Wohland Mortgage Team only works with approved FHA lenders who offer competitive interest rates, loan costs and underwriting standards, which can vary in the industry even for the same loan.
A consultation with a member of our professional FHA loan team can help you quickly identify if you meet the loan requirements for an FHA loan, and can be arranged by calling (480) 748-9989.
Whether you need a reduced down payment, or have not-so-perfect credit, an FHA loan remains one of the easiest loans to obtain today, benefiting first-time home buyers, as well as those who plan to make substantial repairs and need additional cash set aside for those improvements.
But there are qualifying factors for both the borrower and the home you choose. FHA loans require that an FHA-approved appraiser conduct an appraisal and it must meet certain standards of condition.
While a conventional loan typically requires a down payment of 20 percent, the down payment on an FHA loan can be low as 3.5, which has been key to expanding Scottsdale homeownership for decades.
Furthermore, the source of the funds used for a down payment can be (in part or whole) a cash gift from a family member, as well as funds obtained through a grant from a state or local home buyer’s assistance program.
Other loan types often require that the source of funds used for a down payment be exclusively verified.
Closing costs include an appraisal, a credit report, title expenses, and more, and can often be covered by the seller, or the lender themselves. A home seller may, for example, agree to cover all or part of the closing costs as part of the negotiated price.
Closing costs can also be included in the loan, although a higher interest rate may apply.
Mortgage Insurance for an FHA loan is a two-part process: an initial premium (1.75 percent of the total loan) paid upfront, and an annual premium broken into monthly installments, included as part of the total monthly loan payment. The upfront premium is typically included in the loan.
The total amount of the loan, as well as the years financed will determine the annual/monthly premium installment. Borrowers who make a larger down payment can typically reduce, or avoid additional mortgage insurance fees, as they have personally assumed more of the risk with a larger down payment.
To encourage revitalization of older Scottsdale neighborhoods or damaged homes, FHA provides two types of loans to help homebuyers reserve a portion of loan funds to accomplish non-structural and structural repairs.
A standard 203k loan is provided for Scottsdale properties with structural needs, such as a new roof, room additions, the replacement of plumbing or electrical, as well as a deck, or garage addition. Pools and other ‘luxury’ items are excluded.
The maximum amount under a standard 203k FHA loan is determined by the lesser of two values:
Appraised value of the home plus costs of repairs, or 110 percent of the estimated value after the repairs/renovations are complete. A more streamlined 203k — think 203k Lite — covers non-structural upgrades, such as paint, new flooring, or upgraded appliances. A streamlined 203k loan allows for $35,000 above the purchase price of the home.
Qualifying Scottsdale properties for a 203k loan include:
Wohland Mortgage Team has been successfully securing FHA financing for our clients for over two decades.
For more information about applying for an FHA loan, speak to one of our experienced team professionals by calling (480) 748-9989.
Sean Wohland and Daydra Crampton were absolutely excellent to work with! They managed to get us to close within a month. Both Sean and Daydra were incredibly attentive and quick. If they get to read this, thank you so much!!Mr. Eischens
Sean is the best. Staff is excellent and personable. No issues.Ms. Thalasitis
Sean and Daydra made our process extremely easy and seamless. We appreciate all of their help and efforts! Thank you!Eade Family
Sean and his team were fantastic! The process was easy, quick, and smooth. I’ll continue recommending Sean to all our family and friends. Daydra took great care of us as we submitted paperwork and asked questions. She responded quickly and you could tell she really cared about us through the process. Sean and his team did a great job! The process was smooth, easy, and fast. I’d recommend this team to anyone looking to purchase or refinance a home. Thanks Sean and Daydra!!!Cash Family
You are the best, and have set the highest customer service bar in the industry. I love it!!! Thanks to you and your whole team!King Family
I just wanted to take a minute to compliment your team. Andrea is always very pleasant and helpful when I call. Daydra is also very nice and has gone above and beyond with after hours follow up. It’s nice to find a business that stills goes the extra mile for their clients and associates.Mr. Chappel
Extremely pleased with the overall professionalism and experience of the loan process. I am now a raving fan of Sean, his team members and Home Point Financial. 2 Thumbs Up!!Mr. Romaguera
This process has been amazing. I was nervous because they switched to me after working with another agent and lenders don’t always take care of the new guys. You guys have been great though. I really appreciate it and I’m very impressed.Kara Gaut
Sean was always available to answer questions or concerns we had. Another “great help” was Alexa Johnson, loan assistant to Sean. This young lady was incredible in keeping us posted and moving the loan rapidly along. She was the most help of all. I would recommend these two to others. The greatest help was Alexa Johnson, in California. Alexa was the hub of the wheel and we cannot say enough about how helpful she was. This loan closed early, because in great part to Alexa. She kept things moving forward and got my concerns or questions answered quickly. This experience, by far, was the best, most convenient and quickest of all the times we’ve financed a home. I would highly recommend Home Point. Particularly, Sean Wohland.Hunt Family
This is about the sixth or seventh loan Sean has done for me personally. He is very professional and I completely trust his advice and expertise. Since I am a Realtor as well, I also highly recommend him to my clients. Sean and his team are great and I am completely satisfied with my experience!McElmell Family