What You Should Know Before Living in Arizona: Housing Market to the Cost of Living

Category: Mortgages Purchase Refinance

If you are interested in living in Arizona, consider the Arizona housing marketing, Arizona mortgage rates and cost of living in Arizona. Then decide if The Grand Canyon State is for you. 

Arizona Housing Market Outlook for 2021

Arizona homes continue to rise in value, which makes investing in Arizona real estate a good choice.  

 

Cost of Living in Arizona 

The cost of living in Arizona is slightly higher than the national average, with a median home price of $303,230. 

 

Requirements to Buy a Home in Arizona 

The requirements to buy a home in Arizona vary, but here are the most common:  

  1. At least a 3 percent down payment 
  2. An acceptable credit score
  3. A low debt-to-income ratio
  4. Proof of employment and financial stability
  5. The ability to pay all associated costs

 

Credit Score to Buy a Home in Arizona

The credit score needed to buy a home in Arizona depends on the loan you choose, for example:

 

Conventional Loan: 620 or higher

FHA Loan: 580 or higher

VA Loan: no set credit score requirement but only available to qualified service members

 

Arizona Homebuying Tips

  1. Get to Know Arizona

If you are new to Arizona, it is important to look at a variety of Arizona homes in a variety of neighborhoods. While Arizona’s “claim to fame” is The Grand Canyon, the most popular cities in Arizona are a few hour’s drive away.

 

  1. Consider Your Commute

Phoenix, Arizona is the 25th most congested city in the nation, so there is traffic during popular commuting hours in major cities. When it comes to living in Arizona, consider your commute to work and other activities such a dropping off kids at school and making your afternoon workout class. 

 

  1. Get Approved Right Away

Arizona is a popular destination, so you should start your search for Arizona homes soon. First, get pre-approved for your home loan so you know exactly how much house you can afford. Then, use this simple mortgage calculator to compare home prices and determine your estimated mortgage payment. 

 

Arizona Refinance Tips

If you are living in Arizona, you might ask, “should I refinance my house?” View the current refinance rates to see if now is a good time to refinance your mortgage. Then, talk to a lender about your refinance options, see if you qualify and get started. 

 

Homebuyer Programs in Arizona

Homebuyer programs in Arizona help first-time homebuyers achieve their Arizona real estate goals. From traditional FHA programs to the HOME PLUS Down Payment Assistance Program, you can make living in Arizona a reality. 

 

Arizona Mortgage Overview

Right now, Arizona mortgage rates are low, which means savings for you. Take advantage of current mortgage rates and lock in your home loan with Wyndham Capital Mortgage. 

 

Maggie Solomon

Maggie joined the Wyndham Capital Mortgage team in November 2020 as a Content Strategist. She has more than five years of content creation experience, which includes launching WBTV’s digital brand Queen City Weekend (now QC Life) and garnering more than 1.1 million page views across her articles. With a love of storytelling, she hopes to bring that passion to WCM and the many families it serves. She resides in Charlotte, North Carolina, and can often be found at a coffee shop, latte in hand.

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