Arizona Owner-Occupied Home Lenders

Are you seeking a loan secured by an owner-occupied home in Arizona? Fortunately, Arizona law allows for private money lenders to offer consumer mortgages in the state, which is not the case for most of the country. The interest rates are typically over 8%, but private money can consider low credit scores and other financial challenges. The main qualifier is equity. The borrower must have at least a 35% down payment or 35% equity in the home for a refinance. Except for a short-term bridge loans (buy before sell) federal law still requires the lender to verify the borrower's income and debt-to-income ration. Similar to traditional mortgages, long-term private loans for owner-occupied homes are typically 30-year terms, fully amortized.