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Financing Options you may not have thought of in Marana, AZ

By
Mortgage and Lending with Fairway Independent Mortgage

Just a quick note, most of Marana is eligible for the USDA residential mortgage financing program that enables low to moderate income buyers to qualify for 100% plus mortgage financing.  Depending on the home value, buyers who qualify can get enough to cover the purchase price plus most closing costs. Rates are very competitive with conventional loans.

Alternatively there is the Pima County Industrial Development Bond program that requires a very low down payment and the interest rate is a little lower than conventional loans.  In fact, the authority recently reduced their rates.  Like all mortgage programs, this program needs to be reviewed carefully to see if it best suits a buyer's goals.  in this case, there is the potential for a recapture tax if the property is sold within certain time frames, the home value goes up significantly and buyer's financial situation changes.  

Many people are surprised by how much people can earn and still qualify for these programs.

In addition to these programs, traditional FHA, VA, and conventional loan programs may be available to buyers in the area.  

Minette Goldsmith,  Senior Loan Officer, Fairway Independent Mortgage Corp., Tucson, AZ   NMLS # 261487