Arizona 2018 Conforming Loan Limit Explained Here:

Arizona 2018 Conforming loan limit is set to $453,100 for calendar year 2018.  This is a pretty significant increase compared to last year.  Any loan amount greater than $453,100 in the state of Arizona is a Jumbo loan.  See the attached loan limit link for more details.  2018 Loan Limit

Loan Products:

VA loans are our most popular loan product because they do not require down payment money nor do they have monthly mortgage insurance.  This is a huge saving advantage.  To qualify, one must have served in the US military and have VA benefits.  Interest rates on this loan product are extremely attractive.

Secondly, FHA loans are our second most popular loan product.  This loan product is designed to help the first time home owner obtain home ownership by overlooking credit issues.  Our Fha loan products allows borrowers to qualify with a middle fico score as low as 580 and a down payment in the amount of 3.5% of the purchase price.

Thirdly, our Conventional loan programs are the third most popular loan program.  Within this category are numerous different programs all with different down payment amounts and monthly mortgage insurance premiums which are all based on your fico score, loan amount, and down payment amount.  We have some loan products where the interest rate already includes your monthly mortgage insurance premium.  Sometimes the total payment on this loan product is less than if your interest rate was lower and you have a separate mortgage insurance premium amount.

Fourthly, the USDA Rural Housing loan is popular for borrowers who buy a home in a rural area.  This loan product does not require any down payment but does have a fico score and income restriction.  Since income restrictions change each year, it’s best to call in for more information.

Lastly, our Reverse Mortgage product is popular with seniors who either want to elminate a mortgage payment all together or who would like to receive cash back to use in whatever way, shape, or form they choose.  Reverse mortgages are a great alternative for borrowers who are 62 years of age.

Need A Prequal Letter?  CAll our office and we’d be happy to help assist.

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Arizona 2018 Conforming Loan Limit: