FHA Loans-Tucson, AZ
If you are looking for the perfect city to move to with a new home purchase, then it will be tough to top Tucson, AZ. Part of the greater metropolitan area of Phoenix, this city could be the place where your dream of homeownership comes true. It is far more affordable than many of the nearby cities, with a median sale price of $333,000.
Perhaps there are limits on your ability to afford a house. Fortunately, with FHA loans from the ideal lender at District Lending, you can secure the funding needed to cover the purchase price.
What is an FHA Loan?
Reduced Credit Requirement
Lower Down Payment
Lower Interest Rates
The best rates come with the best deal.get a quote
What Affects My Payments?
As mentioned previously, your credit history plays an important role in obtaining an FHA mortgage. It can also affect your monthly payment since a better score gives you access to favorable interest rates.
Bear in mind that the more money you pay at the beginning of the mortgage, the lower the total cost of the loan will be. This will lower the monthly premiums for your primary residence and allow you to save on interest.
Lenders who opt for FHA loans have limits on who can be approved for a mortgage. A debt-to-income ratio must be low enough to show that the borrower can cover payments for the home, and anything higher than 50% is not likely to be accepted. Additionally, the lender will look at bank statements, tax returns, pay stubs, and other documents to analyze your financial status. Lower-income families should look into the Pima Tucson Homebuyer’s Solution program to make their dream homes more affordable.
When the contract is ready to be signed, closing fees come into play. FHA loans feature similar fees to conventional mortgages, so expect to pay between 3-6% of the total cost of the home at signing.
Tools From District Lending
Serving the community of Tucson, AZ and the surrounding area