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Mortgage

Options and Plans

At Shull Homes, we understand that purchasing a home is a significant investment, and securing the right mortgage is an important part of the process. While we do not directly offer mortgage services, we have partnered with trusted and experienced mortgage lenders who can assist you in finding the best mortgage solution for your needs.

Our partners are experts in their field and have a deep understanding of the mortgage industry. They offer a wide range of mortgage products and services, including fixed-rate and adjustable-rate mortgages, jumbo loans, and government-backed loans. They are committed to providing exceptional customer service and will work with you to understand your unique financial situation and help you find the right mortgage product to meet your needs.

Choosing the right mortgage is a personal decision, and our partners are here to help you make an informed choice. They can provide you with customized mortgage solutions, answer your questions, and guide you through the mortgage process from start to finish.

If you are interested in learning more about our mortgage partners and the services they offer, please contact us. We are here to assist you every step of the way.

At Shull Homes, we are committed to helping you find the right home and securing the right mortgage to make your dreams a reality. Let us help you on your journey to homeownership today!

FHA

FHA financing is a mortgage loan program that is insured by the Federal Housing Administration (FHA), a government agency within the U.S. Department of Housing and Urban Development (HUD). This program is designed to make it easier for first-time homebuyers and other eligible borrowers to purchase a home.

One of the primary benefits of FHA financing is that it typically requires a lower down payment than conventional loans. FHA loans require a down payment of only 3.5% of the purchase price, whereas conventional loans may require a down payment of up to 20%. This lower down payment requirement makes homeownership more accessible to a wider range of borrowers who may not have the means to save for a larger down payment.

In addition to the lower down payment requirement, FHA financing also offers other benefits to eligible borrowers. For example, FHA loans may have more lenient credit score requirements than conventional loans, making it easier for borrowers with lower credit scores to qualify. FHA loans also have limits on the amount of closing costs that can be charged to borrowers, which can help make the homebuying process more affordable.

It is important to note that FHA loans do require borrowers to pay mortgage insurance premiums (MIP). MIP is a type of insurance that protects the lender in case the borrower defaults on the loan. This cost is typically added to the borrower’s monthly mortgage payment.

Overall, FHA financing can be a great option for eligible borrowers who are looking to purchase a home. If you are interested in FHA financing, it is recommended that you speak with a mortgage lender who can guide you through the application process and provide more information about the program.

Conventional

Conventional financing is a type of mortgage loan that is not insured or guaranteed by a government agency like the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Instead, conventional loans are offered by private lenders such as banks, credit unions, or mortgage companies.

One of the key features of conventional financing is that it typically requires a higher down payment than FHA or VA loans. Depending on the lender and the borrower’s creditworthiness, conventional loans may require a down payment of anywhere from 5% to 20% of the home’s purchase price.

Another advantage of conventional financing is that it offers more flexibility in terms of loan amounts and property types. While FHA and VA loans have specific limits on the loan amount that can be borrowed, conventional loans can be used to purchase properties that exceed these limits.

Conventional financing also offers a range of loan options, including fixed-rate and adjustable-rate mortgages (ARMs), as well as jumbo loans and conforming loans. Borrowers can choose the loan type that best fits their financial situation and goals.

It is important to note that conventional loans may have more stringent credit score and income requirements than FHA or VA loans. This means that borrowers with lower credit scores or less income may have a harder time qualifying for a conventional loan.

Overall, conventional financing can be a good option for borrowers who have the means to make a higher down payment and meet the lender’s credit and income requirements. If you are interested in conventional financing, it is recommended that you speak with a mortgage lender who can guide you through the application process and provide more information about the program.

VA

VA financing is a mortgage loan program that is guaranteed by the U.S. Department of Veterans Affairs (VA). This program is designed to help eligible veterans, active-duty service members, and their families purchase a home.

One of the key benefits of VA financing is that it typically does not require a down payment. This can be a major advantage for eligible borrowers who may not have the means to make a large down payment. In addition, VA loans do not require borrowers to pay private mortgage insurance (PMI), which can help reduce the overall cost of the loan.

Another advantage of VA financing is that it may have more lenient credit score and income requirements than conventional loans. This can make it easier for eligible borrowers to qualify for a VA loan even if they have less-than-perfect credit or a lower income.

In addition to these benefits, VA financing also offers other advantages such as competitive interest rates, flexible loan terms, and the ability to finance certain home improvements as part of the loan.

It is important to note that VA loans do have limits on the amount that can be borrowed, and borrowers may be required to pay a funding fee at closing. This fee helps to offset the cost of the loan program and can vary based on factors such as the borrower’s military service status and the size of the down payment.

Overall, VA financing can be a great option for eligible veterans, active-duty service members, and their families who are looking to purchase a home. If you are interested in VA financing, it is recommended that you speak with a mortgage lender who can guide you through the application process and provide more information about the program.

USDA

USDA financing is a mortgage loan program that is backed by the U.S. Department of Agriculture (USDA). This program is designed to help eligible borrowers in rural areas purchase a home.

One of the primary benefits of USDA financing is that it offers 100% financing, which means that eligible borrowers may be able to purchase a home without making a down payment. In addition, USDA loans typically have lower interest rates than conventional loans, which can help reduce the overall cost of the loan.

Another advantage of USDA financing is that it may have more lenient credit score and income requirements than conventional loans. This can make it easier for eligible borrowers to qualify for a USDA loan even if they have less-than-perfect credit or a lower income.

In addition to these benefits, USDA financing also offers other advantages such as flexible credit guidelines, competitive interest rates, and the ability to finance certain home improvements as part of the loan.

It is important to note that USDA loans do have limits on the amount that can be borrowed, and borrowers may be required to pay a guarantee fee at closing. This fee helps to offset the cost of the loan program and can vary based on factors such as the size of the loan and the borrower’s income.

Overall, USDA financing can be a great option for eligible borrowers who are looking to purchase a home in a rural area. If you are interested in USDA financing, it is recommended that you speak with a mortgage lender who can guide you through the application process and provide more information about the program.