Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant


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Demand for VA Loans Has Increased

az
VA loans:

The VA loan program is available to military borrowers nationwide. Guaranteed by the U.S. Department of Veteran Affairs, VA loans work in a similar fashion as FHA loans — the VA is a guarantor of loans not a maker of them.

In general, active duty and honorably discharged service personnel are eligible for the VA program. Public Health Servants are also eligible. In addition, home buyers who have spent at least 6 years in the Reserves or National Guard are eligible, as are spouses of service members killed in the line of duty.

Bankruptcy and other derogatory credit do not immediately disqualify a buyer. If you have had a foreclosure or short sale, the waiting period to obtain a new mortgage is generally 2 years.

Funding fees are collected at closing, but no monthly premiums are required. If you have been discharged with a disability, you may be exempt from the VA funding fee.

There is no down payment required and a VA buyer can use his/her entitlement more than once and possibly even get a 100% loan if a home is currently owned and has a VA loan on it. Check with your lender about the circumstances pertaining to your situation.

The first time use charge of the VA funding fee is 2.15% of the loan amount. Subsequent use fee is 3.3% of loan amount. The lender will finance the fee into your loan. It is the only closing cost than can be directly financed into the mortgage. A seller can also pay all closing costs for a VA buyer.

And, similar to FHA loans, VA loans allow for loan sizes of up to $729,750 in high-cost areas. This can be helpful in areas such as San Diego, California; and Honolulu, Hawaii which are home to U.S. military bases.

Additionally, in the Phoenix area veterans and active duty servicemen and women may qualify for the Home In 5 program which is a grant for up to 6% of their loan amount to put towards a down payment and closing costs.

For more information or to make comments, please feel free to contact Ingrid Quinn by email Ingrid.quinn@cobaltmortgage.com or visit my websites http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.


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Rumor: Loans Are Hard to Get

rumors

I receive phone calls on a daily basis from people looking for a mortgage. They want to get prequalified to purchase a home and most want to have the rumor “It’s hard to get a loan nowadays” dispelled. There are a lot of mortgage options available:

1. Conventional conforming loans- up to 97% loan to values to $417,000 or higher depending on area of the country loan is placed
2. FHA loans- 96.5% loan to values
3. VA loans- 100% loan to values for veterans & military personnel
4. Jumbo loans- loan amounts over conventional conforming loan limits
5. UDSA- 100% loan to value rural area loans
6. Private/hard money loans
7. Home Equity loans

So where is this bad information coming from? Media, banks, mom & dad, professionals in your life? Getting a loan is not that hard. You need decent credit (not super excellent), a job, and cash for a down payment and closing costs potentially, depending on the type of financing you are eligible for.

Many times the clients I talk to are referred from agents that were supposed to take the client out to look at a rental. If they can afford an $800-$3500 rent payment for example, they may be able to buy a home.

It is important for the consumer to get re-educated on the market today when they are looking to make any kind of move, renting or purchasing, so they know their options and have a plan in place. Many people are surprised when I tell them you can qualify to purchase now. With the market improving and interest rates at historic lows still, now is a great time to buy a home! If you have any questions or comments, I would love to hear from you. I can be reached at Ingrid.quinn@cobaltmortgage.com or http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.


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No Down Payment VA Loans

housewithflag

VA loans:

The VA loan program is available to military borrowers nationwide. Guaranteed by the U.S. Department of Veteran Affairs, VA loans work in a similar fashion as FHA loans — the VA is a guarantor of loans not a maker of them.

In general, active duty and honorably discharged service personnel are eligible for the VA program. Public Health Servants are also eligible. In addition, home buyers who have spent at least 6 years in the Reserves or National Guard are eligible, as are spouses of service members killed in the line of duty.

Bankruptcy and other derogatory credit do not immediately disqualify a buyer. If you have had a foreclosure or short sale, the waiting period to obtain a new mortgage is generally 2 years.

Funding fees are collected at closing, but no monthly premiums are required. If you have been discharged with a disability, you may be exempt from the VA funding fee.

There is no down payment required and a VA buyer can use his/her entitlement more than once and possibly even get a 100% loan if a home is currently owned and has a VA loan on it. Check with your lender about the circumstances pertaining to your situation.

The first time use charge of the VA funding fee is 2.15% of the loan amount. Subsequent use fee is 3.3% of loan amount. The lender will finance the fee into your loan. It is the only closing cost than can be directly financed into the mortgage. A seller can also pay all closing costs for a VA buyer.

And, similar to FHA loans, VA loans allow for loan sizes of up to $729,750 in high-cost areas. This can be helpful in areas such as San Diego, California; and Honolulu, Hawaii which are home to U.S. military bases.

For more information or to make comments, please feel free to contact Ingrid Quinn by email Ingrid.quinn@cobaltmortgage.com or visit my websites http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.


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No Down Payment Home Loans

Open House sign if front of house for sale

Are you in the market to buy a home? There are a few options to purchase a home with no money down. Here are some of the options out there today and remember each option has its own particular guidelines and terms that will vary form loan to loan.

• VA loans: This is offered to active, honorably discharged, retired and widowed military personnel. You do still need a 620 credit score to qualify and there is a funding fee that varies depending on military status type.

• The Office of Housing & Development (HUD): HUD REOs (Real Estate Owned) Homes owned by HUD can be purchased for as little as $100.

• HUD programs: There are federal programs for public service healthcare professionals, firefighters, police force and teachers.

• USDA Rural Housing loan: This loan is designed for people who live in rural areas.

• Lease-Purchase: The seller agrees to sell the home to the person leasing it at a specific date in the future. When this is done the person leasing the home will usually pay an amount
in excess of what rent would normally be. This extra money is set aside with an escrow company as a “down payment savings plan”. When the selling date arrives the extra money will
be used as a down payment on purchasing the home.

These are some of the no money down options when purchasing a home and please keep in mind that terms of each agreement do slightly vary form situation to situation. If you have any questions or comment please feel free to email me at Ingrid.quinn@cobaltmotgage.com