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Home Buying in Arizona

Discover How These Arizona Home Buying Programs Have Helped Home Buyers Get the Best Deal!

Arizona home buying programs have helped first time and returning homebuyers to afford a share of the real estate industry. Thus, through the different programs run at the federal level or state level, persons who have longed to buy a house in Arizona but could not afford the huge amounts, can qualify for financing. In this post, we feature different home buying programs and look at how they have helped home buyers in Arizona.

1.  The FHA Home Buying Program

The Federal Housing Administration has played a frontline role and financed many people helping them in buying a home in Arizona. Thus, whether you are a first time home buyer or considering moving to a new home, the FHA loan program will enable you to achieve the dream. The FHA has remained the Go-to program for a good number of people who already own a home in Arizona. This is especially those who have had a “shaky” credit score or could not afford the 20% down payment to qualify for the conventional home mortgage. Therefore, with the FHA backing, homebuyers do qualify for loans even with as low as 3.5% down payment.

The benefits of FHA home loan include:

  • Easier to quality
  • Offers competitive interest rates
  • You qualify even if you have a foreclosure or bankruptcy in the past years

Are you considering buying a home in Arizona but you cannot afford the 20% down payment? Find the best FHA lenders in Arizona; the FHA home program has helped past homebuyer’s fast track their dream of owning a home in Arizona. Here is a list of the requirements you need to meet to qualify for an FHA home loan in Arizona.

  • Show proof of income, which can be done through the use of pay-stubs or using tax returns
  • Be able to afford the housing payments and ability to clear existing debt / Debt to income ratio of less than 43%
  • Afford at least a 3.5% down payment
  • Have an established credit history
  • Have a FICO score of at least 580 to 640
  • Purchase a home that does not exceed FHA loan limits
  • The home must be the borrower’s primary residence

Do you meet the above requirements, apply for the FHA home loan today, and fast track your homeownership dream.

2.  The VA Home Loan

Backed by the U.S Department of Veteran Affairs, the VA loan helps the service members, veterans, and the surviving spouses achieve the American dream of buying a house in Arizona.

The Veteran affairs home loan can be used to purchase, build, repair, retain, or even adapt a home to be used as your personal; residence. Ideally, the private lenders who include local banks in Arizona, and the local mortgage lenders in Arizona provide the VA home loan.

Therefore, the Veteran Affairs home loan guarantees a portion of loans enabling the lenders to provide favorable terms to qualified borrowers. Here are some of the advantages offered by the VA home loans.

  • The eligible homebuyers are not required to make a down payment in most cases.
  • There is no monthly mortgage insurance premium to pay
  • Comes with lower average interest rates compared to the other loan types
  • Does not include prepayment penalties
  • Offers up to two prepayment penalties as VA buyers pay off a loan early without any financial penalties
  • Comes with two refinance options allowing the homeowners with any existing VA loans the ability to lower a monthly repayment by taking advantage of a lower interest rate

To be eligible for the VA home loan, you or your spouse should meet the basic service requirements. 

3.  The USDA Home Loan

The United States Department of Agriculture provides qualifying citizens with the ability to afford a home in Arizona. This is through the USDA home loan, which is backed by the US department of agriculture.

The USDA loans are special mortgages targeted towards the low-to-moderate income homebuyers. The USDA guarantee protects the mortgage lenders, hence enabling them to issue below the market interest rates and accept applications at zero down payments. The intention is to encourage homeownership and economic development in rural areas.

The USDA home loan eligibility is based on the buyer, and the property he or she wishes to purchase. Here is a summary of the requirements that must be met:

  • Have a steady job or income, backed by the tax returns
  • Meet the FICO credit score of at least 640
  • A Debt-to-Income ratio of 41% or less
  • The property is located within the eligible areas

Therefore, check the USDA eligibility map to see if the property you intend to purchase is within the areas that qualify for USDA financing.


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