As mentioned in the other replies, you best first step is to consult with a lender to determine what you can qualify for. If you don't have a lender that you feel comfortable with, I or any other reputable agent can refer you to good lenders.
In addition to the standard loans available that can range from 0% down for USDA in outlying areas to 3.5% for an FHA loan and more for conventional loans there are various down payment assistance programs available that you may be able to qualify for. I can refer you to lenders to further investigate those possibilities. If you are considering a property that needs some work, I can also assist you with energy efficient improvements that will lower your utility bills, thus lowering your overall monthly expenses.
After talking to a lender, an agent can discuss with you what your wants and needs are and help you search for a property. The property that you said you like may or may not be available at this time. Most properties are sold very quickly and with multiple offers in the current market conditions.
You should make sure that you are comfortable with the agent you hire, because buying a home is a huge and very personal process. Choose someone who listens to you and can help you understand all aspects of the process. I would like the opportunity to be that agent. Please feel free to contact me with any questions.
Good luck either way,
Adam Tarr PC
Citywide Real Estate
You will need to accumulate between 0 to 5% for the down payment. (VA Loans and USDA 0% down; FHA 3.5%, Conventional Loan 5%-20%). USDA is only available in "rural" areas like Buckeye, Queen Creek, Anthem, New River, San Tan Valley, etc; VA if you are a vet.
You will also need enough money to pay for closing costs. Assume 3-5% of the purchase price. It is possible to be the Seller to contribute up to 3% towards your closing cost as well having the lender contribute 1-2% (if you pick the right one). Getting seller contributions in the current market is more difficult than it was 6 monhts ago, but can still be done.
I created this chart to help buyers understand the process.
Let me know if I can help.
Central AZ Real Estate
Your Local Expert
VA and USDA are the only 100% financing programs available. You may be eligible for VA if you or your spouse were in the armed forces. A USDA loan, if available, will apply only to outlying rural properties. For anything else, the lowest down payment is 3.5% on an FHA loan.
To explore your financing options, please contact Simma Robbins w/ iMortgage at (480) 710-4636. She is one of the best. Another lender to consider is 1st Rate Home Mortgage @ 480-776-2555. It's always good to get more than one lender bidding for your business.
Please keep me in mind when it comes time to buy your first home. My partner and I sell an average of 100 properties annually in the Phoenix market and are expert negotiators. We work with the banks on short sales and foreclosures, so we know what they want and how to write a deal that will be accepted. We have been recognized by The Phoenix Business Journal for our outstanding achievements and are top 1% producers at the #1 brokerage in the valley - West USA Realty. Give us a call today at 480-302-9650 so we can get you on the path to home ownership! :)
The one problem is that you cannot wait to make an offer on a home and expect that home will still be available at a later date in this market. In the current market here in the Phoenix Metro Area most homes for first time home buyers have multiple offers that first day. You can however talk to a lender and give them enough information to get a pre-qual letter the same day you speak to them.
The next problem is you will have to have patience as this price range also has the most cash buyers (normally investors), and most sellers prefer cash offers over financed offers. So you may find that you will put offers in and not get the home as the sellers may take a better offer such as one of the cash offers.
If you need help in this process, please do not hesitate to give us a call. We would love to help.
Ron & Brenda Cunningham
West USA Realty
*** Recognized in the Phoenix Business Journal "As One of the Top 50 Realtors in the Valley" ***
Search the Official, Active, FlexMLS for homes like a Realtor for FREE through our website:
You are welcome to visit my web-site: http://www.talktosteffy.com
What is the address of the house near your husbands job and I will start some research on it. There still are ways to get in for $0 or low down. I specialize in buyers in your situation. :)
David R Fuller
RE/MAX Desert Showcase