Arizona Home Loans 101: A Quick Guide to FHA, VA, and Conventional Mortgages
FHA vs. VA vs. Conventional: Which One’s Right for You?
🚀 Step 1: The Big Question
You want to buy a house in Arizona—but which mortgage should you pick?
This choice matters a lot. It affects how much money you need now, how big your payments are, and how much you'll spend over time.
The top 3 loan options?
✅ FHA — for first-timers or low credit
✅ VA — for military heroes
✅ Conventional — for strong credit and flexibility
Let’s break it all down. No jargon. Just facts.
🏁 Step 2: Meet the Loan Types
💼 FHA Loans (Federal Housing Administration)
Best for: First-time buyers or folks with low credit
Down payment: As low as 3.5%
Credit score needed: 580+ (some lenders want 620+)
Extra fees: Upfront and monthly mortgage insurance (MIP)
Must live there? Yes
🎖 VA Loans (Veterans Affairs)
Best for: Veterans, active military, and some surviving spouses
Down payment: $0 down
Credit score: No official minimum (most lenders want 620+)
Extra fees: One-time VA Funding Fee (waived for some)
Must live there? Yes
Bonus: No mortgage insurance!
🏦 Conventional Loans
Best for: Buyers with solid credit
Down payment: As low as 3% (5–20% ideal)
Credit score: 620+ (740+ gets best rates)
Extra fees: PMI (if under 20% down—but it goes away!)
Must live there? Nope! Can be used for second homes or rentals
💳 Step 3: Credit Score, Cash & Debt—Do You Qualify?
🏠 Step 4: Want to Buy a Fixer-Upper or Fancy Condo?
FHA & VA have strict appraisal rules. The home must be safe and livable.
Conventional is more flexible—less likely to demand repairs.
Want fewer surprises after inspection? Conventional might win here.
📈 Step 5: How Big Can You Borrow?
💸 Step 6: What’s the Catch? (Insurance & Fees)
🧰 Step 7: Arizona-Specific Help in 2025
Feeling short on cash?
Arizona offers HOME+PLUS Down Payment Assistance
✅ Up to 4–5% of the loan
✅ Forgivable after 3 years
✅ Works with FHA, VA, and Conventional loans
✅ Bonus help for teachers, veterans, and first responders
🤔 Final Thoughts: Which One Should You Pick?
Go FHA if…
You have limited savings or your credit isn’t perfect.
Go VA if…
You’re eligible. Zero down and no insurance = huge win.
Go Conventional if…
You have great credit and want long-term savings or flexibility to buy a rental or second home.
✅ Ready to Buy in AZ?
Here’s your action plan:
Get Pre-Approved – Know what you can afford
Talk to a Local Expert – Every Arizona neighborhood is different
Ask About Down Payment Help – Free money is real!
🎯 Let’s make home happen.
Whether it’s FHA, VA, or Conventional—we’ll help you make the smartest move.
👉 Need help choosing the right loan for your Arizona dream home? Contact us today!
