Phoenix FHA Mortgages

Phoenix FHA Mortgage Information

In the last few years, FHA mortgages have been popular all over Phoenix and have become the first choice to finance your home for many first time home buyers. While it used to be that you could fog a mirror and get a mortgage, with the housing market collapse in 2007-2009, many of the old loan programs are no longer an option.

The most popular FHA mortgage options in Phoenix include the “regular” FHA 30 year fixed mortgage, the FHA 203k streamline mortgage and when rates are low, the FHA 1 year adjustable rate mortgage.  For some seniors, the FHA reverse mortgage is also a popular option.

Phoenix First Time Home Buyers Information about FHA Mortgages

Many first time home buyers in Phoenix like the FHA mortgage program because of the lower down payment requirements (currently at 3.5%) as well as low interest rates. Although FHA guidelines regarding credit scores have increased recently, it is still safe to say that FHA mortgages don’t require as high of a credit score as conventional mortgage programs.

Phoenix FHA Mortgage Highlights:

• 3.5% down payment
• Low closing costs
• Fixed rates available
• Up Front Mortgage Insurance required
• Seller paid closing costs allowed

One of the best things about an FHA mortgage loan is that when it comes time to refinance, FHA has made it easy with the FHA streamline refinance program. The FHA streamline program is designed to allow homeowners to take advantage of lower rates when they are available without having to fully re-qualify for a new loan.  One of the many reasons that homeowners in the Phoenix area like the FHA streamline refinance program is that it is not always required that you get an appraisal when you participate in the program.

Phoenix FHA Mortgage Limits (For Maricopa County)

Phoenix area FHA Mortgage limits for Maricopa county for 2009-2010 are:

• One Family Home – $346,250
• Two Family Home – $443,250
• Three Family Home – $535,800
• Four Family Home – $665,850

Phoenix FHA Mortgage Experts

We live here locally in the Phoenix area and are FHA mortgage experts. We have been doing FHA mortgages for years and have the knowledge and experience that is so difficult to find. Work with us to get approved for your Phoenix FHA Mortgage today!