FHA Mortgage Loan

Scottsdale FHA Mortgage Loans

Just a few years ago, it wasn’t really possible to find a home in Scottsdale that was a candidate for FHA loan financing — but with the recent downturn in home values and fewer and fewer loan product options available, FHA loans are becoming more and more popular.

The 30 year fixed rate FHA loan is always popular with people in Scottsdale, but it is not the only option. Some of the most popular FHA mortgage options in Scottsdale include the “regular” FHA 30 year fixed rate loan, the FHA 1 year adjustable loan and the FHA 203k Streamline loan for people who are interested in buying a home that needs just a little fixing up. And for those seniors who live in the Scottsdale, the FHA HECM reverse mortgage is a popular option.

Scottsdale FHA Mortgage Information For First Time Home Buyers

When it comes to buying a home in Scottsdale for first time home buyers, FHA loans are a popular option because of their low down payment options and flexible (or at least more flexible) guidelines. Currently FHA mortgages require a 3.5% down payment and do allow seller concessions. While it is true that FHA guidelines regarding credit scores have increased recently, it is still safe to say that FHA mortgages don’t require as high of a credit score as conventional mortgage programs.

Scottsdale FHA Mortgage Highlights:

  • 3.5% down payment
  • Low closing costs
  • Fixed rates available
  • Up Front Mortgage Insurance required
  • Seller paid closing costs allowed

Once you own a home in Scottsdale and have FHA financing, FHA has made it easy for you to take advantage of lower interest rates through the FHA streamline program. Just one of the reasons that homeowners in the Scottsdale area like the FHA streamline refinance program is that it is not always required that you get an appraisal when you participate in the program.

Scottsdale FHA Mortgage Limits (For Maricopa County)

Scottsdale area FHA Mortgage limits for Maricopa county for 2009-2010 are:

  • One Family Home – $346,250
  • Two Family Home – $443,250
  • Three Family Home – $535,800
  • Four Family Home – $665,850

Scottsdale FHA Mortgage Experts

I live right here locally in the Scottsdale area and am a well-qualified FHA mortgage expert. I have been doing FHA mortgages for years and have the knowledge and experience that is so difficult to find. Work with me to get approved for your Scottsdale FHA Mortgage today!