This is a good loan program for first time home buyers looking to buy homes in rural areas of the Phoenix Metro Area. More specifically some of these areas include: Queen Creek and the Town of Maricopa in Pinal County.
I decided to blog about this Rural Home Loan program because a realtor had emailed me about a buyer that was potentially going to make an offer on my Queen Creek flip home. The realtor’s concern is that the buyers would have to wait 90 days from the time we acquired the property because the title has to be seasoned for 90 days per FHA guidelines. While this is very true with FHA loans and some conforming loans, it does not apply to the USDA Rural Home Loan Program.
Here is an overview of some of the advantages of the USDA Rural Home Loan:
- 100% Financing with No Down Payment
- No Private Mortgage Insurance
- There is no Cash Reserve Requirement
- Minimum Credit History Requirements
- Finance Closing Costs – up to 6%
- Closing Costs Can be Paid by the Seller (up to 6%)
- Typically Rates are Lower Than FHA Loans
- No Limitation to the purchase price
- Repairs Can be Financed up to 100% of the Value
If you are a home buyer interested in Queen Creek or Maricopa real estate, I recommend you consider the USDA Rural Home Loan Program. This program provides the lowest interest rates with the lowest down payment requirements.
If you need to talk to a creditable and trusted mortgage consultant, I highly recommend you contact:
Michael Barnes
Desert Sun Mortgage
4301 N. 75th St, Ste 103
Scottsdale, AZ 85251
Tel: 480-946-2200 ext 114
michael.barnes(at)desertsunmortgage.com
{ 1 trackback }
{ 0 comments… add one now }