FHA Facts and Info
Interesting FHA Facts:
As of October 1, 2008 all 3rd party downpayment assistance programs were eliminated. We will keep you updated if new legislation changes this.
As of October 1, it is required that you put down 3.5% when buying a new home (up from 3% prior).
With FHA, you pay an up-front-mortgage-insurance-premium (UFMIP) AND monthly mortgage insurance. These are different, but both cost you money.
Hundreds of thousands of people are currently due an MIP refund for insurance premiums they have paid. Find out if you are due an MIP refund here.
When doing a refinance from one FHA loan to another FHA loan, whatever is left in your UFMIP account may be used as a credit towards setting up a new loan.
As you know, FHA doesn't actually loan you money, they just insure your loan in case of default.
FHA has a product for seniors over 62 called a Home Equity Conversion Mortgage (HECM). This is a viable way for seniors to get monthly income from their homes.
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Do you live in Arizona and are you considering buying a new home or refinancing your current home using an FHA mortgage? You have come to the right place. We are your local Arizona FHA mortgage experts!
Years of experience and thousands of FHA loans funded make us the most qualified, local, FHA expert loan officers to help you in your mortgage search.
We live right here in the Arizona and we are dedicated to helping you find the right FHA mortgage for your needs. We help people find the right FHA mortgage all day, every day which has made us pretty dang smart about your FHA mortgage options.
If you are considering refinancing your home with the FHA Secure or FHA Streamline or FHA 95% cash out programs -- or are considering buying a new home and getting an FHA loan, start the process by filling out our 10 easy questions or call now!
Or call us today to learn more about the mortgage options available to you.
480 374 0513
Want to learn more about us? You can learn more here or on our blog at ArizonaMortgageTeam.com.
