FHA Loans-Chandler, AZ
The city of Chandler in Arizona is a great place to live. Whether you are a first-time home buyer or are looking for a second or third move, moving to this part of the country can be truly exciting.
Though Chandler is one of the more affordable cities in which to buy a home in Arizona, many first-time homebuyers do not have the funds needed to pay for the full price of a house, especially if they have limited resources. An FHA loan from District Lending could be the solution.
What Are FHA Loans?
Insured by Federal Housing Administration
Lower Credit Requirements
Competitive Interest Rates
The best rates come with the best deal.get a quote
What Impacts Monthly Premiums for an FHA Loan?
Down payments are funds paid upfront to purchase a home. The higher the down payment, the lower the total cost of the FHA loan, which also results in lower mortgage payments. Down payments for FHA loans must be at least 3.5%. Down payment assistance is available through the HOME Plus program from the state or the First-Time Homebuyer’s Program in Chandler.
Mortgage Interest Rates
As mentioned before, the interest rate will determine how much you pay to the lender on top of the loan amount. Interest rates are affected by your credit score and the housing market primarily, which in Chandler means an average of 7.4% for a 30-year fixed-rate mortgage.
Private Mortgage Insurance
FHA loans require adequate insurance to be paid by borrowers since down payments are lower. Paying for this insurance will increase your premiums each month.
For every real estate transaction, there are extra fees that come into play when signing the contract. These fees often equal about 3-6% of the total price of the home, so count on paying them upfront or rolling them into the FHA loan. The HOME Plus program in Arizona can also help cover some closing fees.
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Serving the community of Chandler, AZ and the surrounding area