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USDA Loans, Why Haven't I had buyers use this loan before?
I am starting a new journey. One with a buyer doing an USDA loan. USDA loans are loans that help buyers purchase a home in a rural area with 0% down and good interest rates. Now, you must be thinking, Rural, that isn't where I am living, but it actually covers a large area. I have attached the map below so you can see what areas are considered "Rural". 1st of all most, if not all, of Queen Creek is considered rural from - East of Power Road, South of Germann. All of the City of Maricopa and San Tan Valley are eligible. And on the West side of the Valley, anything west of 187th Ave is eligible.
The USDA Website says:
"Purpose: Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
Eligibility: Applicants for direct loans from HCFP must have very low or low incomes. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent ... more

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