Conventional loans in Arizona

• Down payment: as little as 3% for eligible buyers. Put down 20% and there's no mortgage insurance.
• Mortgage insurance (PMI): required with less than 20% down. On a home you live in, you can ask to remove it once your balance is scheduled to reach 80% of the home's original value, and it ends automatically at 78% if your payments are current.
• 2026 loan limit: $832,750 for a one-unit home in every Arizona county. Above that, the loan is a jumbo.
• Occupancy: primary homes, second homes, and rentals, each with its own down payment and savings rules.
• Not government-insured: conventional loans aren't backed by FHA, VA, or USDA.

Who it fits

Buyers with steady, documented income, solid credit, and a loan amount at or under the 2026 conforming limit.

How it works

We document your income, savings, and credit. When the facts support it, I issue a written pre-approval. Condos need a complex that meets the lender's project rules.

What it costs

Closing costs, prepaid taxes and insurance, and PMI if you put down less than 20%. I'll compare PMI to FHA mortgage insurance on the same house before you choose.

Conventional vs. conforming: what's the difference?

• Conventional means the loan isn't insured by FHA, VA, or USDA.
• Conforming means the loan amount is at or under the limit set each year. For 2026, that's $832,750 for a one-unit home anywhere in Arizona.

Most conventional loans I close in Phoenix, Mesa, Chandler, and Gilbert are both. When the loan amount goes over the limit, it becomes a jumbo loan, with its own rules. That's a size, not a luxury label. jumbo

A primary home, a second home, and a rental each have different down payment and savings rules. Tell me your plan for the home on our first call.

Private mortgage insurance (PMI), in plain English

If you put down less than 20% on a conventional loan, you'll pay private mortgage insurance, called PMI. It protects the lender, and it's what makes a smaller down payment possible.

The good news: PMI doesn't have to last forever. On a home you live in:

• You can ask to remove it once your loan balance is scheduled to reach 80% of the home's original value. Your lender will want a written request, a good payment history, and proof the home hasn't lost value.
• It ends automatically when your balance is scheduled to reach 78% of the original value, as long as you're current on payments.

PMI isn't the same as FHA mortgage insurance. The cost and when it can end are different. Depending on your credit and how long you keep the loan, conventional with PMI can cost less than FHA, or more. I'll compare both on your numbers.

Some buyers hope to remove PMI early because their home gains value. Arizona values can also sit still, so I'll show you a plan that works either way.

Fixed rate or adjustable rate?

A fixed-rate loan keeps the same interest rate for the whole loan, most often 30 or 15 years. Your principal and interest payment never changes.

An adjustable-rate mortgage (ARM) starts with a fixed rate for a set number of years. After that, the rate can go up or down within limits, called caps.

An ARM can make sense if you'll sell or refinance before the fixed period ends and could handle a higher payment. It's a poor fit if the starting payment is the only one that works. Nobody can promise which way rates will go.

15 years or 30 years? A 15-year loan builds equity faster with a higher payment. A 30-year loan keeps the payment lower. Try the calculator for an estimate, then call me. calculator

3% down, 20% down, and everything in between

You don't need 20% down for a conventional loan. Some conventional options allow as little as 3% down for eligible buyers, such as first-time buyers or buyers within certain income limits. Those loans still have PMI, and they may want a homebuyer class.

A few things to know:

• Gift funds from family can help. They need a gift letter and a clear paper trail, so tell me before the money moves.
• Credit matters more on conventional than on FHA at lower scores. If your credit is what keeps conventional from working, we'll compare FHA or build a plan to wait. FHA loans
• Condos need a complex that meets conventional project rules. Manufactured homes need the right program and the right lender. Send me the address early.

I check the home, not just you, so your pre-approval holds up.

How we'll work together

• We talk first. Your goals, payment comfort, and timing. No paperwork to start.
• I review your application. With your permission, I pull credit and look at your income the way an underwriter will.
• You get a written pre-approval when the facts support one, and a side-by-side comparison of your options.

Refinancing? The same steps apply. If your current bank offers the better deal, I'll tell you. refinance

The biggest approval isn't the goal. A payment you're comfortable with is. Call or text (602) 448-4470 and let's start there.