Becoming a homeowner is a significant milestone in anyone's life, marking a journey toward stability, independence, and investment. For those who have never owned a home before, the world of real estate can be both exciting and overwhelming. As a mortgage broker in Phoenix, Arizona, the Gervais Mortgage Team is here to guide you through the ins and outs of being a first-time homebuyer. In this article, we'll explore who is considered a first-time homebuyer, the advantages that come with this status, and how our team can help you realize your homeownership dreams.

Defining a First-Time Homebuyer

In the world of mortgage lending, a first-time homebuyer is typically defined as an individual or household that has not owned a residential property within the past three years. This means that if you haven't owned a home in the last three years, you're eligible for the benefits and incentives that are specifically tailored to first-time buyers.

Benefits of Being a First-Time Homebuyer

One of the most compelling advantages of being classified as a first-time homebuyer is the reset of the clock on down payment requirements. This can open the door to more affordable financing options, making homeownership more accessible to a wider range of individuals and families. Let's take a closer look at the down payment options available to first-time homebuyers:

• 3.5% Down Payment with FHA Loan: The Federal Housing Administration (FHA) offers a loan program that requires only a 3.5% down payment. This can be a game-changer for those who may not have a substantial amount saved up for a down payment.

• 3% Down Payment with Conventional Loan: Conventional loans backed by Fannie Mae or Freddie Mac offer first-time homebuyers the opportunity to secure a mortgage with as little as a 3% down payment. This can significantly reduce the upfront cost of purchasing a home.

• 0% Down Payment with VA Loan: For eligible veterans, active-duty service members, and select members of the National Guard and Reserves, the U.S. Department of Veterans Affairs (VA) provides the option of securing a mortgage with no down payment required. This is a remarkable benefit for those who have served our country.

Your Journey with the Gervais Mortgage Team

Not just your mortgage broker team – we're your partners in achieving homeownership. Our energetic and friendly husband and wife duo is dedicated to providing you with education, guidance, and personalized solutions to make your dream of owning a home in Phoenix a reality.

With extensive knowledge of the local real estate market and a commitment to keeping up with the latest industry trends, we're equipped to assist you in navigating the complexities of mortgage lending. Our goal is to empower you with the information you need to make informed decisions about your financing options, down payment strategies, and overall home buying journey.

Ready to Take the First Step?

If you're ready to embark on the exciting journey of homeownership as a first-time homebuyer in Phoenix, Arizona, the Alaina and Beef Gervais are here to support you every step of the way. Whether you have questions about the types of loans available to you, want to explore down payment options, or simply need guidance on where to start, we invite you to reach out to us.

Contact the Gervais Mortgage Team today to start your journey towards affordable homeownership! We're excited to help you achieve your dreams.

Beef@horizon-funding.com | 602-872-3501 | @livelaughloans