Conforming , 30 year fixed interest rates have dropped to the 5 year low of 5.5 % with no points and no origination fee. This is for loans up to 417K.
Keep in mind the high limits of FHA financing in Pima County of $316,250 go down to $271,050 on January 1st. Also as of January 1st one choosing this loan program must increase the downpayment from 3% to 3.5%. FHA loans do not have roof limitations on salaries; therefore, a high salaried person can still qualify for FHA. To obtain this financing usually you can have no other FHA loan outstanding and the home being financed must be your primary residence. This is the best program out there for low down-payment, and FHA loans are usually easier to qualify for than conventional loans. The only program that is more aggressive is VA which is open to Veterans, so much fewer people qualify. Contact me to get you in touch with an excellent loan officier. I am not in the mortgage business, but just keep up with this to better advise my clients.
This is a great time to buy. Give me a call at 520-615-2598 to explore the housing market.