March 13th, 2010 by Michael Oliver

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FHA now has a loan program for investors (non-0wner occupied) real estate/ home purchases. Many people don’t realize within the FHA there are many of different loan options since many people option and receive the most common that is for (mostly) first time buyers with great rates and a 3.5% down payment requirement. However there are other loan programs FHA loans have always allowed investors to use them to purchase/ finance real estate what is somewhat new is this $100/ down option for investment real estate. This isnt just in Tucson either it is nationwide available for all non-owner occupied real estate/ homes.

FHA Loans, investing in tucson real estate, investor FHA loans, investor financing

March 4th, 2010 by Michael Oliver

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Tucson Mortgage/ refinance rates are incredibly low right now and it makes the case for many home owners to refinance into a lower rate saving

Mortgages, refinancing, Tucson Mortgages

February 22nd, 2010 by Michael Oliver

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Since Tucson is home to a major Air Force Base (Davis Monathan) as well as a highly demanded retirement area

VA Loans Are Great Options For Veterans Looking To Buy a Tucson Home

for retired veterans it makes sense many home purchases are VA home purchases in the Tucson Arizona area. VA Homes are any homes bought using a VA (Veterans Administration) mortgage -or- those properties foreclosed on by banks that were backed using a VA loan. Those homes are then re-sold and in many cases VA home foreclosures offer a great way to buy a home in Tucson Arizona especially for first time buyers in the military.

VA Home Buying, VA Homes In Tucson AZ, VA Loans

February 18th, 2010 by Michael Oliver

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FHA and VA Loans Allow First Time Buyers to Buy A Home With Little Down

In Tucson Arizona first time buyers have different options as far as mortgage/ home loans. An FHA loan in Tucson is a great loan for first time buyers. The FHA home loan/ mortgage (Federal Housing Administration) is guaranteed by the Federal  Government through the FHA for mainly first time homebuyers to obtain real estate financing. An FHA Loan requires just a 3.5% down payment and closing costs can be paid for by the seller if negotiated into the purchase agreement by your Realtor. FHA loans are generally easy to obtain and the vast majority of first time buyers in today’s market are using them to buy their first Tucson home. This loan was set up during the depression and has literally helped tens of thousands of first time buyers in Tucson over the years. Currently over 2500 Tucson First Time Home Buyer Homes Available!

FHA Loans, Mortgages, Tucson Mortgages, VA Loans

February 11th, 2010 by Michael Oliver

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Mortgages Under 5% Are Rare Buyers Should Be Locking Their Loans Now

30 year mortgage rates are back under 5%! Under 5% is very rare and something I personally think is not going to be around in 6 months when the Fed is done buying up mortgage backed securities in April as they have signaled they are going to do. When they stop buying, the market while it will not be anything like it was on late 2008-2009 will still not be as liquid for Mortgage Backed Securities (Also known as MBS’s). The Fed has (or has allocated) roughly $1.5 Trillion to create the demand for these securities no one wanted a little over a year ago. Since that time the market is somewhat healthy for MBS’s but the biggest buyer is stepping away in a few months and less demand will mean it will be harder to sell these securities upping the returns they provide, thus upping the rates mortgagees are going to pay. If you want to take advantage of this dip in mortgage rates getting pre-qualified for a mortgage by a mortgage lender is the only way to get things started.

Mortgage Rates Arizona, Mortgage Rates Tucson

January 19th, 2010 by Michael Oliver

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FHA loan standards are going to be increased as soon as possibly this week as the FHA commissioner David Stevens has to do something to lower the default rate associated with FHA loans. FHA is a government agency that unlike what a lot of people think only issues insurance on loans that confirm to their guidelines. If they guarantee the loan (issue insurance) and a loan defaults they (FHA) reimburses the lender for the loan. FHA loans currently are used in almost 50% of all Tucson Homes purchased. The vast majority of first time buyers use FHA loans as they are somewhat easier to qualify for for and with much lower down payments then regular banks will offer.

FHA Loan Changes, FHA Loan Guidelines, FHA Loans

December 15th, 2009 by Michael Oliver

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Here is an interesting new concept that the FICO companies recently published to explain to consumers how much of a drop their credit score can expect to fall with different situations playing out. According to FICO (the companies that generate credit scores for individuals) the following is a chart most interesting to me is it doesn’t seem like credit scored drop as much as most people would think for different offenses.

For additional information you can read this article with additional explanations of what could happen to your credit score under more exact situations.

credit scores explained, FICO scores

December 3rd, 2009 by Michael Oliver

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Mortgage rates have just recorded the lowest rates in decades shattering the record lows set in April of 2009. Interest rates right now are literally the absolute cheapest they have been in decades. Currently interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, fell for a fifth consecutive week, averaging 4.71 percent for the week ending Dec. 3, down from the previous week’s 4.78 percent, according to a survey released on Thursday by home funding company Freddie Mac.

Freddie Mac, the second-largest U.S. mortgage finance company, started the survey in 1971.

mortgage rates, tucson home interest rates, tucson mortgage rates

November 28th, 2009 by Michael Oliver

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As a result of the excessive foreclosure rates Fannie May has been experiencing the company that buys a high percentage of loans from originating lenders said it will require higher standards. The new standards require borrowers with 20% down payments to have a 620 credit score vs. the previous 580. Additionally those buyers will be only allowed to have a debt to income level of 45% for all debts including the new mortgage payment.

A Fannie Mae spokesman told the newspaper that the limits reflect the company’s recent experience.

September 28th, 2009 by Michael Oliver

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Share on Facebook Mortgage rates are ultra low right now as anyone who follows the mortgage markets realizes. The reason this is occurring is due to the Federal Government’s continued efforts to purchase mortgage backed securities keeping that secondary market of funds liquid and allowing more new money to flood the mortgage market. Those additional funds flooding the market creates additional competition for lower rates thus equaling the near 5% rates we have been experiencing for most of 2009. Right now 30yr fixed mortgages in Tucson are averaging 4.875% without any points being paid. 15yr mortgages are running around 4.25% both of these rates are historically very low and buyers thinking of buying are able to take advantage of them as a rate drop from even 5.5% to 5.0% signals significant monthly savings.

mortgage news, mortgage rates, tucson mortgage rates, tucson realestate news