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 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 property near Sedona to rent out for secondary income, we serve prospective homeowners all across the state of Arizona, including:

Areas we Serve
  • Phoenix
  • Tucson
  • Mesa
  • Chandler
  • Glendale
  • Scottsdale
  • Gilbert
  • Peoria
  • Tempe
  • Surprise

If you are ready to start the process of buying a house in Arizona, you’ll need to also start looking for a mortgage.

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:

Arizona Loan Qualifications
  • 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—as long as you can comply with the requirements.

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.

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 interest rates 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 nearly impossible to secure with reasonable terms.

Fortunately, if you fall into one of these categories, or have been struggling to secure a loan with other 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 will likely be best suited for you. These loans are based on your bank statements instead of W2s, providing a more accurate depiction of your income.
  • DSCR Loans in Arizona: If you are a real estate investor, a DSCR mortgage allows you to use the rental income of the property to qualify rather than your W2 or tax return.
  • 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, which is backed by the Department of Veterans Affairs. Not only do VA home loans forgo the requirement for a down payment, but they can be used to buy, build, refinance, or improve a home.
  • 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 require a 640 credit score. While it’s higher than the required score for some other types of loans, it’s still low.
  • Home Equity Loans: If you own a home in Arizona and have a lot of equity, a 2nd mortgage can help you turn your equity into cash without having to touch the rate on your 1st mortgage.
  • ITIN Loans:  An Arizona ITIN loan can help foreigners without a Social Security number (SSN) become homeowners or 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, W2s, or tax returns.

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

Buying a house in Arizona may be easier than trying to become a homeowner in California or Hawaii for many, but buyers still face many of the same challenges—from qualifying for their mortgage to saving for a down payment. While there are no special requirements to buy a house in Arizona, you need to be able to meet the requirements associated with your home loan including the minimum credit score, down payment, and proof that you can afford the mortgage payments.

What Credit Score Is Needed to Buy a House in Arizona?

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 580.

How Much Is a Down Payment for a House in Arizona?

The ideal down payment when purchasing a home in the U.S. is considered to be 20%. However, the down payment for a home depends on the price and the required percentage in accordance with your home loan. Since the median house price in Arizona is currently $297,000, a 20% down payment would make the median down payment $59,400.

If that sounds far out of your realistic savings range, you are not alone. Luckily, there are many Arizona home loans that offer much lower down payments, including FHA loans which can require as little as 3.5% down and USDA or VA loans which may require no down payment at all.

Begin the application online or request a free quote today!

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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 based on your circumstances.

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.

Begin the application online or request a free quote today!