Arizona Financial Empowers First-Time Homebuyers with New Program
By Brian O'Malley -
Monday Oct 02, 2023
Aspiring homebuyers are facing more challenges than ever in their journey to owning a home. To assist in the process, Arizona Financial has launched a First-Time Homebuyer Program that provides customized assistance, educational materials, and financial options to streamline the process and help make the dream of homeownership a reality.
Purchasing a first home is a significant milestone, and Arizona Financial understands the challenges that often accompany this journey. In 2022, only 26% of homebuyers were first-timers – an all-time low – while the average age of a first-time buyer hit an all-time high of 36 years old. Saving for a down payment remains a significant hurdle, with 27% of younger millennials considering it the most difficult aspect of buying a home.
"At Arizona Financial, we focus on so much more than our members banking needs, we are a partner in some of life's biggest decisions," said Greg Thorell, Arizona Financial SVP of residential lending. “We realize purchasing your first home can be an overwhelming experience, especially in today’s complicated housing market. As a result, our First-Time Homebuyer Program is intended to make the transition to homeownership as seamless as possible for our members by removing as many obstacles as we can.”
The program offers expert advice and guidance throughout the entire home-buying process, from determining the budget to understanding the fine print. First-time homebuyers who qualify can receive down payment assistance and up to $1,500 in closing cost assistance.
On its website, the credit union offers a free downloadable guide that provides a detailed plan of action outlining the necessary steps for purchasing a home, including how to get prequalified for a loan and what to keep in mind when selecting a loan. It also explains each stage of the home-buying process.
This new program reaffirms Arizona Financial's dedication to its members' financial well-being and reinforces its position as a trusted partner in their journey toward financial success.
