Buyer Resources/Financing
Loan Types
Find the loan that fits.
The right loan depends on your down payment, credit, the home and your plans. Here’s a side-by-side look at the most common options in Arizona.
At a Glance
| Loan | Min. Down | Typical Credit | Mortgage Insurance | Best For |
|---|---|---|---|---|
| Conventional | 3% – 5% | 620+ | PMI under 20% down; removable | Strong credit; most property types |
| FHA | 3.5% | 580+ | Upfront + annual premium | Lower credit or smaller down payment |
| VA | 0% | Lender sets | None; one-time funding fee | Eligible veterans, service members, spouses |
| USDA | 0% | Lender sets | Upfront + annual fee | Eligible rural areas, income limits |
| Jumbo | 10% – 20%+ | 700+ | Varies by lender | Loans above $832,750 (2026) |
Typical guidelines only; individual lenders may require more. 2026 limits: conforming $832,750; FHA $557,750 in Maricopa and Pinal counties (1-unit). Limits update each January.
Loan Programs
- Down payment as low as 3% for qualified buyers.
- PMI required under 20% down; removable as equity grows.
- Flexible on property type and condition.
- 3.5% down with a 580+ credit score.
- Mortgage insurance paid upfront and annually.
- Property must meet FHA minimum standards; loan limits apply.
- No down payment and no monthly mortgage insurance.
- Eligibility based on service, plus some surviving spouses.
- One-time funding fee; waived for many veterans with service-connected disabilities.
- No down payment in eligible rural and some outlying suburban areas.
- Income limits apply to the whole household.
- Check eligibility by address on the USDA map.
- Above the conforming limit of $832,750 (2026).
- Stricter credit, reserve and down payment requirements.
- Rates vary, sometimes competitive with conforming loans.
- FHA 203(k) renovation loans finance repairs with the purchase.
- Assumable FHA & VA loans can let you take over the seller’s rate.
- Temporary buydowns (such as 2-1) lower early payments, often seller-paid.
Fixed Rate vs. Adjustable Rate
- Terms typically 15, 20 or 30 years.
- Predictable principal and interest payment.
- Best if you plan to stay long term.
- Fixed intro period such as 5, 7 or 10 years (e.g., a 7/6 ARM).
- Then adjusts with the market, within set caps.
- Best if you expect to sell or refinance before it adjusts.
Arizona Down Payment Help
Arizona’s statewide HOME Plus program offers up to 4% toward down payment and closing costs for eligible buyers, along with other city and county programs. Ask your lender which you may qualify for.
Key Terms
Questions to Ask Your Lender
- Which loan types fit my credit, income and savings?
- What will my total monthly payment be, including taxes, insurance and HOA?
- Am I eligible for down payment assistance?
- What are my rate lock options and costs?
- Do points or a buydown make sense for me?
- How long will my pre-approval be valid?
How I Help
Trusted lenders
I’ll introduce you to experienced lenders who can compare programs side by side.
Stronger offers
I match your loan type to offer strategy, including appraisal and inspection terms.
Smooth closing
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General information only; not a commitment to lend. Programs, limits and requirements change; confirm details with a licensed loan officer.