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Old 12-07-2009, 02:46 AM
 
128 posts, read 447,822 times
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That's east of 51. I found a house that looks decent but I'm a little nervous about it being too close to the square. Any suggestions would greatly be appreciated.

Thanks

Mike
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Old 12-07-2009, 05:38 AM
 
Location: Metro Phoenix, AZ USA
17,915 posts, read 43,526,159 times
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That's not close enough to that area. It should be fine.
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Old 12-07-2009, 08:24 AM
 
Location: Phoenix
2,897 posts, read 10,437,562 times
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You're a good distance from the square, it does not spill over the 51. I currently live near the area you're asking about, it's a great area with lots to do, close to the freeways and shopping.
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Old 12-07-2009, 12:27 PM
 
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That area of town is very good. Retail, access to the 51 and I-17 are its biggest assets.
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Old 12-07-2009, 07:12 PM
 
128 posts, read 447,822 times
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Damn.. The house I wanted to look at doesn't qualify for FHA loan yet. Almost all the houses that are priced great are flip houses (at least in the areas I'm looking at). I'm getting sick of this. Does anyone know what's the minimum down-payment they take for conventional loans here in AZ? If it's low enough (like 5%) maybe I should just buy with that type of loan. Any input would be greatly appreciated.

Mike
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Old 12-07-2009, 07:20 PM
 
Location: Peoria, AZ
1,064 posts, read 2,669,755 times
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Quote:
Originally Posted by mike.main View Post
Damn.. The house I wanted to look at doesn't qualify for FHA loan yet. Almost all the houses that are priced great are flip houses (at least in the areas I'm looking at). I'm getting sick of this. Does anyone know what's the minimum down-payment they take for conventional loans here in AZ? If it's low enough (like 5%) maybe I should just buy with that type of loan. Any input would be greatly appreciated.

Mike
They have 3% down conventional loans too, you just need really good credit to qualify for them. Also lower down payment conventional loans may come at a little higher interest rate, with a little higher PMI (mortgage insurance). Also FHA loans REQUIRE the seller picks up certain "non allowable" fees. So in general if you qualify for both, you can expect the conventional loan to have a little more closing costs, and maybe a slightly higher payment as well. But if you qualify they are out there and you just choose whichever you prefer.

It doesnt sound like you've started the loan process or spoken with a good loan officer? If you need a good recommendation, I can throw one your way. She's been doing loans for probably 20 years through good & bad times and a good LO is worth their weight in gold. I'll DM her name if you need, wouldnt hurt to just chat.
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