First-Time Buyers Mesa

Many first–time buyers in Mesa are eager to do their first deal, so they can live the American dream. Whether that’s the dream of home ownership and generational wealth or investment into an asset using other people’s money so you can sell for a profit or make money through rentals. Either way, you have all of your options in front of you. There’s also never been more help available than now.

According to ArizonaDownPaymentAssistance.com, all counties require a minimum FICO score of 640 and an annual income not to exceed $122,100 for the “Home Plus” program. Meanwhile, additional programs vary by county, such as the “Pima Tucson Homebuyer’s Solution” in Pima County, which also sets its income cap at $122,100. Then there’s the “Home in Five” in Maricopa County, which sets the income cap at $112,785. In each case, options for FHA and conventional loans can range from 2.5-6%.

Also, each program requires a debt-to-income ratio of around 45-50%. Then there are other funding options for veterans and other service workers to consider. In either of these cases, a hard credit check will be necessary to determine eligibility. Unfortunately, the penalty for not accepting the offer is a lowered credit score due to a credit check. You should contact a local real estate agent in your market. They can help you avoid a credit check with a prequalification to determine a ballpark price range.

This is done either by them or through their preferred lender. The agent can then customize an MLS search for properties in your preferred price range to see what’s out there. You can sort by price, property type, location, and even time on the market. If you decide to qualify, you’ll be clear about your options. From here, the agent can help you tour properties and negotiate the best deal.

• First-time buyers in Mesa can get expert help preparing to make their big step a great one!