Capital Home Mortgage Flagstaff

Flagstaff home purchase loans

Home Purchase lender Flagstaff Arizona

Home Purchase Loans In Flagstaff

Home buyers in Flagstaff, Arizona, might expect a somewhat competitive atmosphere in the present housing market. The median sale price is up 8.5% from the prior year. Since last year, the median sale price per square foot has increased by 10.9%. Flagstaff homes typically sell after 17 days on the market, down from 34 days the previous year. On the other hand, the number of residences sold in September 2023 was 14.6% lower than the last year. As a result, prospective house buyers should brace themselves for a fast-paced market with rising costs.

Purchase Loan Programs in Flagstaff

Prospective house buyers in Flagstaff, Arizona, are provided with various home financing options. The following programs are commonly encountered:

  • Conventional Home Loans

A conventional mortgage in Flagstaff, Arizona, is a home loan accessible through or guaranteed by a private lender, Freddie Mac and Fannie Mae, two government-sponsored enterprises, but is not insured by the federal government. Conventional mortgages come with competitive interest rates and reduced down payment requirements, comprising both conforming and non-conforming loans. They are well-liked by diverse borrowers, including those buying their first and second or subsequent homes.

The primary distinction between conforming and non-conforming loans, the two types of conventional mortgages, is the amount borrowed. Conforming loans adhere to the rules established by the Federal Housing Finance Agency (FHFA) and other federal agencies. These loans are so-called because they meet the criteria established by Fannie Mae and Freddie Mac, which include maximum lending limitations. 

The 2023 conforming loan limits in Flagstaff, Coconino County, are $726,200 for a single-family residence, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a quadplex.

Non-conforming loans surpass Fannie Mae and Freddie Mac’s maximum lending limit. These loans cannot be sold to Fannie Mae or Freddie Mac because they exceed the conforming lending restrictions. Non-conforming loans are generally utilized for purchasing more expensive homes, and they frequently come with somewhat higher interest rates due to the lender’s higher level of risk. It is vital to know that conforming and non-conforming loans have creditworthiness requirements.

  • FHA Home Loans

In Flagstaff, Arizona, an FHA loan is a mortgage insured by the Federal Housing Administration (FHA) and offered by an FHA-approved lender. These loans are intended to make homeownership more accessible to people with lower incomes or credit scores. FHA loans provide a lower down payment requirement, often 3.5% of the purchase price, making them a reasonable alternative for many buyers. They additionally require the borrower to pay mortgage insurance, which limits the lender’s loss if the borrower defaults on the loan.

An FHA loan requires a credit score of 580 or higher (but individuals with a score between 500 and 579 may still qualify with at least a 10% down payment). There should be no history of bankruptcy or foreclosure in the previous two or three years. The borrower’s debt-to-income ratio should be less than 43%, with exceptions for compensating factors. Income, assets, liabilities, and credit histories are also examined. It’s crucial to note that lenders have considerable leeway in establishing their own while the government specifies basic rules.

The 2023 FHA loan limits in Flagstaff, Coconino County, are $517,500 for a single-unit property, $662,500 for a duplex, $800,800 for a triplex, and $995,200 for a four-plex.

  • VA Home Loans

A VA mortgage in Flagstaff, Arizona, is a home loan guaranteed by the United States Department of Veterans Affairs (VA) and made available by a VA-approved lender. These loans help veterans, active-duty military personnel, and qualifying surviving spouses purchase homes. VA loans are noteworthy for requiring no down payment, making them an appealing alternative for many buyers. Because the Department of Veterans Affairs backs the loan, lenders have more confidence and can provide more advantageous terms.

A VA home loan requires the applicant to be an eligible veteran, active-duty military member, or eligible surviving spouse with a valid Certificate of Eligibility (COE). The applicant must complete the required minimum active-duty service, which varies depending on when they served. They must meet the lender’s credit and income requirements, use the loan for a qualifying purpose, such as homeownership, and occupy or expect to occupy the home within a reasonable time, usually within 60 days after closing.

  • USDA Home Loans

A USDA home loan is a no-money-down mortgage available to low- and moderate-income borrowers in primarily rural areas. These loans are part of a national program established by the United States Department of Agriculture to assist in creating loans for first-time homeowners and those who do not meet standard mortgage requirements. The USDA offers two types of home loan programs: the Section 502 Guaranteed Loan and the Section 502 Direct Loan. Both assist eligible home buyers with low to moderate incomes in purchasing homes in rural and small-town areas.

The key distinction between a USDA Direct Loan and a Guaranteed Loan is that Guaranteed Loans are provided by a private mortgage lender and are intended for borrowers with “moderate” income. Additionally, USDA Guaranteed Loans necessitate the purchase of mortgage insurance. USDA Direct loans, on the other hand, are designed to assist low-income borrowers in becoming homeowners. These loans are less common; however, a USDA direct loan can be obtained through the USDA. In this scenario, the USDA functions as the lender, providing the funding to acquire the property. Instead of working with a private lender, you will work directly with the USDA.

  • Non-Qualified Mortgage Loans

A non-qualified mortgage or a non-QM loan does not meet specific Consumer Financial Protection Bureau (CFPB) standards. These criteria dictate which characteristics loans must (or must not) contain and which techniques lenders must employ when analyzing applicants’ finances and ability to repay. Non-QM loans are intended for borrowers with difficulty qualifying for a typical mortgage due to creditworthiness and income level or predictability. Non-QM loans have less stringent credit and income standards but have more significant down payments and higher interest rates.

Non-QM loans have less stringent income and credit standards. Borrowers, for example, may be able to utilize alternate forms of income documentation, such as tax returns, bank/investment account statements (or other proof of assets), rental income, or 1099s, instead of W-2 forms and paystubs, to establish their ability to repay the loan. Borrowers’ loans may consume a more considerable percentage of their income than the average amount preferred by conventional lenders – up to 50%. In other circumstances, there is no waiting time after bankruptcy or foreclosure, allowing people to get a mortgage immediately. Non-QM loans are often intended for borrowers who fall short of the stringent eligibility standards of a QM loan. These loans may have more lenient underwriting requirements. Higher DTI percentages or different income verification procedures may be permitted. Non-QM loans may also have advantages like more affordable down payment requirements.

  • Jumbo Loans

A jumbo mortgage, sometimes called a jumbo loan, is financing exceeding the Federal Housing Finance Agency’s (FHFA) lending limits. Unlike a conventional mortgage, Fannie Mae or Freddie Mac cannot purchase, guarantee, or securitize a jumbo loan. These loans are intended to fund more expensive properties than conforming loan limitations permit. A jumbo loan varies by geographic location, but it is usually more than $726,200 and can go up to $5 million.

A jumbo loan has more considerable amounts often used for more expensive homes. Jumbo loan interest rates are typically higher than those on conventional mortgages. Jumbo loans include more stringent qualifying criteria, such as a higher credit score, income/asset requirements, and down payment requirements. Borrowers must have considerable cash or assets, excellent credit, and a low debt-to-income ratio to qualify for a jumbo loan. 

  • Construction Loans

A construction loan is a short-term, high-interest loan used to finance the construction of a house or other real estate project. Before getting long-term funding, the builder or home buyer obtains a construction loan to pay the project’s expenses. These loans cover purchasing land, developing plans, obtaining permissions, and purchasing labor and materials. A construction loan’s initial term is usually a year or less when the construction project must be finished.

Construction loans are classified into two types: one-time close and two-time close. A one-time close construction loan, also known as a construction-to-permanent loan, enables you to obtain both loans (construction and permanent) at the same time. Your loan will be converted to a regular mortgage after finishing the work. The most significant advantage of a one-time close construction loan is that you do not have to go through underwriting twice. On the other hand, a two-time close construction loan requires you to get accepted for two different loans. The first loan will cover the physical construction of your home, and you will then need to apply for — and be approved for — a separate long-term loan on the completed house to refinance the construction loan to a 15- or 30-year mortgage. If you have revisions to the original plans and specifications, often known as change orders, a two-time close construction financing is advantageous.

Apply for a Home Purchase Loan in Flagstaff

Capital Home Mortgage offers solutions for all mortgage needs as a direct mortgage lender and servicer in Arizona. You can choose the best loan program to fit your needs and budget with the assistance of our experienced mortgage staff. Since every loan is unique, our loan officers provide clients with the tools, support, and freedom to select the best mortgage program. 

Call (480) 360-6650 to speak with a Flagstaff Home Loan Specialist.

Why Flagstaff 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 Mortgage Payment

Flagstaff 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

Flagstaff Home Purchase Loans

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

Flagstaff fixed rate Mortgage Loans

All Fixed Rate Mortgage Loans are designed to have equal payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed Rate Mortgage Loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. However, Fixed Rate Mortgage Loans are also offer in 10 year, 20 year and 25 year terms although less common due to demand.

Flagstaff Adjustable Rate Mortgage Loans

Adjustable Rate Mortgage Loans known as ARM’s are  available with most mortgage products although limited with FHA, VA and USDA. ARM’s are great fit for homebuyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible payment.  ARM’s offers lower rates during times where fixed rates are higher. An adjustable rate mortgage is fixed for a specific time then adjusts on a predetermined time period and a predetermined amount based on a financial index and a fixed margin.

Flagstaff Mortgage Programs

Flagstaff Home Purchase

Thinking of Buying an Flagstaff 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

Flagstaff renovation home loans

Looking to Rehab an Flagstaff 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

Flagstaff FHA Home Loans

Great for 1st Time Flagstaff 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

Flagstaff VA Home Loans

100% Financing for Flagstaff 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

Flagstaff Conventional Home Loans

Flexibility for Flagstaff 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

Flagstaff Jumbo Home Loans

Flagstaff 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

Flagstaff USDA Home Loans

100% Flagstaff 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

Flagstaff Native American Home Loans

Flagstaff 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

Flagstaff Manufactured Home Loans

Great Alternative Flagstaff Housing

Flagstaff reverse mortgages

Your Flagstaff 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

Flagstaff Non QM Home Loans

Making Flagstaff 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

Flagstaff One Time Close mortgages

Build Your Flagstaff 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

Flagstaff Refinance Mortgage Loans

Flagstaff 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

Flagstaff Cash-out Home mortgages

Flagstaff 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

Flagstaff Arizona Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

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