Phoenix Mortgage

Buying a home is one of the most exciting life events, and Phoenix, AZ, is a great city to move to. Finding the right mortgage loan to afford your dream home is the key to a smooth home-buying experience. Arnaiz Mortgage can help you navigate the loan process. Our loan application is simple so you can get into your new home quickly.

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Our Phoenix Mortgage Options

Whether you’re a first-time home buyer or refinancing a current loan, we offer multiple mortgage loan options, including conventional loans, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, debt service coverage ratio (DSCR) loans, and refinancing programs. 

Phoenix Mortgage Process

A simple loan process is essential to secure financing quickly. You can apply for a mortgage loan online through Arnaiz Mortgage. 

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Phoenix Mortgage Professionals: Helping You Secure Your Home

Our team of Phoenix mortgage brokers is committed to providing a hassle-free process. We understand the complexities and money required and offer personalized services to ensure you find the perfect home loan for your needs. An experienced agent will assist you with every step of the process. 

Your Guide to Phoenix Mortgage Requirements

Here are a few requirements for loan options through Arnaiz Mortgage:

  • Conventional loan: A traditional loan requires a credit score of 620 or higher, a minimum down payment of 3%, and a debt-to-income ratio (DTI) of 43% or less.
  • FHA loan: An FHA loan requires a credit score of 580, a minimum down payment of 3.5%, and a DTI of 43% or less.
  • VA loan: VA loans are available for veterans, active-duty service members, and surviving spouses. You don’t need a down payment, but you need a credit score of 620 and a certificate of eligibility.
  • Renovation loan: If you already own a home and want to invest in improvements, you can apply for a renovation loan. You need enough equity, a detailed project plan, and an appraisal.
  • DSCR Loan: If you want an investment property, you can apply for a DSCR loan. This loan requires a larger down payment, a DSCR of 1.25, and a positive cash flow.

To prepare for your dream home or investment property purchase, you can increase your credit score and research local interest rates and properties. Other factors include saving for a down payment and eliminating other debts. 

Phoenix Assistance Programs and Grants

Many first-time home buyers need help affording the upfront costs of their properties. Even if you are not a first-time buyer, there are statewide and city programs to lower the cost of your purchase. 

  • HOME Plus: This program offers a 30-year fixed-rate mortgage with a grant for a down payment or closing costs.
  • Home in Five Advantage: This program is available for Maricopa County buyers and offers up to 6% of the home’s purchase price as a silent second loan with no interest.
  • Open Doors Down Payment Assistance Program: If you earn 80% or less of the area median income, you can buy a house with up to 10% in assistance as a deferred payment loan.

Why Choose Arnaiz Mortgage for Your Phoenix Mortgage Needs?

When choosing a broker in Phoenix, AZ, you need a team that understands the local market and will work with you to find the best solution for your needs. With over a decade of experience, Arnaz Mortgage’s mission is to build a lasting relationship with every client. Our team can answer your questions about refinance rates or the factors affecting your payments.

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Frequently asked questions about Phoenix Mortgage

  • How do I qualify for a mortgage in Phoenix?

    FHA loans require credit scores of 580 and down payments of 3.5%, while jumbo loans have higher standards.

  • What is the average down payment for a house in Phoenix?

    Many buyers put down 10% to 20% on their homes in Phoenix, at least for conventional loans. Based on the median sale price of $515,000, down payments will be between $51,500 and $103,000.

  • Are there any first-time homebuyer programs in Phoenix?

    Phoenix offers first-time homebuyer programs such as HOME Plus, the Home in Five Advantage program, and the Open Doors Down Payment Assistance Program.

  • How does the Phoenix housing market affect mortgage rates?

    The more a local real estate market thrives, the lower the interest rates tend to be. Even though demand is high and housing prices are increasing, this typically yields better buyer interest rates.

  • What are the best mortgage lenders in Phoenix?

    Arnaiz Mortgage has a strong track record among Phoenix buyers, delivering a smooth loan process for all our clients. As a leading online lender, we are committed to providing the easiest path to purchasing a home in your dream location.

  • How can I get pre-qualified for a mortgage in Phoenix?

    Use our website’s tools to get pre-qualified. You can qualify for a loan and receive a pre-qualification letter to become a more competitive buyer in Phoenix, AZ.

  • What are the different types of mortgages available in Phoenix?

    Banks or credit unions may offer limited mortgage products. Arnaiz Mortgage provides conventional, FHA, VA, USDA, refinance, and even DSCR loans.

  • How does my credit score impact my mortgage rate in Phoenix?

    The higher your credit score, the more trustworthy you are to a lender, so they will offer more competitive rates.

  • Are there any special mortgage options for veterans in Phoenix?

    Veterans can apply for VA loans through an approved lender like Arnaiz Mortgage. VA loans have no down payment requirement, no insurance premiums, and lower interest rates.

  • What documents do I need to apply for a mortgage in Phoenix?

    When applying for a loan, lenders need access to your tax returns, state IDs, bank statements, W-2s, pay stubs, credit reports, and gift letters.

  • How long does it take to close a mortgage in Phoenix?

    It depends on the lender and your financial situation, but you can close on a loan with our licensed team in as little as one month, giving you an advantage over other buyers.