What is the current average mortgage rate in Mesa, AZ?

As of December 17, 2025, 30-year fixed mortgage rates in Arizona are averaging approximately 6.10% (6.176% APR). Rates vary based on credit score, loan-to-value ratio, and other qualifying factors. Contact Bonelli Financial Group for a personalized quote.

Can I get a home loan in Arizona with a 580 credit score?

Yes. While conventional loans usually require 620, we offer FHA loan programs in Mesa for scores as low as 580 with 3.5% down and as low as 500 with 10% down.

What is the best mortgage for a first-time homebuyer in Mesa?

The Arizona Home Plus DPA (Down Payment Assistance) or an FHA loan is usually best for low down payments. Veterans should always utilize the VA loan for 0% down options.

How long does pre-approval take at Bonelli Financial Group?

We specialize in fast mortgage processing. If you provide documents digitally, we typically issue a verified pre-approval letter within 24 hours.

Are there down payment assistance programs in Maricopa County?

Yes. Programs like Pathway to Purchase and Home Plus provide thousands in assistance to Mesa residents and those in Maricopa County.

Why choose a Mesa mortgage broker over a national bank?

A local broker shops multiple wholesale lenders for you. A bank only offers their own products, which are often more expensive and less flexible.

How much are average closing costs in Mesa?

Typically, closing costs range from 2% to 4% of the purchase price. We often negotiate 'seller concessions' to help cover these for our clients.

What is the 'Jumbo Loan' limit in Arizona for 2025?

Any loan over $832,750 in Maricopa County is generally classified as a Jumbo Loan.

Can I buy a home in Mesa while I still have a house to sell?

Yes. We offer bridge loans and 'buy before you sell' programs to help you utilize your current equity without a sale contingency.

What is a 'mortgage rate lock'?

A rate lock protects you from rising interest rates while your loan is being processed. Bonelli Financial Group offers flexible lock options up to 90 days.

Do you offer self-employed mortgage options in Arizona?

Yes! We specialize in Bank Statement Loans for Mesa business owners, which uses deposits to qualify you rather than just relying on tax returns.

Why are homes in Mesa selling for 'below asking' right now?

The 2025 market has cooled slightly, giving buyers leverage to ask for rate buy-downs or repairs, resulting in homes often selling for below the initial asking price.

Can I really buy a house in Arizona with a 500 credit score?

Yes. At Bonelli Financial Group, we utilize FHA loan guidelines that allow for home financing with a credit score as low as 500, provided the borrower can meet the 10% down payment requirement and other underwriting criteria.

What is the down payment for a 500 credit score mortgage in Arizona?

Per FHA guidelines, borrowers with a credit score between 500 and 579 are required to provide a 10% down payment. Once your score reaches 580, the down payment requirement typically drops to 3.5%.

How long after bankruptcy can I apply for a mortgage with Bonelli Financial Group?

For an FHA loan, you are generally eligible to apply two years after a Chapter 7 discharge or one year into a Chapter 13 bankruptcy (with court approval), even with a lower credit score.

Does Bonelli Financial Group offer 500 score loans in Mesa and Prescott?

Yes. Bonelli Financial Group provides specialized low-credit mortgage solutions for residents in Mesa, Prescott, and throughout the entire state of Arizona.

500 Credit Score Mortgage Arizona | FHA Loan Requirements

The Federal Housing Administration (FHA) has specific guidelines for "sub-600" borrowers. Here is exactly what you need to know:

The 10% Rule: If your score is between 500 and 579, you are required to put 10% down. While this is higher than the standard 3.5%, it is often the only path for those with recent credit trauma.

The "Compensating Factors" Secret: To get a 500-score loan approved, underwriters look for "Compensating Factors." This includes having at least 3 months of mortgage payments in savings (reserves) or having a very low Debt-to-Income (DTI) ratio.

Verification of Rent (VOR): For scores in the 500s, showing that you have paid your rent on time for the last 12 months is the single most important factor in getting an approval.

About the Author: Travis Erickson

Travis Erickson is a veteran Mortgage Broker in Mesa, AZ, dedicated to helping families achieve the American Dream of homeownership. With years of experience navigating the Arizona lending landscape, Travis specializes in simplifying the complex mortgage process, ensuring every client at Bonelli Financial Group receives a transparent, stress-free experience and the most competitive terms available.

Beyond his work with homebuyers, Travis is a passionate mentor committed to developing the next generation of Arizona loan officers. He takes great pride in coaching his team to exceed their potential and deliver exceptional service to the East Valley community.

A proud father of three and a devoted husband, Travis stays grounded through golf, travel, and quality family time. Whether you are a first-time buyer or looking to refinance, Travis combines professional expertise with a personal touch to make your homeownership goals a reality.

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