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.
0% down. 100% excited.
Enjoy that "first-home" feeling with the First-Time Homebuyers Program.¹
Apply nowWho qualifies?
The First-Time Homebuyer Program is made for members who have never had a mortgage or haven't had one in the last three years. Qualifying Community Heroes can also take part in the program and get all its great benefits, plus no private mortgage insurance (PMI).
Members eligible for the Community Heroes First-Time Homebuyer Program include:
- Education workers
Teachers and administrators working in pre-k, primary and secondary schools and colleges, and employees working in public, charter and private school districts. - Military members
Members of all branches of the U.S. military, including reserves and the Coast Guard. - Medical workers
Employees working for a medical care provider including hospitals, physicians’ offices, clinics, assisted living facilities and medical research facilities. - First responders
Employees of federal, state or local government law enforcement agencies, firefighters, EMTs and other medical emergency personnel. - Government/civil servants
Anyone working for a government public service agency.
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
6.125%
APR⁴
6.339%
Purchase Price
$437,500
Down Payment
20.00%
Loan Amount
$350,000
Term
15 years
Monthly Payment
$2,977
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
6.875%
APR⁴
7.035%
Purchase Price
$437,500
Down Payment
20.00%
Loan Amount
$350,000
Term
30 years
Monthly Payment
$2,299
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
7.050%
Purchase Price
$437,500
Down Payment
20.00%
Loan Amount
$350,000
Term
5 year ARM
Monthly Payment
$2,155
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
6.984%
Purchase Price
$437,500
Down Payment
20.00%
Loan Amount
$350,000
Term
7 year ARM
Monthly Payment
$2,184
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.
Real voices, real impact
"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!
Search houses on HomeScout
Look for your dream home with access to all the latest MLS listings.
First-time homebuyer resources
The Phoenix-Area Homebuyer’s Guide
Get all the details related to buying a home, whether it’s your first time or you need a refresher.
Read now 
The Homebuying Pro’s “Things to Consider” Guide
Understand what make-or-break factors should be on your list when looking for your next home.
Read now A Guide to Greater Phoenix Neighborhoods
Use this guide to help you find the area that fits your lifestyle and budget.
Read now The Path to Homeownership
Learn more about the steps in the homebuying process with a game-inspired infographic.
Read now 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.
Can you help me find insurance for my home?
Yes, we’re here to help! Get a custom online quote on the spot by clicking here.7
Request a follow-up
Fill out the form and we’ll reach out to you soon!
Equal Housing Opportunity1
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.
4
Rates valid on {current-date}. Fixed & ARM loans – 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. ARM loans – 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. Visit our rates page for additional information and details.
5
Desert Financial and its affiliates do not provide tax, legal, or accounting advice. You should consult your personal tax, legal, and accounting advisors for advice related to your specific tax situation.
Get that winning feeling
There’s no feeling like winning at your finances. Join over 450,000 Arizonans who choose Desert Financial to help them get there.
Your money, your way
Free Checking¹
Yep, it’s really free! No minimum balance. No monthly service fees. No hassles. Just better banking.
Learn more Better rates + lower fees
Keep more for your fun-money fund with competitive credit union rates and lower fees.
Learn more Fast + easy digital banking
Places to go and people to see? Never miss a beat with Online Banking and a top-rated mobile app.
Learn more Rewards program
The more you do with us, the more perks you get, like an annual cashback bonus and rate discounts!²
Learn more First-Time Homebuyer Program
You could skip your down payment³ and focus on your new place – with walls you can finally paint!
Learn more Dependability
Joining a credit union that’s been around for 85 years means you get the security and stability.
Learn more 
Locations, locations, locations
Enjoy the convenience of nearly 50 branches statewide and more than 30,000+ surcharge-free ATMs in the Co-op network.
Why we exist
Our passion is creating exceptional experiences through financial solutions that improve financial well-being. We believe in sharing success, and as a not-for-profit credit union, we can give more back to our members, community and team.
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Disclosures
1
Checking is free; however, fees for overdraft or additional services may apply. See Fee Schedule. Membership eligibility required. For complete account terms and conditions, refer to the published Statements of Terms, Conditions and Disclosures.
2
For further information regarding the Relationship Rewards program and eligibility of the Member Giveback Bonus, please see the Relationship Rewards Disclosure – Supplement to the Statements of Terms, Conditions and Disclosures.
3
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.