Are you a first-time homebuyer in Phoenix, AZ? If so, you may feel daunted by the entire process. Calling lender after lender is time-consuming, and the roadblocks you hit along the way can be discouraging.
Those purchasing their first home may run into the following challenges:
- Low credit or a short credit history may disqualify you for a lot of loans.
- You may not be able to afford a traditional down payment.
- Your income-to-debt ratio may not yet be ideal.
- You may not be able to afford the monthly premiums on the typical conventional home loan.
- You may struggle to understand the terms and fine print of home loans in Phoenix.
These factors cause mortgage lenders in Phoenix to perceive you as a high-risk customer. As a result, they are less likely to approve you for a home loan.
Worse, there are some lenders out there that are not accredited and will prey on you as a first-time homebuyer. Knowing that you are struggling to qualify for a loan on your Phoenix dream home, they will try and rope you into a loan with unfavorable terms and high associated costs.
That is why you need a Phoenix mortgage company like B Home on your side.
Here Is How We Can Help You Move into Your Phoenix, AZ, Dream Home
We know that you are eager to move into your new home in Phoenix and start building your life here. At B Home, we are here to help you make it happen. Here is what we can do for you:
- We can help you learn the ropes with home buying. Looking for first time home buyer Arizona tips? We know how complex and convoluted the home buying process can seem the first time around. We have answers to your questions, and can provide you with personalized advice based on your financial situation and goals. Most importantly, we will help you navigate around common pitfalls.
- We can assist you in discovering first time homebuyer programs in Phoenix. The city can help you to afford your down payment and closing costs through the Open Doors Program.
- We can see if you might qualify for an FHA loan. An FHA loan is backed by the government. This reduces your risk profile, which in turn allows lenders to loosen up their terms. You could qualify for a 3.5% down payment and low mortgage premiums, even if you do not have stellar credit or a long credit history.
- If you do not qualify for an FHA loan, we can help you find another affordable home loan in Phoenix. FHA loans are targeted at first-time homebuyers, so there is a good chance you will be eligible. But even if you are not, you might qualify for a budget-friendly loan through the U.S. Department of Veterans Affairs or another program. We can also offer first-time homebuyers exclusive discounts on conventional mortgages through our network of lenders.