2325 E. Camelback Road #100
Phoenix, AZ 85016
Arizona's #1 FHA Lender (2014)
NMLS #221602 | FIMC NMLS #2289
Did you know we can still offer zero down financing to buy a home? NOT all lenders have access to this program any longer, but the Tobias Team at NOVA Home Loans still does! VA financing is the only other type of mortgage loan that will not require a down payment and is limited to veterans, USDA is open to anyone.
Some interesting features of the USDA loan are:
· 100% Financing – And No Down Payment Required
· No Mortgage Insurance
· No Cash Reserves Required
· Low Fixed Interest Rates
· Loans up to $400,000
· For both Purchase or Refinance
· Down to a 640 Credit Score
USDA mortgages are overlooked by large scale lenders and mortgage brokers. The process is not strict or complicated compared to conventional mortgages. There are amazing concessions for both sellers and you can use gifts and other legal approved means to cover the closing costs. USDA loans also are free of mortgage insurance. Mortgage insurance is a necessary feature of all loans with down payments less than 20%. USDA loan borrowers are not required to pay ANY mortgage insurance which will reduce the monthly mortgage payment.
One thing must be kept in mind when applying, USDA loans are only given to individuals residing or planning to reside rural areas or areas outside city limits. Ask us if you qualify or if the area you are looking for does!
USDA loans are available only from pre-approved lenders of the USDA, like NOVA Home Loans. Those of you looking to locate in the rural vicinities of the Phoenix metro area (Queen Creek, Casa Grande, Maricopa, Buckeye, Anthem) should take advantage of this last chance at 100% financing loan.