Over the past few weeks we’re received a lot of questions regarding the recent changes to the FHA loan program. I might as well address some of these questions and concerns publicly. The changes are due to the recently signed Housing and Economic Recovery Act of 2008.
Changes to the down payment requirement: The minimum down [...]

I receive a lot of questions on the Home in Five Down Payment Assistance Program. The most popular question is of course regarding the availability of funds for non-targeted areas. Well, if you were waiting for these funds before making your purchase then wait no more. We have some good news today. I received [...]

The downpayment assistance program, which we participate in, the Home in Five Program (only for Maricopa county) had been running out of funds recently. Actually to be more precise funds for non targeted areas had been running out, there was always plenty of money for targeted and priority areas. Late last week the program announced [...]

During a recent loan pre-qualification process a mortgage applicant disclosed that he wanted to put 10% down on the purchase using money from his 401(k). We quickly pointed out that this may not be a good idea – considering the impact of taxes, withdrawal penalties and loss of future earnings. Additionally, since this borrower [...]

HUD finally published the new loan limits for Maricopa and Pinal Counties. The new mortgage loan limits are the same for both counties and are as follows:
Single Family: $346,250

Two Family: $443,250

Three Family: $535,800
Four Family: $665,850
These loan limits are effective immediately, but there is some lag time since the investors who buy these loans have [...]

A reader reacts to my post titled “Why Lenders Care About Credit Scores” and sends this excellent question:
How much more of a positive effect does putting a greater percentage down on the home purchase vs. a low credit score.
For example, if I have a credit score of 620, but put down 20% down, how much [...]