For many people looking to buy a home in  Arizona home buyers often overestimate the amount of down payment funds they will need to qualify for a home loan. In fact, until a home buyer speaks with a REALTOR® (that would be me) or mortgage loan officer the home buyers are often unaware of the option to take out a low-down-payment mortgage loan.

Until I bought my first home many years ago, I had always assumed that I would need a 20% down payment. In fact, I bought my first home with no down payment as this was the during the time of the housing bubble when mortgage companies were structuring crazy loan programs – which soon backfired and caused the housing collapse of the middle and late 2000’s. Luckily those days are behind us!

Arizona Homes for Sale – 3% Down Payment

While many believe that they need at least 20% down to buy their dream home, they do not realize that programs are available that allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.

Putting less than 20% down does require that you obtain mortgage insurance, but those insurance rates have recently come way down and are not as burdensome as they once were.

Help Me Help You

Some real estate agents do not have the best contacts with mortgage lenders, but I am fortunate that I work with some of the best Sr. Mortgage Loan Officers around and they can certainly answer all of your questions regarding home loans and I am happy to make the introduction of them to you.

Here’s the Bottom Line When You want to Buy a Home in  Arizona

You don’t need as much of a down payment to buy a home as you thought you do, and in fact, down payment assistance programs and down payment gifts from family members are often acceptable in today’s home buying market.