This loan requires a minimum of 3% down payment with good credit.  Most borrowers put 5% or more down on this loan.  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 $484,350.

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. This is the most common loan for first time home buyers and has lower credit score requirements than conventional type financing offered. The current maximum loan amount is $314,827

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 fixer upper.  This important loan can help revitalize neighborhoods and expand homeownership opportunities.

Eligibility for the VA loan is defined as Veterans who served as active duty or are current active duty military.  VA loans are zero down with a maximum loan amount in Maricopa county of $484,350. There is no monthly mortgage insurance, which keeps the payment lower. Call us and we will help you check your eligibility with the VA. Thank you for your service.

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.

Jumbo loans are for those looking for financing options above the Conventional loan limits.  They are typically for borrowers looking to buy a luxury home who have good debt to income ratio and high credit scores.  Borrowers applying for a Jumbo loan typically put 20% down or more.

Non-traditional loans are for those that don’t fit within the standard lending guidelines.  Some examples of Non-traditional loans are self-employed borrowers with high credit scores who are unable to document income on their tax returns, Canadians buying a second home and blemishes on credit due to unforeseen circumstances, just to name a few.

If you have been turned down for a traditional loan give us a call.  We have several non-tradition loans that may be used to accommodate your lending situation.

A reverse mortgage allows a borrower to access a portion of the equity in their home without having an out of pocket payment each month.  This loan is for owner occupied properties and for borrowers 62 years of age or older.  The homeowner retains ownership of the home during the life of the loan and can sell the home at any time.

This loan can be used to payoff an existing loan or other debt and not have an out of pocket payment, set up a line of credit and draw money out as needed without a monthly out of pocket payment, receive a lump sum of cash or receive monthly income.  Although not as common as a refinance, a reverse mortgage can be used for purchasing a home.

If you have questions about a reverse mortgage call us and we will provide the answers you need to see if a reverse mortgage is right for you.