First time home buyers lack the experience of a seasoned one. They may not know how to finance a home without running their savings account to the ground. These group of buyers has never negotiated the price of a home after evaluating all its pleasures and downsides.
The obvious way of making a first time purchase is to sign up for a mortgage. What a first time home buyer in Arizona may not know is that there are various types of home loans. Some will cost you more while others will not be accessible due to limitations such as the credit score and price of the property.
Our mortgage options
The Potempa Team makes the home buying an affordable and realistic manifestation. Do not sit on the sidelines and wonder how your age mates can afford to buy homes while still maintaining a decent lifestyle. We have the following home loan categories:
- Conventional loan
- FHA mortgage
- USDA mortgage
- Jumbo mortgage
- VA mortgage
How to pick a mortgage loan
The rate of the loan
Some mortgage loans have a variable interest rate, while others have a fixed one. A variable interest rate can have low prices and flexible repayment options.
Home loans that require a small deposit will be convenient for the first time home buyer in Arizona. Additionally, consider an option that allows large deposits and stretched installment periods.
Potempa Team loan types
The United States government offers VA programs to citizens who have military experience, inclusive of veterans and surviving spouses of qualified members. It is a 100 percent financing program with sponsorship from the US Department of Veterans Affairs.
The loan has a flexible credit standard and accommodative debt to income ratio. You do not have to make a down payment and is an excellent option for fit first time home buyers.
The mortgage program is under the management and sponsorship of the Federal Housing Administration. It is undoubtedly the cheapest loaning scheme available to the public. People with shaky credit and or minimal down payment can guarantee to make a purchase using FHA mortgage. You can get a loan with a down payment of only 3.5 percent.
You do not have to present equity from a previous property to qualify for the FHA loan. Another significant benefit of FHA loans is that it does not have an income limit. The government limits the maximum value of property in prospect to $424,100.
This mortgage option competes with FHA loans because it reduced the down payment requirement from 20 percent to 3 or 5 percent. The Potempa Team designs these loans to fit families or individuals with low incomes and a credit score that aligns with that of the Fannie Mae and Freddie Mac loan – above 640.
How to work with our team
The Potempa Team issues a preapproval statement to help in your first time purchase. The mortgage pre-approval is an issue form the lender to the seller, that proves your seriousness in purchasing the property. The lender evaluates the buyer’s finances and employment before agreeing to issue a preapproval statement.
First Time Home Buyer Arizona