AZ HomeBuyer Coach Blog » arizona VA loans http://www.azhomebuyercoach.com Phoenix - Scottsdale Homes For Sale Online Search Sat, 06 Feb 2010 05:06:37 +0000 en hourly 1 http://wordpress.org/?v=3.0 Why Can’t I Get The Interest Rate I See Advertised On TV? http://www.azhomebuyercoach.com/2009/10/why-cant-i-get-the-interest-rate-i-see-advertised-on-tv/ http://www.azhomebuyercoach.com/2009/10/why-cant-i-get-the-interest-rate-i-see-advertised-on-tv/#comments Tue, 06 Oct 2009 15:48:22 +0000 admin http://www.azhomebuyercoach.com/?p=247 FHA Credit Score and Interest Rate Guidelines have changed!

Many Arizona home buyers that come into my office are confused and frustrated when they find out that they are not able to get the low “teaser rates” they see advertised on TV and radio.  Why does that happen? Are these advertising practices deceptive?

Well, the answer is no, they are not deceptive.  The details are explained in very small print at the bottom of the page,  For example, if you want the lowest rate available you will need a 740 credit score putting 20% to 25% (varies by lender).  If you are applying for an Arizona FHA, VA or USDA loan, you will get the lowest rate with a 720 0r 740 credit score. (depending on the lender)

Several months ago mortgage lenders instituted changes to the minimum credit scores they would require in order to qualify for an Arizona FHA loan. Most lenders have raised their minimum scores to 620. Many have raised it to 640.  In addition, they have started to institute “tiered pricing” based on your credit score.

“Tiered Pricing” is a very simple process where you pay a higher interest rate with a lower credit score on an FHA loan.  Tiered pricing is actually a sound, fair and logical way to control loans going into foreclosure without penalizing people who have demonstrated a great history in paying their bills on time.

NOTE: Their is no minimum credit score required for an FHA loan by the Federal Government.  Lenders have the right to “overlay” FHA guidelines and create their own rules and guidelines.

So how do you get the best interest rates on an FHA, VA or USDA loan in Arizona?  Simple, raise your credit score!

Raising your credit score is not always that difficult.  I utilize a software program offered by Equifax, TransUnion and Experian to analyze my clients credit report that will tell us EXACTLY what needs to be done to each account and how many points it will raise their credit score!

So, what does that mean to a potential buyer?  The average lender would just inform a client of their score and begin the process.  I will run the analysis to determine what can be done to raise their score in order to qualify for the best interest rates on their Arizona FHA, VA or USDA loan.

The potential savings can be HUGE!  If you get an interest rate that is 1/2% lower,  your potential savings on a monthly basis can be $20 to $100.  And, $50,000 to $100,000 in payment and interest savings over the life of your loan.

Hiring a Lender and Realtor who will offer this type of service is VITAL to your success.

Are you looking to buy a home and want the best interest rates by improving your credit score?  GET STARTED here

DOWNLOAD a FREE copy of the 11 Biggest Mistakes People Make Managing Their Credit Score!

Have questions?  Call my office at (602) 291-4362

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Phoenix Mortgage Broker – Mortgage Interest Rate Week In Review
FHA, VA, and USDA home loan interest rates had a great week!  Home purchase activity has substantially picked up in the Phoenix Real estate market prior to the expiration of the $8,000 tax credit.
Last Week; a volatile but good week for the rate markets. Mortgage rates fell to their lowest levels since last April. Treasuries continue in demand from foreign central banks and domestic investors; likely some of the buying is associated with new concerns that the economy isn’t on the fast track of recovery as markets were expecting recently. Economic data flowing last week were generally worse than estimates, shaking the confidence that the V shaped economic bottom may be more a W shaped recovery. Job losses in Sept were a third higher than markets were expecting, increasing the fears that unemployment is not close to bottoming. With inflation fears waning and increasing uncertainty interest rates have declined 50 basis points in the past two weeks.

This Week; Treasury will borrow another $71B of notes and bonds to fund the growing budget deficit. The bond and mortgage markets will likely be a little soft on Monday and Tuesday; pending the demand for the Treasury auctions and the action in the equity markets. Interest rate markets will likely increase in interday volatility. Confidence for a quick economic recovery has been shaken a little but most analysts expect investors will step up to buy securities on any major dip in the market. There a just three first tier economic releases this week; Monday the Sept ISM services sector report, Wednesday the August consumer credit report, consumer credit declined $21.5B in July, August is expected to show another decline of $9.5B, on Thursday weekly jobless claims are expected at 541K, down frm 551K last week.
Call me for updates on FHA,VA and USDA loans!
Call my office at (602) 291-4362

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