This year sets the conditions for the perfect opportunity for first time home Phoenix buyers to finally get their dream house. There are countless reasons why investing in a Phoenix property and moving there is a good idea.
In a recent home indices study, the median prices of Phoenix homes have gone back to median prices from eleven years ago. Furthermore, in another index report from last year’s second quarter, an increase in the sales of existing homes, new homes, and an increase in the release of housing permits have been observed. Such activity, however, is no match for the 2006 level, which was the highest. But necessarily, a rising movement in graphs can only mean one thing for investors: property values are rising so it’s time to invest now while prices are still affordable.
Great climate and affordable pricing makes up the perfect opportunity for first time home Phoenix buyers to buy their home in Phoenix. But if you have decided to go for your first home buy, you’ll need to consider other points such as financing.
For one, you need to find out if you qualify for mortgage in Phoenix. You will have to provide banks with information regarding your name, place of residence for the past two years as well as income history, salary by the hour and commissions, how much bonus you earn from your job, retirement funds if any, and your current income. The bank will also require you to disclose your total assists including all savings and checking accounts, 401K, CD’s, and IRAs if any. Most importantly, the bank or the mortgage company will look at your credit history.
First Time Home Buyer Loan Program Options in Phoenix Arizona
When you have a good credit score, you’re likely to get higher chances of qualifying for loan programs available to Phoenix home buyers. You can go for the FHA Loans. The FHA Loans is one of the more commonly opted loans since it doesn’t just qualify those with low credit standing, it also has a low down payment requirement of only 3.5%.
The USDA is a 100% loans that is based on the location of the property. VA loans are for qualified veterans with VA entitlement. It is also a 100% loan ideal for veteran empty nesters and retirees planning to spend their golden years under the golden Phoenix sun.
Finding a Phoenix Real Estate Broker and Realtor
A common misconception among first time homebuyers is that hiring a realtor or broker to help them out with their home purchase is expensive. On the contrary, real estate brokers and realtors will help you save up more. Brokers and realtors who are backed up years of experience and supported by national real estate organization help you make informed home purchase decisions.
Remember, purchasing a home is not something you do on a daily basis. Purchasing a home requires much thought and careful decision-making. By hiring a realtor or real estate broker, you lower the chances of you investing on properties that, you may find out too late, may not be what you’re looking for.