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Financing in Maricopa County : Real Estate Advice

  • All38
  • Local Info1
  • Home Buying23
  • Home Selling3
  • Market Conditions0

Activity 387
Wed Aug 9, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

Since its the same line of work the income should be averaged.

If you have any other questions or would like help with this you are welcome to contact me.

Thank You
Gregg Pomeroy
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0 votes 1 answer Share Flag
Tue Aug 8, 2017
Bill answered:
Down Payment Assistance is offered by in many areas of Maricopa county HomeStreet Bank is in Mesa and Stapley and the HWY 60 they do all of Maricopa county they do the home in 5 Program and Home Path. They will help you with all the Paper work for the Grants even help you find a realtor that will help to get the seller to pay your cost ... more
0 votes 7 answers Share Flag
Tue Jun 27, 2017
jumboloancenter answered:
Old post, but wanted to provide some new updates for 2017. 5% jumbo options are now available up to 1.5 mil loan amounts for qualified buyers. Check out the web reference link below for the latest down payment and qualifying requirements. ... more
0 votes 15 answers Share Flag
Thu Jun 8, 2017
Thehuntingtongroup answered:
Looking for a hard money lender that will lend 100% on fix and flips in New Jersey.

Please update if anyone has any information.

Thx so much.

David Daniels
0 votes 18 answers Share Flag
Sat May 13, 2017
Kathy Burgreen answered:
You need to ask the mobile home park manager. Nobody here can answer your question because we don't have access to the mobile home park's office and policies.
0 votes 1 answer Share Flag
Tue Apr 11, 2017
Credit1.union answered:
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0 votes 71 answers Share Flag
Wed Mar 22, 2017
Karen Peyton answered:
If you don't own the land it will be nearly impossible to refinance. Of the lenders with whom you spoken...did you ask them why they couldn't help you? That's your clue to the issue at hand. If you cannot remedy the problem and have sufficient credit, income and equity there will be nothing more you can do.

Have you inquired with a credit union? Who is financing the home now? Is there someone who can loan you money using the mobile as collateral?

Good luck!
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0 votes 1 answer Share Flag
Thu Mar 9, 2017
Mark Howe answered:
Hello there,

I am a Senior Loan Officer with Bank of America, and I offer Physician loans in most states including Arizona. At Bank of America our Doctor Loan program is the best of class. Any MD or resident can qualify, and our interest rates are lower than other lenders with these loan products.

Benefits of our Doctor Loan:

- 5% down with no mortgage insurance on loans up to $1 million
- 10% down with no mortgage insurance on loans up to $1.5 million
- Much lower interest rates than other comparable down payment programs
- Ability to exclude student loan payments from qualifying ratios
- Less work history required than a traditional mortgage

Feel free to reach out to me directly for a consultation, I lend in almost all states and would be happy to discuss our Doctor Loan program with anyone looking at this option.

Mark Howe
Senior Lending Officer
Bank of America
Phone: 360-643-1471
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0 votes 20 answers Share Flag
Fri Feb 24, 2017
Mandyw489463 answered:
Is she going to be helping with your mortgage? The added income will probably boost what you qualify for but it will probably increase your interest rate. Phoenix is notoriously higher priced. I would look outside of Phoenix (Glendale, Peoria, Ahwatukee) where you can find just as nice a house for less. ... more
0 votes 3 answers Share Flag
Mon Feb 6, 2017
Tony Grech answered:
I don't know of anyone going above 90-95% CLTV on a 2nd lien HELOC or equity loan Nic. Those kind of went away when the economy collapsed in '07

Although maybe you will have luck soon if Trump repeals the Dodd-Frank Act ... more
0 votes 2 answers Share Flag
Fri Feb 3, 2017
Jim Garth answered:
Why yes, thank you for asking. I happen to fit your criteria very well. I have been originating mortgage loans of all kinds, including VA loans, for over 16 years. I have an MBA degree and extensive experience in banking and credit prior to finding my calling in residential mortgage loans in 2001. Call me today for a free no obligation consultation and pre-qualification. I'm Jim Garth, Senior Loan Officer, Peoples Mortgage Company, (480) 695-8284, I work out of our home office, which is located at 3215 W. Ray Rd. in Chandler. I would be delighted to hear from you and assist you with this important financing. ... more
0 votes 19 answers Share Flag
Sun Jan 22, 2017
Stephen answered:
I am a retired builder, master plumber, HVAC contractor, ele contractor and asbestos abatement contractor.
I was at one time the youngest builder in the entire state of Texas.

What no one ever tells you is that the cost of building a home is far less than what you are told.

I began building homes in the 70's with my actual cost being @ $20 per square foot for a 2000 square foot home. Mine sold for @ $67k to $75k at that time and I sold cheap because I was new.

After several years into it I was building homes still at the the same general cost but selling them for @ $90 to $110K.

When today's builders tell you what it costs they add in their weekly/monthly income; overhead, golf, vacations and etc. This is not disputable.

What costs a person $$$$$$$$$$$$$$$$$ on a new home is their idiocy in terms of emotional buying and wanting all those extras when in fact they are not needed.

In 2017 a person could build a 2000 square foot home for @ $90k. Possibly as high as $110K. However this home would be worth between $200k and 225K depending on the market.

Builders, all builders today are cookie cutter builders, they have an entire subdivision to build out and make more money on the lots than they do on the actual sale of the home.
A 10 acre tract of land for $10k per acre costs them $100k to $150k. They will get at least 4 homes per acre and will charge as much as $25 to $75k per lot and will require most of the time that you have them build the home.

So their 10 acre investment of $150k, heck lets say $500k including utilities and roads will bring in @ $1,000,000.00 to $3,000,000.00. They have just made between $500k to 2.5 million dollars just on the land and in Dallas Texas the 2.5 million is closer to the norm than the $500k out in the country would be. In fact in Dallas it could be $5,000,000.00.

I still build from time to time and even today I build (not including land/utilities) for @ $35 per square foot which is really my cost with nothing added in for me.

So if you built a 1500 square foot home it would run me @ $52K to build the actual home plus utility costs that could range from $5000 to $15000.00 (septic required) and your land costs which could be as little as $3000 to $10000 (out in the country) for a grand total of $69k to $80k and have a home worth as much as $150k.

Pretty good investment I do believe.

Don't listen to builders, they are in it for the money only and have no reason to tell you the truth like I have as a retired builder and contractor.

I'm not disrespecting the today 'builder'. I'm just telling you the truth.

The only exception to this is than some builders have money and no building sense, no trade knowledge, no hands on experience so they contract everything out, pay the bill with out thinking and just hope to pass it on to the buyer. Really sad.

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1 vote 17 answers Share Flag
Wed Dec 14, 2016
Karen Peyton answered:
Hmm...don't know what you have in mind, but you'd probably do better to get a new first mortgage. It may be easier to qualify for a "first" since your credit score is on the low side - assuming you meet all other lending criteria.

If you'd like a referral to a lender, drop me a line.

Best of luck!
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0 votes 1 answer Share Flag
Wed Oct 26, 2016
Genevar31 answered:
The HOA associations create problems, especially when the move their offices. I left messages to pay the HOA bill and my moneys comes back into my account. Here in Phoenix, AZ it's been a unbalanced ride. This HOA loves taking people to court instead of making arrangements to pay the bill. ... more
0 votes 9 answers Share Flag
Thu Aug 25, 2016
Hardmoneymi answered:
You may want to offer a joint venture where the money investor buys the house in their name, you're responsible for the rehab work and you split the profit when sold. Make sure you involve an attorney to protect yourself. ... more
0 votes 2 answers Share Flag
Sat Jul 30, 2016
Steve Bernstein answered:
Hi TJ,

I'm a Mortgage Broker in AZ with some great low down payment mortgage programs. And I have 22 years experience helping homebuyers throughout the State of AZ.

The answer to your question, is based on a few variables. For example, are you a US Citizen, a Foreign National, a Resident Alien, or a Non-Resident Alien?

Other factors include whether you have a US Fico Credit Score, or a UK Fico Credit Score, whether you will be paid in US dollars, British Pounds, or Euro dollars, and whether your mortgage amount will be less than $271,050, less than $417,00, or greater than $417,000, a Jumbo loan.

So the only way to provide you with an accurate answer, is for you to put together a brief summary of your specific circumstances.

If you are a Foreign National, the down payment and mortgage rates will be substantially higher than if you are a US Citizen, a Resident Alien, or a Non-Resident Alien. Following are low down payment mortgage loans I offer in AZ:

* 1% Down Primary Residence 700 Credit score
* 3% Down First Time Homebuyer 640 Credit score
* 3.5% Down Primary Residence 620 Credit score
* 5% Down Primary Residence 640 Credit score
* 15% Down Second Home 640 Credit Score
* 20% Down Investment Property 640 Credit Score
* 30% Down Foreign National Purchase 680 Credit Score

If you call or e-mail me with your specific circumstances, I will be happy to assist you, or refer you to someone who can. Best of luck with your move to Chandler, AZ!


Steve Bernstein
Arizona Central Mortgage

P (480) 424-7144
NMLS 1230169 / 1443346
Equal Housing Lender
... more
0 votes 2 answers Share Flag
Sat Jul 30, 2016
Steve Bernstein answered:
In my biased opinion, I believe a borrower should shop for their mortgage rate and fees upfront, based on an "apples to apples" comparison. For example, maybe call two mortgage banks, and two mortgage brokers, and request a written estimate for your specific details of transaction.

For Example:

"Hello Lender XYZ, My Name is James Sandomierski, and I am shopping for a mortgage. Are you able to provide me with a written Estimate?" "Can you please email me the estimate, based on the following terms:"

* $300,000 Purchase Price
* 20% Down Payment
* $240,000 Loan Amount
* 30 Year Fixed Rate Conventional Loan
* With No Discount Points or Origination Points
* Based on a 45 Day Rate Lock Period
* And a XYZ Middle Credit Score

Then say: "I will review your rate and fee estimate upon receipt, and I will call you back if I am interested in proceeding further."

Then wait to see who responds quickly and efficiently with the best rate and fee combination, and proceed with that Loan Originator for you mortgage Prequal Letter & Preliminary Mortgage Approval.

Note if a Loan Originator doesn't provide a written estimate, or is slow to respond, then that is the likely service you would receive from that lender.

Finally, if you are looking for the best low cost mortgage lenders in Arizona, please call me, or visit my website. Thank You! Steve Bernstein (480) 424-7144 NMLS 1230169 / 1443346 Equal Housing Lender.
... more
2 votes 1 answer Share Flag
Mon Jul 11, 2016
Bgolfweight answered:
I had the same issue and went with Ventana Loan Services. They seemed to have the best rates around. And I've checked. Their website is The phone number is 866 229 1268. Good luck! Ask for Al or Steve. They were REALLY helpful! ... more
0 votes 16 answers Share Flag
Mon Jul 11, 2016
Bill answered:
There are good Programs out there for first time home Buyers (anyone that has not owned a home in the last 3 years) and there are some great ones depending on credit score, what city and county you are going to live in. There is a program for every situation, some programs do allow credit problems along with some do not require repayment if you sell the home in a certain time frame. That is why I recommend for you to speak to a counselor that is up to date on all the programs. Some programs even run out of funds at different times of the year I was able to speak to they did a great job and I closed in 30 days ... more
0 votes 9 answers Share Flag
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