How to Get a Home Loan

On This Page

1. Work With a Reputable Licensed Arizona Mortgage Lender
2. Mortgage Assistance for Home Buyers in Arizona
3. 10 Best Arizona Mortgage Lenders of 2021
4. Home Loans by Todd Uzzell and Starboard Financial
5. Prequalify for a Mortgage
6. Mortgage & Home Loans
7. Ready to find a physician mortgage loan?
8. Arizona First-Time Home Buyer Programs of 2021
9. Find a mortgage loan in Arizona
10. Arizona Mortgages & Home Loans
11. 2021 Arizona first-time homebuyer assistance programs

Reputable Licensed Arizona Mortgage Lender

Simply put, not all loan officers are the same. When shopping for a low-down mortgage program that works best with Arizona down payment assistance programs, it is important that you work with a reputable licensed loan officer who knows about the various loan programs that accept down payment assistance. Then, get a quote from an approved lender who is authorized to offer the low-down mortgage programs that work best with down payment assistance in Arizona. Getting a quote includes:

Speaking with a loan officer.

Finding out how much you can buy and what your payment will be.

Providing any requested information.

This way, you can get a prequalification letter that you can provide to a real estate agent.

What does an Arizona mortgage broker do? A mortgage broker is a licensed professional who acts as an intermediary between lenders and buyers. The broker finds a mortgage lender with terms and interest rates that best suit the client’s needs and then arranges the necessary procedures and works with the mortgage underwriter to approve the loan. What is the difference between a mortgage broker and a mortgage loan officer? The mortgage broker is the business owner and the mortgage loan officer is an employee of the mortgage broker. In some cases, such as a one-person business, the mortgage broker does the work of the loan officer. The bottom line is that the mortgage broker is responsible for work product and compliance with applicable laws.

Get a quote from a licensed lender who is approved to offer the low-down mortgage programs that work best with Arizona down payment assistance. Getting a quote involves:

• Speaking with a loan officer.
• Finding out how much you can buy and what your payment will be.
• Providing any requested information.

This way, you can get a prequalification letter that you can provide to a real estate agent. Starting the process to get prequalified is not hard. We can help you rest easy knowing you qualify for the best Arizona mortgage programs and down payment assistance options for your personal needs.

Mortgage Assistance for Home Buyers in Arizona

The Pima Tucson Homebuyer’s Solution program offers down payment assistance to homebuyers. This can go a long way toward helping to cover out-of-pocket expenses associated with a mortgage transaction that many first-time homebuyers could not afford otherwise. The team at FHA.com researched down payment assistance programs and grants. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until the resale of the mortgaged property.

Arizona offers several home buying programs, including down payment assistance and help covering closing costs, as well as aid to homeowners in danger of losing their homes. For example, home+plus loan through this program, renters looking to purchase a home can receive a 30-year, fixed-rate mortgage along with down payment assistance of up to 5%, which can be applied to the down payment, closing costs, or both. The down payment assistance is provided in the form of a second mortgage, with two possible sets of terms available. The first is a three-year, no interest, no payment, deferred second mortgage, which is forgiven at a rate of 1/36 over the second mortgage term. The second option is a life-of-loan second mortgage with no interest, no payments, and no forgiveness.

The Arizona industrial development authority (AZIDA)’s home+plus program offers a 30-year fixed-rate mortgage coupled with down payment assistance of up to 5 percent. The first mortgage can be a conventional, FHA, VA, or USDA loan and can come with reduced mortgage insurance to help keep your monthly payments low. Home+plus is available to both first-time home buyers and those who have owned a home before. The home+plus down payment assistance is a no-payment second loan forgivable after three years unless you sell the house or refinance the first mortgage before that time is up. The loan doesn’t require a separate application; when you work with an approved mortgage lender and apply for the compatible first mortgage, you’ll automatically be considered for assistance.

The type and length of your mortgage are not the only things to consider when applying for a loan to purchase a new home. Here are a few other terms Arizona homebuyers need to be aware of: mortgage insurance: protecting the lender if the buyer defaults on the loan, mortgage insurance is an additional monthly amount paid by the borrower until they have paid off at least 20% of the total loan cost. Equity: this term refers to the difference between the amount left to pay on your mortgage and the property’s value. That’s why borrowers who can put down a healthy down payment are said to have better equity. Changes in property values also can increase the equity in a home.

You can get financial assistance from the Arizona industrial development authority. Receive up to 5% of your mortgage amount with a home+plus program, and use it for a down payment and/or closing costs. You must get your mortgage with a participating lender to get assistance.

The Arizona state government offers mortgages, down payment assistance, closing cost assistance, and other benefits through the Arizona industrial development authority (AZIDA) and Arizona Department of Housing (ADOH) mortgage programs. For both products, homebuyers apply through a network of state-approved lenders. Borrowers must meet income and credit score requirements and complete a homebuyer education course to qualify. The home must also fall within specified purchase price limits and be the borrower’s primary residence.

10 Best Arizona Mortgage Lenders of 2021

Most individuals do not have enough cash to purchase a home outright. They must go out and seek a home loan that will cover the cost of their new property. There are usually few choices when people go on the hunt. They can talk to their real estate agent and use a recommended lender. They can also go online and look for a home mortgage company in their area or look for lenders out of the area. Analyzing all of these different options takes time, but it does not have to be that way. Wirefly offers a specialized mortgage rate tool that allows individuals to search for the best mortgage rates in the area of Arizona city, az.

If you aren’t buying your first home but still prefer to find information online about Arizona mortgage rates, Starboard Financial is a great place to start your search. This company makes its product and rate information fast and straightforward to understand, thanks to a well-designed website and tool for inquiring users. Few online lenders available in Arizona provide as much information as Starboard Financial does about your mortgage choices. Guaranteed rate’s array of conventional, government-backed, and jumbo home loans ensures that most users will find at least one loan that’s worth looking into. Beyond the website’s spread of initial estimates, you can create an account to track the progress of your loan application and upload documents at your convenience.

Homeowners with loans backed by federally owned Fannie Mae or Freddie Mac are eligible to defer mortgage payments and avoid foreclosure for as long as 12 months if they can’t afford their payments due to the outbreak. About half of Arizona homeowners have home loans backed by Fannie or Freddie. In addition, big lenders JPMorgan Chase, Bank of America, and Wells Fargo agreed to suspend foreclosures for homeowners hurt by the coronavirus crisis. Last week, gov. Doug Ducey announced most banks operating in Arizona decided to suspend evictions and foreclosures for at least 60 days, with the potential to extend that period.

Arizona is a community property state. This means that all property purchased during a marriage with money earned by both spouses belongs to them equally. In this situation, it doesn’t matter whose name is on the mortgage. Va and FHA loans require both spouses’ credit reports in community property states during the mortgage application process. These two governmental agencies also consider debts from a non-borrowing spouse when calculating debt-to-income ratios. Private lenders, too, will need debt and income information from a non-borrowing spouse in Arizona.

If you’re looking for the best mortgage lenders in Arizona, we’ve done the research. Nerdwallet compared the state’s leading lenders, then identified the best ones for a variety of specific loan needs. So whether you’re shopping for a condo in Phoenix, a classic ranch in flagstaff, or the ideal refinance in Tucson, these lenders are a solid place to start shopping. If you’re looking for the best mortgage lenders in Arizona, we’ve done the research. Nerdwallet compared the state’s leading lenders, then identified the best ones for a variety of specific loan needs.

More often than not, Arizona mobile home loans are not referred to by that name at all. Instead, people get “chattel mortgages,” with “chattel” referencing a piece of personal property rather than real estate. Historically, these have much higher rates than traditional mortgages, though. As an alternative, many Arizona hard money lenders are now offering financing for manufactured homes as well. This may be more ideal for those who wish to purchase one for commercial use, be it to start a business or as part of a real estate venture, like fix-and-flips, or for use as a rental.

Like the other national first-time homebuyer programs, you’ll probably find several lenders who can offer you a USDA loan. Caliber home loans offer physical locations in Arizona you can visit to receive in-person customer service. This is something that many lenders can’t provide, especially with the rise of online mortgage lenders. You can also access caliber home loans’ customer service team by phone or secure online messaging.

Home Loans by Todd Uzzell and Starboard Financial

We’ll find the right mortgage loan to suit your needs. We have several mortgage options to help you buy and finance a second home; even with as little as 10% down with Starboard Financial, you can be ready with a firm offer in a competitive market. Learn about our three levels of approval. Need help finding a real estate agent? We’ll connect you with a top-rated real estate expert to guide you through the entire home buying or selling process.

Prequalify for a Mortgage

Yes, you’ll want to do this before you even start looking for a home. Why? Because lenders may prequalify you for a mortgage that’s above what you want to pay for your average monthly mortgage payment. You’ll need to consider all sources of income, current debt payments, and other personal/family expenses to determine how much you want to pay each month for housing. Download this simple, editable budgeting spreadsheet to help you get started. Or take a look at our free ebook: how to create a monthly budget that works.

Mortgage & Home Loans

Streamline the process by knowing how much home you can afford before you shop. Conventional mortgages, if you have a good credit score, a steady source of income, and at least a 3% down payment, consider our conventional mortgage for your home buying needs. Refinance your home today. Has your credit score improved? or have mortgage rates dropped since you first purchased or refinanced your home? FHA home loans, our experienced mortgage loan representatives can help you determine if a government-backed FHA mortgage can help make your dream of homeownership a reality.

There are two types of home mortgage rates available for loans – fixed and adjustable (also called variable). With a fixed-rate mortgage, your mortgage rate never changes. Instead, it’s locked in for the life of the loan. The same is true for your monthly payment, though property taxes and homeowner’s insurance costs may rise. With an adjustable-rate mortgage (arm), your rate can fluctuate over the life of the loan. Usually, the rate is fixed for the first few years of the loan and then begins to adjust periodically to reflect current market conditions. As a result, your monthly payments could either rise or fall, depending on what interest rates do.

Va home loans V.A. loans are guaranteed by the U.S. Department of veterans affairs and are available to military veterans, active-duty military, and eligible surviving spouses. Want to get into a new home, but saving enough for a down payment has become a sticking point? We have several down payment assistance options that may be a good fit for your particular situation. No down payment mortgage Arizona central has the perfect mortgage for your situation! our new 80/20 home loan allows you an affordable and creative way to make your dream of homeownership a reality!.

Mobile homes can offer more flexibility than traditional homes at a much lower cost. However, this doesn’t mean they’re a small expense. Mobile homes often cost between $60,000 and $100,000, which is more than many people can afford to pay out of pocket. If you need help buying a mobile home, you’ll want to secure financing. Because mobile homes are not traditional real estate, obtaining financing for one can be a challenge. Most traditional lenders won’t give you a mortgage to buy a mobile home, but there are other options to get loans for mobile homes.

The reality is about half of all marriages end in divorce, a shattering experience that forces partners to divide assets and debt. Things can get complicated, especially when mortgage loans are involved. Many couples, especially those with two incomes, often have no choice but to sell their homes, pay off their loans, and split the remaining money. Others opt to let one partner keep the property, often through a deed transfer and reassignment or refinancing of the mortgage.

Your “crash course” in the federal housing administration and its financial programs the federal housing administration (FHA) was established back in 1934 with a simple goal, to help more Americans purchase new homes. As with any governmental agency, the FHA mortgage loan options and the rules to apply can be very complicated. Fha home loans Arizona programs can also be challenging to comprehend. So let’s take a minute to give you a crash course in FHA mortgage programs, and more specifically, the details surrounding Arizona FHA mortgages.

We provide solutions to your financing needs. From home purchase loans, refinance transactions, debt consolidation loans, one-time close construction and rehab financing, bridge loans, reverse mortgages, no down payment V.A. loans for our military veterans, and much more. We invite you to explore our website and schedule an appointment by clicking here to explore the options available to you further. Starboard Financial is proud to be an integral part of the growth of the valley of the sun. Do you have a question or concern about loans? Feel free to contact us at any time. We look forward to hearing from you!.

Ready to find a physician mortgage loan?

Your first stop as a homebuyer is the Arizona Department of housing to see if you qualify for any programs. This can include down payment assistance and lender programs for qualified buyers. Next, find information on home-buying topics such as how to find the right realtor and how to improve your credit score. An option that’s available for rural homebuyers is the USDA. Find out if your income qualifies you for this government-backed loan. Finally, if you’re already an Arizona homeowner and in danger of foreclosure, you can apply for the save our home az program. Eligible homeowners can qualify for principal reduction assistance, mortgage assistance, second lien elimination, and more.

If you dream of purchasing a home in Arizona or refinancing your existing mortgage, a doctor home loan can make your housing aspirations a reality. Whether you’re beginning your residency program or well on your way as an attending, you’ll find almost 18,000 physicians who are also practicing medicine throughout Arizona. Arizona has experienced tremendous growth over the last ten years. It’s one of the top 15 most populated states in the country. But Arizona goes beyond its reputation for canyon skies and desert blooms. The healthcare landscape is changing in the state and continues providing its residents many options when it comes to medicine.

Do you have your eye on a modular or manufactured home? New construction modular homes are incredibly popular right now, and there are a variety of options in mesa and the surrounding area. If you are thinking about shopping in this market, now is the perfect time to get pre-approved for a manufactured home loan. Don’t wait until you are ready to make an offer and then struggle to find a loan that will allow you to close. Instead, get pre-approved with the Howard mortgage team now so that you know you will have the financing you need.

Arizona First-Time Home Buyer Programs of 2021

There’s one other trend prospective home buyers should pay attention to, and that’s mortgage rates. Low mortgage rates boost affordability. And today’s rates are sitting near record lows. So if you’re in the market for a high-priced home, it’s an excellent time to be looking at financing. View today’s mortgage rates February 5, 2021 – 7 min read first-time home buyer guide 2021: programs, grants, and faq may 31, 2021 – 17 min read the V.A. home loan: benefits, requirements, and rates for 2021 October 22, 2020 – 20 min read Home refinance: When should you consider it? November 22, 2017 – 4 min read FHA streamline refinance: rates & requirements for 2021

The amount you can borrow will be based on your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special programs for first-time buyers, including down payment assistance to purchase a home with a higher value. Please get in touch with us, and we can help you determine exactly how much you can afford. You can also get your estimated monthly payments using our financial calculator.

The mortgage loan requirements for these conventional low-down-payment programs include income limits. Both Fannie Mae and Freddie mac provide online lookup tools you can use to determine the maximum income based on an address you enter: for Freddie mac home possible loans, use the income and property eligibility tool; both programs have extra qualifying features such as homebuyer education. Home Ready and Home Possible borrowers must complete a homebuyer education course before closing. No credit score option. Homebuyers without a credit score can prove their creditworthiness with alternative data. For example, lenders may accept 12 months of consecutive, on-time rent payments, along with utility bills and car insurance payments, to prove your history of paying bills on time.

Sometimes, the down payment can be a barrier to owning a home. However, in some mortgages, a down payment is not needed. For example, veterans can apply for a V.A. loan, and they’re not required to put down an initial down payment. Another program you can consider is down payment assistance or DPA, where buyers are given grant money. Grant programs can differ in income requirements, but they typically provide money for the down payment to those who wish to purchase a property. At other times, a grant program may cover the closing costs of the buyer.

Arizona boasts stunning views and generally mild winters, making it a place many people want to call home. Taking advantage of programs for first-time homebuyers offered through the Arizona Department of housing, or ADOH, may help you purchase a home in the grand canyon state sooner than you think. In addition, home loan programs offered nationally by various lenders also have features that could help you qualify for a mortgage: browse loan and assistance options for first-time homebuyers below.

The minimum down payment required varies depending on the loan program that you choose. Conventional loan down payment amount (traditional with no mortgage insurance) = 20% conventional loan minimum down payment (traditional minimum down payment) = 5% conventional loans for Arizona first time home buyers minimum down payment = 3% FHA loans minimum down payment = 3. 5% VA loans minimum down payment = 0% USDA loans minimum down payment = 0% down payment assistance is available for all of these loan types.

Buying or refinancing a manufactured home can be tricky. But look around for mortgage options like FHA and non-mortgage solutions like personal loans. First-time home buyer guide 2021: programs, grants, and faq may 31, 2021 – the V.A. home loan: benefits, requirements, and rates for 2021 October 22, 2020 – FHA vs. Conventional: which low-down-payment loan is best? May 1, 2020 – FHA mortgage insurance removal: get rid of PMI or MIP June 17, 2021 – why you should shop around when you refinance august 21, 2017 – V.A. IRRRL rates and requirements for 2021 June 4, 2021 – before making a 20% mortgage down payment, May 6, 2021 – what is a mortgage refinance, and how does refinancing work? February 18, 2021 – FHA streamline refinance: rates & requirements for 2021 May 7, 2021 – Home refinance: When should you consider it? November 22, 2017 – how much home can you afford? October 4, 2017 – view today’s mortgage rates February 5, 2021 – cash-out refinance examples: how to use your home equity June 4, 2021 – private mortgage insurance (PMI) is neither “good” nor “bad” may 31, 2016 – how to buy a house with $0 down in 2021: first-time buyer march 4, 2021.

Find a mortgage loan in Arizona

Calculate your mortgage payment for a home in Arizona. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment. Homeowners insurance hoa/other.

If you are looking for an Arizona mortgage for a second home, vacation home, or investment property, some good products are still available. You will need at least a 10% down payment for a second home or vacation home. For investment property loans, figure between 20% to 25% down payment. Fha and V.A. mortgages are not available on these types of properties. Many properties in the Arizona area are bank-owned properties and short sales. For instance, if you are looking for foreclosure deals, according to RealtyTrac’s data, there are still thousands of foreclosure sale auction properties available to purchase, as well as government-owned foreclosure properties and thousands of bank-owned reo’s. Investors and first-time buyers have been finding great bargains in all neighborhoods and price ranges.

How to Get a Home Loan with an FHA Loan

Welcome to Starboard Financial! Here you will find the latest loan programs available for residential real estate purchases and refinances in Arizona for owner-occupants and investors. When purchasing a home, many home loan options are available to you, not all are created equal, and we want to help you find the one that will work best for you. Arizona conventional loans are the most typical type, and you’ll find our rates being some of the most competitive around. However, there are many alternatives. Government guaranteed loans are some of those. The FHA loan can let you purchase a home for a low down payment of just 3. 5% and looser financial requirements. Also, if you’ve served or are serving in the military, you could qualify for a V.A. loan, which lets you purchase a home for no money down, but there is no limitation on where you can buy a home.

Find help with paying your mortgage and also locate foreclosure assistance programs in Arizona. Homeowners that are struggling can apply for free counseling, government mortgage help, loan modifications, and other support. Assistance is available in all areas of Arizona, including Phoenix and Tucson. Some of the various resources are noted below. In addition to mortgage assistance, there are additional assistance programs and grants offered by the Arizona government. The funds are available for residents, and the money can help you pay many other types of bills and housing costs. The state can also direct you towards other government aid.

In these market conditions, the federal government has mandated the banks, lenders, and mortgage servicers to do everything they can to work out a payment plan with their borrowers. This is an excellent thing for today’s borrowers, especially those running late on their payments or having trouble making them on time. From then on, we will be working with you and your lender to find a solution to your mortgage problems.

As we mentioned above, Arizona has high home costs, making it challenging to pay mortgage payments. Fortunately, you can always go forward and refinance your mortgage loan. If you are thinking of refinancing your mortgage, you can easily apply for quotes at Rate Checker. Finding a company to lend you a refinance mortgage is not difficult nowadays. At Rate Checker, you can quickly get multiple quotes in a few clicks. The process is also simple. First, you must go to the website, select your loan preference, and enter the zip code of your area, refinance, and Arizona zip code, in this case. After that, you will have to fill in some essential information regarding the loan, including your home value, down payment amount, credit score, and other documentation.

Everyone wants to own a home. Once upon a time, homeownership was the inevitable conclusion to the American dream. More recently, this dream has felt out of reach for many consumers. Low-income families, first-time homebuyers, recent graduates, and so on have all felt like there was no way for them to navigate the complicated ownership process. Finding the money to afford a mortgage seems too much of a fuss now, as well. With an Arizona FHA loan, you can buy a home; and qualifying shouldn’t be an issue.

Arizona Mortgages & Home Loans

Starboard Financial was founded with the sole purpose of providing Arizona home loans. Todd specializes in mortgages for manufactured homes where the land is included. Todd is a home-only lender and is proud of it. From the Grand Canyon to Nogales to the Capital of Phoenix, Todd Uzzell is here for you. Providing the best rate & term manufactured home financing available today. 

Contact Todd Uzzell right away; he is an experienced and qualified V.A. mortgage lender in Arizona and can assist with each step of the process. First, check your V.A. benefits eligibility yourself, or we can help you with that too. Next, gather your necessary documentation like two years tax returns with w2’s, 30 days most recent pay stubs, and current bank statements. We have had veterans work for our team in the past and will always support vets when we can.

We are here to answer your questions on phoenix home mortgages. We specialize in helping first-time homebuyers, veterans, move-up buyers, and clients looking to refinance their current homes. Please be sure to browse through our entire site to enjoy all the benefits and free phoenix az mortgage information. We are your FHA lender!!!!! We are a phoenix mortgage company that closes conventional, reverse mortgages, FHA, and V.A. loans. If you are looking for an Arizona mortgage loan, then you have found your Arizona mortgage company.

 Fair lender | fair housing proudly serving Arizona families with accessible, friendly, hometown banking. That means excellent service, low-interest rate loans, mortgages & financing. So whether you’re planning to buy a home or refinancing, we will be here to safeguard you and help you achieve your goal of financial freedom. Licensed throughout Arizona, including Phoenix, Glendale, Tempe, Chandler, Flagstaff, Tucson, and Show Low and outlying areas.

2021 Arizona first-time homebuyer assistance programs

The pathway to purchase down payment assistance program offers up to 10% of the loan amount up to a maximum of $20,000 towards your down payment and/or closing costs in 17 cities throughout Arizona. Income limitations and debt ratio limitations apply. You do not need to be a first-time homebuyer but must meet minimum fico scores.

The Arizona Department of housing was established in 2002 to provide housing and community revitalization to benefit the people of Arizona. The agency provides funding to build stronger communities, with most funding geared toward lower-income households and neighborhoods. Except for mortgage foreclosure avoidance assistance, first-time homebuyer assistance, and the section 8 program in Yavapai county – in which the agency offers service directly to the public, the majority of the resources of the agency are passed through in the form of loans, grants, tax credits, mortgage or bond financing, and other subsidies, to its housing partners, which are local and tribal governments, public housing authorities, for-profit and nonprofit housing developers, and other organizations engaged in providing affordable housing and other community-related services.

You may qualify for government assistance if you’re buying a home for the first time. Let’s take a look at a few first-time buyer programs for Arizona residents.

How to Get a Home Loan Using Down Payment Assistance

Some program restrictions and requirements apply. The type of DPA and lien position will vary for each loan program. Please get in touch with Todd Uzzell, Mortgage Consultant, for more information. The loan down payment example is based on a 30 year fixed conventional mortgage loan with 4. 0% down (provided through the down payment assistance program). Amounts are based on a loan amount of $200,000, an interest rate of 4. 185%, apr of 5. 132%, $6,023 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1,465. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. The borrower will be responsible for down payment beyond what is provided by the program and any fees and costs associated with the loan.

According to recent data, an overwhelming majority of Americans still believe a sizeable down payment and an exceptional credit score are required to buy a home. But, in reality, there is a wide range of options for first-time homebuyers. 

First, let’s explore the top 5 myths about buying a home. Then, download the comprehensive Arizona homebuyer guide for checklists, house hunting report cards, mortgage do’s & don’ts, programs for first-time homebuyers, tips to make your move easier, and more! 

Myth 1: “I need a 20% down payment to buy a home in Arizona.”.

Homebuyer programs in Arizona help first-time homebuyers achieve their Arizona real estate goals. You can make living in Arizona a reality from traditional FHA programs to the home plus down payment assistance program.

We can help you get qualified for any az mortgage so you can buy a home, including the several down payment assistance programs in az! There are a few first-time home buyer programs in az as well!! Which mortgage program is best for you? What program will get you the best payment? Are you looking for an FHA loan, V.A. loan, USDA loan, jumbo loan, or a conventional loan? We’re here to help get you the most up-to-date mortgage rates in Arizona with the best payment that fits your situation!.

The Pima Tucson homebuyer’s solution can be used with an Arizona VA mortgage and has benefits similar to those offered by the programs listed above and are provided in all of Pima County, including the city of Tucson. Program highlights: down payment assistance available at 4% of the loan amount. There is no first-time homebuyer requirement. No requirement to pay back the grant. Also, it is not a 2nd mortgage. The money is available and has continuous funding. How to qualify: buy a house anywhere in Pima county, including in the city of Tucson.

We have three different mortgage programs for those who work in the medical marijuana and cannabis industry. Fha loan, conventional loan, and jumbo loan options are available. Fha loans can be outstanding if you’re a first-time homebuyer, you can get an FHA loan with as little as 3. 5% down, and credit scores can be as low as 620! the max FHA loan limit for a single-family home in Maricopa county in 2021 is $368k. A conventional loan is typically suited for borrowers with good credit scores and comfortable putting down a slightly higher downpayment. The conventional loan limit for 2021 is $548k for a 30 year fixed rate mortgage.

Does Arizona offer state programs with reduced mortgage rates? No. But Arizona supports two homebuyer programs — pathways to purchase and home plus — that can help qualified borrowers with down payments or closing costs. Where can I find more information about fair housing laws? The Arizona Department of housing offers free education about the fair housing act. If you live in the Phoenix or Tucson area, call 480-330-1724. What is a rate lock? An agreement with a lender guarantees access to the prevailing market rate for a specified period of time, typically for a fee.

If you have owned a home previously or are a true first-time homebuyer in Arizona, programs are available to make the process easier and more affordable. The benefits of owning a home extend to the freedom to do almost whatever you want to your new place of residence. Paint the walls, hang decorations, and make renovations at will. As you look at the various options available to you, consider what will have the best impact in the immediate and distant future. This includes the type of loan you get, assistance with the down payment, grants, closing costs, and more in Arizona.

Truth: there are conventional and FHA loan options only requiring a 3. 5% and 3% down payment on a new home in Arizona. Some loans like V.A. and USDA offer 100% financing with zero down payment, though you will still have some closing costs. You can also explore Arizona down payment assistance programs like Chenoa and Home Plus, which offer down payment funds to help buyers get into a home. Myth 2: “I need excellent credit to buy a home.” truth: many American homebuyers believe they need a credit score in the 700’s or better to purchase a home. The truth is there are a multitude of loan programs requiring a minimum of 620 fico® scores to qualify. It is important to note, though, your credit plays a factor in your rate – the higher your score, the better your loan rate.

The Arizona Home Plus mortgage program is designed for Arizona residents whose household income is less than $112,785 annually. The program is steadily growing in popularity and is meant to help first-time homebuyers make more home purchases in the state. The program advertises up to $20k in down payment assistance and offers flexible mortgage loan options for buyers of all financial backgrounds.