Mortgage Loan Programs Scottsdale

Choosing the right mortgage is not just about finding a loan that works. It is about finding the loan structure that fits your credit, income, assets, property type, down payment, timeline, and long-term plans.

Mark Merry helps Scottsdale buyers, homeowners, investors, physicians, business owners, and self-employed borrowers compare mortgage loan programs before making a decision.

Below is an overview of common mortgage options available for Scottsdale and Arizona borrowers.

Conventional Loans

A conventional loan is one of the most common mortgage options. These loans are not insured by the federal government and typically follow Fannie Mae and Freddie Mac guidelines.

Conventional loans may work well for buyers with stable income, solid credit, and enough funds for down payment and closing costs.

Common uses include:

  • Primary residence purchases
  • Second homes
  • Investment properties
  • Rate-and-term refinances
  • Cash-out refinances
  • Buyers who want to avoid FHA mortgage insurance when possible

Conventional loans may allow down payments as low as 3% for certain qualified borrowers. Private mortgage insurance may be required when putting less than 20% down, but it may be removable once enough equity is reached.

In 2026, the baseline conforming loan limit for most one-unit properties is $832,750. Loan amounts above that level may require jumbo financing.

FHA Loans

FHA loans are government-backed mortgages insured by the Federal Housing Administration. They are often used by first-time buyers, buyers with limited down payment funds, or borrowers who need more flexible credit or debt-to-income guidelines.

FHA loans may offer:

  • Low down payment options
  • Flexible credit guidelines
  • Seller-paid closing cost options
  • Purchase and refinance options
  • FHA streamline refinance options for eligible existing FHA borrowers

FHA mortgage insurance is required. In many cases, FHA mortgage insurance may remain for the life of the loan unless the borrower later refinances into a different loan type.

VA Loans

VA loans are available to eligible veterans, active-duty service members, certain National Guard and Reserve members, and surviving spouses.

For eligible borrowers, VA loans may offer:

  • Zero down payment options
  • No monthly private mortgage insurance
  • Competitive loan terms
  • Purchase and refinance options
  • Reusable VA eligibility

VA loans can be a strong option for eligible Arizona buyers, but the full file still needs to be reviewed, including entitlement, income, credit, property type, and closing costs.

Jumbo Loans

Jumbo loans are used when the loan amount exceeds the current conforming loan limit. Jumbo financing is common in Scottsdale, North Scottsdale, Paradise Valley, DC Ranch, Silverleaf, Gainey Ranch, McCormick Ranch, Troon, Desert Mountain, and other high-value areas.

Jumbo loans may be used for:

Jumbo loan requirements vary by lender, loan amount, occupancy, property type, credit profile, reserves, down payment, and documentation.

Mark helps Scottsdale buyers compare jumbo, conventional, bank statement, doctor loan, and other available options based on the full scenario.

Doctor Mortgage Loans

Doctor mortgage loans may be available for eligible physicians, dentists, veterinarians, psychiatrists, and certain other medical professionals.

These programs may be useful for medical professionals who have strong income potential but unique underwriting issues, such as:

  • Student loan debt
  • New employment contracts
  • Residency or fellowship income
  • Limited time on the job
  • Relocation to Scottsdale or Phoenix
  • Higher loan amounts

Program guidelines, eligible professions, loan amounts, down payment options, property types, rates, and terms are subject to change and must be confirmed at the time of application.

Self-Employed Mortgage Options

Self-employed borrowers and business owners often need a more detailed mortgage review. Tax returns may not always show the full strength of the borrower’s cash flow or assets.

Mortgage options for self-employed borrowers may include:

Business deductions, K-1 income, 1099 income, depreciation, retained earnings, and multiple entities can all affect mortgage approval.

Refinance Options

Refinancing replaces an existing mortgage with a new loan. Whether it makes sense depends on the current loan, new loan terms, closing costs, break-even point, and long-term goals.

Common refinance goals include:

  • Lowering the interest rate
  • Reducing the monthly payment
  • Shortening the loan term
  • Removing mortgage insurance
  • Switching from an adjustable rate to a fixed rate
  • Cash-out for home improvements, debt consolidation, or investment purposes
  • Refinancing a jumbo loan or higher-balance mortgage

A refinance should be reviewed with the numbers clearly shown, not guessed.

New Construction Loans

New construction financing can be different from a standard resale purchase. Builder timelines, rate locks, incentives, property completion, and appraisal timing all matter.

New construction options may include:

Builder lender incentives should be compared carefully against outside financing so the buyer understands the true cost and benefit.

Investment Property Loans

Scottsdale attracts real estate investors because of its tourism, relocation, second-home, and long-term rental demand. But investment property financing requires a different review than primary residence financing.

Investment property loan options may include:

The right option depends on the property, rental income, down payment, reserves, personal income, ownership structure, and long-term plan.

Short-term rentals should also be reviewed carefully for city rules, licensing, HOA restrictions, and lender requirements.

Down Payment Assistance Arizona

Some Arizona buyers may qualify for down payment assistance programs depending on income, credit, purchase price, location, loan type, and program availability.

Down payment assistance may be paired with certain FHA, VA, USDA, or conventional loan options, depending on the program.

These programs change over time, so eligibility should be reviewed based on current guidelines.

Which Loan Program Is Right for You?

Every borrower’s situation is different. The right mortgage depends on more than the rate.

Important factors include:

  • Credit profile
  • Income documentation
  • Employment type
  • Down payment
  • Cash reserves
  • Property type
  • Occupancy
  • Loan amount
  • Student loans or other debt
  • Short-term and long-term plans

Mark Merry helps Scottsdale borrowers compare loan options and structure the mortgage clearly before moving forward.

Talk Through Your Mortgage Options

If you are buying, refinancing, investing, or comparing loan options in Scottsdale, Phoenix, Arizona, Minnesota, or nationwide where licensed, start with a clear mortgage review.

Call Mark Merry at Granite Bank.

Scottsdale: (480) 442-7487
Edina: (612) 964-6460

Mark Merry | Senior Branch Manager | Granite Bank
NMLS #452552 | Company NMLS #405434 | Equal Housing Lender | Member FDIC