Arizona Conventional Mortgage – 3% Down

Many Arizona homebuyers looking for a loan down payment mortgage option do not think that they have an option to use a Conventional home loan.  In fact, most feel that an FHA mortgage is their only option.  While that used to be true (unless the buyer was opens in a new window VA or opens in a new windowUSDA eligible), there is a new 3% down payment Conventional Mortgage option for Arizona homebuyers.

3% Down Conventional Mortgage Requirements:

Must be a primary residence
Maximum debt to income ratio 45%
Minimum credit score Contact us for Credit Score Requirements
Borrower must receive automated approval via Fannie Mae
Mortgage Insurance is required
Other Conventional mortgage requirements apply

The 3% down payment option is offered by opens in a new windowFannie Mae.  Thanks to our direct relationship with Fannie Mae we process, underwrite and fund this product in-house.

Why Conventional over FHA?

While an Arizona FHA mortgage is a great option, a Conventional mortgage may be a better fit for many Phoenix area homebuyers.  A Conventional loan offers several possible benefits compared to an opens in a new windowFHA home loan.  Benefits include:

3% down payment vs. 3.5% down payment required by FHA
No upfront mortgage insurance premium required
Monthly mortgage insurance may be cheaper (depends on buyer’s credit score)
Easier to eventually eliminate mortgage insurance payments

The 3% down conventional mortgage option is a great choice for Arizona homebuyers.  Not every borrower will be approved for a opens in a new window3% down Conventional mortgage.  If approval is not possible at 3% down, there are other low down payment Conventional mortgage options available in Maricopa County/Arizona.

For more information contact The HOUSE Team Today.  Team Phone: 602.435.2149   Team Email:  Team@JeremyHouse.comcreate new email

By Jeremy House
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