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Loan

First-time home buyer loans in Arizona

A plain walk through your first mortgage.

Ask about this loanHow applying works

What it is

How it works

We explain every document, every fee, and every step in order. Many of our Google reviews come from first-time buyers. Ask anything. There are no silly questions on a first loan.

Who it fits

  • People buying their first home.
  • People who have not owned a home in the past three years, which many programs count as first-time.
  • Renters who want to know what buying would take.
  • Buyers who want every step explained before they sign.

Key facts

Good to know

  • Many programs count you as a first-time buyer if you have not owned your main home in the past three years.
  • Some loans and most assistance programs ask you to take a homebuyer education course first.
  • Family can give money toward the purchase, with a gift letter that says it does not need to be paid back.
  • Bring these to start: photo ID, recent pay stubs, W-2s or tax returns, and recent bank statements.

Calculator

Estimate a payment

You choose every number. The weekly average is a starting point, not a quote.

Payment

Move any number. The math runs on this device and nothing is sent.

$

$70,000 down

U.S. average the week of Nov 5. Not a quote.

Term
$
$
$

Monthly payment

$1,896.82/ month

Sample: $350,000 home, 20% down ($70,000), 360 monthly payments of $1,896.82 on a 30-year fixed loan at 7.18% interest (7.18% APR, assuming no points or fees). Taxes and insurance are extra, so your real payment will be higher. Not a quote.

Principal and interest
$1,896.82

Add tax and insurance for the full payment.

Loan amount
$280,000
Down payment
$70,000

Over 30 years

  • Principal$280,000
  • Interest$402,855

First payment: $221.49 principal and $1,675.33 interest.

This is an estimate, not a loan offer. A lender has to confirm it.

This is not a commitment to lend or lock a rate.

Rates change. Call us. (480) 297-8855

Costs and limits

What it costs

The kinds of costs, not amounts. Your Loan Estimate lists the numbers.

Costs to expect

  • Earnest money when your offer is accepted, which counts toward your cash at closing.
  • The home inspection and the appraisal.
  • Closing costs and prepaid insurance and taxes.
  • Mortgage insurance on many first loans, depending on the loan type.

Limits

  • Assistance programs often have income and price limits.
  • Most first-time programs are for a home you will live in.
  • Some programs ask you to use a lender they have approved.

Compared

How it compares

Next to Down payment assistance.

  • A first-time buyer loan is the mortgage itself. Down payment assistance is extra help that sits beside it.
  • Assistance often has its own rules: income limits, a homebuyer course, and living in the home.
  • You can use a first-time buyer loan without assistance. Most assistance needs a loan that works with it.

Read about Down payment assistance

The process

From first call to closing

  1. Talk

    A short call about your goals, your timeline, and the kind of home you want. Ask us anything.

  2. Apply

    You fill out the application online. It asks for your Social Security number and documents, and we give you a clear list of what to send.

  3. Compare

    We compare lenders for your loan and show you the options side by side, with the tradeoffs explained.

  4. Close

    We stay with you through appraisal, underwriting, and signing, and keep you posted at each step.

Questions

Questions about this loan

Not here? Call (480) 297-8855.

What should I do first?

Get pre-approved before you look at homes. You learn your budget, and sellers take your offer more seriously.

Do I have to take a homebuyer class?

Some loans and most assistance programs ask for one. Many can be taken online. We tell you if yours needs it.

How much do I need saved?

It depends on the loan, the price, and any help you qualify for. We walk through the down payment, closing costs, and what to keep in savings.

What does a Loan Estimate show?

The loan's terms, your estimated payment, and your closing costs, on a standard form. Use it to compare lenders line by line.

Reviews

From a client

Read all reviews

Chance is someone you can trust from the begging to the end of the transaction. I'm grateful to have found him to help me with the purchase of my home. Chance answered all of my questions and concerns, in detail. Couldn't have done it with out him. Buying a home can be challenging in number of things from the seller, realtor, title, etc. Chance made it easy for me, to understand, trust and believe that I was making the right decision . Thank you Chance, from my daughter and I. Sincerely, Edith Peralta, MBA/CCC

Edith Peralta

Contact

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Saturday: By appointment

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