Conventional Loans in Phoenix

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.

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What is a Conventional Loan?

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.

What are the Conventional Loan Limits in Phoenix, AZ?

Phoenix, Arizona is located in Maricopa County. The conventional loan limits for Maricopa County for 2019 are:

1 unit:

$484,350

2 units:

$620,200

3 units:

$749,650

4 units:

$931,600

Benefits of Conventional Loans in Arizona

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.

Qualifying for a Phoenix Conventional Loan

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.

Apply Now for a Conventional Loan 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!

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