Conventional financing options include both purchase and refinance transactions. These loan types allow for a maximum loan amount of $ 417k in Maricopa County and the programs are as follows:

¤ Fixed - 30, 20, 15 & 10 year
¤ Interest Only Mortgage
¤ ARM - 1 year, 3/1, 5/1, 7/1, 10/1
¤ Balloon - 30/7

Any loan amount over $417k is considered a Jumbo loan. Although the rates are slightly higher than for transactions under this amount, the program options remain the same.

The credit requirements for these loans types vary by lender and take into consideration the LTV of the specific transaction. A general rule of thumb is that a 660+ FICO is necessary to be considered eligible for Conventional financing.

HOMEBUYERS PRE-APPROVAL: 

 I issue pre-approvals within 30 minutes to qualified borrowers. An LSR (loan status report) is now almost always required to be submitted with any and all offers placed on a home. Your Realtor will need this document before you can place an offer; although some Realtor's require it before beginning the search for a home.