But with less than 20%, be prepared to have an additional monthly expense of private mortgage insurance (PMI). ConventionalĪ conventional loan is a popular choice for many borrowers, requiring as little as a 3% down payment. Chances are you’ll find many of them offering different types of loans, including conventional loans, FHA loans, and VA loans.
You can shop with a number of mortgage lenders in the Grand Canyon state, including online lenders, credit unions, banks, and mortgage brokers. The type of loan you choose will affect whether or not you get approved, as well as what your total costs will be. Source: National Association of Realtors (NAR) data for Q1 2022 Types of Home Loans Available in Arizona With the median sales price of a home having dropped $30,000 since June, the reduced down payment requirement can be used by buyers for other things, like moving expenses or home repairs. If housing prices continue to fall, it reduces the financial stress on homebuyers because the down payment amount is directly linked to the sales price of a property. And if you are eligible, a VA loan requires no down payment at all. FHA loans require 3.5% but offer additional flexibility in terms of credit and income requirements. This can be a significant amount of cash that varies based on the type of loan you’re getting.Ĭonventional loans can require as little as 3% for the down payment. To get a mortgage, you’ll typically need to have a down payment, a percentage of the sales price of the house you’re looking to buy. How Much of a Mortgage Do You Need to Buy a Home in Arizona If you’re thinking about buying a home, take them into consideration as you could end up being able to afford more than you think.Ĭurrent Mortgage Rates in Arizona Loan Type Now that interest rates have risen, home prices have dropped.įirst-time homebuyer programs can also help cover down payment and closing cost requirements. Dina Maeweather, a licensed real estate agent with Keller Williams, explains that when interest rates are low and getting a mortgage is inexpensive, there can be a rush from buyers to purchase a home, which ultimately drives up home prices. Since April, the median sales price has dropped from $475,000 to $445,000. With such a large increase in home prices, homebuyers have had to either save for a larger down payment or find a way to get approved for a larger mortgage loan.įortunately, home prices have begun to drop. For more information, see How We Make Money.Īlthough the real estate market in Arizona has seen a steady increase in home prices and a decrease in home affordability over the past several years, that trend has begun to change in recent months.ĭata from the Arizona Regional Multiple Listing Service show that the median price of a home was just $120,000 in January of 2012, and rose to $475,000 as recently as June 2022.
Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. We want to help you make more informed decisions.
0 kommentar(er)
