Buying our first home in Arizona…Help?

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My husband and I are looking to buy our first home together. We are trying to get in on the $ 8000 tax credit before Dec.1, and we heard there are a lot of great programs out there for first-time home buyers too. We are looking for something in Arizona. Can anyone offer any suggestions of good programs they know of or have used? We’re open to buying a foreclosed home or a new home – whichever. Any good references would be greatly appreciated!!!

2 Comments
  1. Reply
    diverdownohio2004
    November 10, 2011 at 6:05 pm

    Stop in to a community bank in AZ. Talk to one of their loan officers about FHA loans. FHA only requires 3.5% down payment. That would be the way to go unless you have 20% down payment then go Fannie/Freddie.

    No real need to buy a foreclosed home in this market. They usually need alot of work to get them “livable” again. If you want HUD has the “$ 100 down payment program with FHA” Ask your realtor to show you or search for HUD owned properties…keep in mind, they wont be pretty.

    Best of luck in your search, you have to get started now, the tax credit is only good until 11/30/09. FYI, it is not $ 8000 auto. It is $ 8000 max, the tax credit is for 10% of purchase price. So if you buy a $ 60,000 home you would only get $ 6000 not $ 8000. $ 80,000 purchase price = $ 8000. $ 200,000 = $ 8,000

    Again, I would suggest going through a “Community Bank in the area you are going to/want to live”

  2. Reply
    azrealestate09
    November 10, 2011 at 6:53 pm

    Find yourself a good lender…They can help you will assistance programs out there. I can suggest a couple in AZ if you need them… You need to start there.
    Find a realtor you trust, and have a good relationship with. This process can be very stressful and the loan process can be “violating”, so if you have a realtor, that is not “high pressure” it will make your process much easier for you.
    Have you started looking at homes? Do you know what part of the valley you are interested in.. SE Valley (Chandler/Gilbert), NE (Scottsdale, Cave Creek) NW Valley (Peoria,, Surprise) or SW (Goodyear, Avondale)…
    Let me know if you need any help. I will be happy to assist in anyway I can.

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