USDA Loan Program in Arizona

The USDA Rural Development loan program in Arizona has some advantages and disadvantages compared to going the route of an FHA mortgage or Conventional mortgage program.

No Down Payment - Truly a 100% home loan

No Expensive Monthly Mortgage Insurance – Keeps your monthly payment low

No Cash Reserve Requirement

No Minimum Credit History Requirement

USDA 100% Financing in Arizona is a top choice among First Time Home Buyers

No Limitation to the purchase price

May finance up to 102% of the appraised value

Down Payment Assistance from non profits is acceptable

Repairs may be financed up to 100% of the “as is” value

No limits to the concessions the seller can make – seller paid closing costs

Rates are typically lower than FHA Home Loans or Conventional Mortgages

Some of the disadvantages of going with a USDA loan in Arizona are as followed:

No Existing manufactured homes

Home location is restricted to specific Rural areas

Homes with pools may not finance the value of the pool

Higher upfront mortgage insurance

Income restrictions specific to county and occupancy size

For More Details on USDA loans in Arizona click here.