Arizona's housing boom continues to appreciate faster than the national averages. If you are thinking about buying in Arizona, the interest rates have not been any more favorable. For Example: If you have an +800 Credit Score and looking for a conforming conventional loan with 3% down only, the loan amount can be up to $484,350.00 which is very attractive at a 3.875% interest rate fixed at 30 years.
The benefit of this loan product is at 20% equity, PMI goes away. If you do a 3.5% FHA loan the PMI stays.
Also for a JUMBO Loan for any loan amount at $484,351.00 or higher, it requires a 10% down payment but NO PMI!
With interest rates going even lower, the purchasing power goes up along with property values. Arizona continues to be a safe haven for many investors escaping California and I am already in the process of buying another property myself!
Please reach out for any questions or free advice on the Arizona Market!