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Arizona Lending Source offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:

Residential Purchase        Commercial Purchase   FHA    

Construction Loan            Refinance                  Debt consolidation         

VA                                  1st Time Homebuyer   Investment                

Second Home                   FHA 203K                  Jumbo Loans

 
FHA Mortgage Financing in Arizona
Conventional Loans
Jumbo
Rural House USDA
VA

FHA Mortgage Financing in Arizona

 FHA  This is a great loan backed by the Federal Government/HUD , to help borrowers get into a home.  FHA currently requires a 3.5% down payment which can be a gift from a family member or employer.  This is the most common loan for first time home buyers and has lower credit score requirements than conventional type financing offered by a bank.  The current maximum loan amount is $346,250.

FHA 203K  This loan allows a buyer to get additional money for rehabilitation on the home they are going to be purchasing.  This is a great loan to use when buying a foreclosure or short sale that needs work.  This important loan can help revitalize neighbors and expand homeownership opportunities.

 

 

 


Conventional Loans

Conventional  This loan requires a minimum of 5% down payment with good credit in Maricopa county.  You can get a fixed 30,25,20,15 and 10 year term loan or a 3,5,7, or 10 ARM loan.  The maximum loan amount for Maricopa county is $417,000.


Jumbo

Jumbo  This loan usually requires at least 10% down but 20% down payment is the most common.  It is used in Maricopa county for loan amounts from $417,000 to $1,500,000.  Higher credit scores are required and 3,5, and 7 year ARMS are the most common type of financing.

 

 


Rural House USDA

USDA loans are primarily used to help low-income individuals or households purchase homes in rural areas.  There are income limitations and specific location requirements.  This program is a zero down loan, 30 yr fixed, and no monthly mortgage insurance required.  Contact us for more details on this programs requirements.


VA

 
Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. VA loans are zero down with a maximum loan amount in Maricopa county of $417,000. There is no monthly mortgage insurance, which keeps the payment lower. Call us and we will help you check your eligibility with the VA.


Types of loans include;

Fixed Rate Loans  This loan has one interest rate that is constant throughout the loan.  Fixed terms can be 30,25,20,15,10 yr         

Adjustable Rate Mortgage(ARM)  Adjustable or variable rate refers to the fluctuating interest rate you will pay over the life of the loan.  The rate is adjusted periodically to coincide with changes int the index on which the rate is based.  Initial period in which a ARM loan is fixed before the adjustment period can be; 1,3,5,7,10 yrs.

Interest Only  In the first ten years of a Interest only loan the borrower will be billed interest only on the current outstanding balance.  Interest only loans can be combined with a fixed or ARM loan.      

 


Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $4,170. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $10,000. Your actual APR may be different depending upon these factors.