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...

Renting a home is often the easiest and cheaper option. Remember that renting comes with more flexibility compared to homeownership. Moreover, renters require less financial commitment to get started. While many Americans are looking to homeownership at some point, there are times when the only alternative is renting a home. For example, when you live and work in a place where you are not able to afford to buy, renting a home remains the next option. Whether getting into rent cycles for financial reasons or lifestyle reasons, it is advisable that you familiarize yourself with the tips for renting a home. Let us get started. Know the Kind of Home You Are Searching If you have settled on renting a home, the best place to start is to determine the kind of home you are looking to rent. Are you looking to rent a Condo or a family house with own compound? It is up to the tenant to come up with a list of features to look out for when searching for the best home rentals. This ...

Low down payment to no down payment mortgage options enables more Americans to achieve the dream of buying house St. George. In this post, we analyze the things you should not miss while buying a house with no down payment in St. George. 1. Evaluate the Different Options Available The worst mistake homebuyers make and especially those applying for a mortgage to purchase a home, is not evaluating the different mortgage options in today’s lending landscape. For instance, just because the mortgage broker has mentioned that the mortgage type “Y” is no down payment mortgage, the applicant hurriedly submits the applications without evaluating the other options. You might be surprised later when you come to learn that the zero down payment mortgages you ignored, ends up becoming the best option if time was taken to evaluate the options. To avoid regrets in the future, make sure you evaluate the mortgage options that are available before you sign the mortgage application pa...

Whether to rent or buy a home remains an overwhelming question for a majority of Americans. Everyone holds an opinion when it comes to renting vs. buying. Sadly, not even experts have managed to hold back their two cents on the question of home renting or home buying. So, what are some of the pros and the cons of renting vs. buying? Is it better to rent or own a home? In this post, we look at the advantages and disadvantages associated with home renting vs. buying. If you are on the fence about buying a home or renting, here are some ideas to backup your argument. Let’s start with home renting: HOME RENTING A recent report shows that more people are renting their homes right now than at any point 50 years ago. In 2016 close to 37% of households lived in rental properties. This can be attributed to the larger amounts of student debt, fears from the housing crash of 2008, and a myriad of other reasons. So, what are the pros and cons of renting properties? ADVANTAGES OF REN...

When my friend, Tony started to reach his mid 50’s, the old back injuries he’d sustained decades ago, playing college football, started to flare up & get worse. Patrice, his wife, had been in Healthcare for her whole career & just knew as they got older & injuries & age caught up with them that they’d end up forking over quite a bit of money to pay for medical bills. They’d done what most Americans do, & had a good career & funded a 401K for a few decades, but the reality is, it’s just not enough when you factor in health issues & unexpected expenses. They knew they needed extra financing and chose to get a Reverse Mortgage. They planned to find financial backup so that they could be prepared for anything that might come up.   Likewise, if you’re hitting your retirement years and you don’t want to, or can’t touch your lifetime savings yet, a reverse mortgage might be a lifesaving option for you like it was for Tony & Patrice.   Let me ex...

I get a lot of questions from clients wondering what they can do to prepare to purchase a home a year or more down the road. Here are the apps I tend to recommend to my clients! 1.Clarity Money!  – This wonderful app helps us save our $$ by identifying waste. This free app does this by helping identify subscriptions you aren’t using or just don’t need. Another great perk is that it helps you negotiate your monthly expenses down to a lower rate! Lastly, it helps you with accountability and ensure you stay on your budget! I love this! 2. Acorns!  – I cannot overstate how much I love this one. Acorns helps you round up your purchases on your credit and debit cards that you link to the app. The differences that are rounded up to the nearest dollar are then transferred to your Acorns account. This account starts to work for you as it is invested into exchange traded funds. These funds are manageable as you can direct them to conservative or aggressive funds based on you...