The short answer
Prepare the borrower, occupancy and property questions that determine which financing options need review. This guide organizes 25 sourced questions for Arizona State University.
Prepare your next decision
- Define who will occupy the home and who will borrow or hold title.
- Gather the actual price, down payment, income and complete ownership costs.
- Ask the assigned financing professional to review eligibility and terms; school guidance does not establish a loan approval.
How does CFPB define debt-to-income ratio?
Add monthly debt payments and divide by gross monthly income.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What example DTI does CFPB give?
CFPB’s example uses $2,000 of monthly debt and $6,000 of gross monthly income, producing a 33% DTI.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What does CFPB say loan type affects?
CFPB says loan type affects the required down payment, total loan cost including interest and mortgage insurance, and borrowing/house-price range.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What does CFPB say about conventional loans?
CFPB describes conventional loans as the majority of loans; they typically cost less than FHA loans but can be harder to get.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What does CFPB say about FHA loans?
CFPB says FHA loans have low down payments and are available to borrowers with lower credit scores.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
Who does CFPB identify as eligible for VA loans?
CFPB identifies veterans, servicemembers, and surviving spouses as the relevant borrower group.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
Who does CFPB identify for USDA loans?
CFPB describes USDA loans as for low- to middle-income borrowers in rural areas.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
How do 15- and 30-year terms differ?
CFPB says a shorter term generally means a higher monthly payment but less interest over the life of the loan; its comparison includes 15- and 30-year terms.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What is the key fixed-rate versus ARM distinction?
CFPB says the choice affects whether the interest rate and monthly principal-and-interest payment can change.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
When is mortgage insurance typically required?
CFPB says borrowers making a down payment of less than 20% typically need mortgage insurance.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What does CFPB say “estimated cash to close” includes?
CFPB says Estimated Cash to Close includes the down payment and closing costs, minus any deposit already paid to the seller, seller credits, and other adjustments.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What assumptions underlie CFPB’s rate comparison examples?
The examples assume a $400,000 primary residence, 10% down, a 700 credit score, a conventional 30-year fixed loan, specified discount points, and a 60-day rate lock.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What does CFPB say a higher down payment generally does?
CFPB says it typically lowers the interest rate and reduces the loan amount, lowering borrowing costs.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What tradeoff does CFPB identify for a 15-year mortgage?
CFPB says a shorter term generally has a lower rate and higher monthly payment, while more of the payment builds equity and less goes to interest.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
What does a mortgage interest rate represent?
CFPB defines it as the annual cost of borrowing expressed as a percentage; it does not include fees or other charges.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.
Is the county valuation notice the same as a mortgage payment or tax bill?
The notice reports assessed property information. Property-tax amounts depend on taxing jurisdictions and their levies; the valuation alone is not a mortgage-payment quote.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Which assessed value is used for most Maricopa County property-tax calculations?
The assessor identifies Limited Property Value as the basis for most primary and secondary property-tax calculations, with stated exceptions.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Can Limited Property Value exceed Full Cash Value?
The assessor states that LPV cannot exceed FCV; the two values can change independently.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Does a lower assessed value guarantee lower property taxes?
No. Tax levies and the property’s share of each jurisdiction determine the bill, so taxes may remain the same or rise.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Why does owner use versus rental use matter to county assessment?
The county assigns statutory classes by property use, and classification affects the assessment ratio. Its FAQ lists primary residence as class3 and residential rental/non-primary residence as class4.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Does standard Arizona homeowners insurance cover flood damage?
DIFI states that flood damage is excluded from standard homeowners policies and requires separate flood coverage.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Should dwelling coverage be based only on the home’s market price?
DIFI says coverage needs are based on rebuilding or replacement cost rather than market value.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
What is the financial difference between replacement-cost and actual-cash-value coverage?
Replacement-cost coverage generally does not deduct depreciation; actual-cash-value coverage does.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Must a buyer use the insurer recommended by the mortgage lender?
DIFI says the homeowner is not required to buy insurance from the lender’s recommended insurer.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Does covering only the mortgage balance necessarily provide enough homeowners coverage?
No. DIFI says a lender’s required amount may be too little or too much for the owner’s circumstances; rebuilding-cost coverage must be evaluated separately.
Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts.
Sources & editorial context
University housing information is organized from the linked sources, with its original review date shown. Rates, deadlines and availability can change; use the applicable academic year and check the source before committing. CollegeHousing.ai is independent of Arizona State University.
Get help with your next decision
Julie Allen, REALTOR at eXp Realty, is the local real estate contact. Matt Dean, NEXA Lending, NMLS #227603, is the financing contact.