Arizona FHA Loans
Just a few years ago, FHA loans weren’t that popular in Arizona because there were plenty of other low down payment loans available.
In Arizona, FHA loans are one of the most popular loan programs — and not just for first time home buyers. Click here to get a free mortgage rate quote!
Most people are aware that FHA doesn’t actually lend you money, they only insure your loan. FHA loans are insure through FHA approved lenders who lend the money to homeowers and then get the loan insured by FHA before being sold to an investor.
When you get an FHA loan, you are required to pay UFMIP which is currently between 1.5% and 3% of the loan amount. This amount changes from time to time by FHA.
Arizona FHA loan highlights:
- 3.5% down payment for new home purchases
- Monthly mortgage insurance is required
- Up Front Mortgage Insurance is required
- No prepay penalty for any Arizona FHA loan
- Arizona FHA loans allow seller to pay closing costs
- Arizona FHA loan refinance programs include the popular FHA streamline, FHA 203k streamline and the FHA 95% 85% cash out program
Arizona FHA Streamline Refinance
Once you have an FHA loan, it is possible to reduce your interest rate by participating in the FHA streamline program. FHA designed the FHA streamline program to allow them to take advantage of lower interest rates when they are available without having to completely re-qualify for a new loan. Learn more about the Arizona FHA loan streamline program.
Arizona FHA Loan 203k Streamline Program
For people who are interested in buying a home that need a few repairs (many bank-owned properties fit into this category), the Arizona FHA loan 203k streamline program is popular. The Arizona FHA loan 203k streamline program allows people to finance up to 35,000 for eligible repairs and improvements.
Learn more about the Arizona FHA loan 203k streamline program.