FHA Mortgage Lender Arizona

FHA Loans In Arizona

You are likely familiar with FHA loans if you want to purchase a home in Arizona. It’s possible that a member of your family or a close friend brought up FHA loans, but you need to understand what the program comprises overall.

What is an FHA Loan?

In Arizona, an FHA loan is a type of mortgage financing regulated and insured by the Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development (HUD).  Private lenders issue these loans, but FHA insurance reduces the lender’s risk, allowing them to offer more attractive terms to applicants.

Notably, FHA loans allow down payments as low as 3.5% of the home’s purchase price. Additionally, they accept lower credit scores than most conventional loans, making them a viable option for many first-time buyers and individuals with imperfect credit. The maximum loan amount varies by county.

Advantages of an FHA Loan

FHA loans, supported by the U.S. Department of Housing and Urban Development (HUD), offer numerous advantages to Arizona home buyers. Here are a few of the benefits:

  • Lower Down Payment Requirements:

An FHA loan is distinguished by its low down payment requirement. You can obtain financing for your house with as little as a 3.5% down payment. This is far less than the 20% down payment necessary for conventional loans to avoid PMI. Gift funds can also be used for your down payment.

  • Easier Credit Qualifications:

FHA lending standards are less stringent than conventional loan requirements. It’s one of the most accessible loans to obtain, especially if your credit is less than perfect. The FHA minimum credit score is 500; however, this comes with a higher down payment requirement.

  • FHA Mortgage Insurance:

FHA loans are insured, which means that if the borrower defaults on the loan, the FHA will reimburse the lender. FHA loans typically have more lenient credit requirements than conventional loans because they represent less risk to the lender.

  • Lower Interest Rates:

FHA loans frequently have lower interest rates than conventional loans, which can save borrowers a significant amount of money over the life of the loan.

  • Higher Debt-to-Income Ratio:

To qualify for an FHA loan, your monthly debt payments (including a potential mortgage) cannot exceed 43% of your monthly income. With compensating factors, however, consumers may be eligible for a DTI of 50%.

Eligibility Requirements of an FHA Loan

The Federal Housing Administration (FHA) offers a variety of loan programs with flexible eligibility requirements, but applicants must meet specific basic requirements. These requirements are intended to ensure that FHA loans are accessible to a wide variety of applicants, not just those with high incomes and impeccable credit.

  • Loan Limits

Each county dictates the 2023 FHA loan limits in Arizona. The standard maximum FHA loan limit for a single-family home in Arizona is $472,030, $604,400 for a duplex, $730,525 for a triplex, and $907,900 for a four-plex.

If you’re looking to buy a property in a high-cost area of Arizona, remember that the high-cost limits are slightly higher than the low-cost limits. Coconino County has a single-family limit of $517,500, Maricopa County has a limit of $530,150, and Pinal County has a restriction of $530,150.

  • Owner Occupancy

FHA loans require the borrower to occupy the property as their primary residence. FHA loans are ineligible for purchasing vacation homes, investment properties, and other “intermittent occupancy” properties.

  • Residency and Age

To sign a mortgage, applicants must be legal U.S. residents of legal age. The borrower must also be willing to certify that they intend to reside in the FHA-financed property.

  • Credit Requirements

To qualify for an FHA loan, you must have a credit score of at least 580. On the other hand, borrowers with credit scores ranging from 500 to 579 may be eligible for an FHA-insured loan with a 10% down payment.

  • Employment and Income

Borrowers must have a two-year verifiable employment history to qualify for an FHA loan. Recent college graduates and recent military veterans are exempt from this requirement.

  • Down Payment

The minimum payment for an FHA loan is 3.5% of the purchase price. These may come from the borrower’s own funds or a gift from a family member, employer, or charitable organization. Borrowers with scores below 580 down to 500 may still qualify with a 10% down payment.

  • Reserves

Mortgage reserves are readily accessible assets, such as cash, that can be tapped if you need assistance making your mortgage payments. These are your remaining assets after your down payment and closing costs. The down payment may be a “gift,” but the reserve must come from your own funds. The average reserve requirement is between one and three months, depending on your credit score.

Apply for an FHA Loan in Arizona

Choosing Capital Home Mortgage for an FHA loan in Arizona can benefit homebuyers. FHA loans are popular due to their low down payments and flexible eligibility requirements, which make them especially attractive to first-time homebuyers and those who may not have excellent credit or significant savings. These loans are insured by the government, which reduces the risk for lenders and increases the probability of approval for applicants. In addition, Capital Home Mortgage provides customers with access to a broader range of services and resources, which may result in improved terms and conditions. Arizona homeowners-to-be can make home-buying more affordable and accessible by selecting Capital Home Mortgage for an FHA loan.

Call  (480) 360-6650 to speak with one of our FHA Loan Specialists and get started on your path to home ownership.

Why Arizona HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Payment

Arizona Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Arizona FHA Home Purchase Loans

FHA Purchase Mortgage Lender
  • Simple Qualifying
  • Smaller Down Payment
  • Seller Paid Closing Costs
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores Allowed
  • Manufactured Housing OK

Arizona FHA Refinance Home Loans

FHA Refinance Mortgage Loans

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

Arizona FHA Renovation Home Loans

FHA 203K Mortgage Loans

FHA 203K is a great option for makes cosmetic changes to an older home.  It allows a FHA buyer to update out of date cosmetics of a home as part of purchase or refinance.  Make that old home new with a Streamline 203K renovation.

  • Purchase & Refinance Options
  • Primary Residences Only
  • Single, Multi Family & Condo’s
  • As-Is Improved Renovated Value
  • 203K Streamline
  • Less < 35K, Cosmetic Repairs Only
  • 203K Full Rehab
  • Greater > 35K, No Restrictions
Arizona Mortgage Programs

Arizona Home Purchase

Thinking of Buying an Arizona Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Arizona renovation home loans

Looking to Rehab an Arizona Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Arizona FHA Home Loans

Great for 1st Time Arizona Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Arizona VA Home Loans

100% Financing for Arizona Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Arizona Conventional Home Loans

Flexibility for Arizona Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Arizona Jumbo Home Loans

Arizona Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Arizona USDA Home Loans

100% Arizona Rural Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Arizona Native American Home Loans

Arizona HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Arizona Manufactured Home Loans

Great Alternative Arizona Housing

Arizona reverse mortgages

Your Arizona Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Arizona Non QM Home Loans

Making Arizona Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Arizona One Time Close mortgages

Build Your Arizona Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Arizona Refinance Mortgage Loans

Arizona Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Arizona Cash-out Home mortgages

Arizona Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Arizona Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Brad Rund

Business Dev Manager
NMLS #224674

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