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Archive for January, 2012

Arizona Mortgage Question of the Day: Can I qualify for an Arizona mortgage if I have co-signed on a loan for another person?


Arizona Mortgage Question of the Day:  Can I qualify for an Arizona mortgage if I have co-signed on a loan for another person?

Well, kind of. 

There is a NEW Arizona mortgage underwriting rule for this.  IF you are qualifying for an Arizona mortgage and you have co-signed (for example for your son to buy a car) BOTH you and your son need to be on the NOTE to repay.   Your son makes the payments on time each month (out of his OWN individual account) then he can provide cancelled checks to show HE makes the car payment.  By doing so, you can qualify for your Arizona mortgage without having that payment included in your debt.

IF, instead, you initiate the loan FOR HIM, you are on the ONLY borrower on the NOTE, then you have to qualify for your new Arizona mortgage WITH the car payment regardless of who makes the payment. 

It always angered me that my father would never co-sign on my behalf, to establish credit.  After what I have seen on individuals mortgage credit reports, I now understand his concern.  Although we all know, I would have made all of my payments diligently 🙂 …… the alternative possibilities are scary.

I would always discourage anyone from co-signing on behalf of another person, however, in certain circumstances it can not be avoided.  IF this is the case- just ensure you are BOTH on the NOTE.

Having a dream is good, owning one is better!

Leslie Nilsen

Owner/ Broker

First Class Financial Services

602.294.9288 (p)

mortgagedr@fcfs.net                   www.fcfs.net

 

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Military Veterans easy /inexpensive streamline refinance!


Miliatry veterans that have used their VA Eligibility to purchase a home can easily streamline refinance!

In many cases there is no appraisal, no income or asset verification to qualify!

The new VA Funding fee is .50% which is financed on top of the eligible loan amount and the closing costs can be rolled into the loan.

AND there is a huge resale advantage!  With interest rates being unbelievably low, upon resale, an NEW eligible veteran could assume the existing loan at the low refinanced rate.   All things being equal, when it comes to resale time, the assumable low rate VA loan could be the deciding factor between houses!

Spread the word to all the veterans out there.  First, THANK YOU for keeping us safe, second, time to pay less on your American Dream!

Having a dream is good, owning one is better!

Leslie Nilsen

Owner/ Broker

First Class Financial Services

602.294.9288

mortgagedr@fcfs.net

MB#0902810 / NMLS#162494