Arizona Mortgage Rates and Loan Options
From the sleepy desert town of Yuma to the bustling cities of Phoenix and Tucson, people have flocked to Arizona to enjoy the year-round summertime weather and some of the most scenic vistas in the country. Whether you're buying your first home or looking to refinance a home you already own in Arizona, mortgage rates vary depending on a variety of factors.  You'll want to research current AZ mortgage interest rates and your loan options before settling on a lender. 

AZ Conventional Loans and Conforming Loan Limits
Most conventional banks offer several loan options at current AZ mortgage rates. Through these lenders, the Federal Housing Administration (FHA) insures Arizona mortgages with a maximum loan amount that is dependent on the county in which you plan to live. 

These loans are available with a very low down payment, which can be given to you by an employer, family member, or a charitable organization as a gift. For this reason, these loans are a great option for those who have good to excellent credit.

Arizona Loans through Neighborhood Organizations
Various municipalities at the county level offer existing and potential homeowners additional loan options. For instance, through their Homes to Owners program (H2O), the County of Maricopa connects people to lenders offering loans for the purchase of a "green," or energy efficient, home.  

Additionally, the County of Pima subscribes to Making Home Affordable, a government program designed make refinancing available with low AZ mortgage interest rates for homeowners who may have been turned down through traditional channels. This includes those who live in areas where market value has decreased significantly and those who are "upside down" on their mortgages, where the value of their home is less than the amount that they owe on their mortgage. 

For those who qualify, both programs offer AZ mortgage rates at market level or below.

Home Loans and Mortgage Rates for Arizona Property in Rural Areas
Through the United States Department of Agriculture (USDA), the government has made many affordable home loan options available for those wishing to purchase homes in rural areas of Arizona, including:

• The Single Family Housing Direct Loan:  This is a loan program with up to 100 pecent financing for residents with income levels at or below 80 percent of the county's median income.

• The Single Family Housing Guaranteed Loan:  For homeowners in communities with at least 25,000 residents, this loan program makes up to 100 percent financing available for residents that make up to 115 percent of median county income.

• The Single Family Housing Repair Loan:  For homeowners at 50 percent or below median income, the USDA makes loans available for for making basic repairs, installing essential features, or removing safety and health hazards.