Buyer & Seller Resources
Everything you need to navigate the Flagstaff real estate market with confidence. From loan limits to real estate terminology — we've got you covered.
Loan Limits
Below are links to review maximum loan limits for FHA, Conventional, and HUD 184 financing.
USDA Financing Eligibility
Use the link below to look up an address and see if the property is eligible for USDA financing. Keep in mind that USDA does not allow hauled water and does not allow manufactured homes unless they are new from the dealer and never occupied.
Approved Condo Lookup
Below are links to view approved condos for Fannie Mae, FHA & VA. Keep in mind that if a condo is not listed it does not mean it is not eligible — it just means there is work to be done to see if it can be approved for condo financing.
Down Payment Assistance
Northern Arizona Housing Solutions offers first-time homebuyer counseling as well as down payment assistance and match savings programs for qualifying applicants.
Preferred Lenders
We work with trusted local lenders who understand the Flagstaff market and can help you find the right financing for your situation.
Things to Keep in Mind
- Hauled water with FHA financing requires a water waiver — always disclose this to your lender.
- Peeling paint will be an issue for FHA, USDA & VA financing.
- Health & Safety issues will be an issue for any type of financing.
- Legal access — there has to be legal access to a property for it to be financeable.
- VA always requires a termite report.
Need to Know Real Estate Terms
New to real estate? Here are the key terms you'll encounter throughout the buying or selling process.
Active
A property that is on the market and is available for sale.
Appraisal
A professional estimate of value prepared by an appraiser. This is required by lenders to ensure that the property is worth as much or more than the amount that they are lending to you.
Closing
The actual purchase transaction. You will go to the office of the title company handling the purchase and sign the papers. If you are unable to go to the title company a mobile notary can meet you elsewhere. There may be a fee charged for a mobile notary.
Closing Cost
Various fees you pay related to the purchase of a property. They are usually around 2 to 5 percent of the purchase price.
Closing Disclosure
A final statement of loan terms and closing costs. The buyer must receive it 3 business days before closing.
Contingency
A condition that must be met before a sale can close. Common contingencies include home inspection, financing, and home appraisal.
Down Payment
The amount of money the buyer pays at closing toward the home purchase.
Earnest Money
A partial payment by a buyer when submitting a contract. It demonstrates the buyer's commitment to the purchase. The money is held in an escrow account and goes toward closing costs.
Escrow
A neutral or third party who handles the exchange of money and documents on behalf of the buyer and seller before the closing of a sale.
MLS
Multiple Listing Service. A local or regional real estate service that compiles available properties submitted by real estate agents. An MLS can only be accessed by real estate brokers and agents.
Pending
An offer has been accepted, the contract has been executed and the contingencies have been met.
PMI
Private Mortgage Insurance. Insurance that protects the lender against loss if a borrower defaults on a loan. PMI is required for conventional loans that have less than a 20% down payment.
Title Company
A company that handles a real estate transaction, which verifies and insures title (ownership) of property.
Title Insurance
Compensates the buyer or lender if title defects, liens or competing claims of ownership on a property arise after closing.
Have questions about financing or the buying process?
Cindi and her team are always available to walk you through every step. Call or email us today.