Top 5 Benefits Of Getting An Arizona FHA Mortgage Loan

There are “Top 5″ lists all over the internet so I thought I would create one for the Arizona FHA Mortgage Loan showing the overall Top 5 Reasons people use AZ FHA Mortgage Loan financing over conventional.

Here is my Top 5 List for the AZ FHA Mortgage Loan:

  1. A Low Down Payment – AZ FHA Mortgage Loans only require a 3.5% down payment.  And what makes that even more attractive is that it can be a gift from a relative.  Do you have a parent or sibling who would “Gift” you some money for a down payment?  If so, it could be time to apply for an AZ FHA Mortgage Loan.
  2. Flexible Credit Qualifying – HUD did NOT set a credit score requirement for qualifying for an AZ FHA Mortgage Loan.  However many lenders in the market today have drafted “Overlays” that set minimum credit score requirements.  Most lenders like to see a minimum 620 credit score, but don’t get discouraged if you are not there yet.  If you are close to 620, it is often just as simple as reviewing your credit to determine how to quickly raise it.  If you are not close to 620, ask your FHA Mortgage Loan Originator if they have a program for you.  Chances are, there is!  Bankruptcies and prior foreclosures do not automatically disqualify you either.
  3. The Seller Can Pay Your Closing Costs – That’s right.  You need to have a quality Realtor who will help you negotiate not only the best price for the home, but also that the seller will pay your closing costs.  HUD allows AZ FHA Mortgage Loans to have the seller pay up to 6% of the purchase price.  Sounds good so far, a down payment gift and seller paying closing costs!
  4. Flexible Income Qualifying – The standard for income qualifying ratios is 31/43 which means that up to 31% of your monthly income can be used to pay your monthly household mortgage payment; and up to 43% of your monthly income can be used to qualify for ALL monthly expenses.  Those ratios can go up to 55% if you have good credit and a good income history allowing you to qualify when others might not.
  5. Qualify Without Your Spouse’s BAD Credit – This is a tricky one but it is also not well known.  You can effectively qualify for an Arizona FHA Mortgage Loan without your spouse’s Bad Credit.  FHA will look at your spouse’s credit but cannot decline your loan due to your spouse’s debt or credit score.  So if you have a spouse with a crummy credit profile, you should take a look at AZ FHA Mortgage Loans to see if it will work for you.

Thanks for reading my list of the Top 5 Benefits of the AZ FHA Mortgage Loan.

I would LOVE to hear your comments or suggestions for this list, so please feel free to leave a comment below.

Apply online for an Arizona FHA Loan and get pre-qualified today. Or click the Get Started tab above, to get started today!

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