Get Qualified

Prior to purchasing any home, you must decide whether you can pay cash, or if you will need to qualify for a loan.

If you will finance the purchase by taking a loan from a bank or other lending institution, you will need to go through a qualifying process. This usually entails providing your lender with certain documentation to verify your employment, your income, and your credit status.

There are numerous types of loans available; only you and your lender can decide the best type of loan for your situation.

Some types of loans that may be available to you are first-time homebuyer, FHA, VA, conventional, Adjustable Rate (ARM) and 203k (renovation). The length of your loan (the amount of time it will take you to repay) can also vary, usually from 15 to 30 years.

It may pay to shop around for a loan. Not all lenders offer all loan programs, and rates may vary from lender to lender. If you take the time to call around, you may find a better deal somewhere else.

We recommend that you begin the loan process as soon as you decide to purchase a home. It will probably take some time for you to collect the required documentation, and your lender may ask you for additional documents as they review what you have provided. In Arizona, a Pre-Qualification from your lender is usually required when you make an offer, so having the initial steps completed helps insure you have the ability to move forward when you find the home you want to purchase.

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