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Mortgage Rates and Credit Scores For Arizona

04-20-2011About MortgagesEddie Knoell

The higher your credit score, the better Arizona mortgage rates you can expect to get. With average scores, you may have to pay fees known as points to lower the Arizona mortgage rate to one that you want. If you have a low score, you may not even qualify. Even with a good credit score these days, you will need to provide financial documentation such as your paycheck stubs, bank statements, income tax returns and a list of your outstanding debts in order to qualify for an AZ mortgage.

Lenders are looking for borrowers with stable incomes and stable employment histories. You should be on your current job at least two years. They also analyze your debt to income ratios to make sure you meet their guidelines. Working with an Arizona mortgage broker helps improve your chances of getting a good rate because the mortgage broker works for a variety of lenders and can offer you several loan packages with good Arizona mortgage rates.

Your Credit Score Determines Your Interest Rate

A credit score of 740 or higher with get you a good rate without paying points.

A credit score between 660 and 740 allows you to avoid paying points if you borrow 60% of the home’s value or less. With a 20% down payment and a 660 credit score, expect to pay about 2.5% points.

FHA borrowers with a 640 credit score or higher only need to put down a 3.5% down payment. FHA lending limits vary by county. FHA lending limits are:

County Single Family Du-plex Tri-plex Four-plex
Maricopa County $279,450 $357,750 $432,400 $537,400
Pinal County $279,450 $357,750 $432,400 $537,400
Gila County $275,665 $352,950 $426,625 $530,150
Graham County $275,665 $352,950 $426,625 $530,150
Greenlee County $275,665 $352,950 $426,625 $530,150
La Paz County $275,665 $352,950 $426,625 $530,150
Mohave County $275,665 $352,950 $426,625 $530,150
Navajo County $275,665 $352,950 $426,625 $530,150
Pima County $275,665 $352,950 $426,625 $530,150
Pinal County $275,665 $352,950 $426,625 $530,150
Santa Cruz County $275,665 $352,950 $426,625 $530,150
Yavapai County $275,665 $352,950 $426,625 $530,150
Yuma County $275,665 $352,950 $426,625 $530,150
Apache County $275,665 $352,950 $426,625 $530,150
Coconino County $362,250 $463,750 $560,550 $696,650

A 600 credit score with 20% down payment may cost you up to 3 points. With a 40% or more down payment, you may only have to pay 1 point. Borrowers who are buying investment properties must also expect to pay extra points as well as buyers of condos who put less than 25% down. Buying down your interest rate even with good credit is possible if you pay 1.2 points or more.

When you do find a good rate, lock it in. Ask your Arizona mortgage broker if there are any other fees for locking in the rate though. There are a variety of Arizona loan products available so it is hard to determine the exact rate until you comparison shop for them. Improving your credit score before you obtain a mortgage is recommended. You should order a copy of your annual report, which is free to make sure there are no items that are incorrect. Dispute any items that are wrong or don’t belong to you and you will be able to improve your score. Also, be sure to make your payments on time and don’t make any large purchases before you apply for a home mortgage or during your application process until after your loan closes.

Arizona mortgage rates are still low, and there should be a mortgage product that meets your financial needs. For more information about Arizona mortgages and rate, please call us today.

If you have any questions about this or if you have any questions you’d like us to answer on our podcast, you can email your questions to or give us a call at (602) 535-2171. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.


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Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.