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Get a no down payment mortgage with the First-Time Homebuyer Program!
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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
6.50%
APR⁴
6.635%
Purchase Price
$450,000
Down Payment
28.00%
Loan Amount
$325,000
Term
30 years
Monthly Payment
$2,048
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
5.875%
APR⁴
7.468%
Purchase Price
$450,000
Down Payment
28.00%
Loan Amount
$325,000
Term
5 year ARM
Monthly Payment
$1,917
Purchase Rate Assumptions and APR Information
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
6.00%
APR⁴
7.258%
Purchase Price
$450,000
Down Payment
28.00%
Loan Amount
$325,000
Term
7 year ARM
Monthly Payment
$1,943
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.
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Sit back and relax while we show you what to expect from the homebuying journey – and ask any questions that come to mind.
What is the benefit of being a first-time homebuyer?
First-time homebuyers may qualify for special low 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 home 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-approved for a loan first?
A pre-approval 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.
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, when 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.
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