Tobias Team at Fairway Independent Mortgage Corporation

(480) 626-2202
2325 E. Camelback Road #100
Phoenix, AZ 85016
Arizona's #1 FHA Lender (2014)
NMLS #221602 | FIMC NMLS #2289

Jun 24 2011

USDA Rural Housing Loans = 100% Financing

The Phoenix housing market was severely hit with the housing bubble burst. With market conditions far from getting better, there is a great chance for families who lost their homes because of foreclosures and short sales to buy ideal accommodation. The median sales price has fallen to $83,000 for most Phoenix homes. Low income families can thus take advantage of the United States Dept. of Agriculture loan.

USDA loans are targeted towards low and very low income families. Most people will say what’s so attractive about that? But here is the good part, homes are 100% financed and there is a zero down payment. Phoenix residents who may be renting accommodation now have the opportunity to get affordable mortgages.

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 pay 2% down, but are free of the very significant mortgage insurance cost. This way, loan applicants are more probable to pay off their mortgage.

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.

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