Going - Going - Gone!

Arizona as a whole has been designated a declining market by the mortgage insurance companies.  Therefore, we cannot go over 95% Loan-To-Value on any mortgage transaction.  The reason is not that we no longer have loan programs that allow for 100% financing but that the mortgage insurance companies will no longer insure the mortgages over the 95% LTV. 

The only exception to this is if you are approved for a down payment assistance program that is paying the 5% down payment.  We also can not get mortgage insurance for A minus loans or Alternative Documentation (stated income, or no ratio), investment properties, cash-out refinances, interest only or nontraditonal credit loans.  All credit scores must be above 620.  Condos can not go over a 90% loan to value. 

If you have a transaction in process or have been preapproved by a lender for 100% financing or any of the other loans listed above please call your lender immediately.  The only options now for minimum down payment is 3% down on an FHA transaction or 0 down is still allowed on VA transactions and USDA Rural Housing Program will approve up to 100% financing is specific areas with specific income requirements.