Your first-time homebuyer mortgage path in Phoenix

• Get pre-approved, not just prequalified. A pre-approval means your income, savings, and credit were reviewed. Sellers take it more seriously.
• Your payment is more than principal and interest. Add property taxes, homeowners insurance, HOA dues, and mortgage insurance if your loan has it.
• Down payments can be small. As little as 3% on some conventional loans, 3.5% on FHA with a 580+ score, and no down payment on VA for eligible borrowers with full entitlement.
• Get your documents ready early. Missing statements and late gift paperwork slow loans down.

You don't need to learn the jargon. You need a plan.

The vocabulary piles up fast. You don't have to memorize it. You need a payment plan that holds up against Arizona taxes, real insurance quotes, and the lender's review.

I'm Paige Martinez, a mortgage broker at Home Loans by Paige in Phoenix. I help first-time buyers across the Valley compare loan options and get a pre-approval listing agents trust. The program guide is on the first-time buyer page. first-time buyer

Prequalification vs pre-approval

A prequalification is an estimate based on what you tell me. It's useful for early research. It's not enough when a Mesa or Chandler listing gets multiple offers in one weekend.

A pre-approval goes deeper. I review your income, savings, and credit documents, so your letter reflects a loan that can move through underwriting (the lender's review of your loan). Sellers and listing agents look for that.

Questions to ask about any letter:

• Was my credit reviewed, and how recently?
• Were my income and savings documented, or only discussed?
• Does the price on the letter match the homes I'm shopping?
• What still needs to happen before the loan is cleared to close?

The Pre-Approval Checklist has the full document list. pre-approval checklist Call or text (602) 448-4470 when you're ready for your letter.

Your real payment, not just the rate

Most online calculators show only principal and interest. Your real monthly cost includes:

• Principal and interest on your loan
• Property taxes for the city and county
• Homeowners insurance for that type of home and roof
• HOA dues for a condo, townhome, or planned community
• Mortgage insurance, if your down payment calls for it

Plan for closing costs and prepaid items (insurance and taxes paid upfront at closing), too. A quoted rate can change until it's locked. Start with the calculator, then we'll swap the guesses for your real taxes and insurance. calculator

Already have a quote from a bank? Bring it. A second opinion shows whether another loan or lender fits better, without starting over. second opinion

Arizona taxes and insurance change the budget

If you budget on principal and interest alone, you may feel squeezed after your first escrow review (when your lender recalculates the taxes and insurance it collects monthly). Before you write an offer in Phoenix, Scottsdale, Surprise, or Queen Creek:

• Get a realistic insurance range for the home you want
• Ask how taxes are estimated on new homes versus established neighborhoods
• Find out if HOA dues are required and what they cover
• Leave room for utilities and upkeep that don't show on your Loan Estimate

A payment you're comfortable with is worth more than the biggest approval.

Down payment paths first-time buyers use

• Conventional: as little as 3% down on some Fannie Mae programs, when your credit, income, and savings support it
• FHA: 3.5% down with a 580+ credit score, with more flexible credit guidelines
• VA: no down payment required for eligible borrowers with full entitlement, and no monthly mortgage insurance. Check your eligibility early.
• Gift funds: money from family, with the right paperwork

As a broker, I can send your loan to more than one lender, so you're not stuck with one lender's rules. Need down payment help? Read these first. down payment help · 2026 assistance vs FHA note

More on each loan: Conventional · FHA · VA

Documents that keep things moving

Have these ready early:

• Recent pay stubs and W-2s, or tax returns if you're self-employed
• Bank statements for your down payment, closing costs, and savings
• A gift letter, if family is helping
• Photo ID
• Your landlord's contact or rent history, if the lender asks
• A short letter explaining any credit issues, if needed

Missing statements and late gift paperwork are common delays, so have these ready before you write offers.

Getting your offer ready

A strong pre-approval is half the plan. We'll also talk through:

• How much savings you want left after closing
• Whether an appraisal gap is likely in your neighborhood (when the appraisal comes in below the price and you cover the difference)
• Inspection windows that protect you without worrying the seller
• A closing date that works with your lease and the seller's timeline

Shopping new construction and resale homes at the same time? Tell me early. Builder contracts and resale contracts put different pressure on rate locks. new construction mortgages in Phoenix metro

How we'll work together

• You tell me your goal. Target cities, a payment you're comfortable with, your credit story, and your timeline.
• I map your options. Conventional, FHA, VA if you've earned it, and others, with payment estimates that include taxes and insurance.
• You get a clear plan. A pre-approval path and a short list of any documents still needed.
• I keep everyone updated. You and your agent know where the loan stands all the way to closing day.

A mortgage is complicated. Your experience should not be. You get one person from the first call to closing day, not a call center. buy a home

Check the license before you send documents

Before you upload pay stubs, confirm who you're working with. I'm Paige Martinez, NMLS #214634, with Home Loans by Paige. You can see my licenses on Meet Paige and look them up on NMLS Consumer Access. Meet Paige

This is education, not an offer to lend or a rate lock.