Buy Arizona Home AZ

Buy An Arizona Home

Becoming an Arizona Home Owner

The benefits for those who buy an Arizona home reach far and wide. Not only are there financial benefits to owning a home but there are emotional, social, and societal benefits as well! Take a look at all homeownership has to offer. Also, keep in mind that we can help finance your dreams with some Arizona programs requiring as low as a 3% down payment**

Let’s look at some common myths we see in regard to purchasing a home.

 

AZ Homebuying Fact vs. Fiction
  • The majority of Arizona home buyers still believe a 20% down payment is required to buy a home. This is simply not true.

 

  • More than 70% of non-cash, first-time home buyers made down payments of less than 20% over the last five years.

 

  • The typical down payment for 60% of those buying an Arizona home is 6% or less.

 

  • Only 13% of young adults (34 and younger) realize they can purchase a home with a down payment 5% or less.

 

There are a multitude of program options to buy an Arizona home. Depending on your scenario you may be eligible for a variety of down payment options:

 

Program Options:

    • FHA Loans – 3.5% down with a 620 score
    • VA Loans – No down payment
    • USDA Loans – No down payment
    • Conventional 97 – 3% down
    • 100% financing options available
 
Use our mortgage calculators to find out how much home you can afford.
Get Pre-Approved for an Arizona Home!

Buy An Arizona Home With Credit Scores As Low As 600

 

Geneva Financial is excited to announce that homebuyers can now buy an Arizona home with credit scores as low as 600 on a multitude of our loan programs.

credit scores as low as 600
Accepting Credit Scores as Low As 600

Previously FHA, USDA, and VA Loans to buy an Arizona home required a minimum credit score of at least 620 or higher, We are now accepting credit scores as low as 600!

What does this mean?

We can now serve an even wider range of humans finance the home of their dreams! Your dreams of homeownership may be easier to achieve than you think!

Let’s Explore Some Loan Types

Conventional Home, 600 credit score

FHA Loan

What are the requirements of an FHA Loan?

  • FICO® score at least 600= 3.5% down payment.
  • MIP (Mortgage Insurance Premium) is required.
  • Debt-to-Income Ratio < 43%.
  • The home must be the borrower’s primary residence.
  • Borrower must have steady income and proof of employment.

Read more about FHA Home Loans HERE

USDA Loans

What are the requirements for a USDA Loan?

  • U.S. citizenship or permanent residency
  • Ability to prove creditworthiness, typically with a credit score of at least 600
  • Stable and dependable income
  • A willingness to repay the mortgage – generally 12 months of no late payments or collections
  • Adjusted household income equal to or less than 115% of the area median income
  • Property serves as the primary residence and is located in a qualified rural area

Read More About USDA Loans HERE

VA Loans

What are the requirements for a VA Loan?

  • VA loans are designed specifically for veterans. VA loans should only be issued by a VA-approved lender and are guaranteed by the federal government.
  • A Veteran must have served 181 days during peacetime, 90 days during wartime, or 6 years in the Reserves or National Guard.
  • Spouses of a service member who was killed in the line of duty may also qualify.

Read More About VA Loans HERE