Conventional mortgages are the go-to lending product for many homebuyers throughout the state of Arizona and across the country.
With a conventional mortgage, you can buy a home with as little as 3% down.
If you need help figuring out whether a conventional loan is right for you, give us a call at (623) 432-1309 to set up your consultation.
What is a Conventional Mortgage?
A conventional conforms to the loan limits set by Fannie Mae and Freddie Mac for conforming mortgages.
If you need to borrow an amount in excess of those loan limits, consider a jumbo loan.
Conventional Loan Limits in Phoenix, AZ
The conforming loan limits across the country are set by county.
Phoenix is located in Maricopa County. The conforming loan limits for Maricopa County in 2020 are as follows:
1 UNIT:
$510,400
2 UNITS
$653,550
3 UNITS
$789,950
4 UNITS
$981,700
If you need to borrow more than those amounts, you will require a jumbo loan.
What if you are shopping for a home in a high cost area in California, Colorado, Oregon or Washington?
The conforming loan limits for certain counties in these states are higher to reflect the higher cost of housing.
You will need to consult the loan limits for the county in question to know what type of mortgage you need.
If you need help looking up the loan limits, we can help you do so during your consultation.
Qualifying for a Conventional Loan in Arizona
Your financial history and borrower profile will be assessed when you apply for a conventional mortgage in Arizona or any other state.
Important factors which impact your eligibility include your credit score, DTI ratio and level of income.
Apply Now for a Competitive Conventional Loan
If you are ready to find out whether you qualify for a conventional loan, please give us a call today at (623) 432-1309 to schedule your consultation.
We can also help you investigate other types of loans such as jumbo mortgages or government-backed programs like FHA, VA or USDA.
We look forward to matching you with the ideal type of loan for your needs.
