Buying your first home is a big deal, and it doesn't have to be confusing. This is your friendly, plain-English guide to getting from "someday" to "welcome home."
A lot of people put off buying because of things they heard that simply aren't true. Let's clear the two biggest ones out of the way.
You don't. Conventional loans can start at 3% down, FHA at 3.5%, and VA and USDA offer $0 down for eligible buyers. There are also down-payment assistance programs. For most first-time buyers, the real number is far smaller than 20%.
Reality: as little as 0–3.5% downNope. Many first-time buyers qualify with average or still-improving credit, FHA in particular is built with flexible credit guidelines. And if your credit needs a little work, we'll give you a simple plan to get there.
Reality: many credit ranges qualifySix clear steps take you from wondering if you can, to standing in your own doorway. We're with you the whole way.
A quick, no-pressure review of your finances tells you your real budget and gives you a pre-approval letter sellers respect.
We help you land on a comfortable monthly payment, not just the maximum a lender will allow, so your home fits your life.
Team up with a trusted real estate agent and start touring homes in your range. We're happy to recommend one.
Found the one? Your agent writes the offer and your pre-approval letter helps it stand out to the seller.
An inspection checks the home's condition and an appraisal confirms its value while we finalize your loan.
You sign, the loan funds, and the keys are yours. Congratulations, you're a homeowner.
There's no one-size-fits-all loan. As a broker, we match you to the program that fits your budget and goals, here are the ones first-time buyers use most.
As little as 3.5% down with flexible credit guidelines, a first-time buyer favorite.
Learn moreConventional loans starting as low as 3% down, with mortgage insurance you can drop later as you build equity.
Learn moreGrant and assistance programs that help cover your down payment and closing costs so you can buy sooner.
Learn more$0-down options for eligible veterans and service members (VA) and for many rural and suburban areas (USDA).
Learn moreGetting pre-approved is easier when you have a few basics handy. Don't worry if something's missing, we'll help you track it down.
A quick glossary so the paperwork never feels like a foreign language.
A lender's review of your finances that shows how much you can borrow and tells sellers you're a serious buyer.
The portion of the price you pay up front. Depending on the loan, it can range from $0 to 20% or more.
One-time fees to finalize your loan and purchase, things like appraisal, title, and lender fees. Sellers can sometimes help cover them.
A neutral third party that holds funds and documents during the sale, and often the account that pays your taxes and insurance later.
Mortgage insurance. PMI is on conventional loans and can be removed with enough equity; MIP is the FHA version.
The annual percentage rate reflects your interest rate plus certain loan costs, giving you one number to compare offers.
An independent estimate of the home's value, which the lender uses to confirm the price makes sense for the loan.
Earnest money is a good-faith deposit you put down with your offer. It's applied toward your costs at closing.
Budgeting tip: before you fall in love with a listing, know your comfortable monthly payment. Our free calculator estimates principal, interest, taxes, insurance, and HOA so you shop with confidence. Try the mortgage calculator.
Often less than you think. Conventional loans can start at 3% down, FHA at 3.5%, and VA and USDA offer $0 down for eligible buyers. There are also down-payment assistance programs. Beyond the down payment, plan for closing costs and a little cushion, though sellers and gifts can help cover those.
No. Many first-time buyers qualify with average or still-improving credit. FHA in particular is designed with flexible credit guidelines. The best first step is a quick, no-pressure review so we can tell you where you stand and, if needed, a simple plan to strengthen your file.
A pre-approval is a lender's review of your finances that tells you the price range you can shop in and shows sellers you're a serious, qualified buyer. Getting pre-approved first means you house-hunt with a real budget and can make a strong offer the moment you find the right home.
Once you're under contract, many purchase loans close in about 3 to 4 weeks. Finding the right home can take a bit longer and varies by buyer. Getting pre-approved early keeps everything moving quickly when you're ready.
Yes. Between low-down conventional loans, FHA, VA, USDA, and down-payment assistance programs, many Arizona first-time buyers get into a home with little or nothing out of pocket. See our zero-down options, we'll help you compare which fits your situation best.
Get a free, no-obligation pre-approval or just ask a question. Chance will meet you where you are and give you a straight answer, fast.