OUICK REFERNCE for VA loans

Who is eligible: Those who served active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard for required time or those who served Reserves/National Guard for required time

What do they need: Clear Certificate of Eligibility.

How to get a certificate: Call the or apply to VA center

What is needed for certificate: Name, Social, Service type and DD214

Can you get more than one VA loan in your lifetime: Yes

Can you have more than one VA loan at a time: Generally, no

What is the funding fee a Veteran will pay: Depends on service type, first or subsequent use, and down payment. Ranges from 1.25% - 3.3%.

(i.e.: 1st time, 0 down = 2.15%, 10% down = 1.25% for regular military)

How is the funding fee paid: It is financed on top of the loan.

What fees are buyers not allowed to pay: escrow/settlement fees, doc prep fees, conveyance fees, mailing charges, commitment fees, application processing fees, broker fees, tax service fees.

What is the maximum financing: $417,000 for 0 down — above, must pay 25% difference

OUICK REFERNCE for USDA loans

  • Property must be eligible: check address at: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Income limits apply — can also check on above website
  • Every person in house counts towards income eligibility even if not on loan
  • Generally available in Queen Creek, Maricopa, Buckeye, portions of Apache Junction/Chandler/Gilbert
  • Can finance closing costs if house appraises higher than purchase price
  • 3.5%fundingfee

QUICK REFERNCE for FHA loans

  • Buyer can pay all fees except tax service fee — generally around $83
  • 3.5% down payment
  • .55% monthly mortgage insurance(CHANGING Oct. 4th to .85-.9%)
  • 2.25% up front mortgage insurance financed into loan (CHANGING Oct. 4th to 1%)
  • Gift funds are acceptable for down payment
  • Can you have more than one FHA loan at a time: Generally, no
  • Seller can pay up to 3% costs

QUICK REFEENCE for Reverse Purchase loans

  • How old does borrower need to be: youngest must be age 62 or older
  • Eligible properties: single family, townhome, condo, retirement community, etc.
  • No GIFT funds allowed
  • Seller cannot contribute
  • No minimum FICO/credit history
  • No income/employment