Lending Facts

Knowlege Is Power When It Comes To Lending

-     Find a lender that you feel comfortable with.  Ask your realtor for several names.

-     Make sure that the lender you use is familiar with all types of loan programs including FHA and VA

-     FHA lending limits on single family residence in Maricopa County is $346,250.

-     VA lending limits on a single family residence is $417,000 (certain qualifications apply)

-     Most conventional loan programs will require a credit score of 700 or better

-     If you have “less than perfect credit” you may qualify under FHA guidelines as long as the       property does not exceed the maximum allowable lending limit in your county

-     FHA loans carry no pre-payment penalties

-     All FHA loans have two (2) mortgage insurances….1.75% paid upfront as well as a monthly payment