Phoenix Homes For Sale:
Looking for new or used Phoenix homes for sale? We offer numerous Phoenix home mortgage loan products to suit you and your families needs.
No Money Down Loan Programs? These are available on VA or USDA Rural Housing loans. For VA loans, one does need to be a veteran to qualify. No mortgage insurance is required on these loans. That’s a huge benefit. Secondly, we typically need a middle fico score of 620 to qualify. We do have a lender that offers VA loans for borrowers with fico scores as low as 580 but the interest rate is definitely going to be higher. USDA Rural Housing loans are only available in certain rural areas. They are not available in major metropolitan areas such as Phoenix, Tempe, Mesa, Glendale, Avondale, Goodyear, Buckeye, Anthem, Chandler, San Tan Valley, Flagstaff, Prescott Valley, Wickenburg, Fountain Hills, etc. To find out if a property qualifies for a USDA Rural housing loan one needs to go to the USDA Rural Housing website and type in the property address.
What if you don’t qualify for no money down loan programs?
We still offer the 3% or the 5% down conforming loan programs. The 3% down loan program does have income restrictions, fico score restrictions, and debt to income restrictions. Most borrowers will fall under the typical 5% down Conventional loan program. Furthermore, these home mortgage loans will carry mortgage insurance. Mortgage insurance premiums is based on a persons fico score. The higher the fico score and the higher the down payment percentage the less the monthly mortgage insurance premium percentage. If you have the money, it is always worth it to put more money down on your home to lower the monthly mortgage insurance premiums.
Lastly, 5% Down Jumbo Loans Are Back: Looking for a Jumbo loan? 5% down Jumbo loan products are back. To qualify you need a higher fico score, lower debt to income ratio, and lots of reserve requirements. This program is designed for Elite borrowers. Most borrowers qualify under the 10% down Jumbo loan program.
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