Residential home loans in Arizona are an attractive and popular means of getting the finance to own a dream home for people in this state. The demand for home loans in the state has increased manifold due to the benefits that these loans offer the potential homeowner.
Why Residential Home Loans?
Here are reasons why you should take out a residential home loan in Arizona for your project:
• Rarely do you have the cash to buy your dream house.
• Because you can access up to 90 percent of the purchase price of the property.
• Because you can take the loan for up to 30 years.
• Because taking a home residential loan offers you tax incentives.
As you can see, you stand to get the loan and purchase the home while enjoying some added benefits.
Types of Residential Home Loans in Arizona
Each potential homeowner has a unique need. This need might vary due to the amount needed, repayment period, and so on. This is why we offer various types of loans you can apply for depending on your current situation. Let us discuss some of these loan types.
Construction Home Residential Loan
This loan allows you to build your home from scratch. You need to have an estimate of the cost of the construction before applying. Once the construction is complete, you can revert to a normal home loan.
Home Purchase Loan
Here, you apply for a loan to purchase a ready home. In such a situation, we use an independent appraiser to come up with an estimate of the property cost.
Home Improvement Loan
You might already have a home, but all you need is to bring it up to your standards. You can decide to build an outdoor kitchen, a swimming pool or even build an extension on your home.
Which Homes are Eligible for Financing?
You can use these loans to finance a number of homes, including first homes, second homes, or condominiums. There is one requirement though – the home must be your primary residence for it to qualify for financing.
Can Anyone Qualify for Residential Home Financing?
There are various requirements you need in order to qualify for this loan. These include:
• A stellar credit score. We use the FICO score to determine your eligibility.
• A good credit history. This shows us your ability to repay the loan.
• A loan-to-value (LTV) ratio that we determine. This will decide the amount you need to pay as down payment.
• A debt-to-income ratio. This tells us your ability to repay the loan you are going to apply for.
The application process is similar to any other loan. Fill out the application form and submit with necessary documents for approval.