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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.
Getting our heroes into houses
Community Heroes get all the perks of the First-Time Homebuyer Program and more!
Apply nowNo cape? No problem!
No two heroes look the same, but you do have one thing in common: In one way or another, you look out for us. Now, it’s our mission to look out for you, which is why qualifying Community Heroes can get all the perks of the First-Time Homebuyer Program, plus no private mortgage insurance (PMI). Eligible groups for the Community Heroes First-Time Homebuyer Program include:
- Education workers
Teachers and administrators working in pre-k through college at public, private and charter schools lay the foundation for the future. Now we help them lay the foundation for their home. - Military members
Those who fight for freedom should have peace of mind in their mortgage. Members of all U.S. military branches, including reserves and the Coast Guard, qualify for this program. - Medical workers
Medical professionals look out for our health, so we look out for their finances. People who work in hospitals, physicians' offices, clinics, assisted living facilities and medical research facilities are eligible. - First responders
For their lifesaving work in the community, employees of federal, state or local law enforcement agencies; firefighters; EMTs and other medical emergency personnel can take advantage of this program. - Government/civil servants
Looking out for people’s rights and quality of life makes you a hero. Now, anyone working for a government public service agency qualifies for the Community Heroes First-Time Homebuyer Program.
Mortgage perks for your heroic journey
No down payment
With the Community Heroes First-Time Homebuyer Program, you can skip your down payment!¹ That gives your family the chance to get into your dream home even faster, without using your hard-earned savings or sacrificing a great rate.
No PMI
Private mortgage insurance, or PMI, is insurance for the lender and is usually required on mortgages with less than a 20% down payment. Our Community Heroes can get a mortgage with no PMI, potentially meaning lower payments and more financial flexibility.
More advantages for community assistance
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 Community Heroes 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
6.239%
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
6.25%
APR⁴
7.278%
Purchase Price
$450,000
Down Payment
28.00%
Loan Amount
$325,000
Term
5 year ARM
Monthly Payment
$1,995
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
7.155%
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.
Apply for a 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: heroes looking for homes
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. In addition, it can 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 program2 that offers an added perk of up to $7,500 toward closing costs for working with one of the program’s agent partners. 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.
How is the Community Heroes First-Time Homebuyer Program different from the standard First-Time Homebuyer Program?
The Community Heroes First-Time Homebuyer Program provides all the benefits of the First-Time Homebuyer Program, including 100% financing (no down payment) on the purchase of a first home. Additionally, qualifying members can get a loan without private mortgage insurance (PMI), which is traditionally added to a mortgage with a down payment of less than 20% of a home’s value. To qualify, members must provide documented proof that they currently work in or have retired from the following professions:
- Education workers
- Military members
- Medical workers
- First responders
- Government/civil servants
What documentation is acceptable as proof of your line of work?
To verify you work in a qualifying field, we can verify your employment through a third-party service or you can provide us a check stub from your employer. From retired members, we can accept retirement, pension or retirement account statements.
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Disclosures
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.