This Article Certified Brokers Fight Rising Home Prices in Scottsdale Arizona first appeared on PRBuzz.com
Scottsdale, Arizona is often noted for being one of the United States most livable cities according to the United States Conference of Mayors. It’s not surprising that the median home value has gone up 3.9% and that the current average price of a single family home, listed at $427,700 is expected to experience a 2% rise in the next year.
Brokers in Arizona are negating these rising costs by procuring low interest rate loans and working with customers to get approved funding and reduce down payments. Scottsdale mortgage brokers, like the ones at Ablending, offer a few different ways to help home buyers’ dreams become a reality.
“At Ablending Inc. We provide traditional loans in Scottsdale as well as FHA loans, VA loans, and Adjustable Rate Mortgages,” says Ablending representatives.
Residential Property Loans provided by Scottsdale brokers in lending companies often include options that minimize down payments making Scottsdale homes more affordable for home buyers. VA loans offer substantial benefits to Veterans as opposed to traditional loans, but even citizens without that experience are able to find relief with FHA loans.
“FHA loans are mortgages insured by the Federal Housing Administration. These types of loans are very popular and are mostly used by first-time homebuyers since they have more relaxed underwriting requirements when compared to conventional loans,” says Ablending.
New home buyers typically only pay 3.5% instead of the traditional 20% down payment. If newlyweds and families are able to pay 10% out of pocket, they may also be able to purchase a home with a lower credit score. Most banks require at least a 580 point score, with a 10% payment, that score drops down between the 500 to 579 range.
For a Scottsdale home that costs $427,700, the breakdown looks a little something like this:
Traditional Loan Down Payment FHA Loan Down Payment
Home owners are able to save over $70,000 on out of pocket costs and use that to pay off their loan’s interest, insurance, and a variety of other home related expenses. While the cost of owning a home isn’t expected to get easier anytime soon, brokers are finding ways to keep the dream alive for hundreds of Scottsdale residents.
Learn more about loans in Scottsdale Arizona and about what a certified lender can do for you:
ABLEnding – Mortgages Simplified