Searching for a home loan in Queen Creek, Arizona? Be sure to check into a financing program developed by the United States Department of Agriculture (USDA) known as a USDA loan. The USDA loan program is the ONLY option today for eligible borrowers to obtain a Zero Money Down mortgage. The USDA Rural Development home loan guarantee was designed to encourage home ownership for low to moderate income households in rural communities. Queen Creek, Arizona has been growing and will lose its status as a "qualified rural area" very soon. To check current eligibility in Queen Creek, Arizona or other areas, click here.
There are many guidelines for obtaining a loan guaranteed through this government program in Queen Creek, Arizona. Only those lenders partnered with the USDA Rural Development program can administer these loans. Qualified borrowers must live in the property as their primary residence. If you already own a home, unfortunately this disqualifies you from the program. Other requirements include the borrower's ability and willingness to meet repayment requirements including income verification and credit check. A few key benefits include:
- Flexible Credit Guidelines
- No Cash Contribution from Borrower Required
- No Down Payment Required
- No Mortgage Insurance Payments
- No Reserve Requirements
- No Maximum Loan Limit - Based on Income of Applicant
- Not Limited to First Time Buyers
- Closing Costs can come from any Source
- Gift Funds
- Seller Concessions
- Grants
- Home Repairs can be Included in Loan
- Higher Ratios Accepted 29/41
- Competitive 30 Year Fixed Interest Rates
- Apply with a Local Participating Lender of Your Choice
New census data suggest this loan won't be available in Queen Creek, Arizona for much longer. Typically, rural properties located in open country and towns with a population less than 10,000 are designated as a rural area. As the population of Queen Creek, Arizona continues to grow we've reached that limit. Queen Creek, Arizona will no longer qualify, however these USDA loans still exist until officially announced the town of Queen Creek, Arizona is removed as a "qualified rural area." Time is of the essence more than ever!
The programs' ability to finance essential improvements necessary in making a home a safe and sanitary environment creates opportunities for "handyman specials" and bank owned properties that may not exist with other finance options. If you've been considering buying a home in Queen Creek, Arizona take advantage of the USDA loan before it's too late!
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