You are a first-time home buyer if you do not have a home, even if you were a home owner in the past you may still qualify.

The general rule of thumb is if you and your partner have not owned a home in the last five years. In Arizona you qualify as a First Time Buyer.

What benefits are there to being a “First-time homebuyer”

Mortgage down payment assistance

Grant programs

Some homes are reduced in price in special instances

Who can help you with buying a home… Traditionally anyone in your family, or those that would co-sign on the loan.

But in today’s world I have found a way to use a go fund me type of money to allow others to help you out.

Two buydown options:

Standard Discount Points (long-term)
2-1 Rate Buydown (short-term)

With standard discount points you’re paying more interest at the time of close (in a fee), in exchange for less interest over the life of the loan (via lower interest rate).

The best use of these is when you can have a recapture period that is less than the length of time that you intend on keeping loan / house for (ex; you pay $4000 more at close to save $100 / mo with lower rate = 40 month recapture period, and you plan on staying in home for 5 years).

A 2-1 rate-buydown is a type of financing that lowers the interest rate on a mortgage for the first two years before it rises to the regular, permanent rate. The rate is typically two percentage points lower during the first year and one percentage point lower in the second year

(ex, first year at 3.5%, second year at 4.5%, and 5.5% for third year and beyond).
 

A Jumbo Loan is a type of non-conforming mortgage loan that is not backed by the federal government and exceeds the conventional conforming loan limits set by the Federal Housing Finance Agency (FHFA). If you’re looking to finance a more expensive property or you live in a high-cost area, you may need a Jumbo Loan.

Classic Jumbo - Loan amounts up to $3 million. Cash reserves of 6 - 30 months. Available for 1-4 unit properties. 

Elite Jumbo - Loan amounts up to $2 million.  Cash reserves of 6 - 30 months. Available for 1-2 unit properties. 

Flex Jumbo - Loan amounts up to $5 million. Cash reserves of 9 - 36 months. Available for 1-4 unit properties. 

Premier Jumbo - Loan amounts up to $2.5 million. Cash reserves of 6 - 24 months (QM) or 12 - 48 months (Non QM). Available for 1-2 unit primary residences and 1-4 unit investment properties. 

Expanded Jumbo - Loan amounts up to $2 million. Cash reserves of 6 - 18 months (QM) or 6 - 24 months (Non QM). Available for 1-4 unit properties.