FHA mortgage Arizona allows you to get your dream home without using any out-of-pocket expenses. Indeed, because the Housing Department (HUD) insures payment for the lender, the latter reduces many upfront costs. One of these is the down payment, which unlike in the conventional market where it varies between 10 and 20%, here you pay only 3.5%. The second allowance is where the seller can pay 6% of all your closing costs.
We will start your journey to this homeownership craving with ready answers to majority of the frequently asked questions concerning FHA mortgage AZ. These include:
- 1. Up to how much can I borrow for a single-family unit?
Though the Federal Housing Administration does not enforce a limit on the selling price of a home, it nevertheless enforces a maximum amount you can borrow against a home. Depending on the size of the home, here are the current values:
- For a single unit, the maximum is $346250.
- For the biggest residence of four units, the highest amount is $75000.
- 2. Can I get sponsorship for down payment?
Yes, you can if you get it as a gift from any of the following benefactors:
- Family members.
- Non-governmental Organization (NGO).
- 3. Can I secure the loan as a second-time buyer?
Indeed, you can! This is one of the only few programs, the other being USDA and VA, that allows you to come back for another chance. You can do this under these conditions:
- You have settled any existing home purchase scheme including FHA mortgage AZ.
- You are not currently facing foreclosure or debt.
- 4. Are there particular documents that I need in order to secure this program?
Though FHA mortgage Arizona does not come with many requirements, we recommend that you provide the following documents:
- Tax returns of the forgoing two years.
- Bank statements of the past 60 days.
- A credit score of as low as 620.
- 5. How long does the amortization period last?
Actually, FHA mortgage AZ offers you two choices:
- A long-term plan of 30 years at a fixed interest rate.
- A short-term scheme of 15 years at a fixed rate.
How to Apply
After you have gauged your eligibility with the above FAQs, now is the time to apply. Our program has these few steps:
- Send us your home purchase credit request.
- Find an eligible lender with credible HUD certifications.
- Use the services of our real estate agent to locate an eligible condo, existing home or planned development.
- Remit part of the closing costs with 6% coming from the lender.
Indeed securing FHA mortgage Arizona is as easy as passing easy pre-qualifications and settling a down payment of just 3.5 percent. You can leave the rest of the paperwork to our experts. We will submit your documents, including tax returns or bank statement to the Federal Housing Administration for immediate consideration.
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