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Real Estate Mortgage Information Every Arizona Home Buyer Needs to Know! |
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Written by Paul Dunn
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Wednesday, 21 May 2008 16:00 |
A WORD OF CAUTION: The Wrong Mortgage Advice Can Put You At Risk Of Paying Tens Of Thousands Of Dollars Too Much For Your Mortgage Loan.
The Real Estate landscape has changed quickly in Tucson Arizona and it has become a dominate buyers market. Tucson FHA Mortgage Loans are becoming more important than ever. Realtors used to hand out the business cards of three mortgage loan brokers because "anybody can get a mortgage loan" period. The real estate mortgage landscape has changed in Tucson and according to mi-implode.com more than 250 nationally recognized mortgage lenders have gone out of business since January '07. Mortgage lenders have closed their doors, they've left home buyers at closing with mortgage loan documents but no way to fund the loans, they've left their employees and managers out of work. What home loan lenders are safe?
Astonishing, Isn't It? So Who Can You Get A Mortgage Loan From - And Still Sleep At Night
It is very well known that mortgage credit standards have been steadily and quickly tightening. Coupled with fears of a less than stellar economy, and the potential for inflation (the reason the Federal Reserve cut the Fed Funds interest rate as much as they did, and future cuts are expected) we know that the Tucson real estate inventory will continue to climb and that home loan credit requirements will continue to get tighter. What used to require a 620 credit score now often requires a 720 - OR HIGHER. The mortgage loan you qualified for 6 months ago may not be a home loan you can qualify for now. In this climate you need a Mortgage Loan Adviser who is expert in home loan credit underwriting and expert in understanding how credit scores are calculated and can give you the advice you need to get you into a Safe Mortgage Loan now!
But It Doesn't Stop There Either
Here is something else to keep in mind. Since Fannie Mae and Freddie Mac introduced LLPA in early 2008, anything less than a 720 credit score could cost you up to 1.5% more than it would have in 2007 FOR THE SAME HOME LOAN!
OK, I know what you're thinking...
If I don't have the worlds greatest credit, some call it bad credit, how can I get an affordable mortgage loan so I CAN buy real estate in Tucson AZ? To Make A Point... you still can. You see while most mortgage loan originators have relied on computers to underwrite all their home loans I have personally studied the HUD FHA Mortgage underwriting guide (the 4155) and developed relationships with Real Living Underwriters. We work to develop a strategy to obtain your optimal mortgage loan and many times that requires not only optimizing your credit scores, but being able to present your "story" to a real live underwriter who can approve your home loan and not rely on a computer somewhere to make that decision for you! You see, even with bad credit a properly packaged FHA mortgage loan application can still get approved so you can buy real estate in Tucson or anywhere in Arizona.
Can You Imagine How Great That Feels?
Call Tucson's #1 FHA mortgage lender, Paul Dunn, at (520) 225-0380 today or fill out the contact us form for detailed information on how FHA can help you now! Tucson FHA Mortgage Loans could be the answer to a lot of home loan questions.
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Last Updated ( Thursday, 22 May 2008 05:58 )
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