100% Mortgage Loans for Homes for Sale in Phoenix AZ
100% Financing In AZ
The United States Department of Agriculture (USDA) allows for individuals to purchase a new home without the home buyer putting any money down. This is not a new loan, this loan has been in existence for some time, but not used until recently. Due to the current climate of our market in Phoenix AZ and its surrounding areas, this loan is being utilized more frequently by those individuals that have the ability to offer this loan. Many communities throughout the state of Arizona are approved to use this loan for new home purchase financing. This loan works similar to FHA or VA as far as what it requires for a new home buyer in the Phoenix AZ area to qualify. However, you are subject to income restrictions and only certain geographical areas qualify. Not every community in the state of Arizona is approved for USDA financing.
This loan is now one of the most popular ways to finance a home in the qualified areas. This loan provides 102% financing which allows you to finance the 2% Funding Fee that is required on all USDA loans.
Typically, you are required to have a minimum of a 620 credit score to qualify. You can have past bankruptcies and foreclosures and still qualify to buy a home for sale in the Phoenix AZ area with a USDA mortgage loan. Many of the lenders offering USDA will require that your DTI ratios are 31/43, but exceptions can and will be made based on the overall strength of the file.
There is no limit to the amount a seller can contribute to your closing costs and pre-paid items. Typically, lenders allow a maximum of 6% seller concessions.
There is no PMI. This makes the payment usually lower than an FHA loan.
There is no cash reserve requirements.
There is no sourcing or seasoning of cash required to close. Most lenders will require a paper trail, but will allow gifts. (Sourcing of funds)
If you want to check the area’s that are approved or check to see if your income qualifies then visit USDA Income and Property Eligibilty Site.
If you wish to speak with me directly about this unique loan product, please complete the quick contact form below.
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