Tucson Mortgage

A warm climate, ample natural beauty, and an affordable cost of living make Tucson a great place to call home. But before collecting the keys to your new Tucson, AZ, home, you'll need to choose the right loan officer and loan program. Taking steps to improve your credit score and save up for a down payment can also help control the costs of buying.

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Our Tucson Mortgage Options

Arnaiz Mortgage offers customizable home loans that fit any Tucson buying situation.

Tucson Mortgage Process

Our mortgage lenders make applying and qualifying for a Tucson, AZ, mortgage easy and convenient.

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Trusted Tucson Mortgage Services for Homeownership

A home loan is the first step toward becoming a Tucson, AZ, homeowner. Our mortgage brokers have created a guide of requirements, tips, and assistance programs to make the whole process easier for Tucson buyers.

Your Guide to Tucson Mortgage Requirements

Whether buying a family home or refinancing through a home equity loan, you must meet the lender’s requirements. Most home loans in Tucson, AZ, have the following eligibility requirements.

Good Credit Score

A good credit score is an integral part of your loan application. Credit scores factor into your loan options, plus the interest rates you receive. Improving your credit score before applying for a Tucson, AZ, loan can increase your chances of being approved. It could also qualify you for better mortgage rates, directly influencing your monthly payments.

Pull a copy of your credit score before applying to make any necessary improvements before applying for your first home. Debt consolidation services or credit counseling can help some clients increase their credit scores. A good credit score is also a requirement to refinance an existing AZ mortgage, especially if you want to qualify for competitive refinance rates.

Down Payment

Lenders also require borrowers to put money toward the home purchase, also known as a down payment. Depending on the loan type, specific down payment requirements vary, but several lenders require between 3.5% and 20%. An FHA loan, for example, requires a 3.5% down payment, whereas conventional loans may require as much as 20%.

It’s never too early to begin saving up for a down payment. Paying more toward the mortgage loan than required offers many benefits. A larger down payment can qualify you for better interest rates, which means less interest paid over the life of the loan. A higher down payment also means you will build home equity faster, which can be desirable if you decide to refinance your Tucson, AZ, mortgage later.

Income Requirements

Tucson borrowers must also show proof of sufficient income to cover the monthly payments. Lenders typically calculate this using a debt-to-income (DTI) ratio. Increasing your income or reducing debt is the best way to improve your DTI ratio.

Tucson Assistance Programs and Grants

Tucson assistance programs and grants can help buyers more easily meet the eligibility requirements of home loans. The city of Tucson has a Down Payment Assistance Program, which offers up to 20% assistance for borrowers in specific income brackets to assist with down payment and other closing costs.

The Arizona Department of Housing (ADOH) also helps Tucson residents become homeowners through the HOME PLUS Down Payment Assistance Program and FHA financing. Work with your Tucson, AZ, loan officer to review available assistance programs.

Why Choose Arnaiz Mortgage for Your Tucson Mortgage Needs?

Arnaiz Mortgage is committed to 100% customer satisfaction and helping Tucson residents become homeowners. The path to homeownership is different for everyone, and Arnaiz Mortgage brokers work closely with buyers to help them explore and choose the right loan products. Our team aims to ensure that each client has a great experience.

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Frequently asked questions about Tucson Mortgage

  • How can I find a good mortgage lender in Tucson?

    Finding a suitable mortgage lender in Tucson, AZ requires carefully reviewing the business so that you can choose the right team to support you throughout the entire process. Whether you’re buying your first Tucson, AZ, home or considering refinancing, you need a knowledgeable mortgage broker to guide you toward your future dream.

  • Are there any first-time homebuyer programs available in Tucson?

    Yes, there are various first-time homebuyer programs available to Tucson, AZ, buyers. The City of Tucson Down Payment Assistance Program and the CIC Downpayment Assistance programs are just a few.

  • What is the process for getting preapproved for a mortgage in Tucson?

    Getting preapproved for a loan in Tucson, AZ, requires choosing the right mortgage broker and then submitting a loan application with them. Working with the right Tucson mortgage brokers is an important part of your purchase, as you will rely on them to connect you to the best mortgages based on your financial and home-buying needs.

  • How much down payment is required for a home in Tucson?

    Buying a home in Tucson usually requires a down payment of between 3.5% and 20%, depending on the lender, your credit score, and the specific loan type. FHA loans are popular for their low down payment requirements, which can be as low as 3.5%. Nontraditional loans, such as nonconforming jumbo loans or reverse mortgages, may have higher down payment requirements. AZ refinancing rates fluctuate and depend on the financing bank.

  • What types of mortgage loans are available in Tucson?

    Mortgage brokers in Tucson offer buyers a wide range of loan types, including conventional, FHA, VA, and jumbo loans. USDA home loans are also available to lower-income buyers in Tucson, AZ. USDA loans are well-suited for those buying in rural parts of Tucson, AZ.

     

    A refinance loan allows Tucson, AZ, buyers to buy out a previous bank loan and benefit from more competitive refinance rates. The right mortgage lenders can connect Tucson, AZ,  buyers to investment or home equity loans.

  • Can I get down payment assistance for a home in Tucson?

    Down payment assistance programs are available to some Tucson buyers. These programs are usually reserved for first-time homebuyers with lower incomes. However, many programs consider first-time home buyers anyone who has not owned a home within the last three years. Work with your Tucson, AZ, mortgage broker to explore available assistance programs.

  • What is the average closing cost for a home in Tucson?

    The average closing cost for a home in Tucson, AZ, is between 1% and 3% of the home’s sale price. Actual closing cost rates depend on the lender and the details of the transaction. Common costs for Tucson, AZ, properties might include bank fees, credit scores, inspections, and appraisals.

  • Are there any special mortgage programs for veterans in Tucson?

    Veterans purchasing a home in Tucson, AZ, may qualify for special mortgage programs. Government loans, like VA loans, make buying easier for veterans with lower credit score requirements and no down payment. The VA Home Plus Loan Program also helps Tucson buyers cover closing costs, with funding available up to $19,200.

  • How does the Tucson housing market affect mortgage options?

    The booming Tucson, AZ, housing market can drive up the average cost of homes. Conforming loan limits for Pima County are set at $498,257 for FHA and $766,550 for FHFA. Tucson, AZ, buyers can sometimes qualify for loan products exceeding this amount. For example, jumbo loans can help eligible buyers acquire a house that exceeds current limits.

  • What credit score do I need to get a mortgage in Tucson?

    Many Tucson, AZ, lenders require at least a 620 credit score. However, credit score requirements may vary depending on the home price, the bank lender, and loan type. Here at Arnaiz Mortgage, we can go down to a 500 credit score with FHA/VA mortgages. The right mortgage lending team can help Tucson, AZ, buyers explore loan programs available to those with less-than-perfect credit scores. It’s always important to contact a lender to determine if you meet eligibility requirements.