Maricopa County Loans: What Types of Loans Are Available?

Maricopa County Loans

If you need a loan here in Maricopa county, heading to a lending institution can seem a little daunting. With so many different types of loans available, how do you choose? What are the differences between them? Here’s a breakdown of some of the main types of Maricopa county loans and how they could benefit you. 

FHA Loans

The FHA doesn’t just give you a loan – they guarantee it! With mortgage insurance, you can buy a house with as little as a 3.5% down payment and still have an adequate home financing system in place should things go wrong (though the odds are very low). There’s also plenty of other assistance available from this agency if needed, like down payment assistance programs that will allow first-time buyers to put more money towards their dream property by using various sources like tax credits or grants. With the FHA’s help, you can make your homeownership goals a reality. Stone Tree Lending can help you find the perfect home and get you pre-qualified for a loan. 

USDA Loans

USDA loans are an innovative way to secure financing for a home. Have you been dreaming about buying a house in a rural area? You may be eligible for a USDA loan. These loans, also known as ” USDA Rural Development Loans,” are explicitly designed for those hoping to buy property in designated rural areas. These loans often come with key advantages that other options may not have, such as low-interest rates and no down payment requirements. However, eligibility requirements must be met, including income limits and property location restrictions. So if you’re interested in purchasing property in a rural area, it’s worth researching whether or not a USDA loan may be right for you. Don’t let your dreams of living in the countryside go unfulfilled – start looking into USDA loans today!

VA Loans 

VA loans are absolutely one of the best options out there for veterans and active duty service members looking to purchase a home. Not only are VA loans guaranteed by the Department of Veterans Affairs, but they also come with some major benefits. VA loans require no downpayment, offer competitively low-interest rates, have limited closing costs, and eliminate the need for Private Mortgage Insurance. Plus, this benefit is a lifetime perk – you can use the VA loan guarantee multiple times throughout your life as long as you continue to qualify for the program. Why would you choose any other option? VA loans are an incredible opportunity for those who have served our country, and we highly recommend taking advantage of this benefit. Thank you to our veterans for your service; now let us return the favor with VA loan benefits.

Conventional Loans 

Conventional loans are mortgages that the government doesn’t back. These loans typically require a higher credit score and down payment than other types but can offer lower interest rates and monthly payments. Stone Tree Lending can help you find the perfect home and get pre-qualified for a loan if you’re looking for a conventional loan in Maricopa County.

Jumbo Loans 

Are you ready to invest in a high-end property in Maricopa county, AZ? A jumbo loan might be the perfect solution for you. Jumbo loans are for loan amounts above the conventional cap of $647,200 and can even offer 100% financing up to $1,250,000 through a combination of first and second mortgages. Plus, jumbo loans often have lower down payment requirements than conventional loans. Keep in mind that prior bankruptcy, foreclosure and short sales will be considered during the jumbo loan approval process and may impact your chances of being approved. Start exploring your jumbo loan options today to take the next step towards owning your dream property.

Home Equity Loans 

Are you looking for an opportunity to leverage the equity in your home? A home equity loan may be the solution for you. Unlike a traditional loan, home equity loans allow homeowners to borrow against the equity in their property. That means instead of just making monthly payments on your home, with a home equity loan you can use the value of your home to secure funding for whatever big plans you have. The amount available to borrow is based on the current market value of your home minus any remaining mortgage balance. You also have the option of a fixed-rate home equity loan or a home equity line of credit (HELOC). So if you are ready to make moves on those dreams and tap into your home’s potential, consider a home equity loan.

Need financing? 

If you need a loan, you need a lender looking out for your best interests. Stone Tree Lending can help you find the best Maricopa county loans for your needs and give you the necessary information to make an informed decision. We offer a variety of loans, including personal, home, auto, and everything discussed in this article, so we are sure to be able to help you reach your financing goals. Contact us today to get started!

Maricopa County Loans | Stone Tree Lending Team

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