Phoenix Area Borrowers Need Not Worry

With all the talk of doom and gloom in the mortgage industry, I want to remind everyone that the vast majority of people will still be able to obtain a home mortgage if they desire. Contrary to the media frenzy lenders are not turning away people by the droves!

In fact, if you are looking for 100% financing, there are still programs available which can accommodate you. Below I have included the characteristics of two such programs. The first is called the MyCommunity program and the second is the Federal Housing Assistance loan program (FHA). Most Americans can meet the program requirements of these programs.

MY Community Program

• Allows up to 100% financing
• Low credit scores allowed
• Higher qualifying ratios 
• 40 Year Amortization available
• Up to 6% seller contribution
• No MI options available
• 2-1 buy downs allowed
• Loan size up to $417,000
• Standard appraisal requirements
• Purchase or refinance (cash-out not allowed)
• No Pre-payment penalties

FHA Program

• No credit score requirements
• No income limit
• Fixed rate and ARMs available
• 97% financing with 3% gift funds
• Up to 6% seller contribution allowed
• 2-1 rate buy down available
• $263,150 loan limit on single family
• Co-signed loans allowed (must be relative)
• Higher qualifying ratios
• Manufactured homes allowed
• Controlled closing costs
• Purchase or refinance
• No Pre-payment penalties

Also remember that for military veterans we still have the VA Loan. It’s very similar to the FHA loan with only a few differences.

Aimee and I are very familiar with all of these loan programs.  Even in the sub-prime frenzy we were still using these loan programs, not a lot of lenders can say that.

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