What if I said that even in a declining market buyer can still finance there new home with no money down? It is hard to believe that 100% financing is still available in the current real estate market, but it is.
Here is the catch: It is only available to homes in Rural Communities. If the home you are buying falls in an eligible area, not only can you finance a 100% of the purchase price, you can use the appraised value and include all of the closing cost and pre-paids.
In a simple scenario:
Purchase Price: $250,000
Appraised Value : $265,000
Closing Costs: $7500
Your new loan amount $257,500.
There is no need to ask the seller to pay closing cost. This loan works off appraised value.
How is this possible? Well let's thank Uncle Sam. The US Department of Agriculture actually funds this loan through the Rural Housing Department. The program is designed to promote home ownership in the rural parts of the country. In Arizona the beauty of this loan is areas like Anthem, Queen Creek, Buckeye, Sedona and more are all considered rural areas. There are also income limitations and a formula to calculate if borrowers are eligible. But a rough estimate of qualification is $50,000 - $90,000 of household income should qualify and loan amounts should be under $300,000.
Who should be interested in this program? Any Realtor that has a listing or customer looking to buy a home in Anthem, Buckeye, Queen Creek, Wickenburg, Show Low, Kingman and many other rural communities. And also any buyers that have had there 100% financing taken away because of the declining market.
Here are the steps to prequalification:
- Contact Troy Schuricht at 480-305-8905
- Find out if your is income eligible
- Find out if your proprty is eligible
- Get Preapproved
- Open Escrow on new property
- 3-4 weeks close your loan
This process is surprisingly simple. And here is the best part, the interest rate and payment will beat any FHA loan out there.
Current Rates are under 6%, have no mortgage insurance and are a 30 year fixed term.
All buyers and Realtors in rural area in Arizona should take 5 minutes and contact me to get all the details on this loan and how it could help grow your business.
PS: IT BACKED BY THE GOVERNMENT AND HAS THE LOWEST DEFAULT RATE OF ALL GOVERNMENT LOANS.
Top things to remember: 100%, Uncle Sam, and Rural Homes
For more information please call or email: troy@cffinfo.com
Troy Schuricht
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8905 - office
480-393-8801 - fax
http://www.communityfirstfinancial.com/
http://www.yourlendertroy.blogspot.com/
click to: Google Troy Schuricht!
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