First Time Home Buyers in Maricopa
Maricopa, AZ is a great place to live and a place you can get great deals on homes for sale. Perhaps you are currently renting but would like to know some of the benefits of buying because you’re considering purchasing in Maricopa. In most cases you will need to purchase the home and actually live in it. This is called owner occupied. Buying an investment property is done slightly differently. Anyway, it may seem like a big move and a bit scary but there are many benefits to being a first time home buyer.
One of the biggest benefits of being a first time home buyer is the FHA loan. This enables you to purchase a home for as little as a 3.5% down payment. It is also allowed to use a gift from friends or family to assist with the down payment. Lower credit scores (as low as 580) can be eligible as well. FHA also allows non-occupying co-signers so you may be able to get assistance from a parent or relative. Just remember that all lenders have their own requirements and mortgage laws are constantly changing.
There are several different loan programs that lenders offer that can benefit you. They will explore options to best fit your situation. There are even programs where down payment assistance is available! Also, many times there are discounted fees for first time home buyers which will make closing on a home a little less pricey. When thinking ahead about buying a home you should keep in mind your closing costs as well. They usually come out to 3% of the purchase price. There are ways around paying that upfront but that’s more for a contract offer negotiation article.
I’m sure you’ve been checking out homes online and daydreaming about the possibilities but your first step should be to contact a mortgage lender. They will review your financial situation and let you know how much you can afford. One rule of thumb is that your mortgage payment should be one-third of your monthly net pay. Also, when trying to figure out what your mortgage will be, don’t forget to include taxes, insurance, interest, and PMI (if needed).
Please contact us to get started on your home buying journey.
To Buy a Home in Maricopa Contact:
the Maricopa Home Team at
firstname.lastname@example.org or fill out the below form