Medical Marijuana Home Loans
We have helped many in the marijuana industry purchase a home. As a Mortgage Broker, we have a number of lenders that will allow your income to be used to qualify for a loan. If you are a W2 employee you can qualify for as little as 3.5% down!
Mortgage Options For Medical Marijuana & Cannabis Industry Employees
If you work in the Medical Marijuana & Cannabis industry you may have had trouble getting a home loan in the past. Since Marijuana still remains illegal under federal law which banks and lenders are governed under.
The good news is that we are not a bank! As a Mortgage Broker, we have worked closely with a number of lenders that will allow your job role and income to be used to qualify for a mortgage in Arizona.
Who Qualifies For an Medical Marijuana Home Loan?
Cannabis employees, W2 Earners, Dispensary employees, and other job roles in the medical marijuana industry can all qualify for a mortgage in Arizona. Keep in mind that if you do have any ownership stake you will not be able to qualify at this time.
Like any other home loan, a lot of factors come into consideration while applying for a mortgage. Credit score, credit history, debt-to-income ratio, income, down payment, etc.
Cannabis Mortgage Programs
FHA Loans can be great if you’re a first time homebuyer, you can get an FHA loan with as little as 3.5% down and credit scores can be as low as 580! The max FHA loan limit for a single family home in Maricopa county in 2019 is $314,827.
A conventional loan is typically suited for borrowers who have good credit scores and are comfortable putting down a slightly higher downpayment. The convention loan limit for 2019 is $484,350, and you can choose from either fixed or adjustable rate terms.
A jumbo loan is still considered a traditional loan option but is used for loans over the conventional limit of $484,350. It’s ideally suited for borrowers with down payments of at least 25% and good credit. A jumbo loan exceeding $650,000 will require a specific credit score.
How Can I Apply?
If you’re a W2 employee in the Medical Marijuana / Cannabis industry you can either apply for a mortgage online or give us a call at 480.428.5220 to discuss any options before you apply.