Yes. Homeowners age 62 or older can buy a home using a reverse mortgage through an FHA-insured program called the Home Equity Conversion Mortgage for Purchase, or HECM for Purchase (H4P). The buyer typically provides a substantial down payment of roughly 45 to 60 percent of the purchase price using proceeds from a home sale…
If you were watching mortgage rates this week, you saw them tick up slightly after several weeks of quiet improvement. The reason has more to do with oil than with the Federal Reserve, and understanding the difference matters for anyone weighing a purchase, refinance, or equity decision in Arizona right now. Here is a plain-English…
You probably need less than you think to get here. Mesa and Gilbert homebuyers have access to several down payment assistance programs through the state of Arizona and Maricopa County, including statewide programs that offer up to 5% of the loan amount in assistance. These programs can be combined with low-down-payment mortgages like FHA (3.5%…
Welcome to the first edition of what will be a weekly Arizona mortgage market update, published every Friday. Each week going forward, I’ll break down what moved mortgage rates, what happened in housing, and what it means for Arizona buyers, refinancers, and homeowners considering their equity. My goal is to give you a clear, honest…
If you’re self-employed and you’ve ever tried to buy a home, you probably already know the trap. You have two choices, and both of them stink. You can show a lot of income on your tax returns and pay a fortune in taxes. Or you can let your accountant do their job, deducting every…
It usually starts the same way. You’re months away from buying your first home, maybe your second, and your credit’s in shape, your savings are building, and the plan is finally coming together. Then someone you love asks for a favor. A sibling needs help getting a car. Perhaps a parent wants help with a…
VA IRRRLs Explained: When a Refinance Actually Makes Sense Mortgage rates have been hovering in our lowest range in nearly two and a half years for the last couple of months. Consumers are waiting for a big break lower, but the Federal Reserve paused its rate cuts this month. So, what does that mean for…
