From renting to owning: Wendy and Angel’s journey
Hear how this couple became first-time homeowners with help from our Community Heroes First-Time Homebuyer program.
Get a place where you always belong
Know that peaceful, easy feeling of being home? Now get it from your mortgage!
Apply nowMore money-saving perks for your very own place
$7,500 closing cost credit
Get $7,500 toward closing costs as a buyer and a seller with the Home Plus program.
Learn more Competitive rates
With great rates and flexible loan terms, you can choose the mortgage that best fits your needs.
See the rates Local loan servicing
Get in-house underwriting, quick closing timelines and neighborly service for the life of your loan.²
Find a location Closing guarantee
We know you can’t wait to get home. If your closing is delayed, we’ll pay you $100 per delayed day!³
Text Prequalification
Wondering how much home you can afford? Get prequalified for a mortgage—text “Desert” to 72821.
Relationship Rewards
Having a mortgage with Desert Financial can help you earn a Relationship Rewards point, which could qualify you for a Member Giveback Bonus.
Conventional fixed-rate
For those who prioritize the stability of predictable monthly payments, these loans offer a competitive rate over a 15- or 30-year term. They typically require a down payment of 3% to 5% with the possibility of private mortgage insurance (PMI).
Jumbo
This loan can be great for homebuyers looking for larger loans to buy more expensive properties. Jumbo loans offer the flexibility of either fixed or adjustable rates that are typically just slightly higher than conventional mortgage options. A larger down payment of 10% to 20% is often required and private mortgage insurance (PMI) may apply.
Adjustable rate (ARM)
An ARM can be a smart choice for homebuyers planning to keep the loan for a short time or those who can afford possible interest rate increases. The initial rate is fixed for five or seven years, then can potentially be adjusted every six months. As with a conventional loan, a down payment and PMI may be required.
Apply in just 4 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!
Buying your first home?
Get a mortgage with no down payment or income limits through the First-Time Homebuyer Program!⁴
Compare rates on home loans
See all rates15-year fixed as low as¹
6.120
%APR 30-year fixed as low as¹
6.790
%APR 5/6 ARM as low as¹
6.947
%APR Jumbo 30-year fixed as low as¹
6.755
%APR FAQs about mortgages
What’s the down payment required to buy a home?
In most cases, lenders will offer low down payment options with as little as 3% to 5% down for conventional financing and 3.5% down for FHA loans. Some lenders, such as Desert Financial, even offer first-time homebuyer programs that don’t require a down payment.4
Who pays the real estate agent fees when buying a home?
Generally, the seller pays the commission earned by the buyer’s agent. Therefore, if you’re the homebuyer, you typically don’t pay for your agent’s commission.
What’s the difference between a conforming conventional loan and a jumbo loan?
While the processes for conforming conventional and jumbo loans are quite similar, there are typically stricter guidelines for jumbo loans because of their high amounts. Those guidelines might relate to loan-to-value, cash reserves, credit score requirements and more. It’s also important to note that not all lenders can offer jumbo loans. Credit unions are known for having great jumbo options.
Disclosures
Equal Housing Opportunity | NMLS ID #5094551
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.
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
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.