If you are buying Arizona real estate and looking at financing options an FHA loan could be the answer. FHA loans are loans that are insured by the Federal Housing Authority. Many people may overlook an FHA loan because of stigmas attached to them, often thinking that FHA loans are for low-income families or subsidized housing. Reality is a different story, however.
FHA facts:
- Income Limitations. There are no income limitations for those applying for an FHA loan.
- Loan Amount. An FHA loan can be for up to $793,750.
- Home Buyers. An FHA loan is not just for first time home buyers.
- Interest Rate. An FHA loan typically is more affordable than a conventional loan. Currently the interest rate for an FHA loan is hovering at around 3.5%.
- Assumable. FHA loans are fully assumable, which means that the loan and loan terms are transferable with the sale of a home, quite an attractive quality to a home buyer.
The most important factor in securing a mortgage for your new AZ home is affordability. Once you determine what you can afford, an FHA loan could be the financing option you have been looking for. To help you find out more about Arizona real estate and how you can get in the market, contact Gina McKinley, an Arizona Realtor, at (480) 355-8645 or by email today.
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