First Time Home Buyer Loan in Arizona



This article explains the first time home buyer loan.  Are you a first time home buyer and need a first time home buyer loan?  Now is the perfect time to buy your dream home in Arizona.   In the Arizona Republic, Phoenix ranks as one of the most affordable places in America to live.  We are full service mortgage broker who offers a variety of loan products to suit your needs for first time home buyer programs.

No down payment, no problem.

Arizona Wholesale Mortgage Inc. has a solution for you.  VA and USDA loans do not require any down payment.  FHA loans allow you to obtain gift funds for your down payment.  Down payment assistance programs are available in some cities on a first come first serve basis each year.  However, like everything else there is a catch.  A high interest rate and closing costs is the catch.  Typically, it is  better to save up for your down payment.  Furthermore, these programs take longer to close.

Secondly, if you have low fico scores, no problem.  Arizona Wholesale Mortgage Inc. has  lenders who specialize in extending credit to borrowers with low fico scores.  However, don’t  expect the interest rate or their bank fees to be the same as a borrower with good credit.  The average lender fee for a borrower with a 580 mid fico score is $1000.  Some banks charge a little less but this is the average fee.  If you have a bankruptcy and your date of discharge is greater than 3 years, than no problem.  Arizona Wholesale Mortgage Inc. can qualify you as long as you haven’t had any late payments since the bankruptcy.

As a first time home buyer, do you need a co-borrower to qualify for a loan?  No you do not.

As a first time home buyer do you need gift funds?  If yes, not a problem as long as someone in your immediate family will help you out.  The donor must sign a gift letter and provide a current bank statement that shows they have the money available in their bank account.  The donor can not white out their bank account number or balance information.

As the holiday season approaches, many of you maybe tempted to open up a credit card with each of the stores to save 10% off your purchase.  However, if you open too many credit cards this can actually lower your fico scores so think twice before you open those cards.  Also, if you are married & you open a credit card at a store make sure you tell your spouse.  It’s not uncommon for couples to open credit cards during the holidays and not tell their spouses.   I’ve seen couples open as many as 30 accounts total which actually did more harm than good.  They end up having their middle fico scores lowered which causes them to have to pay a higher interest rate when buying a home.  They would have been better off not opening those accounts but they didn’t know.

We also work with real estate agents who have years of experience.  If you need a name of a good real estate agent call us today and we will be happy to recommend someone for you.

When you shop for your next loan, think of Arizona Wholesale Mortgage Inc.  Experience does matter!  We’ve been in business since 1998.  For more information go to our home page at and click on contact us.


Prefer to fill out an online application versus a paper form?  No problem.  We can send you a link to fill out the loan application online.  To start the process call our office at 602-358-8717 and tell us you would like us to email you the link to fill out the online application.  It’s as easy as that.  If you aren’t comfortable filling out an online application, no problem.  We can email you the forms to be filled out, scanned, & sent back to our office.