First-Time Buyer
Not a loan type. A set of doors that may be open to you.
Drake explains this one himself
Every program on this site gets a short video from Drake — the same explanation he would give you on a call, so you can hear it before you ever have to make one.
This one has not been recorded yet. Until it is, the writing below covers the same ground.
What it is
First-time buyer is a category rather than a single product. Depending on the program, it can mean you have never owned, or simply that you have not owned in the last three years — which surprises a lot of people who assume they are disqualified.
Arizona offers down payment assistance programs for buyers who meet the requirements, and several conventional programs have their own first-time buyer terms. Eligibility rules and funding availability change, so we check what is actually open when you are ready.
Who it may suit
- Anyone buying their first home
- Anyone who has not owned a home in the past three years
- Buyers who believe they need twenty percent down and have not yet checked whether that is true
Worth knowing
- Assistance programs come with their own income limits, education requirements, and occupancy rules.
- Program funding is not always available, and terms change. What was open last year may not be open now.
- Being a first-time buyer does not automatically make a specialised program the cheapest option. It is worth comparing.
General information only. Program guidelines change, and what you qualify for depends on a full review of your situation. Nothing on this page is a commitment to lend or an offer of credit.
Not sure whether First-Time Buyer is the one?
That is the normal position to be in. Six short questions and I will tell you which programs are actually worth comparing for your situation.