How Buying a House with a Low Down Payment in Arizona can be a Game changer!

1. How Buying a House with a Low Down Payment in Arizona can be a Game changer! Are you buying a house in Arizona? Saving up for a 20% down payment in order to qualify for conventional AZ home loans can be overwhelming, right? But alas, we are here to tell you that it’s okay and that there are ways to finance your home without having that 20% down payment… Did you know that mortgage lenders in Scottsdale AZ offer low down payment mortgages as a good alternative?

2. Therefore, if you do not qualify for conventional home loans in Chandler because of a high down payment, the low down payment mortgages can be a game changer for you! In this post, we feature how homebuyers can afford a new home with very little to no money out of the pocket. Yes, you read that right. Little to no money down!!! No, we are not joking and yes we are totally serious. First, let’s talk about what a down payment is. What is a down payment? A down payment is simply the amount of money you put towards the purchase of a property. For instance, if you are purchasing a property worth $400,000 the 20% down payment is $80,000. Therefore, this is the amount you are supposed to pay if you are applying for the loan requiring 20% down payment. The amount of down payment will vary from one Utah housing loan to another. Therefore, it is important that you consider the various alternatives to determine which one is most suitable. The low down payment mortgage is available to those who cannot afford a high down payment. The Low down payment mortgage alternatives Now that we have looked at what a down payment is and we understand that the percentage varies from one loan type to another, let us review the alternative low down payment mortgages available in Arizona. 1. The FHA Loan The FHA loan tops our list of alternative low down payment mortgages. The FHA loan is a mortgage that is issued by the FHA approved mortgage lenders in Scottsdale AZ. It is insured by the Federal Housing Administration and designed for Americans earning low to moderate income and cannot raise the high down payment of 20%. Therefore, if you are looking for the best home mortgage available at a low down payment, this is a perfect choice. It is available at a down payment of 3.5% only. 2. The VA Loan This is a no down payment mortgage backed by the Department of Veteran Affairs. The mortgage has no limits on how much can be borrowed, so long as the borrower meets the requirements. The eligible borrowers can use a mortgage to finance a primary residence. How amazing is that?!? 3. The Jumbo Loan (with 10% Down) This is a mortgage that is used for financing properties that seem too expensive for the conventional conforming loan. The lenders competing for the qualified buyers are now offering jumbo loans financing for up to 10% down payment. Therefore, if you are looking for a mortgage product to finance a huge investment, the jumbo loan with 10% down payment is a good alternative. 4. The USDA Loan

3. The USDA mortgage loan is a zero down payment AZ home loan. However, it is only available to the eligible rural and suburban homebuyers and it is issued through the USDA loan programs. There are different USDA home loans programs. These are the Loan Guarantees and Direct Loans. What are the advantages of Low down payment mortgages? Faster homeownership experience for first time homebuyers Requires less out of pocket to qualify for the AZ home loans Home buyer is left with more cash to finance home insurance and other expenses A good alternative for those trying to jump out of rising rental amounts The low down payment mortgage is a game changer for those who cannot qualify for conventional loans. Checkout the rates offered by mortgage lenders in Scottsdale to find the most suitable low down payment mortgage. View & DOwnLoad Source https://www.sunamerican.com/how-buying-a-house-with-a-low-down-payment-in-arizona-can-be-a-game-changer/