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FHA purchase home loan program in Waddell, Arizona, who does them

June 24th, 2020 10:26 AM by Nathan Rufty

In Waddell, Arizona, the FHA loan limit for a single-family home is a popular option when you are looking to purchase a house in Waddell, Arizona. FHA loan program offers homebuyers a lower down payment and a lower required credit score when compared to conventional loans.

Benefits of using FHA Loans in Waddell, Arizona

  • FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
  • FHA mortgage rates are typically lower than conventional mortgage rates.
  • FHA down payment and credit score requirements are typically lower than conventional loans
  • Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
  • FHA loans are assumable

Are You Eligible for an FHA Loan in Waddell, Arizona?

You may be eligible for an FHA loan, if you:

  • Have 2 years of steady employment, preferably with the same employer.
  • Have had steady income (or increasing income) in the past two years.
  • Have had less than two 30 day periods of late payments on your credit report.
  • Have declared bankruptcy no less than two years ago and have maintained good credit since.
  • Have not been a party in a foreclosure for at least three years and have maintained good credit since.
  • Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

Ready to purchase a new home in Waddell, Arizona? Call Nathan Rufty at (623) 850-1210 to get qualified for an FHA purchase home loan.
Posted by Nathan Rufty on June 24th, 2020 10:26 AM



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