Opportunities for First Time Home Buyers

Facing the purchase of your first home can be daunting, but rest assured there are plenty of programs and opportunities for people just like you. First-time homebuyers in Arizona can obtain the information and assistance they need through a little research and dedication.

A great place to start for your state is with the U.S. Department of Housing and Urban Development, which offers several programs and informative resources to help you throughout the process.

Use Informative Resources

If you don’t have much money but still want to become a homeowner, you can get the help you need. For example, the Department of Veterans Affairs (VA) provides affordable home buying opportunities for those serving in the armed forces, veterans and military spouses. Another example is an FHA loan. You may qualify for this type of Federal Housing Authority loan where you don’t have to put much money down, the terms are flexible and the rates are typically lower than that of conventional financing and is ideal for those with little to no credit – which is the case for many young, first-time homebuyers.

Many mortgage brokers offer their own set of mortgage resources that aim to assist all types of homeowners. These resources can help you to understand the most common terms in the mortgage world as well as walk you through the home buying process. One of the first steps you must take before buying a home is figuring out how much you can afford. Try using a mortgage calculator to see just how much you can spare each month for a home in your price range.

Tips for First-Time Buyers

Since you’re facing the home buying process for the first time, you may need some help with the overall process. Once you’ve decided how much house you can afford, make sure to budget out all expenses — not just the mortgage payment, taxes, interest and insurance. You’ll need to consider the cost of utilities, possible upgrades, commuting, gas, other bills and any other additional expenses you face each month, advises Fox Business. This will tell you what you can truly afford comfortably.

Research the grants available in your state to see if you can find a funding source that will assist you in buying a home. Don’t assume you make too much money to qualify. Apply regardless and see if you are awarded anything. Many are targeted toward certain professions or groups, such as teachers and farmers, while others take into consideration poverty areas or neighborhoods of low-income.

Getting an Arizona mortgage loan can be as easy as connecting with a reputable lender who can help you uncover the best deals when shopping for your first home. To help get you started, contact Marquee Mortgage today. With a team of experienced mortgage lenders, Marquee Mortgage is able to help you finance the home of your dreams. When customer service and affordability matter, let the team at Marquee Mortgage handle your mortgage loan from start to finish.