Elite Agent Service

Expert Home Advice for selling or buying an AZ home
Select Page

Arizona Home Buyer Loans

House_MoneyAlthough home loans and terms constantly change with economic conditions, the following is a summary of many of the home loan offerings currently in existence.

Conventional Loan

Conventional loans are sometimes more lenient with the appraisal and condition of the property. Conventional loans are not government insured and usually have higher down payment requirements.

FHA Loan

FHA loans are insured by the Federal Housing Administration. They offer a low down payment and are easier to qualify for than conventional loans. Appraisal and property condition rules will be applied and loan amounts are limited.

VA Loan

VA loans are guaranteed by the Veterans Administration. Typically, a veteran must have served 180 days of active service to qualify.

Jumbo/Non-Conforming Loans

If you are looking to borrow more than $417,000, you may consider a jumbo loan. A jumbo loan is also called a non-conforming loan because it does not conform to the loan limits set by The Federal National Mortgage Association (also called Fannie Mae) or by The Federal Home Loan Mortgage Corporation (also called Freddie Mac).

These are the two government-sponsored enterprises that help facilitate the availability of home loans by investing throughout the country. Non-conforming loans typically have higher interest rates and different down payment requirements.

Related Articles: