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Free workshop: homebuying basics
Sit back and relax while we show you what to expect from the homebuying journey – and ask any questions that come to mind.
Empowering first-time homebuyers
Get a no-down-payment mortgage with the First-Time Homebuyer Program!
Apply nowWho qualifies?
The First-Time Homebuyer Program is made for members who have not owned a residential property in the last three years.1
Also, Qualifying Community Heroes can take part in the program and get all its great benefits, plus no private mortgage insurance (PMI).
Get more with your first mortgage
No down payment
With the First-Time Homebuyer Program, you can skip your down payment!¹
Closing cost credit
Get up to $7,500 closing cost credit when you participate in the Home Plus program.²
No area median income limits
There’s no limit on your income for you to qualify for the First-Time Homebuyer Program.
Competitive rates
As a credit union, we’re proud to offer you great rates and flexible loan terms.
Closing Guarantee
If your closing is delayed, we’ll pay you $100 per delayed day.³
Local loan servicing
Enjoy in-house underwriting and processing, quick closing timelines and attentive service for the life of your loan.⁴
Compare rates on home loans
Mortgage Purchase
Rate
APR⁵
Points
CONFORMING LOAN
Interest Rate
6.00%
APR⁴
6.219%
Purchase Price
$450,000
Down Payment
28.00%
Loan Amount
$325,000
Term
15 years
Monthly Payment
$2,734
Purchase Rate Assumptions and APR Information
Rates valid on {current-date}.
Today's purchase rates are based on the purchase of a single-family, primary residence, a credit score of 740
Rates valid on {current-date}. Estimated monthly payment does not include taxes and insurance which will result in a higher monthly payment. For borrowers with less than 20% down payment, mortgage insurance may be needed which could increase the monthly payment and APR.
CONFORMING LOAN
Interest Rate
6.625%
APR⁴
6.761%
Purchase Price
$450,000
Down Payment
28.00%
Loan Amount
$325,000
Term
30 years
Monthly Payment
$2,075
Purchase Rate Assumptions and APR Information
Today's purchase rates are based on the purchase of a single-family, primary residence, a credit score of 740
Rates valid on {current-date}. Estimated monthly payment does not include taxes and insurance which will result in a higher monthly payment. For borrowers with less than 20% down payment, mortgage insurance may be needed which could increase the monthly payment and APR.
CONFORMING LOAN
Interest Rate
6.125%
APR⁴
7.292%
Purchase Price
$450,000
Down Payment
28.00%
Loan Amount
$325,000
Term
5 year ARM
Monthly Payment
$1,969
Purchase Rate Assumptions and APR Information
Today's purchase rates are based on the purchase of a single-family, primary residence, a credit score of 740
Rates valid on {current-date}. The interest rate will be based on the 30-Day Average of the SOFR index as published by the Federal Reserve Bank of New York.
Estimated monthly payment does not include taxes and insurance which will result in a higher monthly payment. For borrowers with less than 20% down payment, mortgage insurance may be needed which could increase the monthly payment and APR.
CONFORMING LOAN
Interest Rate
6.375%
APR⁴
7.218%
Purchase Price
$450,000
Down Payment
28.00%
Loan Amount
$325,000
Term
7 year ARM
Monthly Payment
$2,021
Purchase Rate Assumptions and APR Information
Today's purchase rates are based on the purchase of a single-family, primary residence, a credit score of 740
Rates valid on {current-date}. The interest rate will be based on the 30-Day Average of the SOFR index as published by the Federal Reserve Bank of New York.
Estimated monthly payment does not include taxes and insurance which will result in a higher monthly payment. For borrowers with less than 20% down payment, mortgage insurance may be needed which could increase the monthly payment and APR.
What homebuyers are saying
"Everything from start to finish was easy. We were kept informed at every step of the way what to expect."
-Alonna G.
"I have done quite a few mortgage deals and refinances. This was the smoothest experience to date."
-Harold B.
Apply for your mortgage in 4 easy steps
Start your application online, at a branch or by calling (602) 433-4663.
Choose your loan type.
Provide the requested documents.
Finalize your application!
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FAQs for first-time homebuyers
What is the benefit of being a first-time homebuyer?
First-time homebuyers may qualify for special low- or no-down-payment programs. Many of them will require at least one of the buyers to be a first-time homebuyer. The typical definition of a first-time homebuyer is someone who has not owned a residential property in the last three years. At Desert Financial, we have a program for first-time homebuyers that requires no down payment.1
How does it benefit me to get pre-qualified for a loan first?
A pre-qualification gives you the peace of mind that you’re looking at homes in your price range and you’re able to make an offer with confidence in your ability to make the mortgage payments. It also puts you in a better position when competing with other offers on the same home. It can also help speed up the process once you’re under contract.
How does it benefit me to have a real estate agent?
A real estate agent will serve as a guide through your home search and a trusted resource in the local market. They will represent you in the negotiation process and advise you every step of the way. Generally, the seller pays for the commission earned by the buyer’s real estate agent. Therefore, you are not paying for your agent’s commission, while still gaining the benefit of professional representation and guidance. Desert Financial has a real estate broker program called Home Plus that offers an added perk of up to $7,500 toward closing costs for working with one of the program’s agent partners.2 Ask your loan officer about this great value to learn more.
Why buy instead of rent?
While renting may be necessary at times, homeownership unlocks your power to build equity, which can increase your net worth and help improve your financial stability. Owning a home could potentially reduce your tax bill6 and it’s an asset that can be passed on to your heirs.
Is now a good time to buy a home?
The best time to buy a home is as soon as you’re ready. The reality is that factors such as interest rates or home prices will fluctuate, but the value of homeownership has stood the test of time. It’s important to consult with a mortgage professional, create a plan and find the solution that best fits your needs.
What are some Do’s and Don’ts when looking to get a first mortgage loan?
Do create a budget.
Do keep good records of your finances such as bank statements, paystubs, W2s and tax returns.
Do review your credit for accuracy to avoid surprises.
Don’t acquire new credit such as a department store charge card.
Don’t make large cash deposits.
Don’t change your place of work.
1
Must be a first-time homebuyer (not having owned a primary residence in the last three years) with a minimum credit score of 680 to be eligible. Property must be located in Arizona. Jumbo loans and loans with non-occupant co-borrowers are ineligible. Additional restrictions and eligibility requirements apply.
2
The Real Estate Broker Program ("Desert Financial Home Plus") will match you with a participating real estate broker (“Participating Broker”) who will assist in the homebuying experience and will provide the applicable credit toward closing costs. Participating Broker shall provide a credit of 25% of the buyer’s agent commission toward the closing costs, up to a maximum of seven thousand five hundred dollars ($7,500) to be provided regardless of the lender utilized, and a credit of 25% toward the listing agent commission expense, up to a maximum of seven thousand five hundred dollars ($7,500), if the Participating Broker lists an applicable property with a real estate agent from the list of preferred providers. The Participating Broker will confirm each applicable credit is applied by the title company. These credits are applied as a discount from the commission payable to the broker. Use of a Participating Broker is completely voluntary and members financing the purchase of a home with Desert Financial Credit Union (“Desert Financial”) are under no obligation to participate in this Program. Desert Financial does not receive any benefit, monetary or otherwise, from the Participating Broker under this program. Participating brokers are non-affiliated third parties of Desert Financial, and Desert Financial makes no warranties or representations about the services provided by participating brokers.
3
Eligible borrowers financing the purchase of a new home with Desert Financial Credit Union will receive monetary compensation of $100 per day, up to a maximum of $500, if the scheduled closing date is not met. Restrictions and eligibility requirements apply.
5
Annual Percentage Rate (APR) shown effective {current-date} and is subject to change without notice. Visit our rates page for additional rate information and details.