Want to know how much home you can qualify for, What's the maximum mortgage amount you can get approved, How much the down payment will be, How much your monthly mortgage payment will cost? -- You've definitely come to the right place! Arizona Central Mortgage is owned and operated by Steve Bernstein, who has originated, processed, underwritten and closed nearly $1 Billion in Arizona Home Loans over the past 25 years. Steve has assisted aspiring and existing AZ Homeowners qualify for, and close The Best Conventional, Jumbo & Government Home Loans In AZ. If you would also like to get Pre-Qualified, or Pre-Approved for Your AZ Mortgage Loan, Give Us A Call Today & SAVE (480) 424-7144.
There are three primary factors that determine how large a mortgage loan you can qualify for:
If you would like to determine how much home, and how big a loan you can qualify for in Arizona, give us a call now to determine the Maximum Purchase Price and Home Mortgage Loan You Can Qualify For: (480) 424-7144
The lowest down payment mortgage loan in Arizona is determined by your middle credit score. The 1% down payment loan requires a 720 middle credit score, while the 3% down payment loan requires a 620 middle credit score. There is also a 3.5% down payment mortgage loan that only requires requires a 580 credit score. These are the minimum required scores, and may require compensating factors for loan approval. Following are some of the Compensating Factors underwriters consider when approving your Home Mortgage Loan:
If you would like to calculate your approximate monthly mortgage payment, we provide plenty of Mortgage Calculators for calculating your monthly mortgage payment, income tax savings, rent versus own analysis, and many other useful mortgage calculators. If you prefer to have us walk you thru your specific mortgage calculations, give us a call now, and we will walk you thru the figures. (480) 424-7144
Mortgage Closing Costs are added to your down payment, and your mortgage escrow account, to determine your Total Cash Required To Close. The Property Seller will also pay separate title insurance and escrow fees. But Home Buyers are responsible for most of the closing costs related to Buying a Home in Arizona. Following is a list of Closing Costs typically paid by an AZ Homebuyer. These Buyer costs can also be paid by the Home Seller, but "Seller Paid Buyer Costs," will need to be negotiated in writing thru your Arizona Residential Real Estate Contract. Note, some Buyer Paid Closing Costs can also be paid by the Lender. Give us a call now to discuss Lender Paid Closing Costs. (480) 424-7144Bank Closing Costs
Title & Escrow Company Costs
Most Arizona Mortgage Loans Require An Escrow Account Property Taxes, Homeowner's Insurance and Flood Insurance, if required. The escrow account also includes prorated interest from the day you close escrow, until the end of the month. For example, if you close on the 20th of the month, there will be 10 or 11 days of prorated interest due. If you close on the 10th of the month, there will be 20 or 21 days of prorated interest due except if your closing date is in the month of February.An escrow account is setup by a mortgage lender to ensure your property taxes and homeowner's insurance are paid when due. Following is an example of escrow charges that will be collected by your Title Company's Escrow Officer, when you close your purchase or refinance loan in Arizona:
Pick up the phone and call Arizona Central Mortgage Now (480) 424-7144. One of our mortgage specialists will help you determine which home loan is best for you. You will be asked a series of brief diagnostic questions about your debt, credit income and savings, that will determine what mortgage options will help you to best accomplish your AZ home buying needs. Then you will receive a mortgage prequalification letter that will strengthen your home-buyer negotiating position, when purchasing your AZ Home.
If you are already shopping for an AZ Home, we can also assist you with a fast, automated preliminary mortgage approval for a Conventional, FHA, or VA Home Loan. The preliminary approval process will require the following financial documentation:1. 30 days recent consecutive pay stubs2. 2015 & 2016 W2's, 1099's or K1's3. 2 most recent consecutive bank statements all pages4. 1 quarterly retirement or investment account statement if applicable5. Current award letter if using social security or disability income6. Tax returns w/ all schedules, if using self employment or commission income 7. $35.00 credit card authorization for 3 bureau scored mortgage credit reportWe then run your preliminary mortgage approval thru our FNMA, FHLMC, FHA or VA automated underwriting engine, which will take 24 hours or less, from the time you provide your financial documentation. Then you will receive your written preliminary mortgage loan approval letter, or we will call you to review additional items required to procure your preliminary mortgage approval.Once you have an approved Home Purchase Contract, we will update your loan application and miscellaneous disclosure forms, and quickly move your file to underwriting, for your complete underwritten mortgage approval. At that point, the underwriter will likely have a couple of questions and/or additional requests. We will work with you closely throughout the mortgage approval process, to ensure your Home Loan is approved quickly and efficiently.
Arizona Central Mortgage Provides Low Mortgage Rates For Buying, Refinancing or Taking Cash Out of Your AZ Home. We offer a complete menu of Arizona Mortgage Loans, including: Conventional, Jumbo, FHA, VA & First Time Homebuyer Loans. Following are a few of the Value Added Mortgage Benefits We Provide:
NEW HOME SALES
NEW homes sold in May 2017, at a seasonally adjusted annual rate of 610,000 units, according to HUD and the U.S. Census Bureau. This is 2.9% above the revised April sales figure of 593,000 new homes sold, and 8.9% above the May 2016 estimate of 560,000 expected new home sales. Please realize these figures are for "NEW HOMES" only, and do not include existing home sales / resales for May 2017. Also the margin of error is higher than typical for the HUD and U.S. Census figures released.
The median sales price for NEW HOMES sold in May 2017 was $345,800 units, as compared to $406,400 for Existing Home Sales. The number of EXISTING / RESALE HOMES sold in May 2017, was 610,000 units, an annualized figure of 5.62 million homes expected to sell in 2017. Although we do not yet have the figures for Arizona, new homes and existing homes sold on the West Coast, were significantly higher than the national averages.
ARIZONA HOME BUYERS
More good news for those Buying, Refinancing, or Taking Cash Out of AZ Homes, as Conventional & FHA maximum mortgage loan limits are increasing throughout the State of AZ. Effective January 1, 2017, Conventional mortgage loan limits will be increasing equally throughout AZ, while FHA maximum mortgage loan limits will increase greater in Maricopa County AZ, and in Pinal County AZ, than all other AZ Counties. Following are the maximum Conventional & FHA mortgage loan limits that are currently available in AZ, as compared to the maximum AZ mortgage loan limits that will be available, effective January 1, 2017: 2016 Max Loan 2017 Max LoanConventional Mortgage $417,000 $424,100FHA MortgageMaricopa County AZ $271,050 $279,450Pinal County AZ $271,050 $279,450All other AZ Counties $271,050 $275,650 "The general loan limits for 2017 have increased and apply to loans delivered to Fannie Mae in 2017 (even if originated prior to 1/1/2017). This is the first time the base loan limits have increased since 2006."FHA "Forward mortgage limits for calendar year 2017 are effective for case
numbers assigned on or after January 1, 2017."Data Source:https://www.fanniemae.com/content/announcement/ll1605.pdfhttp://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2017_HERA-BASED_FINAL.PDFhttp://portal.hud.gov/hudportal/documents/huddoc?id=16-20ml.pdfhttp://portal.hud.gov/hudportal/documents/huddoc?id=limitsincreasedcy16.pdfFor mortgage related questions in AZ, please contact Steve Bernstein Direct at (480) 424-7144 or goto: www.GetSteveB.com, NMLS 1230169, Company NMLS 1443346.
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