East Valley · Maricopa County
Central, walkable and built around a university.
Buying in Tempe
Tempe sits in the middle of the Valley, home to Arizona State University and Tempe Town Lake. Condos and townhomes are a big part of the market, alongside established neighborhoods in South Tempe and The Lakes. Buyers here range from first-timers and young professionals to parents buying near campus and small investors.
Local housing context
Much of north Tempe's housing near ASU and Town Lake is attached product. Lenders review the condo project itself, and buildings with heavy rental use or unresolved litigation can be harder to finance. Checking the project first saves time and inspection costs.
Some parents buy a condo or small home for a student at ASU. Depending on how the loan is structured, that may be financed as a second home, an investment property, or with a parent as a non-occupant co-borrower alongside the student. Each route has different down payment and qualifying rules.
South Tempe and The Lakes offer single-family homes, many built in the 1970s and 1980s, with mature landscaping. These attract move-up buyers who want a central location. Older systems can matter on FHA and VA appraisals.
Neighborhoods
Every neighborhood carries its own mix of property types, HOAs and price points, and each one changes the right loan structure.
Condos and lofts where project approval and HOA budgets shape financing options.
Historic neighborhood near campus with older homes popular with owner-occupants and investors alike.
Waterfront and lake-adjacent homes with HOA considerations and move-up conventional buyers.
Established single-family neighborhoods that suit conventional, FHA and VA buyers.
Newer condos and townhomes near light rail that appeal to first-time buyers.
Loan options
How each major loan type tends to fit here. Your situation decides. These are starting points, not rules.
Conventional loans fit most Tempe purchases and handle second homes and investment properties near ASU. They are also a common choice for condos that meet lender project guidelines.
FHA can work well for Tempe townhomes and single-family homes, with down payments as low as 3.5% for eligible borrowers. For condos, the project generally needs FHA approval.
Eligible veterans can use VA financing on Tempe homes and VA-approved condo projects, often with no down payment. I check condo approval status early.
Tempe condos and townhomes are a natural first step for many buyers. I help compare HOA dues, down payment options and any assistance programs that may apply.
Assumable FHA and VA loans show up on Tempe condos and townhomes from time to time. Investors generally cannot assume FHA loans, so assumptions here are mostly for owner-occupant buyers, subject to servicer approval.
FHA, VA and USDA loans may be assumable with servicer and agency approval. Buyers must qualify, and the equity gap between price and loan balance generally must be covered with cash or permitted secondary financing.
Local notes from Patrick
Most of my Tempe questions involve condos. Before you fall for a unit near Town Lake or Apache Boulevard, send me the address so I can look into the project. It is much easier to pivot early than after an appraisal is ordered.
I work with a lot of parents buying near campus. Some want a long-term rental after graduation, others plan to sell. That plan affects whether we treat the purchase as a second home or an investment property, and I would rather sort that out at the start.
For buyers moving from a condo into a South Tempe or Lakes home, I often look at whether selling first, buying first or refinancing makes the transition smoother. If you are just starting out, my first-time buyer page is a good place to begin.
FAQ
Often, yes. It may be structured as a second home, an investment property, or a purchase where you co-sign as a non-occupant co-borrower; the right option depends on your goals and the lender's rules.
Lenders review the project's budget, reserves, owner-occupancy, rental activity and litigation. If a building does not meet guidelines for a given program, that loan type may not be available there.
Generally no. FHA assumptions on loans closed after 1989 typically require the buyer to qualify and occupy the home.
Many first-time buyers start here because of the central location and attached housing options. I help compare the full monthly cost, including HOA dues, before you commit.
Get started
New loan or assumption? I’ll show you both, side by side, before you make an offer.
Typical reply: same business day · NMLS #2735366
