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Fha Home Loan Information


The Spire

If you want to become a homeowner in Arizona, there are high chances that you may consider applying for an FHA home loan. This mortgage financing option can be beneficial, especially if you’re a first-time homebuyer and your financial or credit position isn’t great.



a) You should have a credit score of at least 580.

b) You need a down payment of 3.5% of the lesser of purchase price or property value.

c) You must have a debt to income ratio equivalent to 43% or less.


The amount of money you qualify for will depend on your location and the kind of home you want to purchase. FHA loans also have limitations on the kind of property you can purchase. You’re limited to purchasing a property without safety and structural issues.




– Favourable borrowing terms like lower interest rates

The requirements to qualify for an FHA loan are much easier compared to standard home loans.


– No limitations on income

You can qualify for an FHA home loan with any income level. In some cases with other low down payment programs, it isn’t easy to qualify if your income exceeds the area median income.



* Limitations on how much you can borrow

FHA home loans have strict borrowing limits, which means that you might not get your dream home.


* Minimum property standards

You can’t acquire a property with safety or structural issues using an FHA home loan.


* You need a down payment

Although the 3.5% down payment might be low, the low-income earners might face difficulties raising it.


* Primary residences only


* FHA charges an upfront funding fee added to the loan balance and a monthly mortgage insurance fee 


In conclusion, these are the pros and cons of FHA home loans. These Arizona home loans can be used to purchase a new or improve the existing home.

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.