AmeriFirst Financial, Inc. your LOCAL Mortgage Banker in Prescott, AZ is here for you. Our
LOCAL Mortgage Banker in Prescott,
AZ Branch of AmeriFirst Financial is proud to be staffed with Four
Loan Officers, a Loan Officers Assistant, Processor and Administrative team. We
are located in the Prescott Business Center at: 222 W. Gurley Street, Suite
202, Prescott, AZ 86301.
Our Mortgage Banker in
Prescott, AZ Loan Officers are here to guide you through each stage
of the process and provide you with expert advice along the way.
We are committed to making the home loan process clear, informative and
simple. At your
LOCAL Mortgage Banker in
Prescott, AZ AmeriFirst Financial we understand that buying a
home will be one of the biggest purchased of your life. That is why we are
committed to providing you with the information you need to make well informed
decisions.
FHA Myths Exposed and Explained by Your Local Mortgage Banker in Prescott, AZ
Q.
Do FHA loans require too much paperwork?
A. In prior years, FHA loans required
much more paperwork and documentation than conventional loans. Now, there are
only about seven application documents more than conventional loans that buyers
need to sign making the process more simplified.
Q.
Are FHA loans are too expensive for the Seller?
A. There used to be substantial costs
involved that the buyer was not allowed to pay. Now, the only cost the buyer
cannot pay is a $75 tax service fee. This makes FHA much more attractive to
sellers.
Q.
Are FHA rates higher?
A. With tiered pricing on conventional
loans, FHA pricing is actually much lower. The minimum FICO score required on a
conforming loan before the borrower has to pay a higher rate is 740. On FHA
loans, a low FICO score of 620 gives the buyer the same interest rate as
someone with an 850 score.
Q.
Can Mortgage Insurance be removed?
A. It is possible to obtain a 15-year fixed FHA loan with 10% down payment
which requires NO MI. If MI is obtained, it must be held for at least 5 years.
Q.
Do FHA loans take too long to close?
A.
As a Double Eagle FHA approved lender, closing is fast and efficient.
Q.
Do FHA loans benefit the buyer?
A. FHA is the only loan with less than
10% down (3.5% down payment). MI is reasonable and underwriting is still quite
liberal. All of these things benefit buyers.
Q.
Do FHA loans benefit the Seller?
A. This is probably the most
significant myth still active in today’s market. With only a 3.5% down payment
requirement, minimum 620 credit score requirement, and minimal cash reserves
FHA loans are a huge benefit to sellers.
Q.
Do you always need money to close as a buyer?
A. All down payment and closing cost
funds can be gifted by an approved source. The buyer needs zero funds of their
own to close.
Q.
Is a Conventional loan always better?
A. In today’s market, conventional
loans are much harder to close and the MI is more difficult to obtain. FHA is a
great loan in today’s market.
Q.
Is it hard for buyers to understand the loan?
A. Even first time buyers see the
numerous benefits of FHA. Today FHA calculations are much less complex.
Q.
Does government get too involved in the process?
A. As a Double Eagle FHA approved
lender, AmeriFirst Financial controls the entire process from application to
funding. With this control, Amerifirst can complete the transaction quickly and
meet timelines making the process simple.
Please
feel free to stop by or call your LOCAL Mortgage
Banker in Prescott, AZ
222 W. Gurley Street, Suite 202, Prescott, AZ 86301
(928) 227-0586
| www.amerifirst.us
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