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Buying your first home?
Get a no down payment mortgage with the First-Time Homebuyer Program!⁶
Mortgage options made for you
Your homebuying journey is about you. The way you finance it should be too.
Apply nowCompare rates on home loans
See all rates
15-year fixed as low as¹
5.908
%APR
30-year fixed as low as¹
6.676
%APR
5/6 ARM as low as¹
6.830
%APR
Jumbo 30-year fixed as low as¹
6.641
%APR
Love your home and your mortgage
Closing cost credit
Get up to $7,500 closing cost credit when you participate in the Home Plus program.²
Competitive rates
As a credit union, we’re proud to offer you great rates and flexible loan terms.
Local loan servicing
Enjoy in-house underwriting and processing, quick closing timelines and attentive service for the life of your loan.³
Closing guarantee
If your closing is delayed, we’ll pay you $100 per delayed day.⁴
Online and text prequalification
Get prequalified in minutes on our website or by texting “Desert” to 72821.⁵
Compare mortgage options
| Conventional fixed-rate | Jumbo | Adjustable rate (ARM) | |
| Recommended for | Buyers who prefer the stability of a fixed monthly payment and plan to stay in their homes long-term. | Buyers looking for a loan that exceeds the borrowing limits set by the Federal Housing Finance Agency. | Buyers who expect to sell the property after a relatively short amount of time and would like to take advantage of lower rates during the initial period. |
| Down payment | Typically a minimum of 3-5%; less than 20% will add private mortgage insurance (PMI) costs to your monthly payments. | More likely to require a larger percentage – usually 10-20%; less than 20% will add private mortgage insurance (PMI) costs to your monthly payments. | Typically a minimum of 3-5%; less than 20% will add private mortgage insurance (PMI) costs to your monthly payments. |
| Interest rate | Could be more competitive than jumbo loans due to lower risk. | Typically available with a fixed or adjustable rate; potentially higher rates due to increased risk. | Typically has a lower introductory rate for a fixed period, then adjusts on a regular basis. |
| Term options | 15 or 30 years. | 15 or 30 years. |
5/6: Fixed interest for 5 years, then adjusts every 6 months 7/6: Fixed interest for 7 years, then adjusts every 6 months. |
Mortgage help for heroes
Heroes like teachers, military members, first responders and more can get the perks of the Community Heroes First-Time Homebuyer Program, including no PMI.
Real voices, real impact
"Omar and Rebecca were very professional and timely in their communications with me. More importantly, they were genuinely nice people. I bank with Desert Financial because they treat me well."
Timothy P.
"Lori and Rebekah were friendly, kind and patient with me as I asked them to slowly walk me through this process. I was/am extremely comfortable with them handling my financial business."
Diana 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!
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.5
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.
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
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1
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.
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.
4
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
Prequalification is a quick assessment of your financial situation based on information you provide, it is not a commitment to lend. Message and data rates may apply.
6
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.
7
Insurance products and services are offered through Desert Financial Wealth Services, LLC dba Desert Financial Insurance Services. Desert Financial Wealth Services, LLC is a subsidiary of Desert Financial Credit Union. Insurance products and services are not insured by the NCUA, are not obligations of or guaranteed by the credit union or its affiliates and may be subject to risk.