USDA Loans
<<<Currently USDA IS NOT FUNDING ANY LOAN>>>
USDA loans offer 100% financing and are similar to VA loan as they have a funding fee that is added on top of the loan amount. USDA have limits to where they will lend on. The USDA loan was developed to promote rural development but homes do not need to be in “rural” areas. In fact only a small percent of Arizona are ineligible for USDA financing. Please see the USDA web site to check the eligibilty of the property you are looking to buy. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
USDA Loans offer low fixed rate financing that does not require monthly mortgage insurance. The loan amount is based on the apprised value or sales price, which ever is higher. Buyers commonly get money back at closing because all closing costs can be financed. For buyers who want to put money down, there is no limit to the amount of gift funds or seller paid closing costs.
USDA loans have no minimum credit scores, but are interested in seeing a previous steady record of payments. If there are credit problems in the past, USDA likes to see credit scores of 620 and above.
There are income restrictions to USDA loans. Please contact me to discuss applying for these loans.
