FHA Mortgage Loans

Tucson FHA Loans

No matter where you live in the Tucson area, FHA loans are a popular choice to finance your home. The FHA loan programs have become one of the most popular loan choices because many other programs have simply “went away” as the credit crisis has increased in severity in America.

It wasn’t all that long ago where FHA loans were really only popular with first time home buyers – and now they are for sure more mainstream than they were just a few years ago. It is no longer “strange” to see a move up buyer finance his 3rd home with an FHA loan.

Here in Tucson, the 30 year fixed rate FHA loan is popular and the hybrid adjustable mortgages that FHA has available are more popular than the one year adjustable FHA loan. The 15 year FHA fixed rate loan is also an available loan program – but isn’t one of the most common ones that we see.

Just a few of the reasons that people like the FHA loan programs are that they have a lower down payment requirement than other loan programs and they have generally lower fixed interest rates.

As far as guideline flexibility – it is true that FHA guidelines when applying for a loan have gotten more strict lately, FHA guidelines are still far more flexible than other loan programs. When it comes to debt to income ratios, the FHA loan programs have more flexibility than conventional loan programs – as well as when it comes to credit scores.

Tucson FHA Loan Highlights:

• 3.5% down payment
• Low closing costs
• Fixed rates available
• Up Front Mortgage Insurance required
• Seller paid closing costs allowed

One of the popular features of the FHA loan programs is that when it comes time to refinance, FHA loans allow you to take advantage of the FHA streamline refinance program – where you don’t have to completely re-qualify for a new loan.

Wondering where you can find someone who knows about the FHA loan programs right here in Tucson? Look no further – we live right here in Arizona and are FHA loan experts! Call now to speak with an expert.