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Last updated: Feb 24, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Arizona Mortgage Overview

Arizona ranks 6th in land measurements in the United States and is the 14th most populated state. Today there are more than 7 million people that live in the home of the Grand Canyon, enjoying its incredible beauty and beautiful weather.

If living amongst the beauty of the Grand Canyon interests you, there are many loan options to help you:

Arizona conventional loans

If you have great credit (660+), low debt-to-income ratios, and at least 3.5 percent to put down, a conventional loan offers the lowest rates and best terms. Conventional loans require PMI until you owe less than 80 percent of the home's value, but then you can cancel it.

Arizona FHA loans

FHA loans have the most flexible guidelines and are great for first-time homebuyers. With a 580+ credit score, you need just a 3.5 percent down payment and average debt ratio. FHA loans also allow credit scores as low as 500, but with a 10 percent down payment. They allow 'negative credit' in the past, and allow compensating factors to make up for any negative issues.

Arizona VA loans

Veterans of the military have a great program available. The VA loan offers 100 percent financing (no down payment), and the most flexible guidelines. As long as you make enough money to support the payment and your current debts, you're on your way to buying your first home with the help of the VA.

Arizona USDA loans

If you prefer rural living and make less than 115% of the area's median income, the USDA loan offers 100 percent financing for borrowers with at least a 640 credit score. You must live in the home as your primary residence and buy a 'reasonable home' for the area.

First-Time Homebuyer Programs in Arizona

Home PLUS Down Payment Assistance Program

The Home Plus program offers a low-interest 30-year fixed loan and down payment assistance up to 5 percent that you can use for your down payment and/or closing costs. You'll need at least a 640 credit score and max debt-to-income ratio of 45-50 percent to qualify.

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