First Time Home Buyer Programs Arizona | AZ Lending Experts - Your Mortgage Home Run

First Time Buyer Programs

If you are seeking information on first time buyer programs in Arizona, you've come to the right place. Our team at AZ Lending Experts has been helping first time buyers just like you get approved for loans for over a decade. We'd like to start out by discussing credit requirements, and then discuss the various loan options that we offer.

Credit Requirements for First Time Buyer Programs

As you are preparing to apply for a home mortgage, you want to review your credit report with a mortgage lender. According to a CNBC Article1, “more than one in five consumers have a "potentially material error" in their credit file that makes them look riskier than they are. ” These errors should be addressed long before applying for a mortgage in order to ensure the best rates and terms for your loan.

If you have suffered a credit challenge such as late payments or a bill that went to collections, that won't immediately disqualify you. The underwriter will want to see that you have patterns of paying bills on time over the past 12-months, or an explanation of what caused the credit infraction if it was a one-time occurrence. Common such issues occur from unpaid medical bills and often they are bills you are unaware of.

Those who have experienced a bankruptcy or foreclosure, will need to have allowed a certain amount of time to pass before applying for a home mortgage, and also must have re-established a positive credit history during that waiting period.

In any case, our team is well versed in assisting first time buyers overcome these challenges to become credit worthy again and ultimately become a homeowner.

Down Payment Requirements for First Time Buyer Programs

There are a host of different loan programs for first time buyers and they each have different down payment requirements. For example if you are a veteran of the US military, you may qualify for a VA loan which does not have any down payment requirement. FHA Loans are good for borrowers that have less than perfect credit and may have limited funds for down payment. Typically, an FHA Loan only requires the borrower to invest 3.5% of their money and in some cases, you can use grants to cover this.

Conventional loans require a 3% minimum down payment and in some cases, you can get a grant to cover a part of your down payment, taking your personal contribution down to 1%! Talk to one of our first time buyer program specialists to see if you qualify. If you are able to save up a 20% down payment this will get you the best terms, as you will not have a mortgage insurance payment included in your monthly mortgage payment.

Other First Time Buyer Programs You May Qualify For

As a supplement to the various types of home loans option we offer, we have access to some special programs for first time buyers. These programs include features such as down payment or closing cost assistance as well as special finance options for teachers, first responders, or others that serve in the community. Please contact us to get more information on these first time buyer programs, and to see if you qualify for one of them.

Starting the Loan Process Before Your Home Search

It is important that you start your home search process by speaking with a mortgage lender as early as possible. Many real estate agents won’t show you a home unless they know that you are financially able to purchase a home. Any good agent won’t submit an offer to purchase on your behalf without an approval letter from a mortgage lender. There is no cost to have a conversation with one of our first time buyer specialist, and we can review your credit with you and get you on the road to home ownership.

Feel free to reach out to us by calling us at 480-649-3825 or sending an email to


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AZ Lending Experts, LLC
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Tempe, AZ 85282

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