When you go to get a loan in Arizona, the process is dependent on your credit and how much you have available for a down payment. For first-time home buyers or those who don’t have enough for a down payment, there are programs available such as the Home Plus Mortgage Program, that offer down payment assistance to help you on the path to home ownership. Still, the process can seem a bit confusing. That is why we’ve created this general explanation of how to get a mortgage in Arizona.

Getting a Mortgage in Scottsdale, Arizona

According to Zillow, the median home value in Scottsdale is $480,400. This means there aren’t a lot of people using the Home Plus Program because it sets a price cap at $396,680. However, there are other assistance programs if you have a high enough income.

In order to get a mortgage, one must first go to a loan officer and fill out an application. In the application, you will disclose your assets and income along with any negative credit occurrences such as foreclosure or bankruptcy.

Once you’ve filled out an application, the loan officer will run a credit check. This will confirm the information on your application, let them see your monthly liabilities, and they will get your credit score. For most loan assistance programs, you must have a score above 640. Your score impacts whether or not you will be approved along with what interest rate will be available.

Assuming all goes well, the loan is submitted to an underwriter for pre-approval. Once approved, you will have to submit more paperwork such as tax returns, proof of income, bank statements, drivers licenses, letters of explanation, and proof of homeowner’s insurance.

An underwriter will give the final approval of your loan, and once this is done, the loan is sent to the title company. The title company coordinates and records all the information with the mortgage company and holds the title to the home, and once this is wrapped up, you are the proud owner of a new home!

It’s Not Always Easy

There can be many bumps in the road during the process of getting a home loan, and the paperwork can take time. You may think the process is almost finished only to have underwriters request more information. Sometimes by the time you get your home purchased, you can’t believe it’s real because it takes so long. The key is being patient and keeping an open mind when going through the process. It will happen.