (credit limit).
15% – Credit history. As your credit history grows, you pay your bills on time, this will have a positive impact.
10% – Types of credit. Installment, revolving, or consumer finance; by using these different types you get some credit for positive history.
10% – Recent search for credit or amount of credit recently obtained.

Other credit score factors effecting the FICO score include.

Multiple credit inquiries seeking to open new credit (cards or personal loan)
Applying for new credit in a short period of time

Note: Shopping for a mortgage or auto loan in a short period of time should not affect your credit score factors.
FICO scores do not take into account a borrower’s salary, employment history, where they work, rental agreements, interest rates on current loans, child support or other such obligations.

Three Credit Score Agencies

Three agencies report credit scores to lenders and their respective credit scores will vary from one another.

Wonder what a good credit score is? Here’s the general valuations:

720 or greater – Excellent
680 – 719 – Good
620 – 679 – Scrutinized
585 – 619 – Disqualifies you from a competitive interest rate

To improve your credit score, consider this:

Pay all your bills on time every month.
Pay off your debt by lowering your utilization ratio. Keep in mind that “closing” an existing revolving account will typically adversely affect your credit score with a negative impact on your FICO score.
Do not open a lot of new credit in a short period of time.

Get pre-qualified

Get pre-qualified from a lender before you start your home search.

The Arizona Real Estate Purchase Contract has a Pre-Qualification form. The form is required as part of the purchase contract given to the seller.

Make sure to ask for a copy of your credit report from each of the three agencies. A borrower is allowed to get one free credit report each year from each company. Equifax, Experion and TransUnion will provide you a report. Understanding your credit score will help you get the best mortgage rate possible.

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.

Are we the Tucson Realtors you have been looking for?

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

2021 VA Loans Guide: Tips for Veteran Home Buyers

2021 VA Loans Guide

Tips for Veteran Home Buyers

Dedicating one’s life to serving your country is one of the most noble commitments a US citizen can make. And while this life can be dangerous, actively participating in the US armed forces can be met with numerous rewards.

One way the Department of Veteran Affairs thanks its veterans and active service members is through a Veteran Administration Loan.

VA loans offer veterans interest rates and financial benefits unmatched in the market. Sure, there may be some more hoops to jump through, but Premier Tucson Homes will guide you every step of the way to ensure our active military personnel and veterans receive the best legal protection available when home buying this 2021.

What is a Veteran Administration Loan and Do You Qualify?

A VA loan is a mortgage insured by the US Department of Veteran Affairs and issued by private lenders like banks or credit unions. They can only be obtained by veterans, active-duty service members and qualified spouses.

It is estimated that less than 12% of veterans and active military personnel utilize their VA loans. A little known fact is that and possible reason for this low percentage is that any veteran, no matter their age or number of times they have qualified for a VA loan, is still eligible for a VA loan.

Whether it’s been 5, 15, or 30 years since you served, you still qualify as long as you’re borrowing for your primary residence.

Condominiums are somewhat of a gray area. As condos differ from buying a multi-unit property or single-family residence, the VA has to approve the specific condo in order for a veteran or military service person to purchase a unit.

To see if you qualify, you must first obtain your DD Form 214. A qualified VA lender then requests your VA Certificate of Eligibility for you, or you can request it directly from the VA’s eBenefits website.

The more money you can put down, the faster you’ll be able to pay off your house. And it’s important to know how much house you can afford to develop a feasible working budget for you and your family.

VA Loans and Achieving Good Credit

Yet another benefit is that the VA doesn’t set a minimum credit score needed to obtain a loan. It should be mentioned that having fair to positive credit can help you attain a fixed interest rate or rock bottom variable.

The three major credit bureaus now offer free access to check your credit report on a weekly basis. This offers you with a hands on approach to your credit score; providing you with insight on how positive and negative spending practices quickly affect your financial well-being.

Consistently paying bills on time and living within your means also makes you more attractive to all lenders. This will come in very handy when applying for a home equity loan to improve future home or for any emergencies that may arise. Also keeping in mind how proactive you should be in case of a bad credit score.

VA Loan Tips

Here are VA Loan tips to consider if you’re thinking of buying a home through a VA loan.

You can get started without the Certificate of Eligibility (COE)
A COE is issued by the U.S. Department of Veteran Affairs and is proof that you are eligible for the VA home loan benefit
Your credit score still matters, but it’s not everything
Lenders tend to be more flexible with VA loans
Make sure you have enough saved
You are still responsible for certain closing costs (i.e. application fees, insurance, inspection fees, real estate taxes, and more)
Shop for a VA lender and get pre-approved
Look for reputable lenders that exclusively cater to military members, veterans, military spouses, and their families – compare all offers
Find a real estate agent that’s VA-savvy

Contact your VA regional loan center and ask if they can recommend a VA-savvy agent in your area.

How to Find the Best VA Loan

While the federal government insures all VA loans, they do not actually loan you the money for your future house. Applying for a VA loan still requires working with a bank or lending institution. And as with all government loan programs, sometimes the paperwork can be tedious.

Fortunately, we – Ben & Kim Boldt – Premier Tucson Homes – can guide you through this process seamlessly and make sure you are protected legally.

The Above Guest Article Was Provided by Estefanía Guzmán at money.com

Considering A Home In Tucson, AZ?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.

Review our profiles. Check out our backgrounds, education, and certifications.

Our goal is to provide insight, advice and the highest level of professional services to you.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

But most important, our professional service backgrounds mean we put you first!

Selling Your Home in The Greater Tucson Area?

Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.

To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.

And the photos on the mls make a difference. You can spend lots of money on home staging, but if the photos aren’t great it doesn’t matter. Staging and stunning photos make it all come together.

We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season.

For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel your home. Their “new” home.

To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis.

Then we will meet with you to review our analysis. We will go over our Comparative Market Analysis for your home in detail. And the review our marketing program to “get your home sold!”

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.

Are we the Tucson Realtors you have been looking for?

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

FHA vs Conventional Loan

2nd Chance Loan with FHA

FHA vs Conventional Loan options. GREAT NEWS! FHA announces new program. FHA wants to help individuals hurt by the recent recession. Specifically, individuals with a financial hardship caused by unemployment or a severe reduction in income during the recent economic recession.

Conventional loans do not offer this option.

NOTE: While the Maricopa County (Phoenix Area) maximum loan amount of $271,050 is mentioned in the video, it is the maximum is the same for Pinal and Pima Counties.

FHA vs Conventional loans may be better for some as a result of these action by the FHA. It is called the FHA “Back-to-Work: Extenuating Circumstances” Program.

The Borrower’s Situation

If you or someone you know has experienced extenuating circumstances and an event such as:

Foreclosure or Pre-Foreclosure

Short Sale

Chapter 7 or 13 Bankruptcy

Deed-in-Lieu.

Loan Modification

Forbearance Agreement

If you are considering an FHA vs Conventional Loans keep this program in mind if you had a financial hardship.

As a result of this program, you might be entitled to sign up for an FHA-insured mortgage after just 1 year. Previously the waiting period had been 2-years for bankruptcy or 3-years for a short sale or foreclosure!

This FHA vs Conventional loan option could put many eligible home buyers back in the market.

The key test is a loss of employment or reduction in income (20% or more) for a period of at least 6 months. If your home was lost due to that situation, you may qualify.

In addition, the following will be required:

Documentation that the derogatory credit was a result of loss of a job or a significant loss of household earnings beyond the buyers control.

Demonstration of full recovery from the situation with one-year satisfactory credit

Buyer must complete housing counseling (must be completed 30 days before going under contract on a new home)

At least 12 months needs to have passed since the derogatory credit event

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.

Are we the Tucson Realtors you have been looking for?

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

Moving to Tucson OR interested in Homes For Sale in Tucson? We can help!

Go to the FHA Website for additional background on FHA Loans.

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Tucson Federal Credit Union

Tucson Federal Credit Union in Tucson AZ

7 Branches in Tucson

Tucson Federal Credit Union was founded as Tucson Teachers Federal Credit Union in 1937. The credit union was operated by school employees’ volunteers until 1941.

Some 20 years later, TTFCU had grown to 2,220 members, $1.8 million in assets, and 6 full-time employees.

The very first branch of what was to become Tucson Federal Credit Union was built in 1961 on Speedway and Winstel. Two additional branches were added in the mid 1970s.

Within the next 10 to 15 years, TTFCU had grown to 22,250 members and $33.7 million in assets.

In the 1980s, credit unions became eligible to expand their fields of membership to new groups of members. This lead TTFCU to change its name to Tucson Federal Credit Union. With the new name and more aggressive marketing, TFCU expanded to include began serving University of Arizona staff and students. This was in addition to Tucson Unified School District (TUSD) employees, students and their families.

The National Credit Union Administration approved TFCU as a “Community Chartered” credit union in 2006. This allowed Tucson Federal Credit Union to broaden services to virtually everyone in Pima County.

There are over 49,000 members in this local credit union.

Branch Locations are located at

Mid-Town
3801 E. Speedway Blvd.
Tucson, AZ 85716
MAP For Directions

East
8145 E. 22nd Street
Tucson, AZ 85710
MAP For Directions

West
3755 S. Mission Rd.
Tucson, AZ 85713
MAP For Directions

Northwest
7216 N. Oracle Rd.
Tucson, AZ 85704
MAP For Directions

Sahuarita
(in Fry’s Marketplace)
15950 S. Rancho Sahuarita Blvd.
Sahuarita, AZ 85629
MAP For Directions

Marana
(inside Fry’s Marketplace)
12100 N. Thornydale Rd.
Marana, AZ 85653
MAP For Directions

El Rio
1740 W. Speedway
Tucson, AZ 85745
MAP For Directions

For more information on the TFCU visit their website.

Considering A Home In Tucson, AZ?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!

Conclusion

There are seven other credit unions in the greater Tucson metro area. These include: Arizona State Credit Union, Arizona Central Credit, Hughes Federal Credit Union, Pima Federal Credit Union, Pyramid Credit Union, Tucson Old Pueblo Credit Union and Vantage West Credit Union.

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.

Are we the Tucson Realtors you have been looking for?

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

BACK to the LIVING IN TUCSON page.

Prequalification vs Preapproval

Pre-qualification vs Pre-approval In the Home Buying Process

Key Facts You Need to Know

Pre-qualification vs Pre-approval are significantly different terms. Know what these terms mean BEFORE starting your Arizona home buying process.

Many first-time buyers or individual who have not bought a home in some times do not know what these terms really mean.

Search Homes For Sale in Tucson Arizona

Or how having a pre-qualification vs pre-approval may effect their ability to buy a home in Tucson Arizona.

In today’s mortgage environment every potential buyers needs to understand the meaning of pre-qualification vs pre-approval.

Pre-qualification vs Pre-approval Defined

Pre-qualification is the initial step in getting a mortgage. The potential mortgage lender wants to know the overall picture of your financial situation. Information a lender will want includes your income, assets and any debt.

Based on this information a lender will be able to provide an estimate of the mortgage a person will qualify for. The estimate is based on the information you have provided WITHOUT verification by the lender.

Therefore the “Pre-qualification” is just that. Pre-qualified means “without verification”. An estimate of how much you could borrow BEFORE all of the financial information is submitted and verified.

In Arizona, a potential home buyer must submit a mortgage pre-qualification with their offer to purchase a home. It is REQUIRED.

Pre-approval is the next step in the mortgage lending process. This step usually completed after the purchase offer on a home has been accepted by the seller. Pre-approval ususally starts after an offer to purchase a home has been accepted by the seller.

The lender will require you to submit documents related to your income, assets and debt. The lender will “verify” that information. After the verification process the lender will confirm your ability qualify for a loan. Additionally, the lender will indicate the amount of the mortgage they will lend to you.

Pre-qualification vs Pre-approval which is better?

When you are buying a home in Arizona must submit a Pre-qualification form with their offer to purchase a home. However, should the next step – preapproval – limit the mortgage amount required, you may not be able to purchase the home you want.

Accordingly, having the Pre-approval BEFORE you start your home search is recommended. You will know exactly how much you can borrow and much you will need as a down payment.

This will also help the realtor you choose to work with. Knowing the amount, you can afford will narrow the home search. This will help you to find and purchase your new home more quickly.

Final Comment

Submitting an offer that shows you are “PRE-APPROVED” will give the seller better assurance your offer is good, and their home will be sold. Having a preapproval will put you in a stronger negotiating position!

Considering A Home in Tucson, AZ?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. Our goal is to provide insight, advice and the highest level of professional services to you. We want you to be proud to recommend us to your family, friends and acquaintances.

Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

But most important, our professional service backgrounds mean we put you first!

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.

Are we the Tucson Realtors you have been looking for?

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

Back to – HOW TO BUY A HOUSE IN ARIZONA

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Lenders Tucson Partners

Sites Menu > Lenders Tucson AZ

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Considering a move to Tucson Arizona? We can help!

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Debt To Income Ratio And Tucson Home Buying

Debt To Income Ratio Key To Tucson Home Mortgage

A Red Flag For Mortgage Lenders

Debt to income ratios are the biggest hurdle in obtaining a mortgage in today’s Tucson Real Estate market.

While many factors are considered during the mortgage approval process, some are more important that others. A recent study by credit-score giant Fair Isaac Company offers insight on the credit-risk factors mortgage lenders and underwriters think about.

The Study On Credit Risk Factors

Researchers asked a sample of financial representatives in the United States and Canada what issues they are most concerned about and would cause them to decline the loan application.

Interestingly, what is at the top of the the list isn’t ones credit scores. Nor is it the size of your down payment. The item that is of most concern to mortgage lenders is your debt-to-income ratios or DTI. Almost 60 percent of risk managers consider the debt to income ratio for mortgage as their top consideration.

Most home buyers think FICO score and down payments are the key. And most home buyers don’t know or understand home lenders view the DTI. Or the debt to income ratio limits to be considered.

Debt To Income Ratio Factors

Here is a brief overview on just what goes into the debt to income ratio and why it is such a big red flag. Debt to income ratios are the most direct indication to a mortgage lender about whether or not a person will be able to repay the mortgage.

Debt to income ratios for home loans have two components.

Gross Income Used To Calculate Debt To Income

First, is your gross income from all sources before taxes compared to monthly housing expenses. In the debt to income ratio calculation, housing expenses including the principal, interest, taxes and insurance to be paid on the home are added up.

Typically, lenders like to see the ratio of housing expense to gross monthly income to be at or below 28%. Needless to say there are expectations to the 28% based on other items in the mortgage application.

The Ratio

The second debt to income ratio component measures your income against all recurring monthly financial obligations a person must pay. This is referred to as the “back end ratio”. Payments for housing expenses, credit cards, student loans, personal loan payments and other items are included in this calculation.

Under federal “qualified mortgage” standards under the Dodd-Frank legislation that took effect in January, 2014, the back-end ratio of 43 percent is regarded the maximum. Once again, based on other factors there may be some wiggle room on a case by case basis.

However, the reality is that most lenders making loans eligible for sale to Fannie or Freddie prefer to see this ratio will under the 43 percent maximum. The study indicated the average home purchase applicant that was approved had a back-end ratio of 34 percent.

The FHA, which tends to be less strict, showed the average back-end ratio for buyers was 41 percent.

Any thing over 47% is a killer.

To learn more on debt to income ratios check out Fannie Mae’s information and tools to help you.

Mortgage Loan Consideration #2

The Fair Isaac Company survey identified the second biggest concern of mortgage loan officers is “multiple recent (credit) applications.”

New credit applications are revealed on a persons credit report. Lenders take new credit applications as signals that a person is potentially adding even more debt. Clearly, additional debt could affect the ability to payback the mortgage being requested..

And In Third Place

Surprisingly, In third place, is your credit scores. Most lenders want to see FICO scores well above 700 — Fannie and Freddie averages were in the 755 range in May, FHA average approved scores were a more generous 684.

Considering A Home In Tucson, AZ?

Are you thinking of buying a home in the greater Tucson area? Wonder if you debt to income ratio is good enough.?

Finding the right home and lender can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.

But most important, our professional service backgrounds mean we put you first!

Thinking About Selling Your Home In The Greater Tucson Area?

Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.

To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.

And the photos on the mls make a difference. You can spend lots of money on home staging, but if the photos aren’t great it doesn’t matter. Staging and stunning photos make it all come together.

For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel your home. Their “new” home.

To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis.

Then we will meet with you to review our analysis. We will go over our Comparative Market Analysis for your home in detail. And the review our marketing program to “get your home sold!”

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling experience enjoyable YOU!

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

HARP Eligibility

HARP Loan Program And HARP Eligibility

5 Key Requirements

HARP Eligibility

If you satisfy HARP eligibility criteria you may be able to re-finance you home at a lower interest rate. HARP stands for Home Affordable Refinance Program. It is a federally sponsored home refinance program targeting home owners that are “underwater”.

Meeting HARP eligibility means you’ll be able to refinance your home mortgage if you have limited or even negative equity in your home.

The HARP program along with the HARP eligibility requirements were originally launched in early 2009. It was aimed to help homeowners that are making their mortgage payments, but can’t refinance with conventional loans due to low or negative home equity.

The current deadline to refinance under HARP is Dec. 31, 2015. To see what a lower mortgage interest rate can do for you, use our mortgage loan calculator on the side bar this website.

Do You Qualify for the HARP Loan Program?

HARP eligibility isn’t a lot different then any other mortgage loan program. Since HARP mortgages are backed by Fannie Mae and Freddie Mac, the underwriting process is basically the same as any other conventional mortgage. The most important piece for HARP eligibility that is different from other conventional loans is that there isn’t an appraisal. That means home equity, while it will be estimated, isn’t considered for HARP eligibility. Mortgage lenders are looking for borrowers with “good” incomes, adequate assets and high credit scores.

The list of HARP eligibility documentation requirements includes:

The mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
Borrowers must be current on their mortgage payments with no payments more than 30 days late in the last six months and no more than one late payment in the last 12 months
Eligible property types are primary residence, one-unit second home and one-to-four-unit rental property
The current loan-to-value (LTV) ratio must be at least 80 percent. There is no maximum LTV limit for a new fixed-rate mortgage. The maximum LTV for a new adjustable-rate mortgage is 105 percent.
You cannot have previously refinanced under HARP (unless it was a Fannie Mae loan refinanced under HARP between March and May 2009)

5 Key Things For HARP Eligibility

If you believe the HARP loan program may be what you need, here are five items to review for a HARP refinance:

1. Ensure Fannie or Freddie backs your mortgage

Fannie Mae and Freddie Mac each have a loan look up tool which allows homeowners to search for their loan:

To check if your mortgage is backed by Fannie Mae, visit https://knowyouroptions.com/loanlookup. If your mortgage is not found, try Freddie Mac’s loan lookup at https://ww3.freddiemac.com/loanlookup/.

Mortgages not listed on either website are not backed by Fannie Mae or Freddie Mac and, therefore, are not HARP-eligible.

2. Determine if your mortgage is old enough

Only those whose mortgages were securitized prior to June 1, 2009 can apply for HARP. This means your current mortgage must have started in mid-May 2009 or earlier. You can find your mortgage start date by looking at your closing paperwork.

Note: Since it can take up to 60 days to securitize a Fannie Mae or Freddie Mac loan, even if your start date is close to June 1, 2009, you still might not meet HARP eligiblity.

3. Does your mortgage have mortgage insurance?

HARP is designed to help homeowners with or without private mortgage insurance (PMI) and lender-paid mortgage insurance (LPMI). The general rule of thumb is that if you have mortgage insurance, your new HARP mortgage must have the same level of coverage.

Some borrowers have been denied a HARP refinance because of LPMI. If your currently lender won’t refinance because of LPMI, shop around for one that will.

4. You must be current on your present mortgage payments

HARP requires that all homeowners have made their last six mortgage payments on time, with a maximum of one 30-day late payment in the past year. This information is verified against your credit report, so be sure to review your credit reports prior to submitting your HARP application.

5. Organize your HARP paperwork

Since HARP mortgages are underwritten like every other type of mortgage, you will be required to provide bank statements, a driver’s license, homeowners insurance information, pay stubs and W-2s. If you’re self-employed, you’ll have to provide a few years of tax returns to verify your income.

The speed in which you return these items to your lender can dictate your mortgage rate. If you’re going to apply, you must follow these tips to be approved and to close as quickly as possible.

Key Points

While the HARP program has made changes over the years that allow more borrowers to qualify, a few reasons why you wouldn’t meet HARP eligibility, include:

Bad credit. Some borrowers can’t qualify due to impaired credit or too many late payments on their existing mortgage.

Equity issues. HARP has no maximum LTV ratio for borrowers who obtain a new fixed-rate mortgage, a maximum LTV ratio of 105 percent for borrowers who get a new adjustable-rate mortgage, and a minimum LTV ratio of 80 percent for all loan types.

However, lenders typically impose their own guidelines, called “overlays,” which may include different LTV rules.

One time ONLY. Homeowners can only utilize the HARP program once. So, if you are trying for a second time around with HARP it won’t work.

Fannie and Freddie must own or guarantee your current loan. You will not qualify for HARP if your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.

We have additional information on mortgage lenders and some of the key things you should know about them – HERE.

If you think you would have HARP eligibility, but know a lender, perhaps we can help. We would be glad to provide the names of lenders many of our clients have used.

Should you be considering the sale of your home in Tucson, we can help. Visit our Tucson home seller resources page for more.

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.

We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling experience enjoyable YOU!

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!