First-time home buyers in Arizona

Buying your first home can feel like a lot of new words, forms and deadlines at once. I'm Teigh Wade, REALTOR® with HomeSmart Elite Group, HomeSmart, and I've wanted to work in real estate since the early 2000s. My goal is for you to understand every step, not just get to the end. Here's the path most first-time buyers in Arizona follow:

1. Meet with me. I come to you for a mobile buyer consultation. We talk about what you want, where, and when, and I explain the process.
2. Sign a buyer agreement. Agents now need a written agreement with you before touring homes together. I'll go over it line by line.
3. Talk with a lender. Get pre-approved so you know your price range. I can refer you to lenders if you don't have one.
4. Ask about down payment assistance. Your lender can tell you which programs you may qualify for.
5. Search and tour. Browse the home search and tour homes with me.
6. Make an offer. We write it on the Arizona Association of REALTORS® (AAR) purchase contract, and you deposit earnest money with escrow if it's accepted.
7. Inspect. During the inspection period, you hire inspectors and can request repairs through the BINSR.
8. Appraisal and loan approval. Your lender orders the appraisal and finalizes your loan.
9. Close. You do a final walkthrough, sign with the title and escrow company and get your keys.

For the full picture of each stage, see my buy a home page and the Arizona home buying process guide.

The price on the listing is only part of what you'll spend. Before you shop, build a budget that includes:

• Down payment. The amount depends on your loan type. Your lender will explain your options.
• Closing costs. Lender fees, title and escrow fees, prepaid interest and initial deposits for taxes and insurance. You can sometimes negotiate seller concessions toward these.
• Earnest money. Paid when your offer is accepted and usually credited back toward your costs at closing.
• Inspection and appraisal fees. Typically paid by the buyer during escrow.
• Monthly costs. Your mortgage payment plus property taxes, homeowners insurance, any mortgage insurance and HOA dues.
• Utilities. In the Valley, summer cooling can noticeably raise electric bills, so ask about the home's utility history and the age of the AC.
• Pool upkeep. If the home has a pool, plan for chemicals, equipment repairs and possibly a pool service.
• Maintenance and repairs. Set aside money for things that will eventually need attention, like the AC, water heater and roof.
• Moving and setup. Movers, window coverings, furniture and anything the home doesn't include.

Your lender can give you a loan estimate that shows expected closing costs. Ask questions until every line makes sense.

Your credit history affects whether you qualify for a loan and the terms you're offered. I'm not a lender, so talk with a loan officer about your specific situation. In general:

• Check your credit reports. You can request reports from the three major credit bureaus at AnnualCreditReport.com. Look for errors and dispute anything that's wrong.
• Pay on time. Payment history is a major part of most credit scores.
• Keep balances low. High credit card balances compared with your limits can hurt your scores.
• Don't open new credit during the process. A new car loan or store card can change your loan approval, even after you're pre-approved.
• Tell your lender about changes. A new job, a big deposit or a large purchase can affect your file, so check with your lender first.

If your credit needs work, a lender can often tell you what to focus on so you can buy when you're ready.

Arizona has down payment assistance programs that can help with your down payment and closing costs. Rules, income limits and funding change, so always confirm current eligibility with a participating lender. You apply through the lender, not directly with the program.

HOME+Plus (Arizona Industrial Development Authority)

The Arizona Industrial Development Authority (Arizona IDA) runs the HOME+Plus program, often written Home Plus. It's available statewide and offers assistance toward down payment and closing costs, combined with a qualifying first mortgage. The assistance is structured as a second loan, and the program describes forgivable options that are forgiven after a set period if you keep the loan and the home for that time. Income limits and credit requirements apply, and at least one borrower must complete a homebuyer education course before closing.

Arizona Is Home

The Arizona IDA also offers a separate program called Arizona Is Home, with its own income limits and terms.

Other options

Some lenders and local governments offer their own programs. Ask your lender which ones you may qualify for and how each one affects your rate, payment and long-term costs. Assistance can be a great tool, but it's worth understanding the full terms before you choose it.

• Shopping before pre-approval. It's hard to compete, and easy to fall for a home you can't afford.
• Budgeting only for the mortgage. Taxes, insurance, HOA dues, utilities and maintenance add up.
• Skipping inspections. Even newer homes can have problems. The inspection period is your chance to find them.
• Not reading HOA documents. Rules on parking, pets, rentals and exterior changes can affect how you use the home.
• Missing deadlines. Arizona contracts run on specific timelines. Missing one can cost you options or your earnest money.
• Changing your finances mid-escrow. New debt or a job change can derail your loan.
• Trusting emailed wiring instructions. Always confirm by calling escrow at a number you know is correct. Wire fraud targets home buyers.
• Not asking questions. There's no such thing as a silly question when you're buying your first home. Ask me anything.

I take the time to explain things. You'll know what each document is, why it matters and what happens next. I come to you for consultations, I connect you with lenders, inspectors and other professionals from my referral network, and I negotiate on your behalf from the offer through the BINSR and closing.

I work in Surprise, Waddell, Wickenburg, Phoenix and the rest of the West Valley, and I represent buyers throughout Arizona. If you're new to the area, my moving to the West Valley guide is a good place to start. When you're ready, call or text me at 480-550-2871 or email tyrawadehomes@gmail.com.