FHA Loans-Mesa, AZ

Mesa, Arizona is a beautiful city that is part of the greater Phoenix metropolitan area. If you have the opportunity to become a homeowner in this ideal location, you won’t want to miss out on this region of the country. However, Mesa is on the more expensive side when compared to national housing markets, so affordability may be difficult.

If your financial status or credit history is holding you back from securing a loan, District Lending could help you achieve your Mesa homeownership dream with an FHA loan.

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FHA Loan Requirements

An FHA loan is available to borrowers that may not be able to access conventional loans. This type of mortgage is insured by the Federal Housing Administration, allowing lenders to offer them as loan options with lower standards and reduced risk. However, there are still some loan limits to be aware of.

Credit Score Requirement

If you hope to secure an FHA mortgage loan, you will need to have a credit score of at least 580. Some lenders may accept lower scores, so it depends on which firm you find to assist you.

Down Payment Minimum

Down payments are the funds you pay upfront to secure the home. The lowest down payment that lenders will accept on FHA loans is 3.5%. You can pay up to 10% if you would like to reduce monthly payments and the total loan amount. You can take advantage of HOME Plus from the state for down payment assistance or the Arizona WISH program.

Property Requirements

Not every home is eligible for purchase with an FHA loan. For example, you cannot purchase a vacation or investment property with this type of mortgage. While you can use it to buy a single-family home or multi-family home, the limits will change depending on the number of units.

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Why Choose an FHA Mortgage in Mesa, Arizona?

Financing a first home or even a second home with an FHA mortgage provides buyers with several benefits that are worth taking advantage of.

Easier Qualification
Since the standards for income, DTI ratio, and credit history are reduced, it is easier to qualify for FHA loans than conventional mortgages. This can make the home-buying process a little less stressful.
Lower Interest Rates
Interest is the money you pay to the lender on top of the home loan amount. The lower the interest rate on your mortgage, the less you will have to pay each month and in total. These home loans average lower interest rates than most other options, though the rates often depend on the state of the real estate industry. Currently, the average 30-year fixed rate in Mesa is 7.4%, while a 15-year fixed rate is 6.6%, so an FHA loan could get you a rate lower than those.
Refinancing Opportunities
Refinancing is a tool used by homeowners to save money by negotiating new loan terms for reduced payments or taking cash out to invest in improvements to the house. You can refinance an FHA loan if certain standards are met, just ask District Lending and we will assist you with the possibilities.

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Free Quote

Buyers in Mesa, AZ can contact us for a free quote to get a clearer picture of the kind of mortgage they can afford.

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Mortgage Calculator

Nothing helps you plan your home purchase more than playing with the numbers. Check out our mortgage calculator to test out the variables like interest rates, down payments, insurance, and more.

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Get in Touch

Still have questions about buying a home in Mesa, AZ or Maricopa County? Want to hear more about the amazing schools and nearby amenities available to residents? Feel free to send us any queries about the purchase process or federally-insured FHA loans.