Tempe AZ Mortgage Broker | Home Loans, DSCR & ASU

Q: Can I buy a house or condo for my child attending ASU?

Yes. With an FHA non-occupant co-borrower loan, your student occupies the home as their primary residence and you co-sign. Because the co-borrower is family, the 3.5% down payment structure stays intact. Conventional investment financing is the alternative if you want the property solely in your name.

Q: Do DSCR loans work for rentals near ASU?

Yes. Qualification is based on the property's rental income rather than personal tax returns. Near ASU, per-bedroom leasing often produces a qualifying DSCR where a single family lease falls short. Bonelli Financial Group models both before you make an offer.

Q: Can I do a short-term rental in Tempe?

Tempe requires a city short-term rental license. Bonelli Financial Group structures DSCR loans for compliant Tempe short-term rentals and advises up front if a property's numbers do not support the strategy.

Q: Should I do a cash-out refinance or a HELOC on my Tempe home?

If your existing rate is below 5%, a HELOC or HELOAN usually wins because it taps equity without disturbing the first mortgage. A cash-out refinance can make sense if your current rate is already high. Bonelli Financial Group runs both options side by side.

Q: Is it better to buy a condo or a house near ASU?

It depends on the complex. Condos cost less to enter but not all projects are warrantable or FHA-approved, and HOA dues affect DSCR math. Houses cost more but can rent by the bedroom and carry no HOA risk.

Q: How fast can Bonelli Financial Group close a Tempe home loan?

Pre-approvals are typically issued within 24 hours, and most Tempe purchases close in 18 to 21 days. The office is in downtown Mesa, about ten minutes from the ASU Tempe campus.

The Tempe Market at a Glance (2026)

For homebuyers:

Median home price in Tempe sits around $420,000, under Chandler and Gilbert, above Mesa
Tempe is landlocked and fully built out. There is no new-construction relief valve, so well-priced resales move fast
The 2026 FHA loan limit in Maricopa County is $557,750 for a single family home and $714,000 for a duplex, which covers the large majority of Tempe inventory
The 2026 conforming loan limit is $832,750, so outside of South Tempe's luxury pocket, almost nothing here requires a jumbo loan

For investors:

ZIP 85281 has one of the highest renter concentrations in metro Phoenix, anchored by more than 55,000 students on ASU's Tempe campus
Near-campus leases typically run 12 months, not 9, thanks to summer sessions and year-round programs
Much of North Tempe was built in the 1960s and 70s, which means value-add and renovation plays that newer suburbs simply do not have
Tempe requires a city license for short-term rentals, so STR strategies need compliant underwriting from day one

We publish deal-level analysis for East Valley markets because we would rather lose a deal honestly than win one on hype. If a Tempe property does not pencil, we will tell you, and usually show you where nearby it does. See how we do it: Scottsdale DSCR deal analysis and Mesa & Gilbert DSCR deal analysis.

Where You Buy in Tempe Changes Which Loan You Need

**Tempe, AZ Home Loans by ZIP Code (2026):** which mortgage types fit 85281, 85282, 85283, and 85284, based on neighborhood character and typical buyer profile.
ZIP Code	Neighborhood Character	Typical Buyer	Loans That Fit
85281 North Tempe	ASU campus, Mill Avenue, light rail corridor, condos and older single family homes	Investors, ASU parents, urban first-time buyers	DSCR loans, FHA non-occupant co-borrower (kiddie condo), conventional investment loans
85282 Central Tempe	Mid-century neighborhoods including Holdeman, Hudson Manor, and Hughes Acres	First-time buyers, value-add investors	FHA loans, conventional loans, renovation financing
85283 South-Central Tempe	The Lakes, Optimist Park, and the Kiwanis Park area. Often the most active listing inventory in the city	Families, move-up buyers	Conventional, FHA, VA loans, HELOC
85284 South Tempe	Warner Ranch, larger lots, Corona del Sol school boundary, homes from $600K into the millions	Move-up and luxury buyers, equity-rich homeowners	Conventional, jumbo loans, HELOC and HELOAN

In short: ZIP 85281 (North Tempe, near ASU) is investor and parent-purchase territory best served by DSCR and FHA non-occupant co-borrower loans. ZIP 85282 (Central Tempe) suits first-time buyers and renovation financing in mid-century neighborhoods. ZIP 85283 (The Lakes and Kiwanis Park area) is family territory for conventional, FHA, VA, and HELOC borrowing. ZIP 85284 (South Tempe, Warner Ranch) skews to move-up and luxury buyers using conventional, jumbo, and home equity financing.

Source: Bonelli Financial Group , licensed Arizona mortgage broker in Mesa, AZ (Branch NMLS 2621584). Last updated June 2026 .

The South Tempe equity story deserves its own sentence. Homeowners in 85283 and 85284 who bought before 2021 are often sitting on a sub-4% first mortgage and several hundred thousand dollars of equity. A cash-out refinance would torch that rate. A second-lien HELOC or HELOAN taps the equity and leaves the first mortgage untouched. This is one of the most common conversations we have with Tempe homeowners, and it is worth a 15-minute call before you touch that 3% loan.

Tempe Home Loan Programs

Tempe, AZ Home Loan Programs (2026): the six mortgage types Bonelli Financial Group uses most for Tempe buyers, homeowners, and investors.

FHA & First-Time Buyer Loans

Get into Tempe with 3.5% down

3.5% down with a 580+ credit score, and options down to 500 with 10% down
The 2026 Maricopa County FHA limit of $557,750 covers most Tempe single family homes
Down payment assistance available for qualified Maricopa County buyers
Pre-approvals typically within 24 hours

FHA Loans First-Time Buyer Programs

Conventional Purchase & Refinance

For move-up buyers and South Tempe homeowners

Conforming loans up to the 2026 limit of $832,750
Rate and term, cash-out, and 2-1 buydown structures when sellers offer concessions
HELOCs and HELOANs that protect a low first mortgage
Most purchases close in 18 to 21 days

Refinance Options HELOC

DSCR Loans for Tempe Rentals

The property qualifies, not your tax returns

Qualification based on rental income versus the full mortgage payment
No personal debt-to-income requirement, no W2s, no tax returns
Works for long-term ASU-area rentals and licensed Tempe short-term rentals
We run the DSCR math with you before you write the offer

How DSCR Works

ASU Parent Purchase Strategies

Stop renting from someone else's landlord

FHA non-occupant co-borrower loans: your student occupies as their primary residence, you co-sign, and the 3.5% down structure stays intact (the kiddie condo strategy)
Conventional investment financing if you want the property fully in your name
Roommate rents can offset most or all of the carrying cost
Exit options at graduation: sell, keep as a rental, or refinance into your graduate's name

Run My Scenario

Self-Employed & Bank Statement Loans

Built for Tempe's small-business scene

Qualify with 12 to 24 months of bank deposits instead of tax returns
Built for contractors, founders, 1099 earners, and Mill Avenue business owners
Same fast-close process as our conventional loans

Bank Statement Loans

VA Loans

For Tempe's veterans and active duty buyers

Zero down, no monthly mortgage insurance
VA IRRRL streamline refinancing for existing VA loans
Local team experienced with VA appraisals in the East Valley

VA Loans VA IRRRL

In short: Bonelli Financial Group offers six loan paths for Tempe, Arizona. FHA loans serve first-time buyers with as little as 3.5% down under the $557,750 Maricopa County limit. Conventional loans cover purchases and refinances up to the $832,750 conforming limit. DSCR loans qualify Tempe rental properties on rental income rather than tax returns. FHA non-occupant co-borrower loans let parents of ASU students co-sign while their student occupies the home. Bank statement loans qualify self-employed buyers on 12 to 24 months of deposits. VA loans give eligible veterans zero-down financing with streamline refinancing available.

Source: Bonelli Financial Group , licensed Arizona mortgage broker in Mesa, AZ (Branch NMLS 2621584). Last updated June 2026 .

Financing Near ASU: How the Math Actually Works

The blocks around campus behave differently than anywhere else in the Valley. Demand resets every August like clockwork. That stability is the whole investment case, and it is real. Here is an honest look at how a typical deal pencils.

**DSCR Loan Example: 4-Bedroom Single Family Home in Tempe ZIP 85282**, two miles from the ASU campus. Worked deal math at an illustrative June 2026 rate.
Line Item	Amount
Purchase price	$430,000
Down payment (25%)	$107,500
Loan amount	$322,500
Principal & interest (example 7.125% DSCR rate, 30-year fixed)	~$2,173/mo
Taxes + insurance (estimated)	~$325/mo
Total PITI (monthly payment)	~$2,500/mo

What the math means: rented on a single family lease at roughly $2,300 to $2,400 per month, this Tempe property sits just under a 1.0 DSCR and would need a larger down payment or rate buydown to qualify for a DSCR loan. Rented by the bedroom at $800 to $900 per room, gross rent reaches $3,200 to $3,600 per month and the DSCR rises to roughly 1.3 to 1.4, which qualifies comfortably and cash-flows from month one. Near ASU, the rental strategy decides whether the deal works, and the financing must be underwritten to the strategy the investor will actually run.

Example for illustration only, not a rate quote or offer of credit. Rates, taxes, and insurance vary; current pricing at Bonelli Mortgage Rates. Source: Bonelli Financial Group , licensed Arizona mortgage broker in Mesa, AZ (Branch NMLS 2621584). Last updated June 2026 .

Four things that trip up out-of-area lenders here:

Condo warrantability. A lot of near-campus inventory is condos, and not every project is warrantable or FHA-approved. We check the project before you pay for inspections.
Per-bedroom underwriting. As the table shows, it can be the difference between a dead deal and a strong one. We know which lenders accept it.
STR licensing. Tempe requires a city short-term rental license. Football weekends and graduation season are real revenue, but only on a compliant property.
Renovation financing. Sixty-year-old housing stock means purchase-plus-rehab structures often beat buying turnkey, and they let you rent at the top of the market instead of the bottom.

Parents: The ASU Housing Math Nobody Shows You

Four years of near-campus rent at Tempe prices runs well into five figures per year, and it all goes to someone else's mortgage. The alternative: buy the property, let your student live in one room, and let roommates cover most of the payment.

How the FHA non-occupant co-borrower structure works:

Your student is on the loan and occupies the home as their primary residence
You co-sign with your income and credit
Because you are family, the down payment can stay at 3.5% instead of investment-property levels
Roommate rent offsets the payment while your student builds credit and you build equity

At graduation you have three clean exits: sell into a market with permanent demand, keep it as a long-term rental (it is already a proven one), or refinance it into your graduate's name as their first home.

We have structured these for families across the country sending students to ASU. The first call is a numbers conversation, not a sales pitch: we will tell you whether buying beats renting for your specific timeline. Call 800-BONELLI or apply online.

Frequently Asked Questions About Tempe Mortgages

What credit score do I need for a home loan in Tempe?

620 is the standard floor for most conventional programs, but FHA allows 580 with 3.5% down and as low as 500 with 10% down. For the most competitive Tempe rates, 740+ is the target. We will tell you exactly where your score puts you before you apply anywhere.

Can I buy a house or condo for my child attending ASU?

Yes, and there is a purpose-built way to do it. With an FHA non-occupant co-borrower loan, your student occupies the home as their primary residence and you co-sign. Because the co-borrower is family, the 3.5% down payment structure stays intact. Conventional investment financing is the alternative if you want the property solely in your name.

What are the 2026 FHA loan limits for Tempe?

Tempe follows Maricopa County limits: $557,750 for a single family home and $714,000 for a duplex in 2026. Most Tempe inventory fits comfortably under these caps.

Do DSCR loans work for rentals near ASU?

Yes, and they are often the best fit because qualification is based on the property's rental income, not your personal tax returns. The key detail near campus is rental strategy: per-bedroom leasing often produces a qualifying DSCR where a single family lease falls short. We model both before you offer.

Can I do a short-term rental in Tempe?

Tempe requires a city short-term rental license, and your financing needs to reflect legal, licensed operation. We have structured DSCR loans for compliant Tempe STRs and will tell you up front if a specific property's numbers do not support the strategy.

Should I do a cash-out refinance or a HELOC on my Tempe home?

If you locked a rate below 5% before 2022, a HELOC or HELOAN usually wins because it taps your equity without touching that first mortgage. A cash-out refinance can make sense if your current rate is already high. This is a 15-minute math conversation, and we will run both side by side for you.

Is it better to buy a condo or a house near ASU?

Depends on the complex. Condos cost less to enter, but not all projects are warrantable for conventional financing or FHA-approved, and HOA dues affect the DSCR math. Houses cost more up front but can rent by the bedroom and carry no HOA risk. We vet the specific property before you commit.

How fast can Bonelli Financial Group close a Tempe home loan?

Pre-approvals typically within 24 hours, and most Tempe purchases close in 18 to 21 days. Our office is in downtown Mesa, about ten minutes from campus, so we are local to every property we finance here.