Searching for the right home loan can be a difficult and frustrating process, but it doesn’t have to be with Griffin Funding’s flexible Arizona home loans. Whether you are a first-time buyer in Arizona without the traditional means of income verification or you’re a retiree looking to leverage your assets to purchase your second home, our mortgage options can help you achieve your goals.
Areas We Serve
From those looking to settle into their first home right near the capital of Phoenix to investors who have their sights set on purchasing a short-term rental property near Sedona, we serve prospective homeowners all across the state of Arizona, including:
- Phoenix
- Tucson
- Mesa
- Chandler
- Glendale
- Scottsdale
- Gilbert
- Peoria
- Tempe
- Prescott
- Surprise
- Paradise Valley
- Carefree
- Fort McDowell
- Cave Creek
- Sedona
- Rio Verde
- New River
- Flagstaff
Ready to begin your homeownership journey? Reach out today and lock in a competitive mortgage rate in AZ.
How Do Arizona Home Loans Work?
Arizona mortgages work similarly to those in other states. It all boils down to the terms of your loan, which are based on several key factors such as the cost of the home you want to buy and:
- Your credit score
- Your income
- Your debt-to-income (DTI) ratio (The amount of debt you currently have compared to how much income you’re bringing in)
- Your assets
- Type of mortgage you’re applying for
Generally, applying for Arizona home loans is a fairly straightforward process. If you have any questions or concerns as you navigate the mortgage process, our loan specialists are more than happy to provide assistance every step of the way.
How Do I Qualify for a Home Loan in Arizona?
Once you find the home you want to purchase, you need to find a mortgage lender and complete an application for a home loan. You will then need to provide certain documentation to prove that you meet the requirements to qualify for the mortgage, including your income, credit score, assets, and debt-to-income ratio. As soon as the mortgage is finalized, you can move forward with the home-buying process.
However, it is not always as simple for some buyers who have a more difficult time meeting the requirements of traditional Arizona home loans. If you don’t earn traditional income or your tax returns don’t fully reflect your income — as may be the case for business owners, investors, retirees, and more — you can qualify for a mortgage through alternative financing options. Below, we go into more detail about the different Arizona mortgage programs we offer.
Arizona Mortgage Programs
When you’re looking for a home loan, keep in mind that not all Arizona mortgage lenders are equal. While many may advertise low mortgage rates in Arizona and easy applications, these are often designed for buyers in the best-possible circumstances. For those who are self-employed, have minimal or poor credit history, or are trying to qualify based on their assets, traditional home loans can be very difficult to secure with reasonable terms.
Fortunately, if you fall into one of these categories, or have been struggling to secure a loan with other Arizona mortgage lenders, Griffin Funding has a variety of customer-oriented Arizona home loan options, including:
Types of Loans We Offer
- Bank Statement Loans in Arizona: If you are self-employed, a bank statement loan may be a good fit for you. These loans are based on your bank statement deposits instead of W-2s or tax returns, providing a more accurate depiction of your income. This self-employed mortgage option offers flexibility for Arizona borrowers who may not qualify for traditional financing.
- DSCR Loans in Arizona: If you are a real estate investor, a DSCR mortgage allows you to qualify using the rental income of the property rather than your W-2 or tax return. DSCR loans are one type of Arizona investment property loan available to real estate investors in the state.
- FHA Loans for First-Time Buyers: If you have been struggling to save for a down payment, an FHA loan may be the answer for you. FHA loans are insured by the Federal Housing Administration, allowing you to buy a home with as little as 3.5% down.
- VA Home Loans: If you are a current or veteran service member, you can take advantage of a VA home loan, backed by the Department of Veterans Affairs. VA loans require no down payment, and can be used to buy, build, refinance, or improve a home. Use our free VA loan calculator to see what this type of financing might look like for you.
- USDA Loans: If you are considered low-to-moderate income and are willing to purchase a home in an eligible rural area, you might want to consider a USDA home loan. With a USDA loan, you can buy a home in one of these areas with little to no money down. USDA loans also offer flexible qualification requirements, allowing borrowers with credit scores as low as 640 to qualify.
- Home Equity Loans: If you own a home in Arizona and have built up equity, a second mortgage can help you turn your equity into cash without having to touch the rate on your first mortgage. We also offer home equity lines of credit (HELOCs) in Arizona, which can be good if you need cash to cover ongoing expenses.
- ITIN Loans: An Arizona ITIN loan can help foreigners without a Social Security number (SSN) become homeowners or start investing in real estate in the state. real estate investors in the State.
- Asset-Based Loans: An Arizona asset-utilization loan can help retirees and high-net-worth individuals qualify based on their assets, not job history, W-2s, or tax returns.
- Private Money Loans: These loans, also known as a hard money loan, are ideal for quick real estate purchases. They rely on your property as collateral and allow you to access funds swiftly and avoid traditional income verification requirements.
In addition to new home loans, we can also assist with mortgage refinancing so you can lower the rate on your Arizona home loan.
Buying a House in Arizona
As of October 2024, the median home price in Arizona is $430,658, much lower than many of the neighboring coastal states. Thus, buying a house in Arizona may be more affordable than trying to become a homeowner in California or Hawaii, but buyers still face many of the same challenges—from qualifying for their mortgage to saving for a down payment.
What Credit Score Is Needed to Buy a House in Arizona?
The required credit score may depend on the type of home loan and individual lender, this is true in Arizona and in other states. However, with Griffin Funding, you may be able to qualify for an Arizona home loan with a credit score as low as 500.
What Is the Minimum Down Payment for a House in Arizona?
Many hopeful home buyers are under the impression that you need at least a 20% down payment in order to buy a home. However, this is not true — in fact, with the right type of loan, you can get a mortgage with no down payment at all!
Mortgage options like VA loans and USDA loans allow qualifying borrowers to finance a home with no down payment required. Besides these programs, there are even more mortgages that offer very affordable down payment options. With an FHA loan, for instance, you can secure a mortgage with as little as 3.5% down. Highly qualified borrowers can even get approved for a conventional mortgage with as little as 3% down.
What Is the Average Mortgage Payment in Arizona?
The mortgage payment on an Arizona home depends on the interest rate and the amount of the loan. Since these factors vary significantly between each homeowner, it is difficult to base your expectations on anyone’s mortgage agreement but your own.
However, you can rest assured that with a home loan through Griffin Funding, you can secure a competitive rate and affordable mortgage payment that is tailored to your budget and preferences.
Apply for an Arizona Home Loan
Purchasing your dream home in Arizona is within your reach when you work with a Griffin Funding loan officer to find the mortgage that is right for you. You can expect the entire process to be completed within 30 days with our simple application and streamlined process. Helping our customers make the American dream a reality is our goal.
For additional support, download the Griffin Gold app. Receive personalized assistance from our loan experts, smart budgeting tools to track your spending, and free credit management features. Whether you’re just starting your home buying journey or have already secured your loan, the Griffin Gold app keeps everything in one place, helping you stay organized and informed throughout the process.
Ready to begin your homeownership journey? Reach out today to schedule a free consultation and find a mortgage that aligns with your goals!
Frequently Asked Questions
What is the current mortgage rate in Arizona? 
Mortgage rates in Arizona vary depending on the market and personal financial factors. If you’re looking into Arizona home loans, expect rates to be influenced by factors like:
- Loan type
- Down payment amount
- Credit score
- Debt-to-income (DTI) ratio
- Income and financial profile
At Griffin Funding, we offer competitive mortgage rates in AZ, making it easier for you to find an affordable option tailored to your financial profile.
How can I get the best mortgage rate in AZ?
To secure the best mortgage rate in AZ, start by strengthening your financial profile. Here are a few tips to help you get the best possible rate on an Arizona mortgage loan:
- Improve your credit score by making timely payments, paying down debts, and correcting any errors on your credit report
- Save for a larger down payment
- Choose the loan type that best aligns with your needs
- Increase your income if possible, which can improve your debt-to-income ratio
What kind of loan should I get as a first-time home buyer in Arizona?
As a first-time home buyer in Arizona, finding the right loan can make all the difference in achieving affordable homeownership. Options like VA loans and USDA loans can be excellent choices if you want to minimize upfront costs, as they allow for zero down payments. FHA loans are also popular, as they require as little as 3.5% down. Each loan type offers unique benefits, so take some to compare your options and determine which mortgage best aligns with your needs and goals.
How do I choose a mortgage lender in Arizona?
Choosing a mortgage lender is a crucial decision when pursuing Arizona home loans. You want a lender who offers competitive rates and terms tailored to your financial situation. Keep in mind, though, that interest rates aren’t the only determining factor when shopping around for Arizona mortgage lenders.
Look for an Arizona mortgage lender with a proven track record in funding the type of mortgage you’re interested in and check out customer reviews to ensure they offer great customer service and transparency. Your lender should communicate clearly about all of your loan options, fees, and requirements.
At Griffin Funding, we prioritize your financial needs with competitive rates, personalized service, and a range of loan options that can help you achieve your homeownership goals.