Sun American Mortgage

 What is the C.A.R.E.S. Act Relief Bill and How Can it Help You as a Homeowner? The CARES (Coronavirus Aid, Relief, and Economic Security) Act is a new federal law and relief program for homeowners that may be experiencing severe financial hardship due to the coronavirus pandemic. This act provides a payment deferment option to those who have a federally-backed single-family mortgage or federally backed multi-family mortgages. Here are the three major updates that come from the CARES Act: 1. A Foreclosure Moratorium First, your lender or loan servicer may not foreclose on you for 60 days after March 18, 2020. Specifically, the CARES Act prohibits lenders and servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgment or sale, during this time. A foreclosure moratorium suspends or stops a foreclosure. Depending on your loan and who your mortgage servicer is, your options may vary.   2. Mortgage Forbearance Second, if yo...

  Starting October 15, 2019, FHA is updating their guidelines to make financing a condo easier for owners. This has been a long awaited update that will allow for individual unit approval and relax it’s requirements to make more properties eligible for FHA financing.   This new policy creates flexibility within changing market conditions. This update includes the following key changes:   Individual Condo Unit Approval for FHA   It is now easier to approve single-unit condos for financing. Previously, a person who wanted to purchase a condo using FHA financing had to choose a unit within an existing approved condominium project. The entire building would have had to receive approval before a person could buy a single unit with an FHA-insured mortgage loan.   Now the FHA will allow the approval of individual condo units! The new guidelines will allow certain single-unit condos to qualify for FHA mortgage insurance, even if the rest of the project/b...

  To rent or to buy is an intimidating question, and unfortunately, there is no universal answer to it.   Well, the reality is that owning a home is considered the American Dream. However, if you have bad credit or no credit, owning a home remains a fantasy, and you are left to rent.   Evaluating the advantages and responsibilities that come with either option is the best approach helping you answer the question.   For instance, if you choose to buy a property, it means you may require servicing AZ home loans for a number of years and eventually end up accumulating some wealth. The upper hand is that you are a property owner, and can resell the property after some years and recover the amount paid plus a substantial income. On the other hand, if you choose to rent, you will not need to apply for Mesa home loans, meaning you will have fewer financial responsibilities in the form of loans to repay. However, you do not own property, and cannot recover the...

  Owning a home is an amazing experience, and an opportunity to build equity. For some people, it is almost impossible saving enough home deposit and hence they end up opting to rent a home. Do you feel it is time to break the monthly rent cycle? In this article, we present some suggestions proven to help people like you graduate from home rentals in Arizona to the full experience of homeownership in Arizona. Sit back, keep reading and apply the tips we suggest here. You will be surprised how easy it is, transitioning from the monthly rent cycle to becoming a homeowner in Arizona. 1.        Pay Rent at the Due Date or Before I know this sounds obvious. However, falling behind on rent could affect your credit score! Many lenders today will consider credit score before lending mortgages to purchase a home. On the other side, landlords will report late rent payments, which affects your eligibility to borrow a home buying mortgage. To avoid a po...

  FHA loans are popular among first-time home purchasers because they address many of the new buyers’ issues. Do you have a bad credit score? FHA loans are available with credit scores as low as 580. Do you have a lot of school debt? FHA loans allow for more debt than other types of mortgages. Don’t have much money set out for a down payment? The FHA demands a 3.5 percent down payment. Of course, there is a penalty to these benefits in the shape of higher borrowing costs. However, for many first-time home purchasers, the compromise is worthwhile. If you’re looking to borrow money for a home, here are some reasons why you’ll love a Utah FHA refinance : Increased Seller Concessions Allowance Fha mortgage 3.5 down payment loans enable property sellers to pay up to 6% of the purchase price toward closing costs and other prepaid goods involved with securing the loan. When a borrower puts less than 10% down on a conventional loan, seller contributions are limited to 3%. Th...

  Since 1965, the Federal Housing Administration, or FHA, has been a component of the United States Department of Housing and Urban Development. However, the FHA was established more than 30 years earlier as part of the New Deal. Aside from the Dust Bowl drought and a stock market crash, the Great Depression saw a housing market bubble bursting. By early 1933, approximately half of all American homeowners had fallen behind on their mortgage payments. The Federal Housing Administration (FHA) was established as part of the National Housing Act of 1934 to stop the flow of foreclosures and make homeownership more accessible. It found the 20 percent down payment as a new norm by guaranteeing mortgages for up to 80 percent of a home’s worth — before, homeowners could only borrow 50-60 percent of the home’s value. Currently, the FHA insures loans for over 8 million single-family houses. How easy is it to acquire an FHA loan right now? Even though the FHA’s minimum loan criteria ...

  Many people’s greatest goal is to own a home, and although many younger generations can’t afford it or consciously choose not to, those who invest in the housing market also reap significant financial rewards. Without a doubt, becoming a homeowner is one of the most important financial decisions you will ever make. It’s also undeniable that just getting there necessitates some level of financial accomplishment. Before you can even turn the key in the lock, you’ll need to come up with a home mortgage low down payment and closing costs. But, particularly during tax season, many people who take on the big challenge of homeownership see financial benefits that far outweigh their initial investment. Here are the top ways how homeownership makes you financially stable- More Solid Financial Future The economic downturn threw a wrench in the notion that owning a home still accrues wealth over time. However, buying a house is also one of the most important ways to accumulate wealth as we ...