Check out our home buyer lending guideline cheat sheet before you purchase your next home! Let's begin by looking at one of the most important lending factors--your FICO score. The FICO score requirement will vary based upon the type of loan--always consult with a reputable lender before beginning the home buying process. The FICO score required may also vary depending upon the amount of the down payment: 2017/2018 FICO Requirements (subject to change) Conventional loan: 620 Jumbo loan: 680 FHA: 580 VA: 580 Note: Consult with your lender regarding jumbo loans that allow for less than a
Community Facility Districts in Scottsdale
What Are CFD’s Anyway? I recently had a client ask me what a CFD (or Community Facility District) is and I got to thinking that there are probably other folks who would like to know more about these things. CFD’s are special districts, often called Improvement Districts, that are formed for the purpose of construction, operation/maintenance and finance acquisition of the common area (public infrastructure) benefiting planned communities. There are a few community facility districts in Scottsdale and many more throughout Maricopa County and Arizona. In Scottsdale, there are four CFD’s that
Arizona Escrow Process Explained
So, what the heck does “escrow” mean anyway? Well, an escrow is generally defined as: A process wherein a buyer and seller provide documents, instructions and funds to a neutral third party (title company or escrow company) until certain conditions are fulfilled. In Arizona, a buyer doesn’t pay a seller directly for the property, but rather deposits funds with a title company–the title company, acting as an intermediary, handles all funds and verifies that all written instructions in the contract have been met. Back East and in some other parts of the country, attorney’s are used to
