As you've read below, the FHA loan program does not exceed $346,500 here in Maricopa County, leaving you "short to close" on your $700,000 purchase. We do have loans, for homes in your price range, that exceed the 80% loan-to-value (LTV) limit that most banks place on their loans. Another huge plus is that there is no mortgage insurance, which is very nice.
As you know by your pending purchase, now is an excellent time to be buying a home in your price-range. The lending environment for Jumbo loans, however, is not as rich as it once was with lending guidelines becoming more stringent, requiring a bit of creative structuring in order to qualify clients for their loans.
That said, I work for a Mortgage Bank whose corporate headquarters is located here in Scottsdale, about a mile south of Paradise Valley. Feel free to call me directly or drop by if I may be of further service to you.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
4800 N Scottsdale Rd, Suite 1000
Scottsdale, AZ 85251
Roswell.Moore@cox.net | http://www.ezAZloan.com
You probably didn't know but VA will up to $1 million with the buyer putting 25% down on the difference of $1 million and $417,000. For Example: $900,000 - $417,000 x 25% = $120,750 is the down payment.
VA only goes up to 417,000 nationwide. As you already heard FHA is also not an option. Unless seller is willing to come down signifcantly on their price, you'll have to look for something else. By the way, do you even know this home is worth that much? Has your realtor done a CMA (Comprehensive Market Analysis)?
Yes the FHA and VA loans are available for low down. 3.5% for FHA and 0% for VA (if you are a veteran). There is a cap on the FHA loan, so if your desired home price is in the $700,000 range this would not be an option.
Also keep in mind the Federal Tax credit for existing homebuyers at $6,500.
If you are looking at less expensive homes also, the FHA would be a good option. Also there is free grant money in Arizona for less expensive bank owned properties.
Don't rule out a foreclosure property. This is a great time to buy. As you probably know, the $8,000 tax credit has been re-instated for first timers or those that have not owned in three years. There is now a $6,500 Tax credit for existing homeowners. Additionally if you do purchase a foreclosure property, free grant money (up to 22% of the purchase price) is available if you live in the home for periods of 5, 10, or 15 years. This makes inexpensive homes already, even more affordable. The free grant money is available through the state of Arizona. See the link for "Free Grant Money" at: http://www.arizonahomesland.com/forbuyersorrenters.php.
If I can answer any more questions or show you some homes or land, feel free to give me a call. I would be pleased to help you.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate
20% down at my company. However, if any of the borrowers are a Veteran, there is a possibility to go into the jumbo realm. There are variables that have to be explored and that is if any of you are a veteran,
I would highly recommend contacting a mortgage broker to help you. If you need any recommendations just let me know.
I would actually advise you to talk with someone in the Mortgage Industry to answer your questions about funding. They would be the experts in that area. May I suggest a mortgage broker that would have access to many different types of funding programs. I recommend:
Rick Giordano, Marquee Mortgage, LLC
Cell - 602 228 4017
Fax - 623 551 5578
Email - email@example.com
Good Luck! Barbara