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Arizona FHA Loans

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2023 Arizona FHA Loan Requirements.

Arizona FHA Loans | Requirements | 2023 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Arizona.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.Arizona FHA Loan Requirements

  • Credit Score– Applicants can qualify for the FHA loans with 3.5% down payment, if they hold a credit score of 580 or higher and 10% down payment with a credit score in between a 500-579.
  • Job History – Applicants need to submit an employment proof for 2 years tenure and in case of a job change, they need to submit proof of consistent employment/income.
  • Financial Statements– Under your financial statements, you need to submit your copy of at least 2 most recent bank statements, your pay stubs, and the last tax returns.
  • Debt-to-Income– You cannot apply for an FHA loan with a debt-to-income ratio higher than 43%.  However, only under special “compensating factors” (higher savings, great credit scores and long job history), e can expect to get an approval.
  • Primary Residence– None of the FHA loans are qualifiable if a borrower intends to buy a house with investment purpose or their second home or a vacation home. It is mandatory to apply for FHA loan only if the property one wishes to buy is their primary residence.
  • Mortgage Insurance– All types of FHA loans are bounded by the mortgage insurance, no matter which lender you choose. The two main types of mortgage insurances include-  the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  Do not forget to use this FHA loan calculator to get an estimate of your monthly payment and mortgage insurance costs, associated with your opted loan type.
  • FHA Loan Limits– As per the legal financial binding, the FHA loans have their maximum lending limits, set at the county level. Make sure to check the list of the FHA loan limits for all counties in Arizona as given below before choosing your region.

Need to check if you qualify for an FHA loan?  We can help you with that. Our experts can also get you associated with the best mortgage lenders who can offers best rated FHA loans in Arizona.  To have an FHA lender contact you, request a free consultation.

2023 Arizona FHA Loan Limits

Below are the 2023 FHA loan limits for every county in Arizona:

County Single Family 2 Family 3 Family 4 Family
APACHE  $472,030  $604,400  $730,525  $907,900
COCHISE  $472,030  $604,400  $730,525  $907,900
COCONINO  $517,500  $662,500  $800,800  $995,200
GILA  $472,030  $604,400  $730,525  $907,900
GRAHAM  $472,030  $604,400  $730,525  $907,900
GREENLEE  $472,030  $604,400  $730,525  $907,900
LA PAZ  $472,030  $604,400  $730,525  $907,900
MARICOPA  $530,150  $678,700  $820,350  $1,019,550
MOHAVE  $472,030  $604,400  $730,525  $907,900
NAVAJO  $472,030  $604,400  $730,525  $907,900
PIMA  $472,030  $604,400  $730,525  $907,900
PINAL  $530,150  $678,700  $820,350  $1,019,550
SANTA CRUZ  $472,030  $604,400  $730,525  $907,900
YAVAPAI  $472,030  $604,400  $730,525  $907,900
YUMA  $472,030  $604,400  $730,525  $907,900

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