Arizona FHA Loans

Arizona Mortgage Team- Arizona FHA Loans

An Arizona FHA loan is a popular option as other loan programs have went away in recent months. It used to be that an Arizona FHA loan was mostly for only first time home buyers, but now there are many more people who are interested in learning if an Arizona FHA loan is right for them than just first time home buyers.

Many people are aware that FHA doesn’t actually lend you money – they only insure your loan. This means that when you get an Arizona FHA loan, you will be required to pay an Up Front Mortgage Insurance premium on your Arizona FHA loan that ranges from 1.5% of your loan amount to up to 3% of your loan amount depending on which Arizona FHA loan program you are using.

Arizona FHA loan highlights include:

  • 3.5% down payment for new home purchases
  • Monthly mortgage insurance is required
  • Up Front Mortgage Insurance is required
  • No prepay penalty for any Arizona FHA loan
  • Arizona FHA loans allow seller to pay closing costs
  • Arizona FHA loan refinance programs include the popular FHA streamline program, FHA 203k streamline and the FHA 95% 85% cash out program

An Arizona FHA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar heating or cooling systems, water heaters, insulation, weather-stripping, storm windows/doors or other energy efficient improvements approved by the lender and FHA.

Arizona FHA Loan Streamline Program

For those homeowners who already have an Arizona FHA loan, FHA designed the FHA streamline program to allow them to take advantage of lower interest rates when they are available without having to completely re-qualify for a new loan. Learn more about the Arizona FHA loan streamline program.

Arizona FHA 203k Streamline Program

For people who are interested in buying a home that need a few repairs (many bank-owned properties fit into this category), the Arizona FHA loan 203k streamline program is popular. The Arizona FHA loan 203k streamline program allows people to finance up to 35,000 for eligible repairs and improvements.

Learn more about the Arizona FHA loan 203k streamline program.

Arizona FHA Loan 95% 85% Cash Out Program

For homeowners who are interested in turning the equity in their home into cash, FHA designed the Arizona FHA loan 95% 85% cash out program. With the Arizona FHA loan 95% 85% cash out program, homeowners can get up to 95% 85% of the appraised value of their home in cash – many people use this as a way to consolidate high interest credit cards or pay off other debts.

Arizona FHA Loan Rates: Updated Daily

Many different lenders across the US can help you with an FHA loan – whether you are refinancing or buying a new home. Did you know the single best thing you can do for yourself to save money on an FHA loan is to make sure that you shop multiple lenders? Lenders will offer you their best rates if they know you are shopping around – so shop! Getting a quote on an FHA loan is free, easy and only takes a few minutes. Here are rates provided by a few lenders updated daily – be sure to shop multiple lenders!