For many homebuyers shopping for a new residence in Phoenix or the surrounding region, a conventional loan is a simple, affordable, and flexible financing option which opens the doors to homeownership in our state.
A conventional loan is one which is for an amount that is less than or equal to the conventional loan limits set by Fannie Mae and Freddie Mac. These are also known as the “conforming loan limits.”
If you need to borrow an amount which exceeds these limits, you will need to shop for a [jumbo loan] instead.
Phoenix, Arizona is located in Maricopa County. The conventional loan limits for Maricopa County for 2019 are:
With a conventional loan, these are the advantages you can look forward to when purchasing a home:
You can choose whether to go with a fixed interest rate or an adjustable mortgage rate (ARM).
A range of down payment options means you can pick a loan which is affordable to you now.
A selection of loan terms allows you to ensure that your loan remains affordable to you over the years ahead.
What determines the conventional loan offers you will qualify for when you apply for a mortgage in Phoenix?
The higher your credit score, the more competitive loan offers you will receive.
A low debt-to-income ratio also helps you qualify for more competitive conventional financing.
If you are willing to put more money down on your new home, you should find yourself with more bargaining power.
Other aspects of your financial history may also impact what you are eligible for when you apply for a conventional mortgage in Arizona.
Barrett Financial Group are your conventional loan experts in Phoenix as well as throughout the states of AZ, CA and CO. During your consultation, we can discuss your financial needs and goals, answer your questions, and walk you through the application steps. To get started now, please call (480) 470-1080. Your new home in Phoenix awaits!
Barrett Financial Group LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.