Step 2: Get pre-approved for a mortgage

Unless you plan to pay for your new home with cash, speaking with a lender is critical for buyers at the very beginning of the process. Even if you’re considering a purchase but have some credit issues, speak to a lender immediately. They’ll provide excellent guidance on how to repair your credit most quickly, which debt to pay off first, and even the different types of loan programs available.

There are a multitude of mortgage programs available for a variety of buyers and types of purchases.  There are still some programs that allow for 100% financing (notably VA and USDA loans), and FHA insured mortgages require a minimum of 3.5% down payment. Conventional loans begin at just 3-5% down and often have more favorable terms over the life of the loan than an FHA insured mortgage. Most investment properties will require a 20% down payment, and jumbo loans typically require between 10-20% down as well. Vacant land purchases that are financed usually need between 20-30% down at closing. A consultation with a mortgage professional is highly encouraged to explore all the options available to you.

If you’re saving up for a down payment a lender will make sure you know all of the different down payment options available. Also, when submitting an offer the contract requires you have an Arizona Association of REALTORS Pre-qualification Form from a lender attached, so speaking with a loan officer before submitting offers is necessary. Below is the standard AAR Pre-Qualification Form:

AAR Pre-Qualification Form
AAR Pre-Qualification Form

We’ve worked with many lenders & loan officers over the years and continue to do so effectively. However, if you don’t have a lender in mind we highly recommend Trisha Azares with VIP Mortgage because of her excellent communication and ability to meet closing deadlines. VIP has competitive rates and fee structures, so start with Trisha and if you have any special financing circumstances we have other non-traditional lenders we can put you in contact with too.

Trisha Azares – VIP Mortgage Loan Officer
Office: (520) 696-8959
Email: TrishaA@vipmtginc.com

Regardless of which company you use, we do recommend it be a local lender who is familiar with our Arizona contracts and is available to meet your needs in person.

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