Our Arizona FHA Loan Options
At Arnaiz Mortgage, we strive to help homebuyers secure the financing they need to buy a home in Arizona. We offer several FHA loan options:
- FHA 203(b): This is the standard FHA loan.
- FHA Streamline Refinance: It’s ideal for refinancing your FHA loan.
- FHA 203(k) Rehabilitation Loan: You can use this to buy and renovate a fixer-upper.
- FHA Energy Efficient Mortgage (EEM): This helps finance energy-efficient upgrades.
- FHA Reverse Mortgage: Available for those over 62 to convert their home equity.
- FHA Cash-Out Refinance: You can refinance your home and take out cash.
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Get a quoteArizona FHA Mortgage Process
If you’re interested in securing an FHA loan for your Arizona home, our process is straightforward:
- Collect all the documents you’ll need for your application.
- Get pre-approval so you know the maximum loan you can borrow.
- Complete the loan application.
- Choose a property and get it appraised by an FHA-approved appraiser.
- Wait for the underwriting process to complete and get approved.
- Close on your FHA loan.
Get an Arizona FHA Mortgage Quote Today
With an FHA loan, homeownership is more accessible than ever. Arnaiz Mortgage provides the mortgage solutions and guidance you need while securing your new home. Contact us today to learn more about our mortgage solutions and how an FHA loan can benefit you.
Arizona FHA Loans: The Affordable Way to Homeownership
FHA loans are one of the most popular types of home loans because they make homeownership more accessible. Many first-time homebuyers may not qualify for traditional conventional loans. Therefore, these lower down payments, competitive interest rates, and flexible credit score requirements help people buy a safe and secure home.
These loans are great resources for homebuyers. However, there are maximum loan limits. The Arizona FHA loan limits for a single-family home vary. In most counties, the limit is $498,257, but it can be higher in more costly areas.
Federal Housing Administration (FHA) Loan Requirements
If you want to qualify for FHA home loans in Arizona, these are the requirements you’ll need to meet:
- Credit Score: Borrowers need a score of 580 or higher, but some lenders are okay with 500 to 579 with a higher down payment.
- Debt-To-Income Ratio (DTI): Your DTI needs to be 43% or less.
- Down Payment: You’ll need 3.5% for a down payment with a credit score of 580+ and up to 10% down payment for a score between 500 and 579.
- Income and Employment Verification: You must prove that you have employment and a steady income.
- Occupancy Requirement: Restrictions apply for an FHA home loan, as the proceeds must go toward your primary residence.
- Property Standards: The property must meet FHA standards.
FHA Loan Assistance Programs in Arizona
Even though FHA home loans make homeownership more accessible, that doesn’t mean you can’t take advantage of other assistance programs. Arizona has a few assistance programs to consider:
- Pathway to Purchase
- HOME+PLUS Program
- AzIDA’s HOME Program
Why Choose Arnaiz Mortgage for Your Arizona FHA Mortgage Needs?
Regardless of whether you’re looking into FHA, VA, or a conventional loan, working with a professional and experienced mortgage lender is key. At Arnaiz Mortgage, you can count on us to provide you with:
- Competitive Interest Rates: We work to get you the most competitive interest rates and loan terms.
- Local Expertise: Our expertise in Arizona’s housing market makes us an invaluable ally.
- Customized Mortgage Solutions: You’ll get a personalized mortgage solution based on your goals and financial situation.
- Streamlined Application Process: We offer an efficient application process so you can get your funding quicker.
Ongoing Support: We’ll be here to assist you with questions even beyond securing your loan.