How much down payment you make on your Arizona home is largely a financing issue. Your Arizona lender will require you to make a certain minimum down payment for the loan program you choose but there could be advantages to putting more money down. Talk to your lender.

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Keep in mind that the larger the down payment, the more attractive your offer will be sellers. That’s because the larger your down payment, the less likely you will have trouble getting financing and the more likely you will be able to complete the home purchase successfully.

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On the other hand, you may want to make the minimum down payment possible in order to save cash that you can then put into improving and updating the home after you buy it.

You Gotta Have the Promised Down Payment

Be careful that if you say in your offer that you will have $X down payment at closing, that you indeed have $X at closing. If you don’t have the promised down payment at closing and the home purchase falls through because of it, then the seller is likely to keep your earnest money. This is one scenario where it’s clear the buyers are in breach of the contract and can lose their earnest money.