Frequently Asked Questions

There is a loan program designed especially for you.  The borrower with traditional sources of income such as social security, pension, etc. that alone may not be enough to qualify, but with substantial liquid assets available to supplement income. 

Click this link to see the program:  ASSET BASED

The minimum loan amount in Arizona is $417,001.

Sun Nations Mortgage, Inc. has very competitive JUMBO rates in Arizona!  Call us 602 993-0000.

Borrowers may leave their property for up to 12 consecutive months for medical reasons and will need to continue to meet the program requirements.  After this time, the borrower must be able to return to the home as their owner occupied primary residence in Arizona.

NO!  Also, you do not need to repay the loan as long as you or one of the borrowers continues to live in the home, keep the taxes and insurance current and maintain the property to FHA standards.  You can never owe more than your home's value on a reverse mortgage.

Yes.  As long as all other program requirements are met, only one owner is required to owner occupy the property as a principal residence. 

NO.  The cash advances are actually loan distributions and are not considered income by the IRS.  Consult your tax advisor to confirm your advances would be tax-free.

Yes, if the children are at least 62 and older and live in the home / property.

Yes, as long as you are the primary trustee and are qualified by your age.

Yes, but the existing mortgage loan must be paid off prior to or at your reverse mortgage closing.  Most of the time a reverse mortgage in Arizona is used to pay off an existing phoenix home loan.

Of course NOT!  It is your money and you can use it however you want!

For more information on reverse mortgages, please call 602 993-0000 or

The only zero down or no down payment loan is a VA loan.  To see if you qualify....click here.

Unfortunately, there are no true zero down or no down payment loans available except the VA loan.  There are low down payment options, such as,

3.5% down for FHA financing

3.0% down for Homepath Financing

$1000 down minimum for the City of Phoenix Move In Ready Program

Many cities have their own down payment / grant programs. 

Step 1:  Go to the city website that you are interested in living in- CLICK HERE

Step 2:  Go to Housing or Grant / Down Payment Assistance to see if they have any programs available.

Step 3:  Call the City to make sure that Funds are still available for the program

Step 4:  Call Sun Nations Mortgage, Inc. to see if you qualify for a mortgage loan 602 993-0000.

There are many different loan programs available, here are some of the minimum FICO scores for the most popular programs based upon single family residence, owner occupied:

Minimum FICO scores are subject to change, please call Sun Nations Mortgage to see if you qualify 602 993-0000

The earnest money, earnest money deposit or good faith deposit is required to show your seriousness or willingness to purchase a home in Arizona.  It must be high enough to show good faith and is usually between 1-5% of the selling price of the home. 

If your offer is accepted then the earnest deposit, earnest money deposit or good faith deposit is credited towards your down payment or closing costs.

If your offer is rejected then your earnest deposit, earnest money deposit or good faith deposit is returned to you.

If you back out of the deal, you may lose your earnest deposit, earnest money deposit or good faith deposit. 

Please call 602 993-0000 to inquire about earnest payments, good faith deposits or earnest money deposits.

Your monthly Arizona mortgage payment will include:

• Principal
• Interest
• Real estate Taxes
• Hazard Insurance
• Mortgage Insurance Premium (If you put less than 20% down)

Call us to see what you qualify for 602 993-0000 or email sunnations@cox.net

You can also estimate your monthly principal and interest by using our Monthly Mortgage Calculator

There are arizona mortgage programs out there that only require you to put down 3% of the selling price.  So on a $100,000 house that's $3000!  Your down payment can also come from a gift. 

There are also grant programs available from the cities that usually require $1000 or 1% of the sales price.  To find out more about grant programs.....CLICK HERE

GO to the city that you are interested in then click on Housing or Grant Programs,  Call the city to see if the program is still available, then call Sun Nations to get qualified.

Of course, the larger the down payment then you don't have to borrow as much and you will have more equity in the house. 

When you do a mortgage loan with less than 20% down payment you will be required to purchase mortgage insurance.  Depending on the program, you could have an upfront premium along with a monthly premium.  Mortgage insurance does go away after you reach 78% of the original loan amount or 80% of the appraised value (contact your lender for their rules).  There are also arizona mortgage programs such as the HomePath program that does not require upfront or monthly mortgage insurance.

When figuring out how much you want to put down on your home, remember that you will also have closing costs, moving expenses, any repairs, redecorating and furnishing your new home.

To see what programs you qualify for please call 602 993-0000 or email sunnations@cox.net

Yes, Lenders are now offering several affordable loan options available to first time home buyers in Arizona.  These mortgage options can help first time home buyers overcome obstacles that would have made purchasing a home difficult in the past.  Lenders have programs that can help borrowers who don't have a lot of money saved up for a down payment and closing costs, maybe have high debt, have no or a not so good credit history, or have had some income irregularities.

To hear about these Arizona Mortgage programs and how they can help your situation, please call 602 993-0000 or email sunnations@cox.net

The VA does not consider a short sale as a pre-foreclosure in Arizona. Generally, you need one year from a short sale. VA considers on a "case by case" basis.

To see if you qualify for a mortgage and apply for a VA loan in Arizona, please call 602 993-0000, email sunnations@cox.net or go to APPLY NOW on the main menu.

In order for VA to guarantee the VA home loan in Arizona, there is a closing cost assessed by the VA to originate the loan called a funding fee. This fee will vary, depending upon the type of VA loan, whether this is your first time to use your entitlement, if you are a disabled veteran, the down payment and if you served active duty or in the National Guard/Reserves.

*The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan.

The funding fee does not have to be paid by veterans receiving VA compensation for service-connected disabilities, or who but for the receipt of retirement pay would be entitled to receive compensation for service-connected disabilities, or surviving spouses of veterans who died in service or from a service-connected disability

If you have questions regarding the funding fee or if you qualify for a VA loan please call 602 993-0000 begin_of_the_skype_highlighting              602 993-0000      end_of_the_skype_highlighting or email sunnations@cox.net

The Certificate of Eligibility is a document issued by the Department of Veteran Affairs that determines

1) if you are eligible for a VA home loan and

2) how much entitlement you have or how much you have remaining

Click Here to Obtain your Certificate of Eligibility.

If you would like to see if you qualify for a VA loan please call 602 993-0000 or email sunnations@cox.net

No. It is common practice in the mortgage lending industry to sell mortgages, often before the first payment is even due. If your loan is sold, you may find that you sent your first payment to the wrong place and the new holder of your loan may send you an overdue notice. Even though you know you made the payment, and is is up to the two lenders to get it straightened out, do not ignore the notice. (Most lenders will notify the veteran if the loan is sold and help straighten out any problems.)

No. The surviving spouse or other co borrower must continue to make the payments. If there is no co borrower, the loan becomes the obligation of the veteran's estate. Protection against this may be obtained through mortgage life insurance, which must be purchased from private insurance sources.

Yes. A VA home loan may be partially or fully paid at any time without penalty. Partial payments may not be less than I monthly installment or $100, whichever is less. (Consult your lender.)

The veteran should see another lender in Arizona. The fact that one lender is not interested in making the loan the veteran wants does not mean that other lenders will not make the loan.

To see if you qualify through Sun Nations Mortgage, please call 602 993-0000 or email sunnations@cox.net

We do VA mortgages in all cities of Arizona,  Anthem mortgage, Apache Junction mortgage, Avondale mortgage, Carefree mortgage, Cave Creek mortgage, Chandler mortgage,  Flagstaff mortgage, Gilbert mortgage, Glendale mortgage, Maricopa mortgage, Mesa mortgage, Paradise Valley mortgage, Peoria mortgage, Phoenix mortgage, Scottsdale Mortgage, Tempe mortgage, Tucson mortgage, Yuma mortgage.

For more information, please call 602 993-0000 or ask an expert at sunnations@cox.net

Yes, but the total number of separate units cannot be more than four if one veteran is buying. If more than one veteran is buying, then one additional family unit may be added to the basic four for each veteran participating; thus, one veteran could buy four units; two veterans, six units; three veterans, seven units, etc. In addition, if the veteran must depend on rental income from the property to qualify for the loan, the veteran must (a) show that he or she has the background or qualifications to be successful as a landlord, and (b) have enough cash reserves to make the loan payments for at least 6 months without help from the rental income.

As a seller that has an existing VA home loan on your property, you may wonder about the feasibility and possibility of having a buyer purchase the home and assume the current VA home loan. Before you rush out and sign a contract, there are several considerations that you need to take into account. You may sell the property to a veteran or a non-veteran at any time.

However, if the VA home loan was closed after March 1, 1988, and it will be assumed by the buyer, the qualifications of the assumer must be reviewed and approved by the lender or VA. Prior to March 1, 1988, VA home loans could be assumed by anyone. With newer VA loans, the buyer generally has to be a qualifying veteran in order to assume the mortgage.

You should contact your current lender for more information on the requirements on assuming your current VA home loan. It is important to mention that just because someone assumes your VA home loan, you are not necessarily off of the hook. If the loan was closed after March 1, 1988, the lender or VA must be notified and requested to approve the assumer and grant the veteran release from liability. If the loan was closed prior to March 1, 1988, the loan may be assumed without approval from VA or the lender.

However, the veteran is strongly encouraged to request a release of liability from VA in order to avoid owing a debt to the Government if the loan assumer (or a subsequent assumer) fails to pay the loan. However, a release of liability does not necessarily restore your entitlement. The assumer must not only qualify from a credit and income standpoint, but he or she must have sufficient entitlement AND agree to substitute it for that used by the original veteran in obtaining the loan and meet occupancy requirements, It is not recommended to allow a non-qualifying buyer to "assume" your mortgage by making the payments for you. In this type of transaction, the buyer pays the seller the difference between the sales price and the remaining mortgage (also known as the Cash-to-Mortgage) and pays the title/escrow company which in turn pays the lender for the seller. Though many sellers are duped into believing that they are released from any potential liability, the reality is they are putting their credit history in the control of someone who does not qualify for a loan AND gives title of the property over to this person thus putting themselves into a position of maximum risk with no collateral should the buyer default on payments.

In the end, you could be the one that owes the government for a loss, have your credit history destroyed by someone else, possibly be sued for liability while the buyer only looses his or her initial down payment to you.

Yes, On a VA Energy Efficient Mortgage the maximum loan amount is the lower of the appraised value or purchase price minus the down payment, if any. You then add in the cost of the Energy Improvements based on the HERS report plus the funding fee. Your base mortgage amount may be increased by:

less than or equal to $3,000 with the copy of the bids / contract itemizing the improvements and their costs.

greater than $3,000 to $6,000 – same documentation as above with determination that monthly mortgage payment increase does not exceed the reduction in monthly utility costs. Documented determination made by municipalities, utility companies, state agencies or other reliable sources.

Greater than $6,000 – Discretion must be exercised. Including the above requirements consider whether veteran’s income will cover the higher monthly payment. Subject to value determination by VA.

The Funding Fee will be calculated based on the costs of the Energy Efficient Improvements and the full loan amount. Entitlement and Guaranty: Entitlement used will be based on the loan amount before adding the cost of Energy Efficient Improvements. The 25% required guarantee will be based on the total loan amount including improvements.

If the improvements are not completed prior to closing….an escrow account may be set up and the loan closed. The following will apply:

• Only the amount needed to complete the improvements may be withheld.
• Check the appropriate block on VA Form-26-1820. Item 23. Report and Certification of Loan Disbursement
• Improvements should be completed within (6) six months form loan closing VA Home Loans

If you have any questions regarding this program, please call 602 993-0000 or email sunnations@cox.net

 No. Home loan entitlement is generally good until used. However, the eligibility of service personnel is only available so long as they remain on active duty. If they are discharged or released from active duty before using their entitlement, a new determination of their eligibility must be made, based on the length of service and the type of discharge received.

If you have any questions regarding your eligibility please call 602 993-0000 or email sunnations@cox.net

The veteran should obtain a Certificate in Lieu of Lost or Destroyed Discharge. Any VA Veterans Benefits Counselor at the nearest VA office will assist a veteran in obtaining necessary proof of military service.

In this case your entitlement can only be restored if the assumer is also an eligible veteran who is willing to substitute his or her entitlement for that of your original entitlement. Otherwise you cannot have your entitlement restored until the assumer has paid off or sold the VA home loan.

If you have questions, please call 602 993-0000 begin_of_the_skype_highlighting              602 993-0000      end_of_the_skype_highlighting or email sunnations@cox.net

Yes, depending on the circumstances. If you have paid off your prior VA home loan and disposed of the property, you can have your entitlement restored for additional use.

In order to get your entitlement restored....you will need to follow these Steps:

STEP 1:  After logging on to the Veterans Information Portal at https://vip.vba.va.gov double click on "Apply for benfits online click here" hyperlink found in the text box labeled "My Home Loan Benefit Eligibility and Entitlement"

STEP 2:  Enter the information requested.  Be sure to be complete and accurate.  Once complete, hit NEXT

STEP 3:  Enter the information requested on the Active / Reserve Tour Data.  Clikc NEXT to continue.

STEP 4:  Answer the questions on Prior VA loan information, Click NEXT to continue

STEP 5:  Depending upon the reason for the request, you may be required to upload a HUD1 statement or your DD214.

STEP 6:  Certify and Submit your application for processing.  Make sure to check back periodically to see if it has been processed.

Questions with this process, please call 602 993-0000 or email sunnations@cox.net

Years ago, VA financing was more complicated than conventional financing. However changes over the years have streamlined the VA home loan process and in many cases, VA home loans are easier than conventional financing. 

Call us to see if you qualify 602 993-0000 or email sunnations@cox.net

You can apply for a VA home loan at any mortgage company that participates in the VA home loan program. For example, if you are buying a home in Arizona, you can call Sun Nations Mortgage, Inc. for more information or apply online for an Arizona mortgage.

At some point, you will need to get your VA Certificate of Eligibility from the VA to show that you qualify for a VA loan.

Call 602 993-0000 or email sunnations@cox.net

As a qualifying veteran for the VA home loan program, the government has afforded you a unique opportunity to purchase a home. However with every decision, there are pros and cons to this opportunity. Review the following information before deciding if a VA loan is right for you:

PROS:

• VA home loans do not require a down payment, unless the purchase price is more than the appraised value or in excess of $417,000. 
• VA home loans have a negotiable fixed interest rate that is competitive with conventional mortgage financing. ·
• VA home loans have limitations on which closing costs may be assessed to the veteran.
• VA home loans have long amortization (repayment) terms
• VA home loans may be prepaid without penalty
• VA home loans may have forbearance extended to worthy VA homeowners experiencing temporary financial difficulty
• VA home loans do not require mortgage insurance premiums
• The seller may pay ALL of the veteran's closing costs up to 4% of the selling price (and with a $0 down payment, the veteran can literally purchase a home for nothing) 

CONS:

• VA home loans require the veteran (or the seller) to pay a funding fee. If this fee is wrapped on top of the loan and the veteran finances 100% of the property, the veteran will be "upside down" on the home (meaning he or she owes more than the property is worth). Higher loan amounts reduce the available equity position of the veteran which could hamper selling the property within the first five years of ownership. In other words, if the veteran had to sell the home, there may not be a margin of equity to cover the closing costs on the sale of the property, any real estate commissions owed to a listing agent, and any other costs associated with the sale of a property. (This does not factor in any appreciation in the value of the home over this period of time)
• Co-borrowers are restricted to qualifying veterans and spouses of qualifying veterans only.
• The Department of Veteran Affairs will have access to your personal and financial records obtained during the loan process.

In the opinion of most people out there, the advantages definitely outweigh the disadvantages of choosing a VA home loan, especially when you can purchase a home for $0 down, have the seller pay for all of your closing costs, and move right in!

To review your options.....Please call 602 993-0000 begin_of_the_skype_highlighting              602 993-0000      end_of_the_skype_highlighting or email sunnations@cox.net

It used to take 30-45 days by mail to receive your certificate of eligibility.  Now you can go online and get it in a manner of minutes.  

REGISTER FOR THE PORTAL:

STEP 1:  Get a username and password by going to the Veterans Information Portal at:  https://vip.vba.va.gov  Select "User Registration" on the left side of the screen by double clicking.

STEP 2: Answer the questions that come up on the User Registration Screen.  Most will answer YES to question one and NONE to question two.  Once complete, click the NEXT button to continue.

STEP 3: Enter all of the information that is required.  The red asterisk denotes all fields that are required.  Be sure the answer the questions completely and accurately.  They should match your DD214 or your statement of service.  If you served under a different last name then make sure you answer yes to the last question. Once complete, click NEXT.

STEP 4: Enter Contact information.  If you would like to receive your information by email.  Make sure and answer YES.  Click NEXT to continue.

STEP 5: Enter information on the Login/Security Information Screen.  Click NEXT to continue

STEP 6:  Read the terms and conditions.  Once read, click the "I Accept"  then "submit" to process your request.  You will receive an email confirmation.

GET YOUR CERTIFICATE:

STEP 1;  Log into the VIP Portal.  https://vip.vba.va.gov

STEP 2:  Obtain your Certificate of Eligibility by double clicking on click "HERE" in the body of the text labeled "My home loan benefit eligibility and entitlement"

STEP 3:  You may now View and Print your Certificate of Eligibility

If you have any questions please call 602 993-0000 or ask an expert at sunnations@cox.net

The easiest way to get your spouse removed from your home loan is to do a FHA Streamline refinance.

The current deed or title must be used to verify all the current borrowers are listed as owners.

Deleting a borrower must be processed as a credit qualifying loan, unless one of the following exist:
 
The loan must have been legally assumed more than 6 months ago AND the remaining borrower must document that they have made the mortgage payments solely during that time. A borrower who assumed or took title, subject to an FHA insured mortgage, without the benefit of a credit review, must have owned the property for at least 6 months before becoming eligible for a streamline refinance. Verification of mortgage payments and seasoning can be shown through copies of the most recent 6 months cancelled checks
AND a copy of the Quit Claim Deed showing the transfer of ownership occurred at least 6 months prior.

OR

The property was transferred as a result of a divorce decree AND the assumption or quit claim of interest occurred more than 6 months ago AND the remaining owner occupant can demonstrate that they have made the mortgage payments during this time. For verification the following documentation is required:
• Copy of the most recent 6 months consecutive cancelled checks (Checks drawn on joint accounts involving the deleted borrower are NOT acceptable)
• Copy of divorce decree and property settlement agreement
• Copy of quit claim deed showing the transfer of ownership at least 6 months prior

Please call 602 993-0000 or email sunnations@cox.net

For 1-2 family units you do NOT need cash reserves, however, it is up to the discretion of the underwriter.

For 3-4 family units - requires 3 months of PITI (no gifts)

Cash on hand / cash saved at home (also known as mattress money) is not allowed.

If you have any questions please call 602 993-0000 or email sunnations@cox.net

The required minimum down payment on an FHA loan is 3.5%.

So on a $100,000 house that would be $3500.

Your down payment can come from the following sources:

Your own funds-must be documented such as in a bank account, CD, money market, 401K, IRA, stocks, bonds, mutual fund, etc.  Cash on hand or cash saved at home (also known as mattress money) is NOT allowed unliess it can be documented such as you received a bonus from work and you went and cashed the check,  

Gift Funds-Your down payment can be gifted and the following donors are allowable:

• Relatives of the borrower
• Borrower's employer of labor union
• Charitable Organizations
• Government Agencies
• A close friend with a clearly defined interest in the borrower 

A gift letter will be required.  All gift letters must include the following:

• Name, address and phone number of the donor and the borrower
• Dollar amount of the gift
• Relationship between donor and borrower
• Specification that no repayment is required
• Signatures of both the donor and borrower  

Evidence that gift came from the donor's personal account and transfer of funds or evidence of receipt must be documented.

If you have any questions please call 602 993-0000 or email sunnations@cox.net

The Selling can pay up to 6% of the selling price towards your closing costs.
So if you are purchasing a $100,000 home.  The seller can pay up to $6,000.
If you have any questions please call 602 993-0000 or email sunnations@cox.net

The maximum loan amount on an FHA loan varies by County in Arizona and also if the property is a 1,2,3 or 4 family dwelling.

 If you have questions regarding the Arizona limits - Please call 602 993-0000 or email sunnations@cox.net

If you currently have a FHA loan you may be eligible to do a streamline refinance to either reduce your total mortgage payment, fefinancing from an Adjustable Rate to a fixed rate mortgage or reducing the term of the mortgage.

If you would like to do a NO cost loan then an Appraisal will be required. 

No credit qualifying or no debt qualifying required if your monthly principal and interest do not increase by more than 20% OR you are not adding / deleting a borrower such as in the case of divorce.  We just need to do a verbal verification of employment. 

The documentation needed to complete a FHA Streamline Refinance are:

• Copy of driver's license and social security card for the Patriot Act
• Copy of Note, Final HUD1 and current mortgage statement
• Hazard Insurance
• Credit Reporting Fee made payable to Kroll Factual Data
• Appraisal Fee, if required

Sun Nations Mortgage, Inc. Never charges an Application Fee!

WE ARE CURRENTLY OFFERING A $198 Fee Special for all loans submitted prior to December 10, 2010!

Our current fees are $990 - so that's a savings of $792.00!!!!!!  Loans must be submitted by 12/10 to close by the end of the month!

Please call 602 993-0000 to see if you qualify, get rates and a Good Faith Estimate.

Yes. The HomePath financing program will do 10% down for investors in Arizona for Fannie Mae Foreclosures 
The other benefits to this program are:

• NO appraisal 
• NO Upfront or monthly mortgage insurance.
• Interested parties, such as the seller, can pay up to 2% of buyers closing costs and prepaids
• Flexible loan terms and very competitive low investor rates available.

You can go to www.homepath.com  to see properties available in Arizona on this program.

 
Sun Nations Mortgage, Inc is approved to do this phoenix home loan program.
You can call 602 993-0000 or apply online.
 

Yes. The HomePath Financing Program does not require an appraisal.  
This program also:

• does not require any upfront or monthly mortgage insurance 
• Low down payment - only 3% down for owner occupants, 10% down for second homeowners and investors
• Flexible Loan terms (Fixed rate, Adjustable rate and interest only options)
• Low Down payment can be funded by your own savings, a gift, a grant, or a loan from a non profit organization, state or local government, or employer
• Fist Time Home Buyers qualify for owner occupied only
• Interested party contributions, such as by the seller towards buyers closing costs and prepaids can be up to 6% on primary and second homes or 2% on investment properties
• Your credit does not have to be perfect to qualify for this program.   

This program is designed for Fannie Mae foreclosures and you can locate properties in Arizona that are eligible for this program at www.homepath.com

You can see if you qualify for this Phoenix home loan program by calling 602 993-0000 begin_of_the_skype_highlighting            602 993-0000      end_of_the_skype_highlighting or apply online.

If you have had a Chapter 7, 11 or 12 Bankruptcy:

• For a conventional loan plan on waiting 4 years with re established credit since the bankruptcy. You can have 2 years with extenuating circumstances.
• For a FHA and VA loans; the requirement is 2 years with re established credit since the bankruptcy or 1 year with extenuating cirumstances.
• Either way you must have clear CAIVRS report.

For a Chapter 13 bankruptcy:

• For a conventional loan plan on waiting 2 years since discharge date or 4 years since the dismissal. You can have 2 years with extenuating circumstances.
• For a FHA / VA Loan: You must be in the plan for 12 months with satisfactory payments and court approval or you must have a satisfaction of completion on the plan.

If you would like to discuss your options for a Phoenix Home Loan or discuss mortgage loan scenerios in Arizona, please call 602 993-0000.

For a Conventional Loan:
: When converting a principal into an Investment Property the following requirements must be met or else the borrower must be qualified with full payment of the current present residence and the subject property:

• There must be documented equity of at least 30 percent in the existing property derived from at least a 2055 exterior –only inspection, dated no more than 60 days from the Note Date minus potential outstanding liens- HCLTV).

• The rental income must be documented with a copy of the fully executed lease agreement and the receipt of a security deposit from the tenant and deposit into the borrower’s account.

If the 30 percent equity in the property cannot be documented, rental income may not be used to offset the mortgage payment. Both the current and the proposed mortgage payments must be used to qualify the borrower for the new transaction; and 6 months of PITI for both properties is required to be in reserves for manually underwritten loans. For loans submitted to Desktop Underwriter, DU will determine the amount of reserves. For Loan Prospector loans, the reserve requirement will be the greater of six months PITI reserve for both properties or the reserves required by Loan Prospector.
Gift funds cannot be used for reserves. Loans that require mortgage insurance must have 6 months of PITI
reserves for both properties.

For a FHA Loan:
When converting a principal residence into an Investment Property, the borrower must be qualified with both payments. Rental income may only be considered under the following two circumstances:

• The homebuyer is relocating with a new employer or being transferred by the current employer to an area not within reasonable and locally recognized commuting distance, rental income from the property being vacated may be used. A fully executed lease with at least one year remaining after loan closing is required.

• When the LTV of the property being vacated is 75 % or less, rental income may be used. The LTV is determined by a current appraisal no more than six months old or by comparing the unpaid principal balance to the original sales price. In addition to using standard full appraisal forms, the appraiser may also use drive by form 2055 for detached homes, or condo form 1075.

A signed lease agreement and evidence of receipt/deposit of the security deposit check is required.

An FHA Loan requires that you put down a minimum of 3.5% of the purchase price.
So if you are purchasing a $100,000 home times 3.5% would be $3,500 down. Of course, this is the minimum down required and you can put more down if you desire.
To see if you qualify....call 602 993-0000 or email sunnations@cox.net

This is a quick reference for the most common Eligible Veterans.  Do Not assume that you are not eligible.  The best thing to do is to make application and let the VA have the final say on your eligibility.

 Here are more situations that are eligible:

 If you have any questions regarding your eligibility, please call 602 993-0000 begin_of_the_skype_highlighting              602 993-0000      end_of_the_skype_highlighting or email sunnations@cox.net

Since this mortgage is guaranteed by VA, the minimum down payment required is 0% of the sales price. Veterans are allowed to put money down on the purchase (which subsequently reduces the required funding fee). No cash reserves are required.

Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you request your credit report within 60 days of receiving notice of the action. The notice will give you the name, address, and telephone number of the consumer reporting company. You’re also entitled to 1 free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft. Otherwise, a consumer reporting company may charge you up to $10.50 for another copy of your report within a twelve month period. To buy a copy of your report, contact: Equifax:1-800-685-1111; equifax.com Experian: 1-888-397-3742; experian.com TransUnion: 1-800-916-8800; transunion.com

Your credit report has information that will determine whether you can get a loan — and how much you will have to pay to borrow money. You want a copy of your annual credit report to: make sure the information is complete, accurate, and up-to-date before you apply for a loan for a major purchase like a car or house, buy insurance, or apply for a job. help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.

A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. There is no time limit on reporting information about crimi­nal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, which­ever is longer.

If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your state­ment to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.

If you tell the information provider that you dispute an item, a notice of your dispute must be included any time the information provider reports the item to a consumer reporting company.

Advise the consumer reporting company, in writing, what information you think is incomplete or inaccurate.

Consumer reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.

When the investigation is complete, the consumer reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report under the FACT Act.) If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.

Tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute. And if you are correct — that is, if the information is found to be inaccurate — the information provider may not report it again.

You may order one, two, or all three reports at the same time, or you may stagger your requests. It’s your choice. Some financial advisors say staggering your reports during a 12-month period may be a good way to keep an eye on the completeness and accuracy of the information on your reports.

It’s up to you. Because the reporting companies get their information from different sources, the information in your report from one company may not reflect all, or the same, information in your reports from the other two companies. That’s not to say that the information in any of your reports is necessarily inaccurate; it just may be different.

The three reporting companies have set up a central website, a toll-free number, and a mailing address through which you can order your free annual report.

To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print it from ftc.gov/credit. Do NOT contact the three nationwide consumer reporting companies individually.