Michael Danker

  • Michael Danker

  • e-Certified Real Estate Specialist

  • Your Tucson Arizona contact for buying and selling homes & relocating to Arizona

  • Tel: (520) 797-0714 / 877
  • Fax: (520) 838-8635
  • Send eMail
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There are a lot of ways to finance a home, and you'll hear some of them as you start thinking about financing.  You'll hear about coventional loans (20% or more of the sales price put down as a downpayment), 100 % financing, 80/20 loans, and some others.

One type of a loan called an FHA loan may be the right loan for you.  Take a look:

Why Choose an FHA Loan?

 -  No minimum credit score is required

-  Nontraditional credit is acceptable without obtaining a nontraditional credit report

-  Low down payment/all of the down payment can be gifted, Seller Funded DPA's such as Ameridream are still acceptable.

-  Non-occupant co-borrower is permitted without the occupying borrower qualifying on their own.  Blended ratios are acceptable

-  Seller contributions maximum is 6% regardless of loan to value.
 
The amount of money you could borrow on an FHA loan is set based on where the home is located.  The good news is that the loan limits for Tucson area homes has gone up, meaning that you can take advantage of the lower down-payment requirement to buy a home.  In Tucson the limit for a single family home is now $316,250. 
 
If you have questions about FHA or other home loan options, contact the  lender of your choice, or send me an e-mail.  I'd be happy to refer you to someone who can help answer your questions and get you started on the road to home ownership.
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