The question I hear more than any other is simple: how much do I actually need for a down payment? The honest answer is that it depends on the loan, but for most Arizona buyers it is far less than the old myth of 20 percent.
A conventional loan can go as low as 3 percent down, and an FHA loan as low as 3.5 percent, with credit score requirements that many first-time buyers already meet. If you are a veteran, a VA loan can require 0 percent down with no monthly mortgage insurance. USDA loans have no down payment either for eligible rural and suburban properties.
Arizona also has real down payment assistance programs. The state's Arizona Is Home program has paired 30-year fixed mortgages with up to 4 percent down payment assistance for income-qualified first-time buyers, and programs like HOME+PLUS offer similar help. WISH grants through several Arizona credit unions can match your savings toward the down payment or closing costs, with recent grant amounts reaching $29,000 or more for eligible buyers.
The catch with assistance programs is that rules, income caps, and credit thresholds change. That is exactly why I start every first-time client with a lender conversation: we verify the current programs that apply to their income and county before we ever schedule a showing.
One thing I tell every buyer: your down payment is not the only number that matters. Closing costs, reserves, and your monthly payment all shape what you can genuinely afford. A pre-approval from a local lender puts real numbers around all of it.
Want the full road map? The first-time buyer hub covers credit, pre-approval, assistance programs, and the exact steps to the keys.
Angie Rivers, The Ralston Team
A Phoenix-area realtor who treats home buying and selling like a family affair: listen first, advocate fiercely, stay in your corner long after closing.
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