Professor Moose's Buyer Series
The Road to Keys
Eight short lessons on buying your first home in Tucson and Southern Arizona, in order, from "am I ready?" to closing day. Professor Moose teaches, Duck asks what you're already thinking, and Bear Cat drops the insider tip. Every number comes with its source.
A new lesson every day at 9 AM, starting Wed Oct 21
Wed Oct 21 · 9 AM
Stop 1 · Ready?
Are You Ready To Buy?
Duck asks "How do I know if I'm ready to buy my first house?"
- Steady income. Lenders want to see it keep coming in.
- Know your credit. Pull your reports and clean up any mistakes first.
- Cash saved for the down payment, closing costs and a cushion.
- A payment you're comfortable with, even if a lender approves more.
Bear Cat's tip: Checking your own credit doesn't lower your score, and your reports are free at AnnualCreditReport.com.
Sources: Consumer Financial Protection Bureau; Federal Trade Commission (checked October 2026).
Thu Oct 22 · 9 AM
Stop 2 · Lenders
What Lenders Look At
Duck asks "Why does a mortgage lender care about my car payment?"
- Your credit score. A higher score usually gets you a lower rate.
- Debt-to-income (DTI): your monthly debts divided by your monthly income before taxes. Earn $6,000 a month with a $2,400 house payment plus car payment, and your DTI is 40%.
- Proof of steady income: pay stubs, W-2s and bank statements.
Bear Cat's tip: Shopping for a lender? Do it within two weeks. Credit scores count those mortgage checks as one inquiry.
Sources: CFPB; FICO (scoring models treat mortgage inquiries within a 14 to 45 day window as one), checked October 2026. The $6,000 income is an example; DTI limits vary by loan type and lender.
Fri Oct 23 · 9 AM
Stop 3 · Down
Down Payment & Loan Types
Duck asks "Do I really need 20% down to buy a house?"
- FHA: as little as 3.5% down with a credit score of 580 or higher.
- Conventional: as little as 3% down for many first-time buyers.
- VA and USDA: 0% down for those who qualify (eligible veterans; eligible rural areas).
- The trade-off: 20% down on a conventional loan skips mortgage insurance.
Bear Cat's tip: VA loans don't charge monthly mortgage insurance at all.
Sources: HUD Handbook 4000.1 (FHA); Fannie Mae Selling Guide; VA.gov; USDA Rural Development; checked October 2026. These are program minimums. Lenders may require more.
Sat Oct 24 · 9 AM
Stop 4 · Payment
Your Real Monthly Payment
Duck asks "Why is my house payment higher than the loan calculator said?"
- P&I: principal and interest, the loan itself. $2,302 in our example.
- Taxes and insurance: about $250 and $125 a month in our example.
- Mortgage insurance with less than 20% down: about $139.
- Total: about $2,816 a month. Always ask your lender for the full payment.
Bear Cat's tip: Most lenders collect your taxes and insurance each month in an escrow account, then pay those bills for you.
Example: $350,000 home, 5% down, 30-year fixed at 7.40% (Freddie Mac Primary Mortgage Market Survey, October 8, 2026). Taxes, insurance and mortgage insurance are estimates. Escrow: CFPB.
Sun Oct 25 · 9 AM
Stop 5 · Cash
Cash To Close
Duck asks "How much cash do I actually need to buy a house?"
- Your down payment, as little as 3% on many loans (Lesson 3).
- Closing costs: lender fees, title and escrow, and the appraisal.
- Prepaids: your first year of homeowners insurance plus money to start your escrow account.
- Minus seller credits you negotiate. Caps: FHA 6%, VA 4%, conventional 3% with under 10% down.
Bear Cat's tip: Your lender has to send a Loan Estimate within three business days of your application. It shows your cash to close.
Sources: CFPB (Loan Estimate timing); HUD, VA and Fannie Mae (seller credit limits); checked October 2026.
Mon Oct 26 · 9 AM
Stop 6 · Offer
Pre-Approval & Making An Offer
Duck asks "I found the one. How do I win the house?"
- Pre-qualification is a quick estimate. Pre-approval means the lender checked your credit and documents.
- In Arizona, your offer goes in with your lender's AAR Pre-Qualification Form, so the seller knows you're ready.
- The terms: price, earnest money, closing date and any credits you ask for.
- Earnest money is your good-faith deposit. Escrow holds it, and it counts toward your cash to close.
Bear Cat's tip: Have your agent call the listing agent first. Find out what the seller really wants.
Source: Arizona REALTORS® Residential Resale Real Estate Purchase Contract and Pre-Qualification Form (checked October 2026).
Tue Oct 27 · 9 AM
Stop 7 · Contract
Under Contract
Duck asks "They accepted my offer! Now what?"
- Inspection period: 10 days by default to inspect and send your repair request (the BINSR).
- Loan Status Update from your lender: due within 10 days.
- Appraisal: if it comes in low, a buyer with a loan gets 5 days to cancel and get their earnest money back.
- Loan approval: at least 3 days before closing.
Bear Cat's tip: Keep your credit quiet until closing. Hold off on that new car or credit card.
Source: Arizona REALTORS® Residential Resale Real Estate Purchase Contract (Rev. 02/26), default terms. Days can be negotiated in the contract.
Wed Oct 28 · 9 AM
Stop 8 · Keys
Closing Day
Duck asks "When do I get my keys?"
- Closing Disclosure: your final numbers, at least 3 business days before closing.
- Final walkthrough: agreed repairs are due 3 days before closing, so you walk through in those last 3 days to confirm they're done.
- Sign and fund: you sign at the title company, and your lender funds the loan.
- The deed is recorded with the county. That's closing in Arizona, and the keys are yours unless you agreed otherwise in writing.
Bear Cat's tip: Wiring money to close? Call your title company at a number you already know. Emailed wire instructions can be fake.
Sources: CFPB (Closing Disclosure timing, wire fraud); FBI Internet Crime Complaint Center; Arizona REALTORS® Residential Resale Real Estate Purchase Contract (close of escrow and possession).
The Finish Line
Want Your Real Number?
The Big Rock Realty Group will help you figure out your real payment, your cash to close and what it takes to win in today's market, then connect you with a lender we trust. No pressure, just your real numbers.
Educational only, not a loan commitment or legal, tax or lending advice. Talk with a licensed lender. Figures are program minimums or example numbers with their sources and dates shown; your situation will differ. Big Rock Realty Group at Keller Williams Southern Arizona.
Quick Answers
Buyer Questions We Hear Every Week
How much do I need for a down payment in Arizona?
Often less than people think. FHA loans allow as little as 3.5% down with a credit score of 580 or higher, many conventional first-time buyer programs allow 3%, and VA and USDA loans allow 0% for those who qualify (HUD, Fannie Mae, VA, USDA; checked October 2026). Lenders may set higher minimums.
What is debt-to-income ratio?
Your monthly debt payments, including the new house payment, divided by your monthly income before taxes. If you earn $6,000 a month and your house payment plus car payment come to $2,400, your DTI is 40%. Limits vary by loan type and lender.
What's the difference between pre-qualification and pre-approval?
A pre-qualification is a quick estimate. A pre-approval means the lender has checked your credit and documents. In Arizona, offers usually include the lender's AAR Pre-Qualification Form.
When do I get my keys in Arizona?
At closing, which in Arizona happens when the deed is recorded with the county, unless you and the seller agree otherwise in writing.