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Home Buying in Arizona with FHA Loans

For Arizona residents, or Desert transplants, looking to buy a home, there are many different options for home financing available on the market today. However, FHA loans offer their own distinct benefits over other types of loans, and prospective home buyers of the state of Arizona may find it beneficial for them to look into getting a pre-approval on their new home purchase. FHA loans allow the people of Arizona with low credit or no credit to obtain a home loan and become home owners, while other lenders many not take a chance on them given their situation. Also, FHA home loans will often come with incredibly low down payment rates paired with affordable interest rates, making them attractive for first time home buyers and repeat home buyers alike.

When looking into Arizona downpayment assistance, a person must first see if they are eligible to receive a home loan through an FHA approved lender. This often means meeting with a lender and submitting various different forms of financial information to determine just how high of a loan a person can be approved for as well as if they are deemed able to cover loan payments and other living expenses. If the applicant is considered eligible for a loan, and they receive the amount they will be able to receive a loan for, they can then begin looking at Arizona homes that fall under this given price.

It should be noted that Arizona FHA home loans do have limits, and home loans may not exceed certain amounts given to a particular region. These limit amounts will vary from county to county in the state of Arizona, and they are subject to change along with the current housing market. FHA loan limits are determined by looking at the median price rates of homes selling in an area, and the loan limit is typically able to cover the average home available in a desired county.

For higher income counties in Arizona such as Coconino County, the loan limit for 2014 will be somewhere around $225,000, while in a lower income region such as Santa Cruz County the loan limits will be in the $42,000 range. These limits will typically change from year to year as the housing market fluctuates naturally, and it is best for Arizona home buyers to research loan limits in a desired area before applying for an FHA home loan on the home of their choice.

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Arizona Home Buying Resources:
First Time Home Buyer Programs in Arizona  
Downpayment Assistance for Phoenix Home Buying  
◾Community Housing Resources of Arizona - 602-631-9780
◾Desert Mission Neighborhood Renewal – 602-331-5833 ◾Chicanos Por La Causa (CPLC) - 602-257-0700

 

 

 
 
 

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