Sun American Mortgage

  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...

  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...

In a recent news release, the Federal Housing Finance Agency announced an increase in the maximum conforming loan limit by nearly $100,000 since 2016! Starting January 1, 2020, the conventional loan limits for Fannie Mae and Freddie Mac will be more than $510,000, an increase from $484,350 in 2019. This new update applies to one-unit properties only. For the areas where the cost of living is higher, there will be an increase beyond this baseline limit depending on the county. Over the last year, the median home values have increased generally, and particularly in the high-cost areas. Maximum loan limits will increase in many counties. For the high-cost areas, the new ceiling loan limit for a one-unit property will rise to $765,600 or 150% of $510,400. For areas like Alaska, Hawaii, Guam and the US Virgin Islands where a special statutory provision exists, the baseline loan limit will be $765,600 for a one-unit property. The recent announcement by FHFA marks the fourth strai...

Saving enough money to afford a high down payment for a home purchase can take a long time. Luckily there is an option of mortgage loans with a low down payment, to no down payment. The typical required 20% down payment is outdated. New homebuyers have been taking the low down payment loans and the experience has been not just enjoyable, but a huge financial relief. In this post, we share what we learned after analyzing the home loan options available at Sun American mortgage. 1. FHA PROGRAMS FHA home loans are designed to favor the low to moderate-income earners, which allows new homebuyers to take advantage of the lenient credit score requirements. An FHA loan only requires a 3.5% down payment & has more flexible qualification guidelines. If you can’t qualify for the traditional mortgage loan types, FHA is a good alternative, thanks to the FHA guarantee. At Sun American Mortgage, you can get approved for an FHA loan if you have a decent credit score with at least 600s a...