USDA Rural Development Housing Loan Program

Zero Down Home Loan for Primary Purchase

Seller can Pay Closing Cost

Some Cities where USDA is Available:

West Buckeye, Anthem, Apache Junction, Maricpoa City, Queen Creek, Casa Grande, Coolidge, Yuma, Kingman, Bullhead City, Cottonwood, Prescott Valley, Winslow, Holbrook, Payson, Globe, Showlow, Camp Verde and many other Rural AZ Cities & Towns.

Call Now 480-390-2123 -direct cell 

MBongiovanni@TheLendingCo.com  

USDA Rural housing program is administered by the USDA Rural development.  Through the USDA loan program, low and moderate-income people can qualify for home loans even without a downpayment. Sometimes good credit and income are not enough to qualify for a home loan. With the help USDA Rural housing loans, more families and individuals may be eligible to become homeowners.

Highlights of the USDA Rural Housing Program

1) No downpaymentis required, making this a 100% loan to value (LTV) loan. A true zero down loan program. The loan amount can be 102% LTV when you add in the guarantee insurance fee.  This fee insures the loan for the lender who will buy and service the loan. 

2) There is no limitations on the sellers contribution to buyer's closing costs. Also, other closing costs can be included into the loan if the appraised value is higher than the sales price; for example: guarantee insurance premium, legal, title and escrow and pre-paid items are other closing fees allowed.

3)  Reasonable qualifying Guidelines.  640 minimum FICO score. Non traditional credit histories are allowed; for example:  Over 12 months history of payments for car insurance premiums, cell phones, city utility bills, Etc.  Borrowers are allowed to have assets in checking and savings accounts, IRA's, 401K's, investment accounts and stock/bond accounts. Borrowers do not need to be a first time homeowner, anyone can apply, but borrowers can not own any Real Estate at time of application.  

Buyer / Applicant Eligibility

1)  Be a U.S. citizen, qualified alien or permanent resident alien.

2)  Have a dependable income history for 2 years.  In Maricopa county, total household income for a family of four can not exceed $76,600. Family income consist of all the adults above 18 that will be residing in the home. Adjustments to the maximum income limits can be reduced by subtracting the verified annual child care expenses and $480 for each child under 18. There is a $400 deduction for any elderly family member living in the home.

Homes that Qualify

1)  Single family Homes, new or existing.  Townhomes, condos.  All properties must conform to, Federal, State and Local building codes.

2)  FHA and USDA Rural Housing programs no longer require repairs for minor cosmetic deficiencies; for example: Missing handrails, cracks in doors and windows, minor plumbing leaks, worn flooring and kitchen counter tops and damage to walls, sheet rock and ceiling materials.

3)  Homes must be structurally and functionally adequate and in good repair.  There is no restrictions on the size and design of the home, but the land value can be only 30% of the total property value.  Properties can not be used for income-producing activities.

Call cell or E mail with any Questions 

 480-390-2123   

   MBongiovanni@TheLendingCo.com 
 

FHA Loans Available with Down Payment Assistance in Arizona

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	First Name:* Last Name:* E-Mail:* Phone:* Loan Amount: Loan Purpose: Purchase Refinance Refinance & Cash Out Loan Program: 50 Year Fixed 40 Year Fixed 30 Year Fixed 20 Year Fixed 15 Year Fixed 3/1 ARM 5/1 ARM 7/1 ARM 10/1 ARM Adjustable Interest Only Property Use: Primary Residence Second Home Rental or Investment Property Type: Single Family Condo/Townhouse 2 Units 3 Units 4 Units Other Property Value: Enter Code Shown:* * Required

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