First-time home buyer loans in Arizona

• Who counts as first-time: for Fannie Mae, someone who hasn't owned a home in the past three years. Other programs can define it differently.
• Conventional: as little as 3% down for eligible buyers
• FHA: as little as 3.5% down with a credit score of 580 or higher
• VA and USDA: no down payment required for eligible buyers
• Gift funds: allowed from family on many loans, with a gift letter and a paper trail
• Down payment help: HOME Plus statewide, Home in Five in Maricopa County, and Phoenix Open Doors inside city limits

Do you count as a first-time buyer?

You might, even if you've owned a home before. Fannie Mae, for example, treats you as a first-time buyer if you haven't owned a home in the past three years. Some down payment programs use their own definition. I'll check the one that applies to your loan.

Tell me on our first call if you've ever owned a home in another state, inherited part of one, or been on a deed through a divorce. Those details can change which programs fit.

Want the full buying process? Read Buy a Home. buy a home Prefer to start with your situation? See First-Time Buyers. first-time buyers To compare conventional, FHA, VA, and USDA, see Loan Options. loan types

Gift money from family, done right

Parents and grandparents help with down payments all the time. That can work well. A gift is money you don't pay back. If it has to be repaid, it's a loan, not a gift, so tell me before the money moves.

How to make a gift work:

• Talk to me first. We'll plan the gift letter, the giver's bank statement, and the transfer before anyone sends money.
• Avoid surprise deposits. Large deposits without a paper trail are one of the most common first-time buyer delays I see.
• More than one giver? That's fine. It's a little more paperwork.
• Earnest money counts too. Don't let a relative drop cash into your account the week you write an offer. Text me first.

Homebuyer classes and your real monthly payment

Some first-time loan options and most down payment programs require a homebuyer education class. It's a program rule, not a judgment. Take it early so it doesn't hold up your closing.

Education also means knowing what your payment really includes. In Phoenix, it's not just principal and interest. It's property taxes, homeowners insurance, HOA dues, and that July electric bill. After you buy, your property taxes may not match the seller's bill, so I'll estimate yours from the county assessor.

Try the calculator for an estimate. Then call me with the monthly number that still lets you enjoy your life. The biggest approval isn't the goal. A payment you're comfortable with is. calculator

If anything doesn't make sense, ask. I'll explain it in plain English.

Down payment help: a separate layer

Being a first-time buyer doesn't automatically mean you get down payment help. Each program has its own income limits, price limits, homebuyer class, and second-loan rules, and they change.

Arizona has three main programs, and each one covers a different area:

• HOME Plus: statewide
• Home in Five: Maricopa County
• Phoenix Open Doors: inside Phoenix city limits only

Assistance can be the reason you close. It can also cost you a house if the seller won't wait for the extra steps. I'll compare it with a family gift or no help at all. down payment assistance

When to wait. If your income is hard to document, the "gift" is really a loan, the payment only works with overtime, or you need the home to be a short-term rental right away, it may be better to wait. Being a first-time buyer isn't a deadline. We'll build a plan for when the timing is right.

How we'll work together

• Tell me your goal. We talk about your timing, savings, and the payment you're comfortable with. No paperwork to start.
• Get your plan. With your permission, I review your credit and tell you whether conventional, FHA, VA, USDA, or down payment help makes sense.
• Shop with confidence. When the facts support it, I issue a written pre-approval. You shop with a number that includes HOA dues and insurance. When you write an offer, we talk through seller credits and appraisal risk in plain English.

When you're ready, start your secure application. apply Or call or text (602) 448-4470 first.

For a longer walkthrough, read my first-time buyer path in Phoenix. blog, first-time homebuyer mortgage path Phoenix