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:
- At least a 3 percent down payment
- An acceptable credit score
- A low debt-to-income ratio
- Proof of employment and financial stability
- 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
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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.
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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.
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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.
