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- 1% Down on Conventional: A Game-Changer for Arizona Borrowers
Are you dreaming of homeownership in Arizona but struggling to save for a down payment? At Arizona Lending Group, we're excited to announce a groundbreaking Down Payment Assistance program, exclusively offered through our partnership with United Wholesale Mortgage (the nation's #1 mortgage lender). This unique program is designed to help you unlock the door to your dream home with just 1% down, making homeownership more accessible than ever! Here's how it works: You meet all of the special guidelines for the program (the big ones are shown below), and your loan application is approved. Our partners at UWM will contribute 2% (up to their maximum) towards your down payment as a grant, not a loan or second mortgage. You'll be left to pay the remaining 1% (minimum) down payment at closing. This program is just one small part of Arizona Lending Group's mission to make homeownership more attainable to all Arizonans. As our client, you could use the money you save to buy furniture, renovate or improve your new home, or just contribute to your personal savings fund. To be eligible for this program, there are a few special guidelines: Only available on conventional, 30-year, fixed-rate loans. The Grant must be used to purchase a primary residence. Maximum grant amount is $4,000 (defined by our Partner). Minimum FICO Score of 620. No multi-unit properties or manufactured homes. Must meet Freddie Mac's Home Possible guidelines (incl. income limits) Check with our team to make sure the program is still available. All other normal guidelines must be met. We're proud to offer such a revolutionary program - this is just another way that Arizona Lending Group is able to compete with the big banks and offer our clients a superior experience. Combine this with our industry-leading rates, turn times, and service; the choice is clear. Learn more about the ALG Difference here. This program is available in all corners of Arizona, including Prescott, Tucson, Yuma, Phoenix, Flagstaff, and many other communities. Our team of experts is standing by to answer your questions about this unique new program. Get in touch with us today to get started.
- 5 Tips to Make Borrowing a Breeze
Hello, fellow homebuyers! My name is Logan, and as one of Arizona Lending Group's Loan Processors, I've had the pleasure of working with countless borrowers to help them secure their dream homes. Along this journey, I've seen it all – from the smoothest transactions to the most frustrating. Today, I'm here to share five essential tips to make your mortgage process as smooth as possible. So, buckle up, and let's dive right in! 1 - Get Organized Early The mortgage process is all about documentation. Trust me, the more organized you are with your paperwork, the easier it will be for everyone involved. Start by gathering your essential documents, such as pay stubs, W-2s, tax returns, and bank statements. Really, anything that proves how much money you make or how much money you have on hand. Keep them in a secure and easily-accessible place. This will save you time and prevent any last-minute scrambling when your loan processor eventually requests them. 2 - Keep In Touch This one may go without saying, but communication is key in any relationship, and it's no different with your loan processor. Make sure you're available for any questions or clarifications, and don't hesitate to reach out if you're uncertain about something. We're here to help, and the more informed you are the smoother the process will be. And remember, no question is a silly question! 3 - Stay on Top of Your Credit Your credit score plays a significant role in determining your approval for a home loan and your interest rate. So, keep an eye on your credit and make sure everything is in order. Avoid taking out new credit or making large purchases during the mortgage process, as these can impact your debt-to-income ratio and credit score. If you see a new inquiry that looks unfamiliar, alert your Loan Processor or Loan Officer right away, and we'll work with you to get to the bottom of it. 4 - Work with A Trusted, Reliable Team The mortgage process involves many moving parts, and it's crucial to have a reliable, experienced, and trustworthy team behind you. Luckily, if you're here at Arizona Lending Group, you already have the best of the best working on your behalf. Working with professionals you trust can make all the difference in ensuring a smooth and stress-free experience. 5 - Be Patient and Stay Positive The mortgage process can take time, and it's normal to feel a little impatient or stressed. Keep in mind that everyone involved wants the same outcome – a successful closing. Stay positive, and remember that patience is a virtue. Your dream home is waiting for you, and you'll get there before you know it! So, there you have it – my top five tips for a smooth mortgage process! By following these steps, you'll not only make your loan processor's life easier but also set yourself up for success in closing on your dream home. If you have any questions or need assistance in your home-buying journey, don't hesitate to reach out! I'd be more than happy to guide you every step of the way. Let's make your mortgage process a breeze together. Click the "Contact Us" button below to get started!
- FHA Loans - Attainable Ownership
Are you a first-time homebuyer or someone with less-than-perfect credit looking to purchase a home in the charming city of Prescott, Arizona? Are you a seasoned real estate investor looking to purchase a multifamily unit in Scottsdale, Arizona? In either case, an FHA loan might be the perfect solution for you. In this article, we'll delve into the numerous advantages of FHA loans and how they can make your homeownership dreams a reality in Arizona. What is an FHA Loan? An FHA loan is a type of mortgage loan insured by the Federal Housing Administration (FHA), designed to help lower-income and first-time homebuyers secure a mortgage. FHA loans offer several unique benefits, such as low down payment requirements, more lenient credit standards, and competitive interest rates. The home loan experts at Arizona Lending Group can help you navigate the FHA loan process and obtain the best mortgage rates available. The Advantages of FHA Loans Low Down Payments One of the most appealing features of an FHA loan is the low down payment requirement. FHA loans allow eligible borrowers to purchase a home in Arizona with as little as 3.5% down, making homeownership more accessible to those with limited savings. Lenient Credit Requirements FHA loans offer more flexible credit requirements compared to conventional loans, making it easier for borrowers with less-than-perfect credit to qualify for a home loan. The FHA has a minimum credit score requirement of just 500, meaning that individuals who would otherwise be unable to purchase a home can take advantage of this great program. Competitive Interest Rates Due to the government insurance provided by FHA on these loans, Arizona Lending Group and other lenders will generally offer more competitive interest rates, which can lead to serious savings over the life of the loan. Easy Refinancing Options The FHA Streamline Refinance program is a unique benefit of FHA loans. If you have an FHA loan and interest rates have dropped, you can refinance your mortgage with minimal documentation and without the need for an appraisal. This can potentially save you hundreds of dollars each month, and thousands of dollars over the life of your loan! Speak with an FHA expert at Arizona Lending Group for help with an FHA Streamline Refinance. Financing Home Improvements or Repairs The FHA 203(k) loan program allows homebuyers to cover the cost of home repairs and improvements from the initial balance of their mortgage. This can be a lifesaver for those looking to purchase a fixer-upper home, or for those who are interested in energy efficiency while purchasing a new home. Arizona Lending Group is well-versed in the 203(k) program, and can help you navigate the details. There's no denying that FHA loans offer an array of benefits for homebuyers. From lower down payments and flexible credit score requirements to competitive interest rates and refinancing opportunities. If you're ready to take advantage of the benefits of an FHA loan, don't hesitate to reach out to our team of experienced mortgage experts at Arizona Lending Group. We'll guide you through the process and help you secure your dream home. Contact us today to get started on your homebuying journey!
- Unraveling the Benefits of VA Loans
Are you a military veteran or active-duty service member looking to buy a home in the beautiful State of Arizona? If so, you might be eligible for a VA loan – an incredible home financing option exclusively designed for our country's heroes. Today, we'll explore the many advantages of VA loans and how they can make your dream of homeownership in Arizona a reality. So, grab a cup of coffee and join us as we uncover the secrets of VA loans in Arizona! What is a VA Loan? A VA loan is a mortgage that is backed (or "guaranteed") by the U.S. Department of Veterans Affairs (VA). This great program aims to help eligible veterans, active-duty service members, and surviving spouses acquire a home. VA loans provide unique benefits, such as no down payment requirements, lower interest rates, and more flexible credit guidelines. In Prescott, Arizona, a top-notch mortgage broker can help you navigate the VA loan process and secure the best mortgage rates available. The Advantages of VA Loans Zero Down Payment Required One of the most significant benefits of a VA loan is the zero-down payment requirement. Unlike conventional mortgages that typically require a down payment of 5-20%, VA loans allow eligible borrowers to finance 100% of their new home's value. This means you can buy a home in Prescott, Arizona without having to save for a hefty down payment. Competitive Interest Rates VA loans generally offer lower interest rates than conventional loans, due to the Guaranty. This can save you thousands of dollars over the life of your loan. A skilled mortgage broker in Prescott, Arizona can help you lock in the best possible interest rate for your VA loan. No Private Mortgage Insurance (PMI) Since VA loans are backed by the federal government, there is no requirement for borrowers to purchase private mortgage insurance (PMI). PMI is typically required for conventional loans when the down payment is less than 20%, and it can add a significant cost to your monthly mortgage payment. With a VA loan, you'll save money each month by avoiding PMI. Flexible Credit and DTI Requirements VA loans offer more lenient credit and DTI requirements compared to conventional mortgages, making it easier for borrowers with less-than-perfect credit to qualify for a home loan. While the VA doesn't set a minimum credit score requirement, many lender-partners of Arizona Lending Group will still prefer credit scores above 580. Limited Closing Costs The VA limits the closing costs that can be charged to borrowers, ensuring that eligible homebuyers don't face excessive fees when purchasing a home in Prescott, Arizona. Additionally, sellers can pay up to 4% of the loan amount in closing costs, potentially saving you even more money at the closing table. VA Loan Assumption Another unique benefit of VA loans is the loan assumption feature. This means that if you decide to sell your home in Arizona, the buyer can assume your VA loan under the same terms, which can be a significant selling point in a competitive market. However, this may have an impact on your eligibility for another VA Loan in the future. Consult with one of Arizona Lending Group's mortgage experts prior to agreeing to any assumption deal. VA loans offer an incredible opportunity for eligible veterans, active-duty service members, and surviving spouses to secure a mortgage with unbeatable benefits. If you're considering buying a home in Prescott, Flagstaff, Scottsdale, or another part of Arizona, be sure to consult with a knowledgeable mortgage expert at Arizona Lending Group to help you navigate the VA loan process and make the most of this advantageous financing option.