Arizona First Time Home Buyer Resources to Get You Started
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First-time buyers do not need 20% saved. With down payment assistance programs, grants, and first time buyer incentives, you could get the keys sooner than you think. We help you uncover every option available.
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Rates and APR shown are based on a $350,000 loan amount, 850 credit score, primary residence, single family home, 75% loan to value ratio, and owner occupied property. Payment example assumes no other liens on the property and includes principal and interest only. Taxes, insurance, mortgage insurance, and escrow items are not included and will increase the actual payment. Rates, APR, and points are subject to change without notice and may vary based on credit profile, property type, occupancy, loan to value, loan amount, and other qualifying factors. Not all borrowers will qualify.
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Take the First Step as an Arizona First Time Home Buyer
As a first-time buyer, knowing what you can afford is the first step toward peace of mind. See your budget clearly so you can shop with confidence instead of guesswork.
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Worried about the down payment?
Let’s be honest, saving up for a home isn’t easy when rent, groceries, and life keep getting more expensive.
But here’s what most buyers don’t know:
You might already qualify for help.
There are down payment assistance programs, grants, and first-time buyer incentives that could open the door sooner than you think, if you know where to look.
We'll help you find every option available to you, because money shouldn't be the reason you give up on the home you've dreamed of.
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Using an Arizona first time home buyer program saves you money and opens the door to homeownership sooner. First-time buyer programs typically reduce your down payment, lower your interest rate, or cover part of your closing costs. The savings often add up to thousands of dollars compared to a standard conventional purchase.
The minimum down payment for a first-time buyer is typically 3% with a conventional 97 loan, 3.5% with FHA, or 0% with VA or USDA loans (eligibility required). New homeowner assistance programs can sometimes cover even this minimum, letting eligible buyers purchase with very little upfront cash.
Yes, a first-time buyer can buy a condo, though some programs have restrictions. FHA loans require the condo to be on the FHA-approved list. Conventional and new homeowner programs typically accept condos as long as the condo association meets standard requirements (financial health, owner occupancy ratios).
Closing costs for a first-time buyer typically run 2-5% of the home price. On a $300,000 Arizona home, that's $6,000 to $15,000 in closing costs. Costs include lender fees, title insurance, appraisal, recording fees, and prepaid items. New homeowner programs often include closing cost assistance to reduce this upfront amount.
No, first-time buyers don't need perfect credit to buy a home. FHA loans accept scores as low as 580. Conventional 3% down programs typically want 620+. New homeowner assistance programs often work with credit in the 620-680 range. Many first-home buyers purchase successfully without 760+ credit scores.
Yes, a first-time buyer can purchase a home while still paying off debt. Lenders look at your debt-to-income ratio (DTI), which compares total monthly debt payments to monthly gross income. As long as DTI stays under 43-50% (depending on loan type), new homeowners with active debt can typically qualify for a mortgage.
The best loan for a first-time buyer depends on credit, income, military status, and property location. FHA loans suit buyers with lower credit (580+) and small down payments (3.5%). Conventional 97 loans work with stronger credit and 3% down. VA loans are best for eligible veterans (0% down). USDA suits eligible rural Arizona property purchases.
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Advertised offers are not guaranteed if you do not continue to meet Oxford Home Lending's criteria and other factors bearing on your creditworthiness. Rates will vary depending on your loan term, loan type, credit profile & score, down payment, qualifying ratios, and property collateral. Monthly payments do not include property taxes, property insurance, and homeowners' association dues. Since costs can vary based on a loan program, closing costs are not shown in the examples. To qualify for a mortgage, borrowers must be U.S. citizens or permanent residents, and meet Oxford Home Lending's underwriting and Investor requirements. Interest rate examples are as of 03/03/2026 and subject to change without notice. All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Rate subject to change depending on time of lock.
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