Lending Arizona Mortgage News

Student Loan Cash-Out Refinances are now eligible under the Fannie Mae standard loan program.

Highlights of this refinance feature include:
  • Standard Fannie Mae cash-out refinance eligibility LTV/CLTV/HCLTV ratios apply
  • High Balance loans are allowed
  • DU Approve/Eligible required
  • At least one student loan must be paid off with proceeds from the subject transaction with the following requirements
    • At least one borrower must be obligated on the student loan(s) being paid off
    • The student loan must be paid off in full, partial payments are not permitted
    • Proceeds must be paid directly to the student loan servicer at closing
    • Only the first lien and student loan(s) may be paid off through the refinance. No additional payoffs allowed.
Note: A payoff demand statement is required for every student loan being paid off through the refinance.
  • Maximum cash-out to the borrower (over and above the student loan payoff) is the lesser of 2% or $2,000 of the new mortgage.
  • Waiver of the cash-out refinance LLPA if all requirements are met
  • What does this mean?  Higher loan amounts and lower fees for refinance loans where you are only paying off the existing mortgage and student loans.
Posted by William Andrews NMLS # 182790 on August 30th, 2021 12:39 PM

Fannie Mae and Freddie Mac are opening new Refi now programs.  These are programs intended to make refinancing more affordable for smaller loan amounts'

  1.  Loans amounts up to $300,000
  2. Requiring a reduction in the homeowner’s interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner’s monthly mortgage payment.
  3.  $500 credit towards appraisal
  4.  Removal of .5 point add on for conventional refis
  5.  Current fannie or freddie on a 1 unit primary residence
  6.  income less than 80% of area median income(determined by where your home is)
  7. Not missed a mortgage payment in the past six months, and no more than one missed mortgage payment in the past 12 months
  8.  a debt-to-income ratio of 65% or less, and a minimum 620 FICO score

So it is easier to qualify for, less cost and lower rate.  So if you have looked to refinance and it didn't make sense you should look into it again.

Posted by William Andrews NMLS # 182790 on June 7th, 2021 11:40 AM

Looking to buy a home but short on cash? With the DPA Advantage (Down Payment Assistance)
program, you could be eligible to receive a grant for either 2% or 3.5% of the purchase price that can be
used toward your down payment. Contact me to see if you qualify. #downpaymentassistance

For those that have not had a share of homeownership in the last 3 years


first responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT) or similar; • Educator; • Medical personnel (nurse, doctor, phlebotomist, health ambassador, or hospital, American Red Cross worker, or similar); • civil servant in a Federal, state or local municipality; or • military personnel

or meet income requirements

Posted by William Andrews NMLS # 182790 on April 5th, 2021 9:52 AM

Nobody likes to move during the holidays and how long that lasts can vary.  This makes the holidays a great time to find a new home in this period of low inventory and low rates.  Get pre-qualified and get online to fond a home that fits your needs.  The homes that are online and newly listed are people that want to sell.  It may be harder to set up physical inspections but with all the video available now you can do your preliminary checking fairly easy.  Visit the home page www.lendingarizona.net and click on apply now to get pre-qualified or call 520 886-7283

Posted by William Andrews NMLS # 182790 on December 2nd, 2020 4:38 PM

What's My Credit Score?  When do I find out? 

If you are wanting to buy a home, you need to check your credit score now.  If you are not sure what it is the site below is presented by FICO which invented the credit score.  This will give you a starting point.  If you have questions or want to improve your score let us know.  There are many factors that go into  the calculation and some things affect it in ways that might might surprise you.  If  you do not use a revolving credit card for 6 months it is not included in calculating scores. Three credit cards is better than two but 4 is not better than three.  Having no revolving credit cards is better than a couple that are maxed out.    All credit inquiries in the last 30 days do not count against you on your score.

So educate yourself, maximize your credit score before getting a home mortgage- it can save you a lot of money.


Posted by William Andrews NMLS # 182790 on August 20th, 2020 1:47 PM

Current statistics show it is often cheaper to buy than to rent.  After the real estate downturn of 2010 a lot of distressed residences were purchased by large entities with the intent to fix up and rent.  Now that inventories for sale are low in most areas, rents are increasing in a lot.  Lower mortgage rates are making homes more affordable though the prices have gone up.  With more and more families working from in Southern Arizona, a larger living space is looking attractive.  As inventory is low it is best to get pre-approved so sellers will accept your offer.  Purchases can be made with as little as 3% down, though a larger down payment will give you a better rate on conventional.

Let us know if you have questions or need assistance.

Posted by William Andrews NMLS # 182790 on August 6th, 2020 3:33 PM

How can you use a rate in the 2's?

Add on a new bathroom

Pay off debts

Lower your monthly payments

Pay off sooner

Add a  Home Office

Call and see if you can do what you want-

520 886-7283


mb- 09809242

Posted by William Andrews NMLS # 182790 on July 22nd, 2020 3:01 PM

After a brief exit from availability Jumbo loans are back, and unlike Wells Fargo most do not require a $1,000,000 in new deposits.  Purchases, refinance and cash-out refinances are now available at rates comparable to conventional loans.  Loan amounts up to $3 million and cash out to 80%.  Give us a call or email if you have questions.

Posted by William Andrews NMLS # 182790 on July 13th, 2020 12:45 PM

FHA Streamline 2.75% Apr 3.549

If you have an FHA with rate 3.75% or higher, not in Forbearance you will qualify. Call or apply online.

Based on 690 Fico Loan amount $185,000 , purchase price $190,000 

Lending Arizona, llc NMLS #174095 MB 0909242

3531 N Pantano Rd

Tucson, AZ 85750

Posted by William Andrews NMLS # 182790 on June 2nd, 2020 7:35 PM

Choose a cash-out refinance and you can easily consolidate high-interest debt into one new primary mortgage using the equity from your home. Use it to pay off high-interest credit card debt or student loans, and you can improve your overall monthly finances. Contact us, and we’ll get you started. NMLS#XXXX

Posted by William Andrews NMLS # 182790 on May 26th, 2020 11:54 PM

Lending Arizona, llc

NMLS #174095; MB-0909242

3531 N Pantano Rd
Tucson, AZ 85750-2805