First time home buyer in Arizona | Buying your 1st house

First Time Home Buyers

If you're toying with the idea of becoming a first-time homebuyer, Green Street Realty is here to help you. It doesn't matter whether you're looking at a short sale home or are after new construction, there are some compelling reasons to trade in the old lease agreement for a purchase contract.

The following questions and answers can help you decide if now is the time to find an Arizona Realtor to assist you in a search:

Are there tax benefits for buying?
There are several, but perhaps the biggest right now is the $8,000 tax credit being offered by the federal government for qualified first-time buyers. This credit expires soon, so now is a great time to look into becoming an owner.

Is the time right for me to purchase a home rather than rent?
Yes! Just about any time you can trade in a lease for a purchase, you can benefit. When you rent, your monthly check goes into your landlord's pocket or toward a mortgage in his or her name. When you choose to buy, you can deduct the mortgage loan interest from your income taxes, which will give you another tremendous savings throughout the year, as well as build your own equity.

I realize I need a good lender, but what else do I need to consider when buying?
It doesn't matter if you want a short sale property or new construction, one of the biggest considerations beyond your mortgage will be property taxes. Normally, taxes and insurance can be - and are - added to the mortgage payment. There are other financial considerations that might come into play, as well. Depending on the type and location of the property you purchase, you may have homeowner's association or condo association dues. These are paid to the community you live in for upkeep costs, landscaping, etc. Of course, you will always have the costs of utilities, but you will most likely have to pay for these whether you rent or own.

How will using Green Street as my Arizona Realtor benefit me?
Keeping up with all the details involved in buying a home, especially a first time home purchase, can be very difficult. Green Street agents can assist you through the entire process and make your transition to your new home seamless. Our agents are well educated regarding the quality of life in your new community, the schools, the number of children in the area, the safety of the neighborhood, etc. Our agents will help you figure out your ideal price range and give you access to the homes you want to see. When it's time to make your first offer, our agents will be able to assist in the different types of mortgages available, guide you through the paperwork, and be there until the final paperwork is signed and you've been handed the keys!

What do I need to apply for a mortgage?
The best thing to do is prequalify for a mortgage before looking seriously at short sale houses or other potential purchases. It's important to know your buying power. Our agents can assist you with preferred lenders that can help you in this process. Other items you will need when it comes time to apply:

1. Social Security numbers for both you and your spouse
2. Copies of your checking and savings account statements for the past 6 months
3. Statements from all your other assets
4. Recent paycheck stub detailing your earnings
5. Statements from all credit card accounts
6. Account numbers and balances due on outstanding loans, such as car loans
7. Copies of your last 2 years' income tax statements
8. Employment Verification Documents

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