The best interest rates are available to those with strong credit profiles who manage their monthly debts well. Here are some steps Arizona homebuyers should take to improve their creditworthiness before applying for a mortgage:
Check credit reports for errors and dispute any you find.
Pay down outstanding debt and make all payments on time.
Avoid making major purchases or closing any credit card accounts.
Homebuyers with annual incomes below $126,351 may also be eligible for the Home Plus Program, offered through the Arizona Industrial Development Authority. The program, which is available to income-eligible borrowers with credit scores of at least 680 for its conventional loans, provides down payment assistance and an affordable 30-year, fixed-rate mortgage.