Low Down Payment Mortgage Options
Today’s Arizona Mortgage market offers homebuyers several different low down payment mortgage options. From 0% down and up, Phoenix area buyers have several different low down payment mortgage options to choose from when purchasing a new home. Below is a brief outline of the different down payment options opens in a new windowThe HOUSE Team offers:
0% Down Mortgage Options:
USDA Home Loan:
A opens in a new windowUSDA Home loan allows a buyer to purchase a home with 0% down AND without having to pay monthly mortgage insurance.
- Buyer must meet specific USDA income requirements (see link below to see income guidelines)
- Property must be eligible for a USDA home loan (see link below to find out if a property is eligible for USDA financing)
- Click opens in a new windowHERE for more details on an Arizona USDA Mortgage
VA Home Loan:
A opens in a new windowVA Home loan allows a qualified veteran to buy an Arizona home with a 0% down payment.
- Buyer must be an eligible and qualified veteran
- Click opens in a new windowHERE for more details on a opens in a new windowVA Home Loan
3% Down Mortgage Option:
3% Down Payment Conventional Mortgage
Qualified homebuyers now have an option to put as little as 3% down on the purchase of a primary residence in Maricopa County.
- Buyer must meet guidelines and will be required to pay mortgage insurance
- There are Conventional loans with down payments from 3% and up
3.5% Down Mortgage Option:
FHA Mortgage
An opens in a new windowArizona FHA home loan offers buyers the option to put 3.5% down on a primary residence purchase.
- Click opens in a new windowHERE to learn more about Arizona opens in a new windowFHA Home Loans
5% on up Down Payment Mortgage Options:
Conventional Loans from 5% – 20% Down;
Arizona home buyer’s have the option to purchase a home and putting between 5% to 20% down on a primary residence.
- Buyer must qualify
- There are options with less than 20% down that enable the buyer to avoid paying monthly mortgage insurance
To learn more about your low down payment mortgage options contact The HOUSE Team today: Team Phone: 602.435.2149 Team Email: Team@JeremyHouse.comcreate new email.