Buying your first home is a big step, and it’s easy to feel overwhelmed by everything you need to qualify. The good news? The process is actually pretty simple when you break it down. At Ramon Espinoza Home Loans, we don’t believe in making things complicated—we believe in making homeownership possible.
If you’re wondering what it takes to buy a home in Arizona, let’s clear things up. You only need three things to qualify for a mortgage, and we can help with all of them.
The Three Key Requirements for Buying a Home
Every first-time homebuyer needs to have:
- Money – This includes a down payment and closing costs. (But don’t worry, there are programs to help with this!)
- Credit Score – A qualifying score to get approved for a loan. (We offer free credit repair if you need a boost.)
- Income – A steady source of income to show you can afford your mortgage.
That’s it. If you have all three, you can buy a home. If you’re missing one, we’ll figure out how to get you there.
What If I Don’t Have a Down Payment?
A lot of people assume they can’t buy a home because they don’t have thousands saved up. The truth is, you can buy a home in Arizona with little to no money down. There are grants and down payment assistance programs available that can cover the entire 3.5% down payment for an FHA loan. You’ll need at least a 600 credit score to qualify for most grants, but that’s where our free credit repair comes in.
You may still need a couple thousand dollars for other costs, but we’ve even helped buyers close with as little as $500 out of pocket.
Understanding Credit Requirements
Your credit score is a key part of getting approved, but if yours isn’t perfect, don’t panic. We help people improve their credit for free so they can qualify for better loan options.
For most loans, you’ll need:
- 580+ for FHA loans (higher scores get better terms)
- 600+ for down payment assistance programs
- 620+ for conventional loans (lower mortgage insurance costs)
If your score isn’t there yet, we can help you raise it. The sooner you start, the better.
Proving Your Income
This is pretty basic for most homebuyers, but it’s where a lot of self-employed people run into trouble. If your tax returns show you’re making little to no income on paper (even if you actually make plenty), it can be tough to qualify. Lenders need to see verifiable income. If you’re self-employed, we’ll help you figure out a plan to maximize your approval chances.
For everyone else, lenders typically look at:
- Pay stubs and W-2s (for employees)
- Tax returns (for self-employed buyers)
- Bank statements (sometimes used for alternative loans)
The Bottom Line
If you’re serious about buying a home, don’t let fear hold you back. You need money, credit, and income—but we specialize in helping first-time buyers who might not have all three yet. We don’t say “no,” we say “how.”
Buying a home isn’t out of reach, and with the right guidance, it can happen sooner than you think. Ready to take the first step? Let’s talk.
📩 Contact us today at clemente@ramonespinozahomeloans.com or ramon@ramonespinozahomeloans.com.
Se habla Español.
