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...

  Buying your first home can be SO exciting, but it can get overwhelming if you’re unsure what all the steps are. So much excitement comes with knowing that you qualify for a home loan and soon you will be buying a home in Arizona. Before you start your journey to buying a house in Arizona, here are some tips you may want to keep in mind.   1.      Grow your cash reserves Home buying can be an expensive venture, and you will need to have some cash set aside. For some homebuyers, getting a mortgage is the first option in order to finance their dream home. However, first-time homebuyers may not be aware of the importance of having some cash set aside before applying for a home loan or considering different Arizona home buying programs that finance homebuyers. Many lenders require cash reserves before accepting loan applications. Here are some important facts you need to know about having cash reserves when applying for home mortgages.   · ...

  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...

  You may have just stumbled on the perfect option for you and your family. There are no catches to this NO down payment loan program , and we are super excited to share it with you! So you know you don’t want to rent anymore, but coming up with the required down payment scares you a little. You are definitely not alone. This is why there’s another loan program aside from traditional loans or the FHA option that can really help you out. What is the USDA Program? This is a home loan that’s guaranteed by the US Department of Agriculture, aka USDA. It provides an incentive for families to buy a home in a rural area. This helps our nation’s smaller, rural communities thrive by making property more affordable. The USDA loan program serves a fraction of the US housing market and most banks actually don’t offer them. However, here at Sun American Mortgage we DO offer this no down payment loan program and it comes with MANY other benefits! So what are some more “pro’s” of this...

  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...

  If a bad credit score is keeping you from applying for a conventional loan, do not lose hope! You may qualify for a reverse mortgage in AZ, so long as you have enough equity. Seniors can apply for the reverse mortgage Arizona program and use the money to finance their retirement. This includes traveling, paying medical bills, clear outstanding home mortgages, and anything they wish to spend the money on. However, rather than wait to apply for a reverse mortgage in Arizona, you can work on credit score improvement to help qualify for a mortgage.   In this post, I will take you through six tips to help you fix your bad credit. Step 1: Start by inquiring your current credit report   What is your current credit score? You can visit the credit bureau to check your credit score. Alternatively, you can check your credit score online for free. What is a credit report and what is the information that is shown on the credit report? The credit report is a compilation of ...

  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 ...