How much do I need for a down payment in Arizona?

It depends on your loan type. Conventional loans require 3-20% down, FHA loans require 3.5%, and VA/USDA loans offer 0% down. Arizona also has DPA programs that can cover part or all of your down payment.

What are the new NAR rules for buyers?

Following the 2024 NAR settlement, buyers must sign a written buyer-broker agreement before touring homes. Buyer agent compensation is now negotiable and no longer automatically offered through the MLS. Your agent should explain your options and costs upfront.

How much are closing costs for buyers in Arizona?

Buyer closing costs in Arizona typically run 2-3% of the purchase price. On a $450,000 home, expect $9,000-$13,500 in closing costs including lender fees, title insurance, escrow, and prepaid items.

First-Time Home Buyer Guide — Arizona

Everything you need to know about buying your first home in the Mesa, AZ metro area. Step-by-step process, down payment assistance, and expert guidance.

Arizona Home Buying Process

Check Your Finances

Review your credit score, savings, and monthly budget. Most lenders want a credit score of 620+ for conventional loans, or 580+ for FHA loans.

Get Pre-Approved

Shop at least 3 lenders to compare rates and fees. A pre-approval letter shows sellers you're a serious, qualified buyer.

Find a Buyer's Agent

Work with a local agent who knows the East Valley. Under new NAR rules, you'll sign a buyer-broker agreement before touring homes.

Search for Homes

Focus on neighborhoods that match your budget, commute, and lifestyle. Your agent will set up MLS alerts for new listings.

Make an Offer

Your agent will help you write a competitive offer using the Arizona Association of Realtors purchase contract.

Inspection & Due Diligence

Order a home inspection, review the Seller Property Disclosure Statement (SPDS), and complete your Buyer Inspection Notice (BINSR).

Appraisal & Loan Processing

Your lender orders an appraisal and processes your loan. Stay in close contact with your loan officer during this period.

Close & Get Your Keys

Sign closing documents at the title company, wire your funds, and receive the keys to your new home. Typical closing takes 30-45 days from accepted offer.

What the NAR Settlement Means for Buyers

The 2024 National Association of Realtors (NAR) settlement introduced significant changes to how buyer agent compensation works. Here's what first-time buyers need to know:

Buyer-broker agreements are now required before touring homes. This written agreement outlines your agent's services and compensation.
Buyer agent compensation is negotiable. It's no longer automatically offered through the MLS. You can negotiate who pays and how much.
Sellers may still offer buyer agent compensation as part of their listing strategy. Your agent can help you understand what's being offered.
You can ask the seller to cover your agent's fee as part of your offer. This is a common negotiation strategy, especially in buyer's markets.

Arizona Down Payment Assistance Programs

Home Plus Program

Up to 5% of the loan amount as a forgivable second mortgage. Available to first-time and repeat buyers with qualifying income.

Pathway to Purchase

Up to 10% DPA for specific ZIP codes in targeted areas. Income limits apply. Forgivable after 3 years of occupancy.

FHA Loans

As low as 3.5% down payment with credit scores of 580+. Popular with first-time buyers for lower down payment requirements.

VA Loans

0% down payment for eligible veterans and active-duty military. No private mortgage insurance (PMI) required.

USDA Loans

0% down payment for eligible rural areas. Parts of San Tan Valley, Apache Junction, and Queen Creek may qualify.

Program availability and terms change frequently. Verify current eligibility with your lender.

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Also see: Working with a Buyer's Agent