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  • Conventional Loans - Scottsdale, AZ

    No matter your life stage, you can find just the home you’re looking for in Scottsdale, and conventional home loans through District Lending can help. We’re one of Scottsdale, Arizona’s most well-respected mortgage brokers, working tirelessly to get you great rates.

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    Conventional loans Scottsdale
  • Conventional Mortgage Options in Scottsdale, AZ

    Unlike VA or FHA loans, the federal government does not guarantee conventional home loans. So, if a borrower defaults on monthly payments, private lenders bear the financial burden.

    Conforming Conventional Loan

    Conforming loans are those that Fannie Mae and Freddie Mac can guarantee; they’re more plentiful because they’re less risky. In Scottsdale in 2023, a conforming loan is any non-government loan of $726,200 or less.

    Non-Conforming Loan

    Jumbo loans are conventional home loans of $726,200 or higher, which Freddie Mac and Fannie Mae do not guarantee. As jumbo loans are riskier for lenders, they require a higher FICO score and a substantial down payment.

    Fixed-Rate Loan

    With fixed-rate conventional home loans, you’ll have the same interest rate throughout the life of the loan. This is great if you’re on a strict budget or want a consistent mortgage payment. If interest rates drop, you can always refinance into an adjustable-rate loan.

    Adjustable-Rate Conventional Mortgages

    Adjustable-rate conventional home loans will have rates that fluctuate within specific parameters. This is the conventional loan type preferred by younger borrowers, as the introductory rates are often relatively low.

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    Scottsdale Resources for Conventional Home Loans

    When you’re accessing conforming loans or jumbo loans, there’s a lot of research involved and a lot of expenses upfront. Thankfully, plenty of resources are available in Scottsdale and Maricopa County to help you prepare and pay for the costs of conforming loans.

    • American Dream Downpayment Initiative (ADDI)

      If you’re a low-income, first-time homebuyer and need down payment assistance, the ADDI program will give you up to $10,000 toward the upfront costs of a home loan, including VA loans and conventional home loans.

    • Mortgage Credit Certificate

      Regardless of your loan type, you can access a Mortgage Credit Certificate for 25% of your home interest, up to $2,000. You need a minimum credit score of 640 to access this program, but all home loans are eligible, including jumbo loans.

    • NID Housing Counseling Agency

      Confused about mortgage insurance or the difference between conforming loans and jumbo loans? This HUD-approved counseling agency helps you prepare for the conventional loan process through financial education. You’ll get personalized help every step of the way; they can also help explain FHA loans and VA loans and provide practical tips on how to boost your credit so you can access a home loan you’ll love.

    • Home in Five Advantage

      Available in Maricopa County, Home in Five Advantage partners with eligible lenders to provide up to 6% assistance with down payments and closing costs, with more available for public service workers like firefighters, nurses, and school teachers. You’ll need a minimum credit score of 640 and to make less than $138,600 per year.

    The District Lending Difference

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    We provide a no-obligation quote without pulling your FICO score so you can figure out just how much you can afford before talking to one of our mortgage brokers.

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