Everything A First Home Buyer Needs To Know In Arizona

Apr 30, 2024

Buying your first home is always an exciting but stressful time of life. Ricky Miles has over eighteen years of experience in providing loans for first-time home buyers in Phoenix, AZ, and the surrounding area.

Unfortunately, making an incorrect decision on mortgage loans can end up costing you thousands of dollars a year, which is why we ensure our clients are matched with the ideal home mortgage loans for their unique financial situation.

Prepared for the Loan

There are specific things that first-time home buyers can do to ensure they qualify for the best home loans. The two critical issues you can work on now are paying down any current debt and focusing on improving your credit score. The higher your credit score and the lower your current debt, the better your interest rates and borrowing power.

Consider Your Loan Options

First-time home buyers may not be aware of all the mortgage financing options on the market. For example, if the buyer is a veteran or active duty military, a VA loan offers the advantage of no down payment and lower interest rates.

For those with credit scores below 700, FHA mortgage loans are an important consideration. These loans only require 3.5% down, but they do require mortgage insurance, which needs to be considered and compared to a conventional loan.

Conventional home mortgage loans are ideal for most first-time home buyers with a credit score above 700. It will be important to compare down payment and interest rate options to get the best loan for your new Phoenix, AZ, home.

For more information on loan pre-approval or mortgage financing, reach out to Ricky Miles and the team at 602-908-4861.