Down Payments, Loan Amount and Credit Score Requirements:
Loan programs change as much as real estate prices do so it’s good to have a general idea of what is needed to buy a home. Of course I always recommend that you speak with a qualified loan officer to find out what will work for your own personal situation but you get get a general idea below.
Conventional Loan- Primary residence
Down Payment (min)- 5%
Loan Amount (max)- 417,000
Credit Score (min)- 620 with 5% down
Conventional Loan- Second Home
Down Payment (min)- 10%
Loan Amount (max)- 417,000
Credit Score (min)- 620
Conventional Loan- Rental Home
Down Payment (min)- 20%
Loan Amount (max)- 417,000
Credit Score – 660 with 10% down- 620 with 20% down
Jumbo Loans
Down Payment (min)- 10%
Loan Amount (max)- 750,000 (10% down). 1,2 mil with 20% down, 2 mil with 30% down
Credit Score (min)- 720 across the board
VA Loan
Down Payment- 0%
Loan Amount (max)- 417,000 ( high balance 1 mil)
Credit Score (min)- 620
No VA loans on second homes or rental properties
FHA Loan
Down Payment (min)- 3.5%
Loan Amount ( max)- 271,050
Credit Score- 580
No FHA loans on second homes or rental homes
Looking for Fountain Hills real estate? I’d love to help! You can reach me via email or call/text me at 480 888 6708.
Available homes in Fountain Hills
