Is Buying a Home Together Right for Your Family? Here's How to Think It Through

Buying a home with a spouse, partner, sibling, or parent can be one of the most exciting steps your family ever takes. It can also feel like a lot to figure out, and that is why I love guiding families who decide to do it together. Here is how to think it through honestly: how lenders look at two incomes and two credit scores, the loan programs that make homeownership possible with very little down, and why to call me before you visit a builder. I have been helping first-time buyers across the Phoenix area since 2002, and I want to be your Realtor for Life.

Two Incomes, One Application: How Lenders See You

When two of you apply for a mortgage, the lender combines both incomes, which usually stretches what you can afford. Here is what most people do not know: lenders do not average your credit scores. They take the middle score for each borrower and qualify the loan on the lower of the two. If your middle score is 740 and your partner's is 660, the application is viewed with the 660. That is not a reason to panic, but it is a reason to check both credit reports early and give a lower score time to improve.

You Do Not Need 20% Down

The biggest myth in home buying is that you need 20% down. FHA loans let qualified buyers put as little as 3.5% down with a credit score of 580 or higher. VA loans for eligible veterans, active-duty service members, and surviving spouses require zero down and no monthly mortgage insurance, with a one-time funding fee waived for veterans with a 10% or higher disability rating. Conventional loans can go as low as 3% down. Add down payment assistance and seller-paid closing costs, and I regularly help Valley buyers close with as little as $1,500 out of pocket. The front door is closer than you think.

Arizona Really Does Offer Down Payment Assistance

Arizona has real programs for buyers like you. Home Plus, run through the Arizona Industrial Development Authority, can provide up to 4% of the loan amount as an interest-free, forgivable second mortgage toward your down payment and closing costs, and it does not require first-time buyer status. Pathway to Purchase can provide up to $20,000 or 10% of the purchase price as a 0% interest, deferred, forgivable loan for eligible first-time buyers in designated cities, with income limits near 80% of the area median income. Each program has its own requirements and funding windows, so the smart move is to check your eligibility early with a lender who knows them well, and I will connect you with one.

Let the Seller Help With Your Closing Costs

Beyond down payment help, many sellers today will contribute to your closing costs, and the limits depend on your loan. On a conventional loan with less than 10% down, a seller can typically contribute up to 3% of the purchase price. FHA allows up to 6%, and VA allows up to 4% of the home's value plus reasonable and customary closing costs. On a $400,000 home with an FHA loan, a 6% concession is up to $24,000 toward your costs. I negotiate seller concessions on every offer I write.

A Few Honest Words About Ownership

Before you sign, talk as a family about who will be on the loan and title, how you will share the down payment and monthly payment, and what happens if one of you wants out later. Married or not, these conversations are easier before closing than after.

Why You Should Call Me Before Visiting a Builder

One more thing that can save thousands: if you are even thinking about new construction, call me before you walk into a builder's sales office. When you visit on your own, the builder registers you as a walk-in customer, and that can lock you out of having your own agent represent you. I know the builders across the Valley and how their contracts work, and my job is to make sure you get the best deal possible on a new build. That short call costs you nothing.

Buying a home together is a wonderful step, and you do not have to take it alone. I am always available to answer your questions, I want to share my knowledge in buying a home with you, and I am here for you from the first call to the day you hold your keys. Call or text me at (623) 640-8840 or reach out online, and let us talk about your family, your numbers, and your goals. That is what it means to be your Realtor for Life. Have a great day, and I hope to talk to you soon!