Ricky Khamis quickly moved up the ranks and opened his own branch office under Great Southwest Mortgage. Because of his business savvy and true desire to help people he earned a Certified Mortgage Planning Specialist designation. This proved instrumental to his success, at a time when some loan officers in the industry were approving loans with less discretion, Ricky was ensuring that his clientele were truly prepared for their new debt.
- Your single largest debt - mortgage
- Your single largest asset - real estate equity
- Life Planning needs and goals - cash flow
In addition to being a top producer, he is also Arizona'sonly Instructor for "The Value of Being Seen" which educates Arizona Real Estate Agents the true power of first page of Google Marketing.
Areas of Expertise
FHA Loan Limits in Arizona for Maricopa county currently sit at 356,250.00 the down payment requirement is 3.5% and the UFMIP (Up Front Mortgage Insurance Premium) is 1.75% (on average). The monthly mortgage insurance is 1.25%. Arizona FHA Loans are great for first time home buyers, you can get a gift for the down payment and the seller can pay all your closing costs. Conventional Loan Limits are 417,000 above 417,000 you would be in Jumbo Mortgage territory.
FHA, Conventional and Jumbo Mortgage Financing in Arizona
I am an expert with FHA, Conventional and Jumbo Mortgage Lending guidelines, which has been a benefit to my customers because I can usually get them a lower rate if the loan is submitted right. Having the ability to KNOW when we have a deal is very comforting to my Referral Partners, I read the guidelines constantly staying up to date on all the changes. The Things that you should expect when using an FHA, Conventional and Jumbo Mortgage to finance a home are:
- For an Arizona FHA Mortgage Your Debt to Income should be lower than 44%
- Your TOTAL Housing Debt should be less than 33%
- You have to have held the SAME type of job for the previous 2 years with an obvious probability of continued employment.
- Loan amount in Arizona can not exceed 346,250.00
- Loan amount in California can not exceed 729,000.00
Down payment must be verifiable from an acceptable source. Acceptable sources:
- Gift from family
- Gift from Non-Profit
- Gift from Employer
- If married your spouses debt will be included in the total Debt to Income if they are not going on the loan.
- Credit score of 620 or better.
For a FULL Pre-Qualification go to www.approvingAZ.com and complete the loan application
Fha Loan Documentation:
- Tax Returns are needed on all Fha Loans in California or Arizona for 2010 and 2011, if you have filed 2012 then replace with 2010 - Must have filed your tax returns, we will be ordering a Transcript of the filed returns to verify your 1040's. In the event you can not find your Tax Returns, you will need to go to the IRS Consumer Division and order a copy they will give them to you there.
- W-2's for 2011 and 2012. Are needed for Fha Loans in California or Arizona
- 2 Most recent bank statement, all pages all accounts for last 60 days to verify assets to close for Fha Mortgage
- Investment accounts, 401k or IRA account statements, all pages most recent
- Copy of Drivers License and SSN - If you do not have your SSN Card you will need to go down to Social Security and get a new one.
- Year Make and Model of Vehicle with approx values
- Contact for Verification of Employment - Need name and Fax Number
- Contact Information for Landlord - Need name and fax number
- Contact your insurance company and let then know about your purchase.
- Budget Letter (Click Here Print, fill out, Sign and add to package)
- Letter of Explanation regarding Inquires on your credit. If you have not added any new credit lines, then this will suffice: I have not opened any new credit lines, or added any other debt not listed on my credit report. SIGNED, DATED
- Letter of Explanation regarding ANY derogatory credit explaining any late payments, collections etc. For bankruptcies discharged in the last 7 years, explain what happened to cause the BK and mention that you have taken care of the cause as to ensure it will not happen again. SIGNED, DATED
- IF APPLICABLE - copy of Bankruptcy papers, with discharge - Copy of Divorce Decree - Copy of Child Support Order
NMLS 173141 | LO-0911814 | CA-DOC173141
Branch Manager | Corporate Office
Arizona and California CE Instructor
AMERIFIRST FINANCIAL, INC.
1550 E. McKellips Rd, Suite 117
Mesa, AZ 85203
Amerifirst Financial Disclosure- The opinions expressed here are the personal opinions of Ricky Khamis. Content published here is not read or approved by Amerifirst Financial before it is posted and does not necessarily represent the views and opinions of Amerifirst Financial.